Bajaj Allianz General Insurance, a private insurer, has launched a new AI chatbot called "Insurance Samjho" which simplifies insurance by providing policyholders with clear information about their coverage. It will also answer questions and educate users about the insurance industry in general. Insurance policies are known for their complicated wording, which can leave customers confused about what their coverage is. This lack of understanding can lead to frustration, especially when filing a claim. To address this problem, the company launched "Insurance Samjho," an AI chatbot that simplifies complex insurance terms into plain language through a user-friendly interface.
So, what's the process for customers? Customers just need to upload their policy documents (brochures, copies, or wordings) to the platform at bajajallianz.com/insurancesamjho/. Then, the Gen AI-powered Bot acts as a virtual assistant. It allows customers to ask questions about their coverage, exclusions, and procedures, or even seek clarity on specific medical conditions. It's like chatting with ChatGPT to get answers and clarifications on different parts of their policies based on the uploaded document. The bot gives clear, concise answers in a conversational style, ensuring transparency and easy understanding.
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said “It has been a perennial issue for the insurance industry and worry for the citizens in terms of complexity of insurance terms, the jargon involved & understanding the fine print as well. This often is the barrier to opting for insurance or trusting the system. 'Insurance Samjho,’ is the first of its kind step towards building trust in the industry by simplifying the understanding of insurance products. With this platform, which is a bot powered by Gen AI, we endeavour to empower our citizens with the knowledge they need to make informed decisions by knowing more about insurance products across the industry and feel confident about their insurance coverage. This easy-to-use platform will keep learning and improve over time, because of its AI capabilities. Our obsession has always been to demystify insurance for citizens so that they can opt for the right covers, giving them financial security and peace of mind.”
As per the company, this "Insurance Samjho" Gen AI-powered Bot provides help to customers, whether they need to understand coverage details, compare policies, or clarify specific terms and conditions. It ensures transparency and clarity throughout their insurance journey. As a learning bot, it will continuously improve its knowledge and complexity over time, the company said.
