ChatGPT's Application in the Insurance Industry and Its Future Prospects

Recently, the insurance industry has begun to extensively integrate generative AI, such as ChatGPT, to enhance customer service efficiency and optimize accident response processes. Tokio Marine & Nichido Fire Insurance Co., Ltd. successfully reduced processing time by 50% using AI, demonstrating the enormous potential of AI technology in handling complex insurance business with specialized terminology and intricate transaction processes.

The application of AI in insurance companies extends beyond customer service to other business processes such as accident handling and claims services, improving the speed and accuracy of data processing through automation. For example, companies like Rakuten Insurance and The Dai-ichi Life Insurance Company have begun implementing similar AI systems to enhance business efficiency.

Furthermore, the introduction of AI has also brought about new business models such as AI-based direct mail marketing and customer data analysis, enhancing the precision and effectiveness of marketing activities. With further technological maturity and an increase in application cases, it is expected that more insurance companies will invest in the practical application of AI technology to achieve comprehensive digital transformation of their businesses.

The insurance industry continues to closely monitor the future development of generative AI, expecting AI technology to play a greater role in improving customer satisfaction and business efficiency.