ChatGPT and other large language models (LLMs) represent augmented intelligence tools through which users can combine artificial intelligence (AI) with human intelligence to enhance and amplify human abilities, Celent explained in a recent report, “ChatGPT and Other Large Language Models: P/C Insurance Edition.”

At a base level, they generate content and get answers quickly. At a higher level, they improve human decision-making, problem-solving and overall cognitive abilities.

Among the potential use cases for exploration in a P/C insurance carrier, Celent offers these possibilities:

  • Customer service. LLMs can be integrated into agent apps and insurer websites to provide quick responses to customer inquiries. This can reduce the workload of agents and their customer service teams.
  • Policy information. LLMs can provide policyholders with quick and accurate information about their coverage, deductibles and other policy details.
  • Text synthesis and analysis. LLMs can be trained with an organization’s information to identify specific items from documents submitted (especially with unstructured information).
  • Underwriting. LLMs can extend the path of automating the underwriting process by gathering information from applicants and determining their risk profile.
  • Claims processing. LLMs can automate the initial stage of claims processing, such as gathering information from policyholders, data entry and document verification.
  • Marketing. LLMs can help marketing departments with content generation, email marketing, social media marketing, data analysis and A/B testing.

Related article: Navigating the AI Frontier: A How-To Guide for P/C Insurers