Vitech, a leading global provider of administration software for group insurance and pension administration systems, has published a white paper on the role that generative artificial intelligence (AI) could play in the insurance and retirement industry.
The report, titled Harnessing Tomorrow, shares how generative AI could impact various components of the market landscape in insurance and retirement and what it means for the future of the industry. It delves into Vitech’s vision for harnessing AI to deliver unparalleled innovation to insurance and benefits providers.
“While Gen AI is a new frontier where there is still much to be learned,” said Ali Kheirolomoom, Chief Product Officer, Vitech, “we are excited about the opportunities that we see presently to drive substantial productivity and value for our clients.”
Vitech believes Gen AI could transform functions such as policy document generation, line of business efficiency, underwriting, retirement planning and claims handling. The report noted that a recent Gartner study surveyed over 100 CIOs in the insurance industry, revealing that 6% of respondents have already implemented some form of Gen AI solutions. Additionally, an impressive 33% are planning to roll out Gen AI solutions within the next 12 months.
“The insurance industry is adopting AI at a rapid pace,” said Stephen Brandt, SVP, Sales, Vitech. “It presents one of the most important opportunities for companies to maximize the value driven from digital transformation efforts.”
Download Vitech’s Harnessing Tomorrow white paper here.
About Vitech Systems Group:
Vitech is a global provider of cloud-native benefit and investment administration software. We help our clients expand their offerings and capabilities, streamline their operations, gain analytical insights, and transform their engagement models. Vitech employs over 1,400 professionals, serving the world’s most successful insurance, retirement, and investment organizations. An innovator and visionary, Vitech’s market leadership has been recognized by industry experts, including Gartner, Celent, Aite-Novarica, and ISG.