Plum, an insurtech company, has launched an AI-powered tool called PolicyGPT, which aims to provide customers with educational information about their policies by chatting with a bot in natural language.
PolicyGPT is a chatbot created using the Open AI GPT-3 architecture to provide users with information about their health insurance policy purchased from Plum. It has access to user policy details and general knowledge on health insurance, with the primary goal of educating users about their policy.
The AI programme is still learning in real-time and is facing issues like answering on specific diseases or treatments unless specifically mentioned in the policy and may occasionally generate incorrect information. It will soon have features such as voice recognition, policy advising, translation of text into regional languages, generating insights by analysing large volumes of data, and identifying patterns, trends, and anomalies.
Saurabh Arora, Chief Technology Officer, and Co-founder of Plum, stated "PolicyGPT is a game changer for Plum and the insurance industry. Its seamless service bridges the gaps that insurance companies currently face in terms of customer service and response time. PolicyGPT is different from other insurance tools because it is an AI-powered educator, enhancer, and assistant,"