Skip to content

2024 GenAI Insurance Trends

Kartik Sakthivel, Ph.D., MS-IT/MS-CS, MBA, PGC-IQ; Rima Safari; Logan Richter 4/30/2024

The generative AI (GenAI) wave has arrived in the financial services industry.

Summary

Learn about five key GenAI trends influencing the financial services industry:

  • Business stakeholders, working with centralized AI “factories” and centers of excellence (CoEs) will be the engines for AI delivery.
  • GenAI investment will expand from enabling and supporting existing functions to completely reimagining the entire insurance value chain.
  • GenAI will broaden the horizons of digital transformation.
  • New GenAI-driven products and services will start offering carriers go-to-market opportunities via nontraditional channels, outside the traditional benefits sales cycle.
  • Strengthening the foundations of sustainable, responsible AI use is increasingly important to all stakeholders.

View the complete white paper.

Download Your Reports

No part of any report may be reproduced or translated without written permission from LIMRA. Please contact Customer Service for further information.

Related Research

From Modernization to GenAI: Life Insurers Advance Their Tech Journeys — 2024 Tech Study

Modernization lays the foundation for digital transformation.

Below the Waterline of the AI Iceberg: Equipping Organizations for AI Success

The use of artificial intelligence is exploding, but there are many unknowns. What can leaders do to prepare their organizations for success with AI?

Digital Transformation in Canadian Workplace Benefits

How are Canadian workplace benefits carriers investing in digital transformation?

Consumer Perspectives on Long-Term Care and Insurance Update

LIMRA checked in with consumers on their interest in life long-term care combination products and how they would prefer to receive care when it is their turn.

Financial Wellness: Vulnerable Populations Show Resilience Amid Challenges

In 2024, financial stress and overall wellness scores reveal significant disparities among various demographic groups. Ethnic minorities, LGBTQ+ individuals, and other vulnerable populations face higher risks of financial stress and have lower overall wellness scores.

Meet the Project Director

Kartik Sakthivel, Ph.D., MS-IT/MS-CS, MBA, PGC-IQ

As chief information officer for LIMRA and LOMA, Kartik Sakthivel is responsible for developing the information technology strategic direction for the enterprise. In this capacity, he directs and manages computing and information technology policies, programs and schedules for business and enterprise systems, and manages information services to meet LIMRA and LOMA’s corporate goals and objectives.

An industry thought leader, he champions the use of technology to improve the revenue, profitability, and efficiency of the organization. Joining LIMRA and LOMA in 2017, Sakthivel has broad industry experience, most recently as director of technology at Liberty Mutual Insurance.

He holds a doctorate in Computer and Information Sciences with a focus on AI and Information Quality from University of Arkansas at Little Rock, and a Master of Science in Computer Information Systems/Information Technology, as well as a Master of Business Administration from Southern New Hampshire University.

Vice President & Chief Information Officer and Regional Chief Executive Officer – Asia West
LIMRA and LOMA
ksakthivel@limra.com


For more information, please contact ksakthivel@limra.com.

Did you accomplish the goal of your visit to our site?

Yes No