How will chatGTP revolutionise the industry?

How will chatGTP revolutionise the industry?

Disruption: the action of completely changing the traditional way that an industry or market operates by using a new method or technology (Cambridge dictionary).

If you still need to google what chatGTP means, we’re not sure where you have been in the world (though we would be envious of your tan for sure). Being one of the oldest market industries in the world, the insurance market has had to face the rise of the technology and understand (and tame) this new field to benefit how it operates; and now, it’s no wonder everyone in the industry is wondering how this ‘new’ AI will revolutionise once more the (re)insurance world.
Putting it differently, how can chatbots like chatGPT potentially change how insurers offer insurance products?

No one can predict the future but there are a few elements that come to mind.

Personalised customer experience

Understanding our clients’ needs and preferences allow us at inari to constantly develop our products to better help them along the way. Thanks to chatbots like chatGPT, insurers can offer customised insurance products that cater to the customer’s unique requirements.

Truly worlwide

Chatbots can provide round-the-clock customer support, which can be beneficial for clients who need assistance outside of regular business hours. It also means that you can be truly geographically agnostic (like us!), as clients from around the world could reach out to your virtual team anytime anywhere. This can have such a positive impact on customer satisfaction and loyalty.

Faster claims processing

Claims processing can be quite daunting. Well, it’s easy to see how clients could file their claims through chatGTP and that chatbot could verify the claim details and initiate the claim settlement process. It can help insurers process claims faster by automating those claims process, given the appropriate knowledge data.

Cost savings

It’s ultimately about the cost savings, isn’t it? If proven effective, by automating client support, it can result in lower operational costs for insurers. Which could be passed on to clients in the form of lower premiums.

Overall, chatGPT and other chatbots can provide a more efficient and personalised customer experience, which can lead to improved customer satisfaction and loyalty. Of course, we cannot minimise the influence of other factors such as customer adoption and regulatory frameworks but it is exiting to see what the future brings and how a new AI can disrupt the insurance market… for better of course!

Do you think chatGPT will have an impact on how insurers work in the very near future?