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LIMRA Establishes New Artificial Intelligence Industry Group
8/27/2024
WINDSOR, Conn., Aug. 27, 2024 — As artificial intelligence (AI) reshapes the way the life insurance industry conducts business, LIMRA has created a consortium to help the industry identify and share trends, develop best practices and frameworks, and knowledge-sharing.
The LIMRA AI Governance Group (AIGG) draws expertise from 72+ business and technology executives representing 40+ U.S. insurance companies. LIMRA’s intent for this group is to educate its members about the current state of AI in the industry, provide a forum for open and collaborative discussion about the most effective uses for the technology, mutualize the problem solving by creating industry standard frameworks, establish industry benchmarks, and advance the efforts to enhance the customer’s experience while improving productivity and profitability.
“Responsible use of AI — particularly generative AI (GenAI) — presents the industry with endless possibilities to improve efficiencies, achieve cost savings, enhance automation, boost productivity, and increase the accessibility of life insurance products,” said Kartik Sakthivel, LIMRA Chief Information Officer. “At a time when nearly half of American adults are uninsured or underinsured, our members need to invest in technologies that will not only expand existing functions but completely reimagine the insurance value chain to better serve potential and current customers.”
The group’s priorities include:
- Helping its members understand and address the emerging challenges and opportunities in AI;
- Establishing and maintaining comprehensive AI best practices that prioritize fairness, accountability, and transparency; and
- Promoting ethical AI innovation that enhances customer experiences, operational efficiency, and industry competitiveness.
Through these efforts, the LIMRA AIGG aims to create a foundation for sustainable and inclusive AI practices to improve the life insurance industry.
The financial services sector is experiencing a transformative shift driven by advancements in AI and GenAI, which are modernizing organizational processes and offering significant opportunities for innovation and competitive advantage. The first study, Navigating the AI Landscape: Current State of the Industry, by the LIMRA AIGG reveals that nearly 100% of carriers are experimenting with AI use cases, with a strong focus on AI governance, risk management, and achieving sustainable success in the AI era.
For more information and research about AI and the life insurance industry, visit: LIMRA’s Artificial Intelligence page.
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About LIMRA
Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections and solutions to help more than 700 financial services member organizations navigate change with confidence. Visit LIMRA at www.limra.com.