Can enterprise LLMs achieve results without hallucinating? How LOOP Insurance is changing customer service with a gen AI bot

Publisher’s note Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Path coefficient (β) is estimated by bootstrapping with 5000 subsamples and the percentile method. The p values allow testing of hypotheses as delineated in the literature review revision.

According to a report by McKinsey, embedded insurance could account for up to 25% of the global insurance market by 2030. Lack of insurance can be devastating to anyone facing an emergency, particularly a health crisis. The company claims the Co-Pilot software can automatically pull up possible responses to the client business’ frequently asked questions based on historical customer service data. The platform can also be used to update users on the status of loan or credit card applications, as well as answering customer service questions such as finding a routing number. Kasisto also claims their chatbot can converse with customers about a diverse set of banking issues such as loan applications, customer support, and product discovery.

Babylon Healthcare Chatbot

When you message Caesars Sportsbook, the bot immediately prompts you to provide all the relevant details needed for quality support. The instructions request just enough information to prevent time-consuming back-and-forth between customers and support agents without putting too much work on either party. The chatbot handles support queries and game refunds directly from the Xbox support site, making customer support more accessible. This is part of Microsoft’s broader effort to integrate AI into the Xbox platform for better gaming experiences. Compare the pricing models of different chatbot services and assess their return on investment (ROI). While some services might have higher upfront costs, they could offer better features and more long-term benefits.

• For example, physicians can use generative AI to develop custom care plans for patients.
• Insurtech refers to the use of technology to automate and enhance processes in order to cut costs  and improve efficiency in the current insurance industry model.
• As we step into the latter half of 2024, it’s clear that the momentum within this sector shows no signs of slowing down.
• Within the insurance industry, leaders are turning to CognitiveScale to guide conversations with chatbots, develop promising leads and detect fraudulent claims.
• In early March 2023, Salesforce introduced a ChatGPT app named Einstien for its Slack platform.

These can be saved with chatbots handling repetitive tasks of reviewing insurance claims, appointment scheduling, analyzing test results, etc. Healthcare chatbots are intelligent assistants that professionals use to help their clients get help faster. They can help by answering FAQs, appointment scheduling, reminders and other repetitive queries to ease the work process of healthcare organizations. They are automated by understanding human needs and converse according to the data given to them.

SeaMoney and MSIG Singapore launch new travel insurance for SG-based travellers

For those interested in diving deeper into the implementation of these guardrails, the Nemo-Guardrails Github repository offers a wealth of examples and tutorials. These range from ensuring topical accuracy and ethical responses to enhancing security against malicious attacks. The LLM has done a great job at handling the subtraction (although I remain cautious about relying on LLMs for any type of calculations.). If we want to make it even more robust, we can add another tool, say calculator_subtract for calculating the difference between two numbers. As I mentioned before, ReAct agents cannot handle multi-input tools, and doing so would raise an error. AI enables insurers to enter new markets, price more competitively, reduce loss ratios, settle claims more efficiently and transfer knowledge.

With the ability to carry a conversation, the AI engine can offer suggestions and comments in the human creation process, enabling human-machine co-creation. To answer CDOTrends’ query about the potential applications of ChatGPT at Prudential, Chun asked ChatGPT for some suggested answers. Chun noted that ChatGPT’s versatile capability to write codes and poetry and simulate conversations is unsurprising.

An insurance company may have hundreds of workflows and processes in its various departments, and giving some of those over to AI frees up time and resources for other things. There is a consensus among industry experts (both from our own insurance AI secondary research, and according to a 2017 Accenture survey report) that AI is going to be ChatGPT a key driver in making insurance products “smarter” in the coming 2-3 years. H2O.ai claims that Progressive’s underwriters were able to create and analyze new risk models faster after adopting the vendor’s AI platform. Companies can develop chatbots to assist users in checking their credit ratings and provide advice on how to improve them.

“We see many productivity-enhancing use cases for different facets of our organization,” he said. Some of the examples include supporting sales engineers to generate document outlines and build a comprehensive statement of work template or consulting framework. AI could also develop product comparisons for product specialists as a first-draft analysis of different technology vendors and brands. Chun added that the company’s developers could also take advantage of ChatGPT for programming code generation and to review potential application bugs. “We think this would be super helpful for customers looking for a real use case beyond ‘enhanced Google search,’ demonstrating our capabilities as a solution powerhouse,” he added.

The Cleo chatbot allows the user to create a budget that it can then hold the user to when asked questions about what they can afford. The chatbot simply refers to the predetermined budget to check if the request can fit into it, allowing for a very quick calculation. For security, Clinc employees integrate the technology at the client’s offices or headquarters and it comes with analytics and administration tools to help backend bank employees perform necessary maintenance or further training. This results in a more personalized experience based on the customer’s own finances and what the company’s collection of data might be able to help them with. Banks benefit from this type of chatbot because it allows them to see trends in the types of questions their customers are asking and constantly update their information to fit those needs. Agent sales chatbots can help onboard new team members to the staff and help them with professional planning.

The authors discussed all the significant security, privacy, data protection, and social aspects of using chatbots by reviewing the existing literature and producing a complete view of the given problem. The study identified security challenges and suggested ways to reduce the security challenges that are found with chatbots. The authors in Ref.17 stated that chatbots’ security and privacy vulnerabilities in the financial sector must be considered and analysed before the developers do the deployment. Through an analysis of the literature, the researchers identified the security issues but did not provide a framework or methodology for identifying the security threats in chatbots. The findings reveal that the social-emotional characteristics of chatbots in the financial industry can indicate a discrepancy between privacy and trust.

AI can guide customers through onboarding, verifying their identity, setting up accounts and providing guidance on available products. Insurmi enables insurance companies to deliver efficient and personalized customer service with an AI assistant named Violet. Natural language processing, machine learning and UI concepts allow Violet to adapt to conversations and handle customer service tasks for companies. In addition, Insurmi ChatGPT App team members take care of the coding and deployment of this AI technology and provide 24/7 ongoing technical support to clients. Gradient AI aims to enhance every aspect of the insurance business with AI tools and machine learning models. For instance, the company’s AI can more accurately assess risks for underwriters, single out expensive claims that need attention and even provide automation services when needed.

• Insurance giant Zurich announced that it is already testing the technology “in areas such as claims and modelling,” according to the Financial Times (paywall).
• Baseware is an invoice generator and management tool that offers a comprehensive e-invoicing solution with global compliance.
• Last year, we also introduced additional technical controls through a global gateway, which support us in the operations of generative AI models.

Much like AI algorithms do with lending or cybersecurity, machine learning algorithms can sort through large volumes of transaction data to flag suspicious activity and possible fraud. C3.ai says its smart lending platform helps financial institutions streamline their credit origination process and reduce borrower risks. For example, it promises a 30% reduction in the time required to approve a loan applicant.

Ada raises $14 million to help companies develop their own customer service chatbots

However, the benefits of low-code platforms extend beyond speed and efficiency; they also facilitate collaboration between IT and business teams, enabling them to work together to develop and deploy solutions that meet specific business needs. Personalised insurance products are more likely to meet customers’ specific needs, reducing the likelihood of policy cancellations insurance chatbot examples and increasing retention rates. According to a report by Accenture, insurers that implement hyper-personalisation strategies can achieve a 15% increase in customer retention and a 10% increase in premium growth. Usage-based insurance models leverage data collected from telematics devices installed in vehicles to assess risk and determine premiums.

As part of their customer service strategy, businesses usually implement these chatbots on their websites and social messaging platforms like Facebook Messenger and X (formerly known as Twitter) DMs. Self-service options like chatbots empower customers to solve problems on-demand, allowing reps to focus on more complex support needs. In addition to risk assessment, machine learning is also being used for fraud detection in cyber insurance. By analysing historical claims data and identifying patterns of fraudulent behaviour, insurers can detect and prevent fraudulent claims more effectively. For example, Hiscox uses machine learning algorithms to analyse claims data and identify potential fraud indicators, improving the accuracy and efficiency of their fraud detection processes. In addition to personalised policies, hyper-personalisation also enhances customer interactions.

You can foun additiona information about ai customer service and artificial intelligence and NLP. It allows businesses to construct chatbots by using its drag-and-drop feature, which can respond to client inquiries, give support, and even drive transactions. Many chat’s generative AI helps in the creation of personalized responses and engage in conversations, ultimately increasing customer satisfaction and productivity. Insurance giant Zurich announced that it is already testing the technology “in areas such as claims and modelling,” according to the Financial Times (paywall). I think it’s reasonable to assume that most, if not all, other insurance companies are looking at the technology as well. My own company, for example, has just launched a chatbot service to improve customer service.

For example, a nurse researching a client’s treatment history might unintentionally miss something important, which could lead to severe consequences. By integrating the updated database with a chatbot, it reduces the time taken for such tasks and leads to getting better information. Healthcare chatbots can answer queries that don’t require highly trained healthcare professionals to answer. If you’ve ever wondered whether your cough is just a symptom of the common cold or something worse, asking a chatbot could help save you from booking an unnecessary appointment. Answering minor health queries like that also frees up healthcare professionals to spend more time on their core activities. As McKinsey’s Insurance 2030 outlook points out, AI solutions enabled the insurers to create high-quality risk profiles automatically.

That way, employees are comfortable evaluating AI-related risks and can better focus on the value creation. Last year, we also introduced additional technical controls through a global gateway, which support us in the operations of generative AI models. Also, we tend to all rely on the same suppliers, so there’s a concentration and a lock-in risk. If we are all based on the same third-party models, we all have the same dependency on those vendors. Regarding RQ2, what are the drivers of intention to use and attitude toward the assistance of conversational robots in managing existing policies? We checked that the TAM by Davis (1989) combined with trust explains more than half of the variability in attitude (ATT) and BI to use bots.

In the wake of the report, indicted New York City Mayor Eric Adams defended the project. After working with IBM for three years to leverage AI to take drive-thru orders, McDonald’s called the whole thing off in June 2024. A slew of social media videos showing confused and frustrated customers trying to get the AI to understand their orders. In 2017, The Economist declared that data, rather than oil, had become the world’s most valuable resource. Organizations across every industry have been investing, and continue to heavily invest, in data and analytics.

It facilitates the creation of AI applications, so clients can easily build models and apps that fit their specific business needs. Within the insurance industry, leaders are turning to CognitiveScale to guide conversations with chatbots, develop promising leads and detect fraudulent claims. The threat modelling process includes identifying security threats in the application and devising mitigation activities. Examples of threat modelling methodologies and techniques include STRIDE, Abuser stories, Stride average model, Attack trees, Fuzzy logic, SDL threat modelling tool, T-map, and CORAS21. Microsoft defines threat modelling as a design method that can assist with distinguishing threats, assaults, vulnerabilities, and countermeasures that could influence applications40.

These chatbots use AI automation and ML to understand and respond to complex queries. They learn from previous customer interactions and improve over time, making them more sophisticated and adaptive. In the UK, 40% of insurers have already embraced AI chatbots or generative AI tools, while 43% are actively progressing towards implementing them,” the survey report said. As these technologies mature, they promise to further disrupt traditional insurance models, offering more personalised, efficient, and secure solutions. The momentum in investment and technological integration suggests that the Insurtech landscape will remain a fertile ground for innovation, driving the insurance industry forward into a new era.

To access the chatbot operations, a user must provide an ID or passport number, the OTP is sent to the user’s registered mobile number for verification, and all the requests are sent to the client’s email. The chatbot offers patients 24/7 access to care, and pairs users with specific healthcare providers for virtual consultations. In August 2019, the chatbot achieved unicorn status – allowing it to surge ahead with an aggressive expansion plan. Baseware is an invoice generator and management tool that offers a comprehensive e-invoicing solution with global compliance.

Such models not only enhance customer convenience but also provide insurers with more accurate risk assessments. Founded out of Toronto in 2016, Ada develops chatbots and related artificial intelligence (AI) software to help companies manage inbound customer queries. The company shouldn’t be confused with Berlin-based Ada Health, which also works in the chatbot realm. Some customers may just need a temporary advisor, but others could use the chatbot over a long period of time, which allows it to develop a distinct sense of the customer’s behavior. The company claims to also use predictive analytics to predict customer questions and common issues across multiple customers.

“With domain-specific Q&A use cases, this technology can greatly improve productivity. RAG frameworks can be used in scientific research to help researchers accelerate new discoveries,” he added. Despite the challenges they bring, employing chatbots to improve care delivery is essential. Rather than simply considering the business aspect, healthcare organizations need to be aware of the limitations and adopt appropriate steps to avoid them. Working with chatbots includes uploading confidential data, medical or financial, which the bot stores in the digital world.

Electronic Frontier Foundation (EFF) Secure Messaging Scorecard shows that five of seven proven measurements are not secured by Facebook Messenger and eight other messenger platforms. The topic was presented at the Privacy Week Conference in Vienna, and the title of the talk was “Privacy and Data Security of Chatbots” and “Why you shouldn’t talk to your chatbot about everything”35. WhatsApp is the most secure messenger app and provides end-to-end encryption, but should there be any failure, hackers can get the data between users sharing the same network because they can sniff and steal each other’s credentials. Previous chats are not hidden, so if the hackers perform malicious attacks, they can steal the credentials.

What Microsoft didn’t take into account was that a group of Twitter users would immediately begin tweeting racist and misogynist comments to Tay. The bot quickly learned from that material and incorporated it into its own tweets. In November 2021, online real estate marketplace Zillow told shareholders it would wind down its Zillow Offers operations and cut 25% of the company’s workforce — about 2,000 employees — over the next several quarters. The home-flipping unit’s woes were the result of the error rate in the ML algorithm it used to predict home prices. A similar example includes an algorithm trained with a data set with scans of chests of healthy children.

An automated process can now assess the damage and either approve a policy or refer it to an assessor for further assessment. Given the increased usage and advancement of AI over the past few years, it’s likely the technology is here to stay. Moving forward, it’s likely other states will begin adopting similar AI regulations to those in Colorado. However, it’s important to note that many governance measures, such as risk-ranking AI, control testing data, and data monitoring and auditing, are already covered by other laws and regulatory frameworks not only in the U.S., but around the world.

NEDA suspended the chatbot on May 30 and said in a statement that it is reviewing what happened. Researchers and companies developing mental health chatbots insist that they are not trying to replace human therapists but rather to supplement them. After all, people can talk with a chatbot whenever they want, not just when they can get an appointment, says Woebot Health’s chief program officer Joseph Gallagher. The bond, or therapeutic alliance, between a therapist and a client is thought to account for a large percentage of therapy’s effectiveness.