How Life Insurance Companies May Leverage ChatGPT in Underwriting

— Jun. 2, 2023 —
Published in ARTIFICIAL INTELLIGENCE
on dig-in.com
by Bob Gaydos

Few other technologies have captured the business world’s attention quite like ChatGPT has in recent months. This is no different in the life insurance industry, where much has been said on how ChatGPT will automate various aspects of the underwriting process. Odds are, you’ve heard most of these talking points before; how it can provide more accurate risk assessments, process claims with greater speed, and identify patterns that indicate fraud.

For life insurers, these technologies could impact how we protect and underwrite risk. We may see a new generation of insurance technologies—”insurtech 2.0“—that can leverage these new and emerging technologies to not only improve risk assessment, but also to simplify life insurance processes across the value chain. So, instead of focusing on front- or back-office efficiencies alone, which can provide incremental improvements, insurers can apply these technologies using a holistic digital strategy for 360-degree value.

The image of a door-to-door life insurance salesperson might seem downright archaic by today’s standards. Yet until the mid-1990s, door-to-door salespeople were almost everywhere, knocking on people’s doors, pitching the latest policies, and answering any questions a prospect might have. For a long time, this was the primary means of selling life insurance policies and the key to its success was the use of field underwriting techniques.

Bob Gaydos, Founder and CEO of Pendella 

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