AI tools such as ChatGPT to drive digital transformation of insurance, COVU says

AI-tools-such-as-ChatGBT-to-drive-digital-transformation-of-insurance-industry

Generative artificial intelligence (AI) tools, such as ChatGPT, will play a significant role in the digital transformation of the insurance industry, according to COVU.

COVU, an AI-enabled digital platform for insurance agencies, has released an executive forecast on the industry shift toward using generative AI tools to help insurance agencies streamline operation, customer service and cross-selling opportunities.

The insurance platform was founded by insurance industry veterans Ali Safavi and Tasos Chatzimichailidis with the goal of helping independent insurance agents and carriers better manage risk and make smarter insurance decisions through AI-driven policy recommendations, business services and sales support.

The InsurTech’s team of insurance, finance and technology innovators believe AI tools such as Chat GPT, built by OpenAI, will be a factor in the digital transformation of the insurance industry in the year ahead.

According to COVU, these tools have the potential to reduce customer service costs by up to 30%, which could save insurance agencies millions of dollars.

When adding in the use of AI tools, agents can reduce the time spent on administrative tasks, boost targeted marketing efforts and uncover more sales opportunities quickly.

Powered by AI and machine learning (ML), OpenAI’s platform automates routine tasks such as document handling and customer segmentation, thereby freeing up critical time for high value activities like providing personalised client counsel, strengthening customer relationships through new offers, and growing the business.

Moreover, the technology offers unprecedented access to data and customer behaviour patterns, allowing agents to make quick decisions based on real-time data and analysis.

Amir Kargar, co-founder and chief technical officer at COVU, said, “U.S. insurance agencies are falling drastically behind on the technology curve and it’s time to embrace the new digital era with innovative technologies that enhance business operations.

“We are on the cusp of a groundbreaking development within the insurance industry and our team helping pave the way for a modern approach to growing revenue for insurance teams.”

In August last year, COVU raised $10m in seed funding to launch its product.

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