Elicitation of security threats and vulnerabilities in Insurance chatbots using STRIDE Scientific Reports

Game developers are now taking advantage of generative AI because of its ability to produce large amounts of unique content with less effort. This allows them to create diverse environments, broad storyline, insurance chatbot examples and customized gaming experience using generative AI. First, people of color are more likely to have lower incomes, which, even when insured, may make them less likely to access medical care.

According to a report by PwC, blockchain technology can reduce fraud in the insurance industry by up to 30%, highlighting its potential to enhance trust and integrity. Smart contracts are self-executing contracts with the terms of the agreement directly written into code. These contracts run on blockchain networks, ensuring that all parties have access to the same information and that transactions are secure and transparent. In the insurance industry, smart contracts can automate various processes, such as policy issuance, claims processing, and premium payments. By reducing manual errors and processing times, insurers can improve accuracy, enhance customer experiences, and reduce operational costs.

As darkness and depression engulfed Ali, help seemed out of reach; she couldn’t find an available therapist, nor could she get there without a car, or pay for it. Lebrón also reports incidents including travel rings operating ChatGPT App in the US and Europe, who were inventing bogus claims. Travel insurance providers rely on huge amounts of unstructured data – often in the form of pictures and scanned documents – to determine the veracity of a claim.

Thus, this study extends the existing discussion on threat modelling through a case study from a new context. It also demonstrates the application of STRIDE modelling for threat elicitation for data security of insurance chatbots, which has not received sufficient attention in the literature. As an insurtech company, we are also looking at how AI can help us write software in an automated way and exchange data between two entities across the insurance ecosystem. Homeowners and renters insurance provider Lemonade wanted to use bot technology to replace human customer service processes with the hopes of reducing both time and cost. In an effort to maintain a positive customer experience, Lemonade developed a scalable bot framework comprised of three different chatbots that could grow alongside its business needs. ManyChat is an AI-powered chatbot platform that improves customer support by automating conversations across websites, social media, and messaging apps.

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The app is said to leverage ChatGPT’s robust AI technology, aiming to deliver writing assistance, conversation summaries, and research tools to organizations that use Slack. FutureCIO is about enabling the CIO, his team, the leadership and the enterprise through shared expertise, know-how and experience – through a community of shared interests and goals. It is also about discovering unknown best practices that will help realize new business models.

Appian’s AI improves accuracy over time by identifying key-value pairs and learning from user’s manual corrections. Appian helps insurance businesses streamline claims processing, minimize errors, and accelerate decision making which results in faster payouts and better client experience. Most insurance companies have prioritized digital transformation and IT core modernization, using hybrid cloud and multi-cloud infrastructure and platforms to achieve the above-mentioned objectives . This approach can accelerate speed-to-market by providing enhanced capabilities for developing innovative products and services, facilitating business growth and improving the overall customer experience in their interactions with the company.

Viewpoint: How Insurance Industry Can Use AI Safely and Ethically

Claims would be labeled by section of the application form, and then be run through the machine learning algorithm along with keywords and phrases relating to the insurance claim, such as the type of damage on a car or a house. Underwriting ChatGPT is another area where AI technology can help companies get things done. During the underwriting process, insurance companies assess a customer’s risk profile to determine whether to offer them coverage and how much to charge for it.

SC Training (formerly EdApp) provides employee learning management through a mobile-first approach, microlearning platform. Its generative AI features include developing personalized training courses with minimum input, increasing engagement through interactive material, and delivering real-time data to track learning progress and effectiveness. With the power of generative AI, Jasper Campaigns creates cohesive and compelling content across various marketing channels.

Whether you’re building a chatbot for customer support in an insurance company or any other specialized application, understanding how to effectively implement guardrails is crucial. Juniper Research projects that operational cost savings from for the banking industry will reach US$7.3 billion by next year, 30 times higher than projected savings in 2019. Users are no longer restricted to the limited opening hours of their local bank and use of technology in the financial services industry can save up to four minutes of time per enquiry — saving banks US$0.50 to US$0.70 per interaction. Multinational financial services giant Mastercard has integrated its customer service chatbot platform with ChatGPT to provide efficient and personalized services to consumers. The use of generative AI has been trending across industries in recent years, and many companies are leveraging this technology to improve their product and service offerings.

The theoretical model proposed to explain chatbot acceptance provides good adjustment and prediction capability. Even though the three assessed factors are relevant for explaining attitude toward interactions with conversational robots and behavioral intention to use them, the variable trust exhibited the greatest impact. The findings of this paper have fair potential theoretical and practical implications. They outline the special relevance of trust in explaining customers’ acceptance of chatbots since this construct impacts directly on attitude but also perceived usefulness and perceived ease of use.

AI, APIs, mobile apps transform insurance

EWeek stays on the cutting edge of technology news and IT trends through interviews and expert analysis. Gain insight from top innovators and thought leaders in the fields of IT, business, enterprise software, startups, and more. Generative AI is transforming industries by allowing the creation of new content, ideas, and solutions using advanced machine learning methods. We’ve identified three courses that provide thorough insights and hands-on experience with generative AI to help you start building the skills you need to succeed. One industry that seems nearly synonymous with AI is advertising and marketing, especially when it comes to digital marketing. Many marketers feel AI can reduce the amount of time spent on manual tasks to make room for enhanced creativity.

Founded by Steve Jobs, Ronald Wayne, and Steve Wozniak in 1976, Apple is a global technology corporation specializing in consumer devices, software, and online services. In the first scenario, Marks cites patients on infusion medications which present challenges for data collection and centralization, as these patients receive medication from multiple care facilities. She cites a function within OptumIQ called “optimized queue” that makes allocating such patients to the proper care site more efficient and convenient for the patient.

AI is used to analyze big data sets and geographic information systems (GIS) to map risk better. Insurance companies can collect geophysical and topographical data, cross-check it with addresses to provide location-based insights. In March, the Federal Trade Commission (FTC) said that BetterHelp, a mental health platform that connects people with licensed and credentialed therapists, broke its privacy promises. The platform “repeatedly pushed people to take an Intake Questionnaire and hand over sensitive health information through unavoidable prompts,” according to the FTC.

Image of Quiq’s LLM processing provided by Quiq for express permission tu use on diginomica. GPT-4 is really slow, and so we try not to use GPT-4 very often, but there are some types of questions that are actually handled much better by GPT-4. And so in the process of training the assistant, if we’re not satisfied with the performance that we’re getting out of GPT-3.5, we might, in a particular instance, be required to use GPT-4, and have a little bit slower response time. There are various drawbacks to generative AI, including the possibility of biased or erroneous outputs as a result of the data used for training. It also has difficulty recognizing context beyond its training data, making it less successful for complicated, multidimensional tasks that need human judgment and ethical considerations.

Our case study is a short-term insurance company based in South Africa that utilises two types of chatbots. The iAssist chatbot is used internally within the organisation for interaction with the Human Resource department, while the WhatsApp chatbot is used for customer engagement. Companies need to improve their level of cybersecurity by successfully adopting a suitable cybersecurity strategy to attain the level of cybersecurity necessary to protect the business, staff, clients, and reputation26. Insurance companies use generative AI to enhance customer experience and risk management and process data from different supporting documents. Generative AI can also analyze customer data and generate personalized policy recommendations. In addition, insurance providers are also now using AI chatbots to accommodate customer inquiries, handle policy updates, and manage claims processing.

HK Leaders Explore ChatGPT Despite It Being Unavailable

Kasisto’s chatbot product is called KAI, and they claim it can help banks and other financial institutions create a chatbot for their customers to make payments, review transactions and account details, and manage funds. The chatbot can then respond to the question with an answer holding the same meaning, but written in the correct language. Finn AI claims to have helped the Nicaraguan bank Banpro in this way by helping them answer questions automatically in English and Spanish. The company claims a customer can file a claim directly from the chat window used to initially contact the chatbot.

According to our AI Opportunity Landscape in insurance, approximately 46% of AI vendors in insurance offer solutions for claims and 43% for underwriting. We need to leverage new technologies, new, new ways of reaching out to people which has not been done before in the past. Because we don’t have the traditional way of doing things, we don’t have a huge agency for like the Giants.

• The results show that the low acceptance of chatbots can be explained by the use of TAM constructs, performance expectancy and ease expectation along with trust.
• There is also concern that there is a lack of transparency in the AI tools – how AI decisions are made.
• Depending on the client’s needs, Passage’s platform can help build a chatbot that accurately sources and translates the right data into a fulfilling answer to the user.
• This would train it to discern text and chains of text that humans understand as information on a claims form.

By partnering with retailers, automakers, and other businesses, insurers can tap into a broader customer base and offer tailored insurance solutions that meet specific needs. The chatbot market was pegged at around $370 million last year, according to some reports, though it could become a $2 billion industry by 2024. Indeed, chatbots are now permeating many facets of industry, and customer contact centers are an obvious conduit for such technology to thrive. P&C insurance coverage, on admitted or non-admitted basis, is available only to insureds in those states where Cowbell is licensed to transact insurance as a producer and holds a valid company appointment. In some circumstances, some insurers with whom Cowbell may produce business may not be licensed by, or subject to the supervision of, the states where they transact insurance. An insurance policy issued by any such non-admitted insurer is not subject to many of the rate and policy form regulations.

Data-driven insights and infographics for topics across the cyber risk landscape and the cyber insurance market. You can foun additiona information about ai customer service and artificial intelligence and NLP. Grow your cyber IQ with our insights into cyber insurance, cyber risk and cybersecurity. Stockbrokerage might be viewed by investors as a traditionally human-based service allowing them to buy and sell equities. When looking at the shift in how stock brokerage is different today compared to the early 2000s, the largest change seems to be in software-based automation. Put simply, a lot of what was being done by humans (such as executing trades, giving advice to investors, discretionary trading) can now be done through software.

It has limitations, such as errors, biases, inability to grasp context/nuance and ethical issues. Insider also pointed out that AI’s “rapid rise” means regulation is currently behind the curve. It will catch up, but this is likely to be piecemeal, with different approaches mandated in different national or state jurisdictions. It took a few days for people to realize the leap forward it represented over previous large language models (known as “LLMs”).

Feebi interacts with customers via Facebook Messenger, and can be set up with a restaurant’s booking system and table reservation software – allowing for a quick and convenient reservation process. Lemonade’s policy chatbot, Maya, can onboard customers in as little as 90 seconds, compared to the approximately 10 minutes it would take with traditional insurers online. Additionally, Lemonade’s claims chatbot, Jim, can settle claims within seconds, while incumbents could take anywhere between 48 hours and over a year to settle home insurance claims.

The results people were getting helped many realize they could use this new tech to automate a wide range of tasks. This impact will be most pronounced in personal lines of insurance, where the risks and products tend to be simpler. To improve productivity and the claims experience, insurers will need to scale up the most promising initiatives. The empirical analysis developed in this paper is developed over the structural equation model (SEM) displayed in Fig.

Brown worries that without regulations in place, emotionally vulnerable users will be left to determine whether a chatbot is reliable, accurate and helpful. She is also concerned that for-profit chatbots will be primarily developed for the “worried well”—people who can afford therapy and app subscriptions—rather than isolated individuals who might be most at risk but don’t know how to seek help. Chaitali Sinha, head of clinical development and research at Wysa, says that her industry is in a sort of limbo while governments figure out how to regulate AI programs like ChatGPT. Van Dis adds that the public knows little about how tech companies collect and use the information users feed into chatbots—raising concerns about potential confidentiality violations—or about how the chatbots were trained in the first place. “In their current form, they’re not appropriate for clinical settings, where trust and accuracy are paramount,” says Ross Harper, -chief executive officer of Limbic, regarding AI chatbots that have not been adapted for medical purposes.