Simplifai launches world-first generative AI tool for insurance
Simplifai, an AI automation solutions provider, launches Simplifai InsuranceGPT – a world-first custom-built GPT tool, fuelled by the company's revolutionary no-code AI-powered platform.
With InsuranceGPT, Simplifai has strengthened its end-to-end business process automation capabilities, providing enriched communication between insurers and their customers through the power of generative AI - delivering fast, concise, and accurate responses in a secure way.
While several insurance product providers have merely begun to integrate ChatGPT or Google Bard into their services, Simplifai's InsuranceGPT large language model (LLM) is the first to be trained specifically on information directly relevant to the insurance sector.
Gartner predicts the global market for AI software will surpass $135bn by 2025, with the banking, financial services and insurance sector constituting a massive 25% of that market. Yet, the insurance industry is still learning how to fully embrace AI and LLMs, such as ChatGPT. The technology holds the potential to radically transform the data processing and claims processes, but with several LLMs facing criticism around data security concerns and the inaccurate presentation of data, public LLMs are being labelled unsuitable to address the needs of the claims handling industry.
"Amidst an era where data security and accuracy have become paramount concerns, InsuranceGPT is our response to these challenges. Unlike public LLMs, our solution has been meticulously engineered with a strong emphasis on privacy and the precise presentation of data, thereby directly addressing the inadequacies flagged in the insurance claims handling industry. By providing an AI solution that is tailor-made for this sector, we're not just promising innovation, we're ensuring trust and reliability." - Vasim Shaikh, CEO India Operations at Simplifai
By offering the insurance industry's first custom, cloud-based, private Software-as-a-Service LLM, Simplifai can allay these concerns through:
- Fitting into existing ecosystems - InsuranceGPT is platform-based and plugs into third-party services such as Salesforce and Hubspot, as well as industry platforms for claims management, pulling information from the often cumbersome and conflicting systems used by insurance firms for easy implementation and management.
- Being ever vigilant about security – As a company, Simplifai is committed to privacy and upholding strict control and regulation of data, as well as firm adherence to GDPR. By training a private LLM, security can be guaranteed.
- Maintaining 'No code necessary' – Simplifai's no-code model allows businesses to seamlessly integrate to the platform, without the need for tech expertise, increasing efficiency and speed of use.
Showcasing a commitment to building services tailored to the specific and regulated requirements of insurers, Simplifai has also launched the Simplifai Reference Programme for advanced AI, establishing a customer reference board. The board has leading names within the insurance sector from Europe and Nordics, including Van Ameyde, CCN and Eika, and they are in talks with some of the biggest Indian Insurers to join the board. This will ensure product development is in line with customer requirements.
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."
"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 Bård Myrstad, Simplifai Co-Founder and CEO.