Toronto, Ontario — The introduction of automated chatbots capable of solving problems through simple prompts could be a “game-changer” for the insurance industry, according to Amrit Santhisrasenan, CEO of insurtech company Hyperexponential.
Specifically, the debut of generative artificial intelligence (AI) program, ChatGPT, allows users to have the AI automate a variety of tasks: filling in forms, creating spreadsheets and even writing cover letters, for instance.
Unlike some AI systems, ChatGPT accomplishes tasks from prompts in plain English rather than lines of code. This effectively provides a high level of automation to organizations of all sizes, without the need for highly specialized programmers.
“If you look at many [AI] models today, you know, they are built to be very specific to a problem,” said Roi Amir, CEO of Sprout.ai in an interview with Insurance Business.
“ChatGPT is a great generalized model. What I think we will see is many companies using it as their baseline model and add layers of intelligence and specificity for their individual domains,” said Amir.
In the case of the insurance industry, this automation allows for essential, but less demanding tasks to be accomplished with much less human input, saving time for tasks the AI cannot accomplish.
For now, this means anything involving nuanced human communications or technical policy wording: the AI will write a cover letter, but not understand sarcastic quips.
“If someone could write the right prompts to an AI, rather than manually format a spreadsheet, they could work in a hundredth or even a millionth of the time,” said Santhisrasenan.
How will automated chat systems impact the collision repair industry? Will your bodyshop consider their use? Let us know in the comments below.
