"Implementing Generative AI in the Egyptian Insurance Market; Unlocking Potential and Overcoming Hurdles "

	"Implementing Generative AI in the Egyptian Insurance Market; Unlocking Potential and Overcoming Hurdles "
مجلة البحوث المالية والتجارية
Volume 26, Issue 2 - Serial Number 1, April 2025, Page 68-87 PDF (406.6 K)
Document Type: المقالة الأصلية
DOI: 10.21608/jsst.2024.342261.1925
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Author
مروة خيري عبد الحميد سليم سليم
قسم التأمين والعلوم الأكتوارية، كلية التجارة جامعة القاهرة
Abstract
Abstract The insurance industry is currently undergoing significant transformation due to the emergence of generative AI. Generative AI represents an advanced iteration of AI technology. The implementation of generative AI in the Egyptian insurance industry has the potential to yield several benefits for insurers and customers like data augmentation, more accurate risk assessment and appropriate premium calculation, fraud detection, simpler claims processing, personalized policy generation, more effective decision-making, and customer service enhancement. Nevertheless, there are challenges that the insurance sector may confront in fully leveraging this new technology like data integrity, accuracy and dependability of the generated data, transparency and explainability of generative AI models, the need for a large number of computing resources and the difficulties for businesses to abide by new regulations for AI integration. This study provides an overview of the current status of AI and generative AI utilization in the Egyptian insurance market, discusses the advantages of integrating generative AI technology, addresses the challenges that insurers may encounter during implementation, proposes potential solutions to tackle these challenges, delineates the necessary steps for successful implementation, and explores the future global trends of this technology.
Keywords
Generative AI; Insurance Industry; Risk Assessment; Customer Experience; Egyptian insurance sector


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