Harnessing Generative AI in Guidewire: Transforming Insurance Operations with Intelligent Insights
DOI:
https://doi.org/10.63282/3117-5481/AIJCST-V7I4P105Keywords:
Generative Ai, Guidewire, Insurance Technology, Intelligent Automation, Underwriting, Claims Processing, Fraud Detection, Policy Administration, Machine Learning, Large Language Models, Predictive AnalyticsAbstract
The insurance market, which has long been associated with the need to use a lot of paperwork, manual processing and the use of legacy systems, is now in the transition to the digital world. One of the most disruptive technologies is Generative Artificial Intelligence (AI) that is causing a change. The provided paper talks about the ways to implement Generative AI in the Guidewire platform, which presupposes the opportunity to enhance the processing of claims, handling policies, communication with customers, detecting fraud, and underwriting. The work concentrates on the potentially smart application of automation, and discusses how Generative AI algorithms, in particular, large language models (LLMs) play a role in improving operational efficiency, predictive analytics, and personalized customer experiences. Mixed-method study, combining the qualitative value of case studies and the quantification of objective measures of the measurable metrics in the processes, we offer the proof of the objective value of AI-enabled systems. The research shows the ethical questions, safety of the data, the abject necessity to follow the regulations proposing the use of the strategic framework. The findings confirm the use of a hybrid of human and AI workflow whereby the humanity and AI integrate their benefits to bring about optimal results. The paper also enumerates a roadmap that can be followed by insurers intending to have a digital maturity of their business with the help of AI-based changes which incorporates guidelines, architectural drawings, performance benchmarks, and an illustration of future capabilities
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