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A Bengaluru-based insurtech startup, Plum has unveiled PolicyGPT in an attempt to revolutionise the insurance industry. The chatbot built on GPT-3 is designed to educate customers about their health insurance policies. The chatbot is developed to solve the complexity problem in the insurance policies by answering coverage questions and clarifying inclusions and exclusions.
Read: 9 Groundbreaking GPT-Based Models Developed in India
Saurabh Arora, chief technology officer and co-founder of Plum, believes AI is an interesting technology that will find more use cases in customer education and assistance to make insurance more accessible to laymen.
Alongside text-based information, Plum plans to add voice recognition, policy advising, and translation of text into regional languages, making it more accessible to a wider user base. Plum has been at the forefront of using technology with features like WhatsApp claims, paperless reimbursements, and a highly-rated mobile app.
While Plum currently leads the charge in integrating AI into insurance, it is not the only player in the market. Last year, Policybazaar, an insurance marketplace, launched an AI-enabled bot for claim settlement in group health insurance. However, the app received negative feedback from users who felt it lacked privacy and was intrusive.
In 2017, Policybazaar, an insurance marketplace used Dialogflow to deploy a chatbot to help answer questions from potential customers. “Dialogflow is by far the best platform for text-based conversational chatbots. With it, we derive all the benefits of machine learning without restrictions on the frontend. Through our chatbot, we are now closing over 13,000 sales totaling a premium of nearly $2 million (USD) every month and growing at a 30% month-over-month rate,” Ashish Gupta, then CTO & CPO of the company had claimed.
