Generative AI is rapidly transforming insurance by streamlining claims, underwriting, and customer service. Tools like Verisk’s Discovery Navigator cut claims review times by 90% with 95% accuracy. Insurers like Chubb, GEICO, and Sixfold are deploying Gen AI for pricing, virtual assistants, and risk assessment. McKinsey projects AI could add \$1.1T in new revenue, with major savings in loss-adjustment and underwriting. Benefits include efficiency, personalization, and fraud detection, but risks persist: regulatory gaps, data privacy, bias, cyber threats, and over-reliance on automation. Still, 84% of CEOs are accelerating Gen AI adoption to maintain competitiveness.

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