The life insurance industry has been buzzing about the potential for ChatGPT to automate its underwriting process, with benefits like more accurate risk assessments and fraud detection. However, there is another area where the technology could be leveraged: field underwriting. Traditionally, field underwriters would assess a prospect’s ideal coverage class based on observation and a few questions. But the rising costs of employing field underwriters has made the practice rare. ChatGPT’s ability to comprehend textual inputs and respond in a human-like manner could bring back digital field underwriting, where an AI chatbot could easily source and understand basic information on the applicant’s finances, career, family dependents and health. Underwriters could also follow up with applicants via chatbots to gather additional information, streamlining the process.
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