It is becoming increasingly evident that the introduction of AI technology into businesses – especially those dealing in insurance policies – is having a significant impact in how these policies are written and read. As such, many companies are now turning to ChatGPT to help them reshape their policies for maximum clarity and certainty.
Pryce highlighted this shift during a recent interview, in which he suggested that when it comes to assessing the effect that AI has on policy wordings, four distinct dimensions need to be taken into account; scope, clarity, certainty, and whether the terms of the policy are “unusually onerous”. Of course, each dimension can have different responses to AI in advisory positions.
Pryce went on to explain the different aspects of assessing policy wordings by breaking it down into scope, clarity, and certainty. In terms of scope, the coverage being provided by the policy must be looked at. Clarity follows, where the meaning behind the policy should be thoroughly understood. As for certainty, while it may be clear as to what the policy entails, the outcome of said policy may still remain uncertain, due to certain factors. Lastly, one should make sure that the terms of the policy deemed to be ‘unusually onerous’ are properly looked into.
Using ChatGPT’s suite of automated tools, companies can now assess policies more accurately and quickly than ever before. This allows for quicker turnaround times for policy revisions and enables organizations to directly influence how their policies are read and utilised.
ChatGPT was established in 2013 with the mission to make AI accessible, from any device, to any user. They have grown to be a large and respected AI-driven platform with a team of experts in the field. With the help of their product range of automated advising tools, the potential impact of ChatGPT in the insurance industry cannot be understated. This not only makes the policies more efficient and cost-effective to formulate, but also provides customers with improved clarity and certainty while they engage in policies.
