Generative AI Poised to Transform Industries but Still Years from Major Impact

ChatGPT is a conversational AI model built by OpenAI that has gained attention in 2023.
Generative AI is expected to significantly impact insurance, retail, and finance but is not yet suitable for critical functions like underwriting or compliance.
The most promising use cases are chatbots, personalized marketing, product development, and customer service but not customer service or search.
Life insurance and retail search are expected to see the least impact from generative AI in the short term.
Companies should start preparing now for how to leverage generative AI but still have time to strategize an approach.