Simplifai launches generative AI tool for insurance

Simplifai, an artificial intelligence (AI) automation solutions provider, has launched Simplifai InsuranceGPT – a custom-built GPT tool, fuelled by the company’s no-code AI-powered platform.

It is the first large language model (LLM) to be trained specifically on the insurance sector.

With InsuranceGPT, Simplifai has strengthened its end-to-end business process automation capabilities, by improving communication between insurers and their customers through the power of generative AI – offering fast and accurate responses securely.

Gartner predicts the global market for AI software will surpass $135 billion by 2025, with the banking, financial services and insurance sector constituting 25 per cent of that market.

Through offering the insurance industry’s first custom, cloud-based, private software-as-a-service LLM, Simplifai believes it can alleviate concerns about data security and inaccurate presentation of data by:

• Fitting into existing ecosystems – it plugs into third-party services and industry platforms
• Being vigilant about security – by training a private LLM, security can be guaranteed
• Maintaining ‘no code necessary’ – businesses can integrate without the need for tech expertise.

Bård Myrstad, Simplifai Co-Founder and CEO, said: “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.”

The use of technology in the insurance sector, including AI and ChatGPT, was discussed at this year’s ITIC UK.