ChatGPT – To Err is Human: Revolutionizing AI and Its Impact on the Insurance Industry
ChatGPT, the Artificial Intelligence (AI) chatbot, has gained recent fame for its ability to engage in human-like conversations and generate answers beyond the scope of traditional chatbots. It can write essays, poems, music, and can even mine the internet for content to provide answers to users’ questions. However, as revolutionary as it is, it has spurred discussion and controversy.
While ChatGPT may not be the only tool of its kind available, it’s the most sophisticated yet. Developed by OpenAI, it is remarkably good and can perform tasks such as generating art, videos, text speech, social media content, and even sales engagement. Though it still requires a level of training, the bulk of the work has been done using huge amounts of data from books, articles, and websites. This means that much of the “learning” has already been done, and ChatGPT should already know the answer to a user's question before they even ask it.
However, the technology has also raised concerns about its reliability. While ChatGPT can generate text with a high degree of accuracy, it can also learn from published content on the internet that may not be factually or politically correct. For this reason, caution is urged when dealing with ChatGPT, or similar tools such as Bard or Bing Chat.
The latest iteration, ChatGPT 4, was launched in April 2023 and promises even greater business opportunities, by being more polished, accurate and able to deal with image inputs. However, there are several concerns that need to be worked out before businesses begin to rely on the technology, including the issues of intellectual property and GDPR compliance.
Despite these concerns, the insurance industry can still utilize ChatGPT and other AI tools to improve processes and add value. From checking legal contracts and validating complex paperwork to providing context to data, the opportunities are endless. Send, for instance, has been using advanced AI for several years and is part of ChatGPT’s beta program.
While the impact of AI cannot be underestimated, neither can its limitations. Understanding and acceptance will vary across industries and markets, but those who ignore its potential will struggle for forgiveness.
