New ChatGPT-like generative AI tool for insurance launches
A global artificial intelligence technology company founded in Norway claims to have launched the “first” generative AI tool for insurance that can offer ChatGPT-like enhanced decision making for automated claims management, while maintaining privacy and data security.
Oslo-based Simplifai has launched Simplifai InsuranceGPT, a large language model (LLM) that it claims is the first to be trained specifically on information directly relevant to the insurance sector.
InsuranceGPT is designed to strengthen end-to-end business process automation capabilities by leveraging the transformative potential of generative AI. The solution enhances communication between insurers and their customers, enabling swift, precise, and secure responses that enrich the overall experience.
InsuranceGPT seamlessly integrates into existing ecosystems and can be connected with third-party services like Salesforce and Hubspot, as well as industry-specific platforms for streamlined claims management, eliminating the complexities of disparate systems commonly used in insurance firms.
To cater to the unique and regulated needs of insurers, Simplifai has also introduced the Simplifai Reference Programme for advanced AI to ensure product development is in line with customer requirements.
According to Gartner, the AI software market is projected to exceed $135 billion by 2025, with the banking, financial services, and insurance sector accounting for a significant 25% share. However, the insurance industry is still navigating the adoption of AI and language models like ChatGPT due to concers over data security and the accuracy of presented information that have raised doubts about the suitability of public language models (LLMs) for addressing the specific needs of the claims handling industry.
Jan-Michiel Cillessen, group COO of Van Ameyde Group said: “Van Ameyde’s Claims platform, ECHO, has already benefited from the best-in-class AI automation that the Simplifai partnership provides. In addition, Simplifai’s expansion to GPT technology will further solidify our leading position in the claims handling space. In order to even consider Simplifai as a partner, we also needed to ensure their continued strategic focus on security and compliance, as well.”
Thomas Dinhoff Pedersen, CIO at Eika Insurance commented: “The evolution of technology is not slowing down with the rapid development of AI and LLMs. That is why we are joining the reference board and taking a front seat together with Simplifai, to explore both current and future opportunities for responsibly leveraging AI and new technologies to improve our operational efficiency and customer experience. This is not the time to fall behind.”
Bård Myrstad, Simplifai co-founder and CEO, said: “The potential offered by generative AI is incredible, but a specially-built industry-specific GPT trained on insurance data is the only way to offset risks around security, data privacy and accuracy. InsuranceGPT grants us the ability to make our customers’ employees even more efficient and effective, not to mention more valuable, while maintaining our commitment to privacy and security.”
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