Tuesday, April 16, 2024
Outlook.com
Outlook India
Outlook Business

Plum's PolicyGPT Sees Threefold Adoption, Handling 68% Of Queries Autonomously

PolicyGPT has been built upon a sophisticated architecture called RAG (Retrieval Augmented Generation) powered by OpenAI’s most capable GPT model

Plum's PolicyGPT Sees Threefold Adoption, Handling 68% Of Queries Autonomously
Abhishek Poddar and Saurabh Arora, Plums co-founders
Abhishek Poddar and Saurabh Arora, Plums co-founders

Outlook Start-Up Desk

POSTED ON February 20, 2024 5:26 PM

Plum which offers group health insurance and business insurance solutions has said that its proprietary  PolicyGPT tool which was launched in April 2023, has seen a threefold increase in adoption. 

PolicyGPT tool has resolved 68 per cent of customer inquiries and empowering customer success agents to focus on personalised claims support to deliver a superior customer experience, the company added in a statement.  

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."  

The company 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. 

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 per cent, 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."    

The Bengaluru-based insuretech entered the business insurance category with the launch of Plum Business last year. It claimed to become profitable by 2025 after achieving contribution margin positivity with a 3X year-on-year (YoY) growth.   

The firm competes in the market with major players such as Digit, Probus, and PaisaBazar.   

In 2021, it raised $15 million in its Series A round led by Tiger Global, Peak XV, Tanglin Venture Partners, Incubate Fund, and Gemba Capital. Plum Insurance has raised $20 million so far in three rounds of funding. 

  • Related Articles

    The project boasts 608 fully furnished rooms distributed across five blocks. The rooms are classified as standard private rooms, standard twin-sharing, and premium rooms.

    YELLO Unveils Bengaluru's Premier Co-Living Destination Near ITPL Tech Park

    There have been around 30 acquisition deals in the Indian Fintech space in 2023 as compared to 37 and 29 deals in 2022 and 2021 respectively.

    Fintech M&A Activity Led By Lending Sector In 2023; Start-Up Incorporations Drop By 70% From 2021

    Facilitated by experts with access to Samsung Innovation Campus content in the domains of AI and IoT, this initiative will focus on instructor-led training for undergraduate students pursuing BE and...

    Samsung Innovation Campus Programme At VTU To Train 1,100 Youths In AI, IoT Domains