Insurance firms have been warned about the potential difficulties of using ChatGPT in experiments to aid underwriting. Future Processing’s insurance lead, Piotr Piekos, referred to the tool as unreliable due to its dependence on good data to function effectively. Developed by OpenAI, ChatGPT is a chatbot that can answer questions in a conversational way, and has been experimented with in the industry by Zurich and insurtech Artificial Labs. Piekos suggested that while there were opportunities for companies to develop more specialised tooling for large language models like ChatGPT, it’s also important that customers see sufficient investment in AI to support their insurance journeys. The issues raised were discussed during a roundtable on current challenges and opportunities in insurtech hosted by Future Processing.
ChatGPT use for underwriting raises concerns
Date:
Frequently Asked Questions (FAQs) Related to the Above News
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
More like thisRelated
Enhancing Credit Risk Assessments with Machine Learning Algorithms
Enhance credit risk assessments with machine learning algorithms to make data-driven decisions and gain a competitive edge in the market.
Foreign Investors Boost Asian Stocks in June with $7.16B Inflows
Foreign investors drove a $7.16B boost in Asian stocks in June, fueled by AI industry growth and positive Fed signals.
Samsung Launches Galaxy Book 4 Ultra with Intel Core Ultra AI Processors in India
Samsung launches Galaxy Book 4 Ultra in India with Intel Core Ultra AI processors, Windows 11, and advanced features to compete in the market.
Motorola Razr 50 Ultra Unveiled: Specs, Pricing, and Prime Day Sale Offer
Introducing the Motorola Razr 50 Ultra with a 4-inch pOLED 165Hz cover screen and Snapdragon 8s Gen 3 chipset. Get all the details and Prime Day sale offer here!