ChatGPT in the Insurance World: Chat of Things to Come

Report Summary

ChatGPT in the Insurance World: Chat of Things to Come

ChatGPT is a leap forward for natural language processing.

Jeff Goldberg
Head of Insurance Insights & Advisory
John Keddy
Senior Principal

March 22, 2023 – ChatGPT is not the first NLP technology, but it is driving a lot of discussions because it is the first that feels genuinely “N”—natural. Our insurance ecosystem has questions about ChatGPT. Many CEOs and boards are asking executives what this technology means for their business.

This brief shares some initial perspectives and insights on how insurers can explore, monitor, strategize, and modernize with ChatGPT in mind. It covers the following topics: What ChatGPT is, its initial popularity, two companies expecting massive impacts, tactical concerns, general and insurance-specific limitations, potential insurance use cases, and how to find harmony between human and AI responsibilities.

Clients of Aite-Novarica Group’s Life, Annuities, & Benefits and Property & Casualty services can download this report.

This report mentions: Google, Microsoft, and OpenAI.

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