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
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