InsurTech weekly - Sizing the benefits of technology in legacy industries

_{The benefits of Generative AI on insurers’ revenues & costs}

The UK Insurance industry finds itself in the midst of yet another wave of technology change. So, how should insurers evaluate the value of generative AI and seize the opportunity to truly transform the way they work and operate for the better?

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_{What does Open Banking mean in the US market}

“Open banking” allows anyone to share data from their financial accounts with third parties, like merchants, financial tech companies, or rival banks. For customers, it creates a way to easily compare bank offerings, transfer their bank accounts, and get an overview of their finances. (If you’ve ever been prompted to give another app access to your bank, then you’ve already used open banking.)

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_{Moving AI from PoC to production}

Hundreds of millions of people have tried ChatGPT, but most of them haven’t been back. Every big company has done a pilot, but far fewer are in deployment. Some of this is just a matter of time. But LLMs might also be a trap: they look like products and they look magic, but they aren’t. Maybe we have to go through the slow, boring hunt for product-market fit after all.

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