Waterdrop tests ChatGPT-like feature to apply it in insurance services

Waterdrop-tests-chat-gpt-like-feature-to-apply-to-insurance-services

Waterdrop, a technology platform dedicated to insurance and healthcare services, has internally tested a ChatGPT-like feature to apply it to insurance marketing and services.

Founded in 2016, Waterdrop aims to bring insurance and healthcare service to billions through technology.

Since its launch in November 2022, ChatGPT has caused a stir in the industy. The AI-enabled chatbot application developed by OpenAI can chat with users, write copy and even edit code.

Huang Mingxing, who heads Waterdrop’s AI business, said, with a consistent focus on frontier AI technologies, Waterdrop attracted the attention of Open AI when it released GPT-2 in 2019.

Huang Mingxing said that by using big models and large-scale annotation in general scenarios, ChatGPT produces good results through massive hash rate consumption, but the cost may go up accordingly.

He said, “We try to use a smaller model and proper annotation for our insurance marketing and service scenario, which will prove equally effective with proper hash rate consumption.”

Waterdrop Assistant, the digital worker launched by Waterdrop in 2022, is designed to help insurance service workers improve working efficiency and precision through intelligent chatbot technology.

Now Waterdrop is taking it a step further by internally testing a ChatGPT-like application, and expects the intelligent chatbot can use texts or voice to independently complete simple insurance marketing jobs, such as introducing short-term insurance products with simpler insurance clauses to customers and answering customer questions in the process.

Huang Mingxing said, “The key to the application of intelligent chatbots to insurance is to train them with massive data.

“To build the intelligent chatbots aligned with insurance demand, they must be first trained with plenty of knowledge about insurance products and dialogues with users in insurance sales, underwriting, claim settlement and other scenarios to understand insurance related knowledge and generate contents more accurately. Without data training, even access to advanced algorithms and models like ChatGPT will be useless.”

Earlier this year, COVU released a report that said generative artificial intelligence (AI) tools, such as ChatGPT, will play a significant role in the digital transformation of the insurance industry.

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our weekly InsurTech newsletter and get the latest industry news & research

Investors

The following investor(s) were tagged in this article.