A Bengaluru-based insurtech startup, Plum has unveiled a chatbot built on GPT-3 language technology to help customers understand their policy information, called PolicyGPT. Through PolicyGPT, customers will be able to understand the complex nuances of their insurance policies, as well as perks and deductions that are available to them. It promises to make insurance policies easier to understand and navigate.
Saurabh Arora, the chief technology officer and co-founder of Plum is confident that AI technology will become widely used in customer education and assistance as the sector grows in popularity. PolicyGPT will be equipped with text-based information, as well as voice recognition, policy advising, and the ability to translate text into local languages.
Previous to PolicyGPT, a number of AI-enabled bots had been launched for use in the insurance sector. Last year, another Bengaluru-based startup, Policybazaar, launched an AI-powered bot for claim settlement in group health insurance. Unfortunately, the product earned negative reviews due to violations of privacy and intrusiveness by users.
In 2017, Policybazaar had already employed Dialogflow to deploy a chatbot to answer queries of potential customers. It was reported that, at the time, the chatbot was able to close more than 13,000 sales totaling over $2 million in premium, growing at an impressive 30% rate month-over-month.
Plum has been a leader in using technology for insurance products, with additions such as WhatsApp claims and a user-friendly mobile app. In the tech sector, having the ability to navigate insurance policies and use these new technology tools is essential to success. With the continued adoption of AI software, understanding insurance policies should become easier and more accessible to everyone.
