Remember a decade ago when IBM Watson beat Ken Jennings, the best human “Jeopardy!” player ever, showcase the power of artificial intelligence (AI)? It was the start of a technological revolution that spurred companies to explore AI’s potential to drive innovation and optimization.
Today, it is ChatGPT that fuels innovation and imagination. Thanks to recent technological advances, we can ask a computer questions about complex topics, such as insurance, and get human answers with GPT – Generative Pre-trained Transformer or Transformers. GPT is like having your own personal chatbot. Instead of just providing canned responses, it can generate human responses in natural language conversations. While this may seem like something out of a sci-fi movie, GPT has real-world applications that can benefit businesses, including insurance.
So how can GPT help insurers improve customer service, automate underwriting and improve risk assessment in the insurance industry? Whether you are an insurance executive or just interested in learning more about the latest technological advancements, grab a cup of coffee and get ready to learn about the fascinating world of GPT and insurance!
Brings science fiction to life
A number of real-world use cases of GPT for insurance are already being investigated and implemented by various insurance companies.
Use Case #1
Most digital insurance companies have developed applications such as chatbots powered by GPT to handle customer enquiries, create a quote or even issue a simple standard policy. These chatbots understand natural language and generate responses that are contextually relevant, making customer interactions more efficient and personalized. When augmented with “agents” or, in other words, “subroutines” at the code level, they can look up data about a policy, make changes to policies and claims, and even summarize large amounts of data from the life cycle of the policy.
Use case #2
Automating certain parts of the issuance workflow is another example that is gaining traction. Insurance companies use GPT models to analyze large amounts of data, such as documents, text reports, loss runs, or even claim data warehouses, to generate risk assessments and guide underwriters for appropriate premiums. In particular, several risk assessment models have been developed using GPT to analyze a wide range of data sources, such as news articles and social media, to provide a more comprehensive picture of risk.
MajescoGPT brings intelligence to our core
We are exploring several exciting opportunities to use GPT within our solutions to help our customers and the insurance industry. The possibilities are endless! From fraud detection by analyzing claim notes and conversations, to developing personalized insurance products or making customer interactions more efficient and satisfying by making the conversation relevant and personal, GPT has the potential to elevate business processes and employees within the insurance company.
We are currently conducting a closed GPT pilot with some of our customers, building an interactive chatbot called MajescoGPT that can guide any Majesco Intelligent Core Platform user to specific content or even create content on that user’s behalf. Simple use cases use the chatbot to answer questions about using the Majesco Intelligent Core Suite or access policy and claims information stored in PDF files or in the database.
It can summarize complex policies and forms and explain any exclusions or inclusions that may affect coverage in a simple and deterministic way. For example, if a policy excludes coverage for certain types of damage, the chatbot can explain this in a way that the user can easily understand.
One can also ask common questions related to a concept, such as “What does a data breach mean?” in a cyber insurance-based policy, unless clearly defined in the documents or forms. These natural language responses, supplemented by actions that can be performed within the context of these conversations, such as downloading the policy, viewing the policy, or creating an FNOL claim will provide an enhanced user experience.
The applicability of GPT to create efficiency can also be extended to the staff supporting distributors and insureds, but also to the staff themselves. Let’s face it, time is a commodity, and there is rarely the bandwidth for everyone to read all the documentation, FAQs, support conversations, notes, etc. that are available. GPT-powered chatbots can provide staff with suggested solutions for common problems, freeing up staff time to focus on more complex issues. They can answer questions, troubleshoot problems, and even provide step-by-step instructions for common problems. We clearly see that both insurance companies and Majesco can improve the efficiency of their support operations and achieve more with the same investments.
The possibilities are wide
GPT shows great promise in the insurance industry. It can be used to improve various aspects of the insurance value chain, including customer service, underwriting, risk assessment and fraud detection. Insurers adopting GPT can gain a competitive advantage by providing more efficient and personalized services, reducing costs and improving risk management. As the use of GPT becomes more widespread in the insurance industry, we can expect to see more innovation and improvements in how insurance companies operate. Insurance companies that invest now will be well positioned to stay ahead of their competitors.
In our future blogs, we will address how insurance companies should consider adopting these revolutionary advances that will become a part of our lives. Whether you use everyday Microsoft office products like Word, Excel or Outlook, or you use Majesco products to run your core business, Transformers will be right with us to change the way we work every day!
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