Simplifai, a leading provider of AI automation solutions, has unveiled Simplifai InsuranceGPT, a revolutionary custom-built Generative Pre-trained Transformer (GPT) tool powered by their no-code AI platform.
The launch of InsuranceGPT marks a significant advancement in the insurance industry’s adoption of AI and sets a new standard for secure, industry because he new tool enhances communication between insurers and their customers by employing generative AI, enabling quick, accurate, and secure responses.
According to reports, unlike other insurance product providers that have integrated generic ChatGPT or Google Bard into their services, Simplifai’s InsuranceGPT is the first large language model (LLM) specifically trained on insurance-relevant data. This breakthrough development strengthens Simplifai’s end-to-end business process automation capabilities, offering improved decision-making for automated claims management.
Data from Gartner suggests the global market for AI software is projected to exceed $135 billion by 2025, with the banking, financial services, and insurance sector accounting for 25% of the market. However, the insurance industry is still navigating the full adoption of AI and LLMs like ChatGPT.
Public LLMs have faced criticism for data security concerns
While these technologies have the potential to revolutionise data processing and claims processes, public LLMs have faced criticism for data security concerns and inaccurate data presentation, making them unsuitable for the claims handling industry.
Simplifai addresses these concerns by providing the insurance industry’s first custom, cloud-based, private Software-as-a-Service LLM. The key features of InsuranceGPT that address industry-specific requirements and security concerns include:
- Seamless Integration: InsuranceGPT integrates with existing systems, such as Salesforce and Hubspot, as well as industry-specific claims management platforms, streamlining implementation and management processes.
- Robust Security Measures: Simplifai prioritizes data privacy and adheres strictly to regulations, including GDPR. By training a private LLM, the company guarantees the highest level of security.
- No-Code Approach: Simplifai’s no-code model enables businesses to easily integrate with the platform without requiring technical expertise, improving efficiency and user-friendliness.
Demonstrating its commitment to tailoring services to the regulated needs of insurers, Simplifai has launched the Simplifai Reference Programme for advanced AI. This program establishes a customer reference board, including renowned names in the insurance sector such as Van Ameyde, CCN, and Eika, ensuring that product development aligns with customer requirements.
Automation is the future of insurance
Speaking about the launch, Jan-Michiel Cillessen, Group COO of Van Ameyde Group said: “Van Ameyde’s Claims platform, ECHO, has already benefited from the best-in-class AI automation that the Simplifai partnership provides. In addition, Simplifai’s expansion to GPT technology will further solidify our leading position in the claims handling space. In order to even consider Simplifai as a partner, we also needed to ensure their continued strategic focus on security and compliance, as well.”
Thomas Dinhoff Pedersen, CIO at Eika Insurance commented on the swift development of technology, saying: “The evolution of technology is not slowing down with the rapid development of AI and LLMs. That is why we are joining the reference board and taking a front seat together with Simplifai, to explore both current and future opportunities for responsibly leveraging AI and new technologies to improve our operational efficiency and customer experience. This is not the time to fall behind.”
Bård Myrstad, Simplifai Co-Founder and CEO, added: “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. 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,” said.
Source: Simplifai
