’We believe the tool could save the time taken from submission to an underwriting decision by up to 50%,’ says insurtech’s founder
Artificial Labs is using ChatGPT as part of a pilot as it looks to end the “messy” data barrier for carriers and brokers.
That was according to Artificial Labs’ founder David King, who said the firm had deployed the solution to help underwriters make faster and more accurate decisions.
The business started a pilot earlier this year, with ChatGPT being used to help underwriters unearth relevant risk information and examine qualitative information about the risk in less time than it would take manually.
Artifical Labs also tested and developed methods to reduce the chance of the tool generating false information and increase transparency over where the AI model obtains certain data points from.
King told Insurance Times that the goal was to prove “that messy, unstructured data will soon no longer be a barrier to technology adoption for carriers and brokers”.
“As a company, we are always looking for new ways to improve our offering to brokers and insurers through the use of novel and exceptional technologies,” he said.
“In parallel, the insurance landscape is changing rapidly with ever-growing data sets and emerging risks throwing up new challenges for brokers and insurers.
“We believe the tool could save the time taken from submission to an underwriting decision by up to 50%, generating huge efficiency savings down the value chain.”
’Faster and smarter’
Artifical Labs said it was looking to officially launch the solution in H2.
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The firm felt those that were quick to adopt novel technology will reap the rewards in the future.
King added: “Generative AI, when used in the right way, can be deployed to understand large, unstructured data sets and analyse them in the context of an insurance risk in minutes.
“In algorithmic underwriting, and smart follow [use of automated underwriting based on data at the user’s disposal] in particular, there is a fundamental need for good quality data.
”ChatGPT and other generative AI tools can use this data to make faster and smarter decisions, making it possible to increase efficiency and understand the drivers behind profitability.”
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