“In the midst of chaos, there is also opportunity.” — Sun Tzu
But what exactly should they do today? Here, Celent Analyst Andrew Schwartz provides answers, laying out some basics for CEOs, COOs and functional leaders, advising on where to start, what they need to be thinking about today, what they should be planning and, importantly, how should they be coordinating their efforts with regulatory bodies.
We are living in an epoch of profound transformation and paradox, reminiscent of Charles Dickens’ “best of times” and “worst of times.” This dichotomy deeply resonates in the insurance sector as we stand on the brink of a brave new world, one shaped by the transformative potential of artificial intelligence (AI) and large language models (LLMs).
Executive Summary In a report published in early March, analysts at Celent advised P/C insurance leaders about the significant risk of doing nothing with large language models. The “competitive gap established by early adopters could be sustainable due to an LLM’s inherent ability to learn and improve,” they wrote in an announcement about the report.
But what exactly should they do today? Here, Celent Analyst Andrew Schwartz provides answers, laying out some basics for CEOs, COOs and functional leaders, advising on where to start, what they need to be thinking about today, what they should be planning and, importantly, how should they be coordinating their efforts with regulatory bodies.