ChatGPT: The Future of Customer Engagement in Insurtech

?? Hello everyone!

I hope you're doing well.

I'm Berrak Kurtbay , responsible for the Marketing activities at InsurWiz Technology Ltd.

I'm excited to be writing today's article,?and I truly hope you find it valuable.

?? Today, I am thrilled to dive into an incredibly exciting topic that is revolutionizing the way we interact with technology: ChatGPT.?

ChatGPT emerges as a game-changer. This advanced language model, developed by OpenAI, has the ability to generate human-like responses and engage in dynamic conversations.

?? In this article, we will explore the captivating world of ChatGPT. As we dig into the latest iteration of ChatGPT 4.0 and its advancements, we'll also explore its new competitor, Google Bard, and talk about the potential impact of AI chatbots on the future of the workforce. Finally, we will explore ChatGPT’s role in the Insurtech industry.

????So, fasten your seatbelts, let's dive in and discover the magic of ChatGPT!

What is ChatGPT?

?? Is there anyone among us who has never used ChatGPT?

?? I assume most of you know a little bit about this topic.

For some of us, I think ChatGPT is an integral part of our daily workflow. For those of us who are high-level adopters of AI, though, it's a fact that landing pages are now ChatGPT, not Google.

We live in the days when artificial intelligence naturally corresponds with you and answers your questions. ChatGPT is the name of the new tool that brings science fiction novels to real life. This new technology, published by OpenAI, can do almost anything imaginable. At your request, it can write a persuasive article, compose a song, or create 'stupid' jokes in seconds.

For those who have not experienced ChatGPT before, or have a lack of knowledge, I recommend you to read this post. Thus, you can get more detailed information about this new technology.

What is the basic concept behind it?

If we start from the general definition, ChatGPT is a chatbot developed by OpenAl and based on artificial intelligence. It is a robot that is developed day by day and contains different contents.

GPT stands for Generative Pre-trained Transformer, which is a type of language model that uses deep learning to generate human-like, speech-based text just like virtual assistants, Siri and Alexa.?

This technology works just like the human brain and can learn by identifying patterns in data using interconnected "neurons" and predicting what will come next. Since ChatGPT is an artificial intelligence-supported chatbot, all information exchange develops in a chat interface.?

ChatGPT is not a Google

One of the mistakes while using the application is to give commands to it. ChatGPT is not a Google.

When you talk to a person, you will see from time to time that the other person does not fully understand the question you ask and misses some points while answering. Sometimes you expect him or her to explain in more detail. The person you are talking to may stray from the topic, you may ask him to refresh the answer, or you may notice a sentence he has said and ask him to explain it. This is exactly how the situation develops when talking to ChatGPT.

Planning the exchange of information like a conversation between two people definitely increases the quality of the answers received.

?? Looking for the best response from ChatGPT?

?? Remember, the more keywords and details you include in the prompt, the more satisfied you will be with the response you get from ChatGPT.

ChatGPT 4.0?

Despite many advanced capabilities, ChatGPT's world and event information is limited after September 2021.

?? On the other hand, with ChatGPT-4, you can access more up-to-date data.

It is the latest version of this technology and includes more advanced and new features. Some of these features are a large database and problem-solving ability. Compared to the previous version, it includes various features such as song composition, text with images, and video creation.

?? Below, I will summarize the 3 main features updated with ChatGPT-4 for you.

• GPT-4 is multi-modal and can now process images. It is no longer limited to just textual inputs and outputs.
• GPT-4 can handle much more information at once. Large Language Models (LLMs) can be trained on billions of parameters, meaning countless amounts of data.
• GPT-4 is multilingual and better at understanding non-English languages. Machine learning data, like most of the information on the internet today, is mostly in English, so it can be difficult to train LLMs in other languages.

Google Bard

Google may have entered the chatbot world late, but Bard seems determined to take down ChatGPT. It's a strong competitor to ChatGPT and remains the center of attention lately.

Google Bard is a very new and up-to-date technology. It is a chatbot developed by Google AI and launched in the UK on 21 March 2023 in the testing phase. It uses the Google-owned LaMDA language family and is currently released in a limited country and with a limited number of users.

Bard AI or ChatGPT: Which is better?

? The biggest difference between the two technologies is that Google's chatbot has access to live information on the internet. This is a very different and important privilege from ChatGPT, which only has data access until September 2021.

These two technologies do not use the same language model. Bard uses Google's own LaMDA model, while ChatGPT uses the GPT-3.5 and GPT-4 models.

You can also interact with Google Bard using your voice. This is a feature you cannot do with ChatGPT.

??Additionally, Google Bard can respond faster than its competitor ChatGPT. With this technology, you can ask various questions about a topic, get movie or TV show recommendations, print codes, prepare e-mails, and more.?

Will AI Chatbots replace jobs in the future??

According to Microsoft co-founder Bill Gates, the advancement of AI is considered one of the most significant technological breakthroughs in decades.?

Artificial intelligence has reached such an advanced level today that it has brought some question marks with it.

? Is this advanced technology a threat to some businesses in the future?

According to a report from investment bank Goldman Sachs, AI could replace 300 million full-time jobs.

Last week, we conducted a poll through our Insurwiz LinkedIn account.

??According to the poll results,

“Collaboration, not replacement” was the option with the most votes. Based on this poll, I have observed that many of you predict that artificial intelligence will not replace the human workforce, but there will be a team collaboration between the human workforce and artificial intelligence.

?? I have to say, I totally agree with this poll result.

Artificial intelligence has made a significant impact in the business world in recent years and has increased efficiency, speed, and quality in many sectors. However, I believe AI is not a technology that can completely replace humans.

?? Please share your opinion about this topic in the comment section.

? Do you think AI technologies will be the future, and should people expect to lose their jobs?

Why AI can not completely replace humans?

• AI does not have human characteristics such as creativity, emotion, and intuition. AI acts according to pre-given data and rules and has difficulty adapting to new situations. Humans, on the other hand, can generate new ideas and establish emotional bonds with their imagination and experiences.
• AI does not have human ethical, moral, and value judgments. AI works only to achieve the set goals and does not take into account the consequences. Humans, on the other hand, can take decisions and take responsibility according to social norms and conscience.
• AI lacks human communication and collaboration skills. AI can only communicate according to a specific language and protocol and can cooperate with other AI systems in a limited way. Humans, on the other hand, can understand different languages and cultures and cooperate with other people by empathizing.

ChatGPT’s Role in the Insurtech Industry

With the advancement of technology and ChatGPT being used more widely in the world, many insurance companies have been using artificial intelligence today. This advanced artificial intelligence technology is reshaping customer experiences, streamlining operations, and improving efficiency.

We can say that ChatGPT is revolutionizing the Insurtech industry by revolutionizing customer engagement, speeding up claims processing, improving underwriting decisions, and providing personalized policy recommendations. By harnessing the power of this advanced artificial intelligence technology, Insurtech companies can stay at the forefront of innovation, increasing customer satisfaction and operational excellence.

?? I believe InsurTech companies have tremendous potential to provide customers with lower-cost, faster, and more efficient responses with ChatGPT technology. In my opinion, artificial intelligence is an excellent technological innovation that can be used to increase efficiency, reduce costs and improve the customer experience.

?? ??

• Improved Customer Engagement: I think that one of the most important privileges that artificial intelligence offers to insurance companies is the customer experience. With ChatGPT, Insurtech companies can deliver more interactive and personalized customer experiences. They can communicate with customers in natural language, answering their questions and guiding them through their insurance process. This level of responsiveness and support increases customer engagement and satisfaction.
• Ongoing Customer Support: Providing ongoing customer support can be challenging for companies. By leveraging ChatGPT, they can further enhance the customer experience. These technological chatbots can instantly answer questions asked at any time.
• Efficient Underwriting: With this advanced technology, it is not difficult to analyze customer data and evaluate possible risks. Therefore, less manual effort and more advanced risk management applications are possible with ChatGPT.
• Speed Up Claiming Processing: Minimizing human intervention and increasing the use of ChatGPT reduces processing time. It streamlines the claims handling workflow, resulting in faster damage resolutions and a better customer experience as a result.
• Personalized Policy Recommendations: With its data analysis feature, ChatGPT can analyze customer data and risk profiles and recommend suitable and personalized policy recommendation solutions for customers. And a better customer experience as a result.

To summarize, ChatGPT has become a valuable tool for Insurtech companies and paved the way for increased customer satisfaction. As technology continues to evolve, we can expect even more exciting use cases and advancements at the intersection of ChatGPT and Insurtech.

I hope you enjoyed reading this article! ??

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Berrak Kurtbay