How AI and ChatGPT can create quick wins for insurers | Insurance...
The use of artificial intelligence (AI) in the insurance industry is increasing and more companies are exploring its potential uses. ChatGPT, OpenAI’s natural language processing tool, has become particularly popular, with Swiss companies Helvetia and Zurich already testing the AI tool for customer service tasks. However, there is a common misconception that AI will replace humans, when in fact, it can enhance customer experiences and allow insurance professionals to focus on high-value tasks.
Many benefits of AI have been identified in insurance processes such as claims, underwriting, and data mining. AI can analyse vast amounts of data with greater speed and accuracy to assist insurers in predicting and preventing risks. Lawrence Buckler, VP of Sales at Sprout.ai, an insurtech that utilises AI for faster claims decisions, highlights that AI can increase flexibility and scalability in meeting customer demands.
The integration of AI and ChatGPT in customer service can provide quick wins for insurers. Sprout.ai's research has shown that today's insurance consumers expect claims to be resolved within hours. The younger generation prefers resolution within a week, demonstrating the need for a digital-first approach. Furthermore, satisfaction with the claims experience is a significant factor in policy renewals. Therefore, insurers must enhance their claims processes and be able to scale their customer service quickly to meet these growing demands.
Overall, AI and ChatGPT can be valuable tools for insurance companies to adapt and meet the ever-evolving demands of the market. Insurers can innovate and tailor products, use IoT technologies to predict and prevent risks, and increase the speed and scalability of their customer service.
