Insurance and the Rise of ChatGPT
03-May-23
Cyber insurance is a complex and fast-paced area of the insurance sector, which is constantly changing as cyber technology develops. Cyber innovation has always posed both risks and benefits to businesses, with insurance companies working hard to stay a step ahead, building insurance policies that respond to new innovations appropriately. One such recent innovation is a market-leading AI model - ChatGPT. What is Chat GPT? Developed by OpenAI, ChatGPT is an AI chatbot that surpasses many previous chatbot types, thanks to a Generative Pre-trained Transformer (GPT). The difference from older chatbot types is that ChatGPT can analyse context and wording to create complex and relevant conversation and prose. ChatGPT has “learned” (or been “trained”) using language from huge amounts of internet-based data, in order to recognise a wide range of different ways in which texts are formed and interact. OpenAI explains that in addition to the information-based training, it has also used Reinforced Learning from Human Feedback (RLHF), which included human trainers ranking AI responses by quality to create “reward models”.[i] The way that ChatGPT has been trained allows it to create answers and content that is very human-like. Having a chatbot that can imitate human reactions offers numerous possibilities for businesses and individuals. As many clients start to pay attention to what ChatGPT is offering, the insurance sector needs to consider how it could affect their risk profile. What are the benefits? The benefits of ChatGPT for any business is relatively easy to imagine. It can have an impact on everything; from marketing content, to customer services, professional emails, and gathering content for blog articles. The AI system can analyse huge amounts of data in microseconds, allowing almost immediate responses that can be accurate, relevant and appropriate. In customer services, in which chatbots are already in mainstream use in some sectors, ChatGPT can emulate human ...
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