VIDEO | Explaining Insurance Topics With ChatGPT Can Benefit Customer Service — Farmers Insurance Data and Analytics Head

(US and Canada) Tom Marlow, Head of Data and Analytics at Farmers Insurance, speaks with Jeffrey Dobin, Head of Sales at Duality Technologies, in a video interview, about discovering the potential of ChatGPT in the insurance space and understanding customer behavior and risk.

At the onset, Marlow states that ChatGPT could easily explain the features and functions while selling items such as televisions. However, complex products in the insurance space require extra caution, for example, sharing customer information inappropriately.

Highlighting the insurance aspect, Marlow advises companies to understand capability, build trust, and check the regulator’s opinion on chatGPT. He maintains that using ChatGPT to explain complex topics in the insurance industry could benefit customer service representatives. In addition, he also mentions the potential for using Chat GPT in the future for recommendation of insurance, summarizing of claims, fraud identification, population trends, and weather insights.

All of these areas provide opportunities for optimization and implementing ChatGPT can reduce customer workload and enable customers to have higher expectations of digital services such as apps.

Sharing a personal experience, Marlow explains how ChatGPT solved his queries on revocable trust and irrevocable trust. He recalls how it provided an immediate answer about the pros, cons, and the difference between the two. He further states that integrating Chat GPT into the Farmer Insurance website or app would make sense for many kinds of questions.

According to Marlow, the biggest opportunity for insurance is understanding and preparing for changing weather patterns. He notes that the organization needs to have access to information about what might come in the future and use that to calculate the risk. It can also use this information to suggest improvements to building codes. Marlow affirms that insurance companies must meet customers where they are by offering channels and times that customers prefer. This will help to ensure that customers have what they need without it becoming a nuisance.

Furthermore, he assesses the importance of understanding customer behavior and risk regarding insurance. Marlow believes that understanding the risk of a customer and tailoring the products to meet customer needs benefits both the insurer and the insured. Things like telemetry, vehicle manufacturers, and hobbies may be taken into account while assessing customer risk. He suggests companies should look further than traditional credit scoring when understanding the customer risk profile.

In conclusion, Marlow notes that when dealing with insurance, it is critical to look beyond traditional credit scoring to understand the real risk that the customer poses.

CDO Magazine appreciates Tom Marlow for sharing insights and data success stories with our global community.

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