ERGO publishes guide on potentials and challenges of using the technology in insurance companies.
With the guide “ChatGPT and large language models: An introduction with a view into the insurance industry“, several ERGO experts from the areas of machine learning, conversational AI as well as innovations share their knowledge around Large Language Models (LLM). They explain in detail the functionality and potential of the models as well as their possible risks and limitations. In addition, the authors use concrete practical examples to show how the corresponding tools can be used to create texts, conduct dialogs, or classify data. This applies to the insurance sector as well as to other industries.
Insurers predestined for LLM use
Jens Sievert, Innovation Manager at the ERGO Innovation Lab: “AI applications like ChatGPT and Co offer huge potential for the insurance industry. Every day, there are hundreds of thousands of contact points with customers here where speech has to be processed. Insurance companies are therefore predestined for the use of language models and the tools based on them. However, the insurance industry is also one of the most heavily regulated industries of all, which is why the use of technology must be carefully considered and implemented. With our whitepaper, we therefore provide an initial, comprehensive orientation and show what companies need to consider here.”
ERGO itself already uses Large Language Models in its Advanced Analytics and AI unit for document classification and information extraction. The Voice unit, in turn, has been designing AI-based rule-based phonebots for customer service since 2020 and is already working on a GPT-based prototype. At the Innovation Lab in Berlin, GPT speech models and chatGPT applications are also being tested for their potential in a dedicated “opportunity space.”