During a recent panel discussion on AI and Insurance, one of the industry’s key players described in detail how ChatBots can help the insurance client in a variety of ways. Some are automated replies (instead of waiting to speak to an officer), personalised responses to particular queries, provision of solution to special issues, claims submission, even direct communication from the Bot to the client regarding their insurance policies and mitigation of any errors prone more to the human brain.
As companies are preparing their Bots, and as, given the advancement of technology that is so rapid that one cannot rule out that everything that was said and more, will be an option in the future, the future is not here yet, but we do have an availability of Bots to try out and check the disparity between their responses and those that an insurance professional would provide, by phone or in writing.
So we asked a BOT 10 questions – real scenarios we had in the past month and to which RCI’s associates responded to. We used CHATGPT by developer “AIOpen”, an App available on the App Store and rated 4.9*. The conversations with CHATGBT are with an anonymous users, and RCI’s replies are with known clients.
1. I own a shop, I sell clothes and accessories. I need insurance for my shop, in case of burglary or maybe weather conditions. Can you help? ChatGPT said:
Certainly! For your shop, you should look into business insurance policies that cover the following risks:
- Property Insurance:
o Covers damage to your shop caused by events like fire, floods, storms, or other weather-related conditions.
o Includes coverage for both the building (if you own it) and its contents, like your inventory, display units, and equipment. - Theft or Burglary Insurance:
o Protects against loss due to break-ins or shoplifting.
o Can include coverage for both stock and money stored in the premises. - Business Interruption Insurance:
o Provides compensation if your shop is forced to close temporarily due to a covered event (e.g., severe weather damage or fire), helping cover lost income and operational costs. - Liability Insurance:
o Covers legal and compensation costs if a customer is injured in your shop.
Steps to Get Insurance:
• Assess Your Needs: Calculate the value of your stock, equipment, and shop interior.
• Research Providers: Look for insurers specializing in retail businesses.
• Bundle Policies: Many insurers offer packaged policies for small businesses, which might save you money.
• Consult an Agent: A local insurance agent can provide tailored advice and find the best deals for you.
Let me know if you want help finding providers or drafting a checklist for what to ask them!
says “Of course, we will be emailing you a Proposal Form for our Business Combined Insurance. You’d need to declare the value of your building, and also of your stock and other contents. Business Interruption Cover is advised, as well as Liability for Third Parties, in case of anyone being injured in your shop. Let us know if you also need Employers’ Liability Insurance for your employees, as its is legally compulsory. Our Comprehensive Policy also includes Burglary. Let us know what you need and we’ll come back with a quotation within 24 hours! Thank you!”
2. I was away on holiday for a month, and my home in the forest was caught in a bush fire! It is now just ashes… I had insured it for €300000 the amount I bought it. What now?
ChatGPT said:
I’m so sorry to hear about the loss of your home. Thankfully, having insurance will help ease the financial burden. Here’s what you can do next:
- Contact Your Insurance Provider
• Notify your insurance company as soon as possible about the fire.
• Ask for guidance on how to file a claim. Many insurers have a step-by-step process for disasters like this. - Document the Damage
• Take photos or videos of the remains of your home and any belongings to document the extent of the damage.
• If you have a home inventory list, include it with your claim. - File Your Claim
• Provide all necessary details, including the estimated value of your home and the proof of insurance coverage.
• If you insured the house for €300,000, that amount should be the basis for your claim. - Understand Your Policy
• Check if your policy covers rebuilding costs, temporary housing, and associated expenses. Some policies offer extended coverage beyond the insured amount to adjust for inflation or increased rebuilding costs. - Arrange Temporary Housing
• If you’re unable to stay nearby, check if your insurance covers the cost of temporary accommodation while your home is being rebuilt. - Begin Rebuilding
• Once the insurance company processes your claim, they will provide the funds or services to begin rebuilding.
• Work with contractors familiar with rebuilding in fire-prone areas to ensure your new home meets safety and fire-resistant standards. - Mitigate Future Risk
• When rebuilding, consider fire-resistant materials and landscaping techniques to reduce the risk of future fires.
It’s a challenging time, but working closely with your insurer and a reliable contractor can help you rebuild and recover. Let me know if you’d like advice on the rebuilding process or specific questions about handling insurance claims.
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says “Unfortunately, since your home was unoccupied for a month, and you had not elected “unoccupancy” cover, we cannot study your claim. However, because you are a good client, and your Combined Insurance Policy does cover bush fire, we will be sending you a claim to fill out and return. Note that rebuilding a home that cost 300.000 Euro in 1995, will now cost at least 3 times more, so there will probably be under-insurance. As soon as we receive your claim, we will be sending out an expert engineer to proceed to a loss adjustment report for the event. All issues shall be dealt with in due course.”
3. I was driving to get home after a nice time at the club and a motorcycle just appeared in front of me and I hit it. Τhe motorcyclist was fully conscious but said his leg was hurting. He just appeared out of nowhere!
ChatGPT said:
I’m sorry to hear about the accident—it can be a very stressful experience. Here are some steps you can take:
- Ensure Safety First:
o Move to a safe location if possible, but don’t leave the scene.
o Turn on hazard lights to warn other drivers. - Check on the Motorcyclist:
o Since the motorcyclist is conscious, ensure they remain still to avoid further injury.
o Call emergency services immediately to report the accident and request medical help for the injured person. - Notify the Police:
o It’s important to have an official report for legal and insurance purposes. Explain the situation as accurately as you can. - Exchange Information:
o Share your name, contact information, insurance details, and license plate number with the motorcyclist. Ensure you collect theirs as well. - Document the Scene:
o Take photos of the accident scene, the vehicles, and any visible damage or injuries.
o Note the time, location, and any road conditions that may have contributed. If there are witnesses, ask for their contact information. - Contact Your Insurance Provider:
o Notify your insurance company about the incident as soon as possible and provide all relevant details.
Even if you believe the motorcyclist appeared unexpectedly, remain calm and cooperative. The police and insurance companies will handle determining fault. Are you okay? Do you need advice on anything else?
says “Indeed, we have received the report from our Road Assistance / Accident Help associates. We do have all the information on the motorcyclist, as gathered by our Accident Care service. At first glance, it seems that you have no liability, but Police was called and you had an alcohol level of 65mg%, way over the limit. We shall be opening a claim, get in touch with the motorcyclist and find out about the extent of their injuries. Our claims department will study all photos, statements and other information and maybe obtain legal advice on liability. We will be in touch with you, for procedural matters. Try to keep calm, we are dealing with this.”
4. We are a theatre – we have insurance for public liability and employers liability. Sometimes we have to bring in technicians to help if there is a big event. Are they covered?
ChatGPT said:
Whether the technicians you bring in for big events are covered under your insurance depends on the specific terms of your policy. Here’s what to consider:
- Public Liability Insurance: This generally covers injuries or property damage caused to third parties, including hired technicians, while on your premises.
- Employers Liability Insurance: If the technicians are classified as employees, even temporarily, they should be covered under this policy for injuries or illnesses they might suffer while working for you.
- Independent Contractors: If the technicians are self-employed or hired through an agency, they may need their own liability insurance. Your policy might only cover incidents caused by your organization’s direct actions or negligence.
You should review your policy or consult your insurance provider to clarify the coverage. If technicians require their own insurance, it’s best to ensure they provide proof of coverage before starting work.
says “Technicians helping for your events are not third parties, but hired employees, are not covered under your Employers’ Insurance Policy, as they only work for a brief amount of time and not declared as they should. The Insurance Company should be informed of any freelance technicians hired for extra help, so that they are included in the EL cover, and their wages also declared. If you are collaborating with a company with this kind of expertise, they should be liable- as it is their responsibility to ensure safe place of work – that is the only case where, you do not need to make any declarations, but it really depends on the status of said technicians.”
5. Me and my neighbours live in a multi-storey building. Some of us are insured, some of us aren’t. Should we do something?
ChatGPT said:
Living in a multi-storey building involves shared risks and responsibilities, so it’s wise to ensure you’re all protected. Here are some suggestions:
- Encourage All Residents to Get Insurance
• If some residents are uninsured, they could be vulnerable in the event of damage (e.g., fire, flood).
• Suggest a group discussion or meeting to raise awareness about the importance of home insurance. Highlight scenarios where being uninsured could lead to financial difficulties for everyone (e.g., shared building damage). - Consider a Building-Wide Insurance Policy
• Many multi-storey buildings opt for a block insurance policy or shared building insurance that covers the structure and common areas.
• This could reduce individual costs while ensuring the building as a whole is protected. - Set Up a Building Maintenance Fund
• In addition to insurance, having a fund for regular upkeep and emergency repairs can be helpful. Each resident can contribute a small amount monthly. - Clarify Responsibility for Damages
• Review local regulations or your building’s policies regarding who is responsible for what (e.g., individual apartments vs. common areas).
• If a shared incident occurs, having this understanding in place will help streamline claims and repairs. - Organize for Risk Prevention
• Install fire alarms, check plumbing for leaks, and maintain electrical systems to reduce risks.
• Encourage everyone to adopt safety measures (e.g., avoiding overloading sockets).
Would you like help drafting a proposal or letter for your neighbours about this?
says “The best way to ensure that you have the best cover for your
building is to take out a Jointly- Building Insurance Policy, which would cover every owner and tenant against many risks. Your Administrative/ Management Committee should take this initiative, so you may call a meeting and discuss the matter. At this time, it is compulsory to have insurance for commonly-used areas for fire, thunder and earthquake, but it is wiser to look into a comprehensive policy that would give you more. Speak us to us for more info! We can send a Policy Specimen and Proposal Form, that you can study at the next Committee meeting!”
6. I am the owner of a pharmaceutical company, producer and exporter of products. What kind of insurance should I have!
ChatGPT said:
As the owner of a pharmaceutical company, you should consider the following types of insurance to protect your business:
- Product Liability Insurance
o Covers claims related to adverse effects, injuries, or damages caused by your pharmaceutical products. - General Liability Insurance
o Protects against claims of bodily injury, property damage, or personal injury that might occur on your premises or as a result of your business operations. - Property Insurance
o Covers damage to your facilities, equipment, and inventory due to events like fire, theft, or natural disasters. - Business Interruption Insurance
o Provides financial assistance if your operations are halted due to a covered event (e.g., fire or natural disaster). - Professional Liability Insurance
o Also known as errors and omissions (E&O) insurance, this covers claims of negligence, errors, or failure to meet performance standards in your professional services. - Workers’ Compensation Insurance
o Covers medical costs and lost wages for employees injured on the job. - Cargo/Marine Insurance
o Protects your products during international shipping against loss or damage. - Clinical Trials Insurance (if applicable)
o Provides coverage for claims arising from clinical trials or testing of new pharmaceutical products. - Cyber Liability Insurance
o Protects against data breaches, cyberattacks, and loss of sensitive customer and business information. - Directors and Officers (D&O) Insurance
• Covers legal costs and damages if company executives are sued for their decisions or actions. - Export Insurance (if exporting)
• Protects against risks related to international trade, such as non-payment by foreign clients or political risks.
Would you like advice on choosing a specific provider or more details on any of these options?
says ” You do need Property Insurance, Contents Insurance, Public Liability Insurance, Business Interruption Insurance and perhaps all types of Insurance included in our Combined Business Insurance Policy. We are sending out a Proposal Form which you should fill out and return. Regarding Products Liability, since you are producing Pharmaceutical Products, we are sending a different form, as for those products, you need higher limits of liability and a specialised Insurance Policy. Our Marine Officer will be in contact in order to arrange your Marine Cargo needs, there are options that you can select that will give you the least trouble in declaring your exports each time. Your insurance needs are complicated and multiple, but we will do our best to make arrangements – so you can have the best cover(s) !”
7. I have a small business, creating jewellery, I have a glass display. What insurance should I have?
ChatGPT said:
For your jewellery business with a glass display, you should consider the following types of insurance:
- Business Property Insurance
o Covers damage to your glass display, jewellery, and other equipment from risks like theft, fire, or vandalism.
o If your glass display is in a store or other rented space, ensure the policy includes coverage for fixtures. - Liability Insurance
o Protects you if someone gets injured near your display or if you’re held liable for damage caused by your business operations.
o Public liability insurance is particularly important if you operate in public spaces, markets, or fairs. - Product Liability Insurance
o Covers claims related to your jewellery, such as allergic reactions or other issues with your products. - Commercial General Liability (CGL)
o Offers broader coverage for incidents at your premises or related to your products and services. - Inland Marine Insurance
o Protects your jewellery while it’s in transit, at shows, or outside of your primary location. - Business Interruption Insurance
o Compensates for lost income if your business operations are disrupted due to an insured event, like a fire or flood. - Jeweller’s Block Insurance
o Specifically designed for jewellery businesses, it covers your inventory, tools, and display cases.
You should consult with a licensed insurance agent or broker who specializes in small businesses to tailor a policy that fits your specific needs.
says “First of all, you should declare (in attached Proposal Form), the value of your stock, so you are insured properly. You might want to consider other Sections that concern you that are part of our Combined Insurance Policy), but you MUST have Glass insurance. Take note that if you decide to take out this cover, there will be warranties relating to burglary risk such as, metal fold covers when your shop is closed, alarm systems etc. Call us for more information about your shop and we can advise!”
8. There was thunder last night and our internet modem stopped working. I have home insurance that covers thunder. Will it cover me?
ChatGPT said:
It depends on the specifics of your home insurance policy, but in many cases, home insurance does cover damage caused by thunder-related incidents like power surges or lightning strikes. Here’s what you should check:
- Policy Coverage for Power Surges: Many policies cover damage caused by power surges due to lightning strikes. If the thunderstorm caused a surge that damaged your modem, it might be covered.
- Documentation and Evidence:
o Take photos of the modem and any other affected electronics.
o Check your home’s circuit breakers and other devices to see if they were also affected.
o Gather receipts or proof of purchase for the modem. - Deductible: Keep in mind that most policies have a deductible. If the cost of the modem is less than the deductible, you won’t receive reimbursement.
- Filing a Claim:
o Contact your insurance provider and explain the situation.
o They may require a technician’s report confirming the cause of the damage. - Exclusions: Some policies may exclude certain types of damage, such as general wear and tear or issues not directly linked to the thunderstorm.
If you’re unsure, reach out to your insurance provider to clarify your coverage and the claims process.
says “Your modem was “fried”, most probably not due to the thunder, but the power surges that occur during thunderstorm. You shall be compensated under the Policy, however, we will need details on the age of said modem and wear-and-tear will be taken into account. An expert may be called to determine the value of the modem when it was destroyed.”
9. I own an apartment on a building and it has flooded as my neighbours on the apartment above have renovation works
ChatGPT said:
I’m sorry to hear about the flooding in your apartment. Situations like this can be stressful, but there are steps you can take to address the issue. Here’s a guide:
- Document the Damage
• Take photos and videos of all affected areas, including walls, ceilings, floors, and any damaged belongings.
• Keep records of the date and time you noticed the flooding. - Notify the Upstairs Neighbour and Contractor
• Inform your upstairs neighbour about the flooding immediately. They may not be aware of the issue.
• If a contractor is involved in the renovations, ask for their contact details to discuss the matter directly. - Notify Building Management
• If your building has a management company or an association, report the incident. They may mediate or provide guidance on handling the situation.
• Some buildings have specific protocols for damages caused during renovations. - Check Your Insurance Coverage
• Review your home insurance policy to see if it covers water damage caused by third parties.
• Ask your neighbour if they have liability insurance that could cover the damage. - Assess Liability
• The upstairs neighbour or their contractor is typically responsible for damages caused by renovation work. Liability may depend on whether the flooding resulted from negligence or an accident.
• If applicable, you can request your neighbour or their contractor to file a claim with their insurance provider. - Mitigate Further Damage
• Clean up as much water as possible to prevent further issues like mold.
• If needed, hire professionals for water extraction or drying services. Keep all receipts for reimbursement later. - Seek Legal Advice if Necessary
• If the neighbour or contractor denies responsibility or delays addressing the issue, consult a lawyer. You may need to send a formal demand letter or pursue legal action.
Let me know if you’d like assistance drafting any communication or figuring out next steps!
says “We are diverting you to the CHATGBT advice above! You should do all that. We will also be sending an expert engineer to assess damage on both floors, but in the meantime, do keep open communication with your neighbours and their contractors. There is cover for your damage, however, our company may be entitled to reclaim from the party at fault, for any amount we pay under your Policy. We are opening our file, keeping in touch with you, and the claim will take its course, even if it ends up with lawyers, claiming negligence against neighbours/ contractors working above you!”
10. I am a lawyer, I have 10 employees, rent an office and my clients are mostly wealthy companies seeking corporate services. What insurance do I need?
ChatGPT said:
As a lawyer with a corporate-focused practice, you should consider the following insurance policies to protect your business and employees:
- Professional Liability Insurance (Errors and Omissions Insurance)
o Covers legal costs and damages arising from claims of negligence, errors, or omissions in your services. Essential for legal professionals. - General Liability Insurance
o Protects against third-party claims of bodily injury, property damage, or advertising injury that occur on your premises or as a result of your business activities. - Property Insurance
o Covers your office space, furniture, technology, and other assets in case of fire, theft, or natural disasters. - Cyber Liability Insurance
o Protects against cyberattacks or data breaches, which is crucial for a legal firm handling sensitive client information. - Workers’ Compensation Insurance
o Required by law in most jurisdictions if you have employees. Covers medical expenses and lost wages for employees injured at work. - Employment Practices Liability Insurance (EPLI)
o Covers claims related to wrongful termination, discrimination, harassment, or other employment-related issues brought by employees. - Business Interruption Insurance
o Compensates for lost income and operating expenses if your office becomes temporarily unusable due to a covered event (e.g., fire or flood). - Directors and Officers (D&O) Insurance
o If applicable, this protects company directors and officers from claims alleging wrongful acts in managing the company.
It’s a good idea to consult an insurance broker who specializes in legal services to tailor coverage to your specific needs and local regulations.
says “Your Professional Insurance Policy is first in priority, as it is also compulsory by law, but you should check your limits. If you are dealing with wealthy clients, you should choose a limit of liability that reflects your probable loss, and put it in the attached Proposal Form. Regarding your premises, you should provide a value of all of your Contents, so insurance can be arranged. And please ensure you have Employers’ Liability in place as it is compulsory by law. We are at your disposal should you require assistance regarding any cover under our Combined Business Insured Policy (attached is a Proposal Form and Policy Specimen).”
CONCLUSION
• The BOT itself advises reaching our to an insurance provider, therefore human interaction is still vital at all stages- from issuance to claim.
• The BOT ignores certain important issues to be examined, in their automated response.
• Personalisaton has been mentioned – but chatting with a highly rated BOT does not prove that. That can only be achieved, maybe and somehow, if each company develops their own BOT.
• We have noted that an insurance agency has already done that – developed their BOT, but how reliable can it be when the BOT itself advises speaking to an insurance provider?
• We do not know what the future may hold. About anything. For insurance – unless proven otherwise, human interaction is key, crucial and, safe to say, dangerous if not upheld.
• AI is the future and it is fascinating to watch it develop.
• For the time being, as service-providers, let us keep our relationships intact, fair, transparent, human. Open communication with real Qs and As between people are not by any means infallible and there may be misunderstandings or misinterpretations at times. But truly – what inspires more confidence and a mood of productive collaboration, when the subject-matter is protection of our property or business, our liabilities, our potential compensation or having to compensate, should not be an automated, faceless, almost magical electronic gadget, but a person who is qualified and eager to guide, explain and provide quality service.
