Bengaluru, April 20, 2023: Plum, India’s leading insurtech offering holistic employee wellness solutions to corporations, 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 OpenAI GPT-3 architecture to provide users with information about their health insurance policy purchased from Plum. It has access to user policy details and also general knowledge on health insurance, with the primary goal of educating users about their policy.
Insurance is a complex world to navigate, especially for employees who find it hard to read through and understand the policy document. With most users generally availing insurance in an emergency, it is important to be educated around ‘what is covered and what is not covered’ to make informed decisions regarding treatment choices.
Saurabh Arora, Chief Technology Officer and Co-founder of Plum, stated, “Plum is committed to enhancing the overall customer experience and believes that PolicyGPT has the potential to revolutionize the industry. With this innovation, we aim to push the boundaries of technology and work towards a future where humans and AI work together to create a better world. AI is definitely an interesting technology that will find more use cases in customer education and assistance to make insurance more accessible to laymen. With PolicyGPT, members can now get instant answers to their health insurance coverage questions, learn about inclusions and exclusions and expand their knowledge about policies.”
Plum believes that innovative technology can make insurance less ‘hairy’ and has thereby launched several other features like WhatsApp claims, paperless reimbursements and also recently unveiled its mobile app that currently ranks at 4.1 on Android and 4.3 on iOS respectively.
“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,” Arora added.
PolicyGPT is still evolving in real-time and 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. The launch of PolicyGPT is just the beginning for Plum. The company plans to continue innovating and enhancing the user experience.
Read more about the launch of PolicyGPT here.