{"id":1521,"date":"2023-03-08T10:58:11","date_gmt":"2023-03-08T00:58:11","guid":{"rendered":"https:\/\/avidinsurancebrokers.com.au\/?p=1521"},"modified":"2023-03-08T10:58:11","modified_gmt":"2023-03-08T00:58:11","slug":"will-chatgpt-transform-insurance-insurtechs-speak-out","status":"publish","type":"post","link":"https:\/\/catchymarketing.com.au\/avid\/will-chatgpt-transform-insurance-insurtechs-speak-out\/","title":{"rendered":"Will ChatGPT transform insurance? Insurtechs speak out"},"content":{"rendered":"<h1 class=\"page_header\">Will ChatGPT transform insurance? Insurtechs speak out<\/h1>\n<div class=\"article_content\">\n<p>Whatever your feelings are about generative artificial intelligence (AI), ChatGPT believes it can positively impact the insurance industry.<\/p>\n<p>The chatbot, which became a global sensation after its launch in November, made a case for itself at a demonstration at the Insurtech Insights Europe conference last week.<\/p>\n<div>\n<p>Prompted about the benefits it could give to insurance companies, ChatGPT its \u201cknowledge\u201d (based on 175 billion data parameters) and communication skills could assist customers with their insurance queries and help insurers stay on top of emerging trends and customer needs.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Man vs machine: Dr Artur Niemczewski will be live-sparring with ChatGPT and tackling the ethics of AI in insurance <a href=\"https:\/\/twitter.com\/hashtag\/InsuranceInsights2023?src=hash&amp;ref_src=twsrc%5Etfw\">#InsuranceInsights2023<\/a> <a href=\"https:\/\/t.co\/jSxlxEPN0l\">pic.twitter.com\/jSxlxEPN0l<\/a><\/p>\n<p>\u2014 Gia Snape (@GiaSnape) <a href=\"https:\/\/twitter.com\/GiaSnape\/status\/1631313601695760385?ref_src=twsrc%5Etfw\">March 2, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A highly intelligent\u00a0<a href=\"https:\/\/www.insurancebusinessmag.com\/uk\/news\/columns\/know-what-chatgpt-is-435772.aspx\" target=\"_blank\" rel=\"noopener\">AI language processing tool<\/a>, ChatGPT sparked feverish debate about its implications for the digital world, even as it gained popularity in various industries such as healthcare and education.<\/p>\n<p>But leaders of insurtech companies, many of which use AI to transform claims, underwriting, distribution, fraud detection and more, are optimistic about the doors that ChatGPT could open.<\/p>\n<p>The combination of AI and a conversational interface could have transformative power for insurance, according to one CEO.<\/p>\n<p>\u201cIf you can ask a computer, in natural language, to solve a problem for you, and it can do what you ask it for with a high probability, that\u2019s a game changer,\u201d said Amrit Santhirasenan, co-founder and CEO of hyperexponential.<\/p>\n<p>\u201cAdditionally, if you have AI models that have the sophistication and freeform ability to interpret with intelligence, that is also going to have huge leverage. We\u2019ll see practitioners who adopt these technologies really level up.\u201d<\/p>\n<h2><strong>What are the pros and cons of ChatGPT for insurance?<\/strong><\/h2>\n<p>It\u2019s unlikely, at its current stage, for generative AI to\u00a0<a href=\"https:\/\/www.insurancebusinessmag.com\/au\/news\/breaking-news\/machines-will-drastically-alter-the-workforce-57815.aspx\" target=\"_blank\" rel=\"noopener\">completely replace underwriters, claims handlers, or customer service representatives<\/a>, experts said.<\/p>\n<p>ChatGPT itself has a significant list of pitfalls: it can\u2019t grasp context or nuance in human communication, such as sarcasm; it\u2019s limited in its ability to handle multiple tasks; and it doesn\u2019t have enough expertise to draft complex or technical documents, such as policy wordings.<\/p>\n<p>It can also hold biases or prejudices, based on the data that it\u2019s trained on, which opens a Pandora\u2019s box of\u00a0<a href=\"https:\/\/www.insurancebusinessmag.com\/au\/news\/technology\/how-can-insurers-use-data-ethically-and-responsibly-322888.aspx\" target=\"_blank\" rel=\"noopener\">ethical issues for insurance<\/a>\u00a0companies.<\/p>\n<p>The value in generative AI lies in its potential to automate non-core but essential tasks.<\/p>\n<p>\u201cIf someone could write the right prompts to an AI, rather than manually format a spreadsheet, they could work in 100th or even a millionth of the time,\u201d Santhirasenan said.<\/p>\n<p>According to Roi Amir, CEO of Sprout.ai, insurance companies could use the underlying technology in to jumpstart their own innovations.<\/p>\n<p>Sprout.ai trained its own AI to handle insurance claims data, boasting its claims automation platform can process most claims within minutes. Amir said other companies will be looking to harness generalized AI for similarly specific applications.<\/p>\n<p>\u201cIf you look at many [AI] models today, you know, they are built to be very specific to a problem,\u201d he told Insurance Business. \u201cChatGPT is a great generalized model. What I think we will see is many companies using it as their baseline model and add layers of intelligence and specificity for their individual domains.<\/p>\n<p>\u201cIt will jumpstart a lot of things because it enables you to start from a much better level of abstraction. Smart companies will be leveraging that to solve very, very specific problems.\u201d<\/p>\n<p>Santhirasenan agreed: \u201cIf we take these sophisticated AI models and specialize them, we can create \u2018supercharged\u2019 versions of AI applications in different sectors [of insurance].\u201d<\/p>\n<p>It could take time, however, for some specialty and commercial lines to find value out of AI models because of lack of data, the CEO acknowledged. But personal lines like home and auto insurance, where there are hundreds of millions of data points already available for AI to leverage, could see astonishing results.<\/p>\n<p><iframe loading=\"lazy\" title=\"Embedded post\" src=\"https:\/\/www.linkedin.com\/embed\/feed\/update\/urn:li:ugcPost:7033352906556735488\" width=\"504\" height=\"555\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p>\u201cWe\u2019re only at the beginning of this, but we could see some incredible things out of the personal lines spectrum [of business] very quickly,\u201d Santhirasenan added.<\/p>\n<p>Lawrence Buckler, VP of sales at Sprout.ai, pointed out that AI had existed as an invisible lever in insurance for many years, before ChatGPT came to mainstream consciousness.<\/p>\n<p>\u201cChatGPT made something tangible that had never been tangible to a lot of people before. At Sprout, we&#8217;ve been using AI for several years to solve problems that most people don&#8217;t see,\u201d he said.<\/p>\n<p>\u201cNow we have customers that are using AI to fully resolve complex data problems very quickly, effectively, and consistently.\u201d<\/p>\n<p>While the evolution of the technology is still unclear, the overnight sensation around generative AI is a boon for insurance companies, noted Bill Brower, VP of industry relations and claims solutions at Solera.<\/p>\n<p>\u201cThe biggest thing [ChatGPT] is doing for the insurance industry is that it gets people more and more comfortable with AI capability,\u201d Brower said.<\/p>\n<p>\u201cThe more we see consumers adopting AI in other areas of life, the more it\u2019s going to help insurers with [using AI] in their applications.\u201d<\/p>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p>Resource:<\/p>\n<p><a href=\"https:\/\/www.insurancebusinessmag.com\/au\/news\/technology\/will-chatgpt-transform-insurance-insurtechs-speak-out-438609.aspx?utm_source=GA&amp;e=ZGF2ZUBhdmlkaW5zdXJhbmNlYnJva2Vycy5jb20uYXU&amp;utm_medium=20230307&amp;utm_campaign=IBW-Newsletter-20230308&amp;utm_content=6DF42A27-FD46-48BB-B649-54F24347460B&amp;tu=6DF42A27-FD46-48BB-B649-54F24347460B\" target=\"_blank\" rel=\"noopener\">Insurance Business Australia<\/a> \u2013 08\/03\/2023<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Will ChatGPT transform insurance? Insurtechs speak out Whatever your feelings are about generative artificial intelligence (AI), ChatGPT believes it can positively impact the insurance industry. The chatbot, which became a global sensation after its launch in November, made a case for itself at a demonstration at the Insurtech Insights Europe conference last week. Prompted about [&hellip;]<\/p>\n","protected":false},"author":153,"featured_media":1524,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Will ChatGPT transform insurance? 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