With seemingly limitless wordsmithing capabilities, OpenAI’s latest language model, ChatGPT, has the potential to revolutionize countless industries.
Insurance is certainly no exception.
Automation has already given the industry a much-needed facelift—according to McKinsey, 10% to 55% of major insurance functions are expected to be automated by 2030, upgrading 10% to 70% of insurance tasks.
With its capacity to respond to our textual inputs cogently and persuasively, ChatGPT can be used to automate and streamline customer service, underwriting, claims processing and even risk assessment, among many other processes. It can therefore serve as a key time-saving tool insurers can leverage to focus their energies away from mundane tasks toward more valuable and strategic activities.
Read the entire news article. Forbes, by Alex Zukerman, April 25, 2023