India's leading insurtech platform, offering group health insurance and business insurance solutions, sees threefold adoption; with 68% of queries now being handled autonomously
FinTech BizNews Service
Mumbai, February 20, 2024: Plum, India’s leading insurtech platform offering group health insurance and business insurance solutions to over 3500+ corporations, has shared a report card of its proprietary PolicyGPT tool which was launched in April 2023. The AI-powered bot has seen a threefold increase in adoption (from launch), successfully resolving 68% of customer inquiries and empowering customer success agents to focus on personalised claims support to deliver a superior customer experience.
PolicyGPT has been built upon a sophisticated architecture called RAG (Retrieval Augmented Generation) powered by OpenAI’s most capable GPT model and is used to provide users with information about their health insurance policy purchased from Plum. It 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 an otherwise hairy industry.
Saurabh Arora, Co-Founder and CTO of Plum said, “The integration of technology and insurance is crucial for simplifying complex issues and driving efficiencies. PolicyGPT represents a significant step in empowering consumers with seamless and swift resolution of their queries. Plum’s endeavour to advance its technological capabilities adds value to customers; lives by ensuring they can navigate the complexities of insurance easily and confidently. 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 future of LLMs lies in increasing bot-led interactions and decreasing response time. Even with PolicyGPT, the goal is to scale by increasing the ticket deflection rate and reducing manual responses - this will help with customer delight for the overall claims
process. Some of the areas identified (based on customer queries) include:
● Medical coverages - diseases, treatments covered
● Policy inclusions, exclusions
● Claims processes and how to file claims
Debankur Biswas, Senior Vice President and Head of Operations at Plum expressed, ‘’PolicyGPT highlights Plum’s commitment to change customer service and experience in the insurance industry. Insurance is a business of customer-centricity, trust and timeliness, and PolicyGPT has proven to be a powerful tool in addressing these aspects. 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.”
Plum has introduced several innovative features in the past to improve customer experiences, such as WhatsApp claims, paperless reimbursements (e-imburse), and its highly-rated mobile app, which currently holds a 4.1 rating on Android and a 4.3 rating on iOS. With PolicyGPT and the adoption of GenAI, Plum continues to lead the way in the insurtech industry, providing exceptional value to its consumers.
