Simplifai, an artificial intelligence (AI) automation solutions provider, has launched Simplifai InsuranceGPT, a custom-built GPT tool fuelled by the company’s no-code AI-powered platform.
It is the first large language model (LLM) to be trained specifically on information directly relevant to the insurance sector, Simplifai stated.
With InsuranceGPT, Simplifai has strengthened its end-to-end business process automation capabilities, by improving communication between insurers and their customers through the power of generative AI – offering fast, concise, and accurate responses securely.
Gartner, an American technological research and consulting firm, predicts the global market for AI software will surpass $135bn by 2025, with the banking, financial services and insurance sector constituting 25% of that market.
Despite this, Simplifai claims, the insurance industry is still learning how to fully embrace AI and LLMs, such as ChatGPT.
Through offering the insurance industry’s first custom, cloud-based, private software-as-a-service LLM, the firm believes it can alleviate data security concerns, as well as inaccurate presentation of data by:
- Fitting into existing ecosystems – it plugs into third-party services and industry platforms
- Being vigilant about security – by training a private LLM, security can be guaranteed
- Maintaining ‘no code necessary’ – businesses can integrate without the need for tech expertise
“The potential offered by generative AI is incredible, but a specially-built industry-specific GPT trained on insurance data is the only way to offset risks around security, data privacy and accuracy,” said Bård Myrstad, Simplifai Co-Founder and CEO.
“InsuranceGPT grants us the ability to make our customers’ employees even more efficient and effective, not to mention more valuable, while maintaining our commitment to privacy and security,” he continued.