AXA: Gen-AI can help to demystify insurance contracts

Eight out of ten people cannot understand or have not even read their insurance contracts, according to Emeline Careme, head of computable contracts at AXA.

Speaking at a presentation at the Intelligent Insurer’s Gen-AI in Insurance event in London, Careme said that large language models (LLMs) and GenAI can be used to inform and educate an insurer’s clients about what exactly they’re covered for in their insurance policy, helping to solve this issue.

She underlined that this is increasingly important at a time when insurance contracts are getting increasingly complex and hard to process.

According to Careme, this can be achieved by digitalisation, specifically a combination of computable contracts and LLMs.

She explained the initiatives that AXA is looking at on this topic, with a wide range of different options being researched for practicality, adding that it was a fine balance between the needs of the insurance company and the simplicity that their customers demand in terms of what exactly is covered by their insurance.

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