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The AI model DeepSeek is being adopted by insurance companies in mainland China, particularly benefiting small to medium-sized carriers by improving operational efficiencies. AM Best views the implementation of DeepSeek as credit neutral for the insurance industry in the short term. The model is expected to help smaller insurers compete more effectively against larger firms by enhancing their technology capabilities.
While DeepSeek presents opportunities for increased revenue growth and better customer experiences, it also poses risks related to enterprise risk management (ERM). Insurers that do not adequately address the risks associated with AI may face regulatory and execution challenges. The success of DeepSeek will depend on how well insurers allocate resources and balance short- and long-term profitability.
• DeepSeek can enhance operational efficiency for small to medium-sized insurers.
• Risks associated with AI models could impact insurers' performance negatively.
DeepSeek is an AI model that aims to improve operational efficiencies in the insurance sector.
ERM refers to the processes that insurers must implement to identify and manage risks associated with AI.
Operational efficiency measures how effectively insurers can utilize resources to improve performance and profitability.
AM Best is a global credit rating agency that specializes in the insurance industry, providing insights on AI's impact.
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