An advanced AI chatbot driven by GPT-3 technology, PolicyGPT, has been unveiled by Bengaluru-based insurtech firm Plum. PolicyGPT is a service created to make health insurance more affordable. Moreover, they also strive to inform users about their plans by addressing their queries regarding coverage and delineating inclusions and exclusions.
A Glimpse into the Future of Insurance
The CTO and co-founder of Plum, Saurabh Arora, view AI as a promising technology with several customer support and education applications. The insurance sector may make insurance more accessible to the general public by utilizing AI.
Expanding Access with Multilingual Support and Voice Recognition
Plum’s expansive aspirations for PolicyGPT go beyond text-based data. The business plans to include speech recognition, policy recommendations, and translation into regional languages to increase the chatbot’s reach. With features like WhatsApp claims, paperless reimbursements, and a well-regarded mobile app, Plum has already made progress as a tech-forward business in this area.
The Competitive Landscape: AI in the Insurance Industry
While Plum pioneers the integration of AI into the insurance industry with PolicyGPT, it is not the only player in this space. Policybazaar introduced a bot with AI capabilities for group health insurance claim processing last year. Unfortunately, criticizing the program, the consumers thought it invaded their privacy.
A chatbot created by Policybazaar and deployed in 2017 to respond to inquiries from potential clients utilized Dialogflow. The company’s former CTO and CPO, Ashish Gupta, asserted that Dialogflow was the most significant platform for text-based conversational chatbots. With it, we can use machine learning to its full potential without any front-end limitations. We are closing over 13,000 purchases with our chatbot, with a premium of around $2 million (USD) per month and rising rapidly at a 30% month-over-month rate.”
The Promise of PolicyGPT: A New Era in Insurance Education
The launch of PolicyGPT represents a significant turning point in the insurance sector’s use of AI technology. Customers can be empowered to make knowledgeable decisions about their health insurance by using PolicyGPT. PolicyGPT, with its ability to simplify and make more easily consumable complex policy information, will set the ball rolling. The chatbot will appeal to more people by including speech recognition and linguistic support, making insurance more available to a larger audience.
Challenges and Opportunities Ahead
Companies like Plum and Policybazaar will need to address privacy and user experience issues. In addition, they need to keep pushing the frontiers of innovation as AI continues to gain popularity. For insurtech firms to succeed in this cutthroat environment, finding the appropriate mix between AI-driven efficiency and a tailored human touch will be essential.
Our Say
The launch of PolicyGPT ushers in a new era for the insurance sector as insurtech businesses like Plum use AI to transform client interaction and education. AI-driven solutions will undoubtedly continue to influence the future of insurance. These new developments will happen in speech recognition, policy advising, and multilingualism. The sector must adapt as these technologies develop to enable the effective incorporation of AI in insurance. Thus, resolving privacy issues and enhancing the user experience is a must.
Learn More: Applications of Machine Learning and AI in Insurance in 2023
By Analytics Vidhya, April 21, 2023.
