Plum's PolicyGPT Sees Threefold Adoption, With 68% Queries Now Handled Autonomously
The PolicyGPT tool allows access to user policy details and information about health insurance.
Plum Benefits Insurance Brokers Pvt., which offers group health insurance and business insurance solutions to corporations, has shared a performance report of its PolicyGPT tool, which was launched in April 2023.
The artificial intelligence-powered bot has seen a threefold increase in adoption since its launch, resolving 68% of customer inquiries and allowing agents to focus on personalised claims support to customers, the insurance tech platform said in the report.
PolicyGPT has been built on the retrieval-augmented-generation architecture, which is powered by OpenAI's GPT model. The tool is used to provide users with information about their health insurance policy purchased from Plum.
The tool has access to user policy details and general knowledge of health insurance, with the primary goal of educating users about their policies' benefits and instilling transparency in the insurance sector.
"The integration of technology and insurance is crucial for simplifying complex issues and driving efficiencies," Chief Technology Officer Saurabh Arora said. "PolicyGPT represents a significant step in empowering consumers with seamless and swift resolution of their queries."
"Industries such as health and insurance often evoke feelings of anxiety among consumers when faced with problems or emergencies. The ability of PolicyGPT to promptly address these concerns without the need for human intervention can significantly alleviate these sentiments," the co-founder said.
The future of large-language models lies in increasing bot-led interactions and decreasing response time. With PolicyGPT, Plum aims to scale by increasing the ticket deflection rate and reducing manual responses, with focus areas, including medical coverages, policy inclusions, exclusions and claims processes.
"With a ticket deflection rate of 68%, PolicyGPT helps the customer service team to save up their valuable time, allowing them to focus on resolving more complex and challenging inquiries, ultimately enhancing the overall quality and effectiveness of customer service operations," Senior Vice President Debankur Biswas said.
