The Potential of GPT Software and AI To Disrupt the Insurance Industry

Dennis Liu

Chief Digital and Transformation Officer,  Etiqa Insurance Singapore

As we delve into the AI landscape of 2023, it becomes evident that generative AI is taking center stage, driven by two significant trends. The first is the remarkable surge in popularity of ChatGPT among developers and development communities since its release in late 2022. The second is Microsoft’s integration of AI tools into its office suite through Copilot, revolutionizing tasks such as email summarization, story drafting in Word, and animated slides in PowerPoint. AI is rapidly transitioning from the backend to the forefront, as consumers embrace it to personalize their user experiences. To find out more about GPT software and AI in the insurance industry, CIO World Asia spoke with Dennis Liu, Chief Digital and Transformation Officer, Etiqa Insurance Singapore. 

Automation and Enhanced Customer Engagement

“At Etiqa Insurance Singapore, we have a long history of leveraging AI to automate processes and engage with our customers,” says Dennis. 

Etiqa’s AI journey began in 2017 with the implementation of the Straight Through Process (STP) for travel claims, which utilized AI to identify and process customer-uploaded documents and assess simple claims. Subsequently, Etiqa introduced a pioneering chatbot service accessible through Google Assistant, establishing their presence as an industry leader. Over time, Etiqa has expanded their AI capabilities, deploying various use cases for claim assessment, customer service functions, and now, personalizing product offerings to their valued customers.

Scaling AI Adoption in Business

“In 2023, we are focusing on harnessing generative AI to enhance our chatbot capabilities and streamline certain aspects of underwriting,” shares Dennis. 

Traditionally, underwriters spend considerable time reviewing thousands of cases, some of which may end up being rejected. By employing AI models to understand the factors behind acceptance or rejection of past cases, companies can apply this knowledge to new cases and assess them accordingly. Consequently, Etiqa anticipates that businesses across industries will increasingly scale up their use of AI, exploring novel applications to streamline work processes and elevate customer experiences.

Disruption and New Job Functions

AI has the potential to disrupt the workforce, particularly by replacing job functions that require limited knowledge and can be automated. In 2023, basic claim assessment, underwriting, certain aspects of customer service, and even rudimentary development tasks could be undertaken by AI systems. 

“With ChatGPT’s conversational tone and ability to generate responses based on a vast database of past interactions, it is a promising technology for automating such tasks,” emphasized Dennis. 

However, it is important to note that complete job replacement without human intervention is still some years away, as certain roles require human judgement.

The Rise of AI Platforms

ChatGPT’s impact on society is substantial due to its accessibility as a free and open-source platform and its ability to provide responses in a conversational manner that is easily understood by humans. Moreover, with its API platform, developers from various domains can leverage ChatGPT for their own specific use cases. Microsoft’s 365 Copilot, developed in collaboration with ChatGPT version 4 and Microsoft Graphs, serves as an AI digital assistant integrated into Microsoft 365 apps, enabling users to communicate with the system using everyday language, thereby streamlining their work processes. Another noteworthy development is GitHub Copilot, which employs OpenAI Codex to suggest code and even entire functions, reducing coding responsibilities for developers and expediting the development and prototyping of new websites.

Approaching AI Adoption and Digital Transformation

To adopt AI technologies like ChatGPT and embark on successful digital transformation journeys, businesses should embrace a collective responsibility approach. From C-suites to forward-thinking employees, everyone should be motivated to embrace change with an open mind. At Etiqa Insurance Singapore, a culture of innovation is cultivated, where the generation of new ideas and the adoption of modern tools to identify areas for improvement with available technology are highly encouraged. 

Dennis emphasizes the importance of shifting focus from ideation to execution, ensuring that solutions are developed to effectively fulfill business functions and drive improved outcomes. Moreover, fostering a consultative approach and obtaining buy-in from stakeholders will help transform digitalization into a practical and achievable process, empowering stakeholders with the power of AI.

The AI landscape of 2023 is marked by the dominance of generative AI and the growing popularity of platforms like ChatGPT. As businesses explore the potential of AI, they are scaling up its adoption to streamline processes and enhance customer experiences. While AI has the potential to disrupt certain job functions, it is still reliant on human intervention for complex decision-making. The rise of AI platforms like ChatGPT, Microsoft’s 365 Copilot, and GitHub Copilot further emphasizes the transformative power of AI. By embracing a collective approach to AI adoption and digital transformation, businesses can unlock the full potential of AI technologies and shape a future where humans and machines work together to achieve remarkable outcomes.