Jun 2, 2023
In late 2022, the world experienced a seismic shift when it met ChatGPT, an advanced AI technology that represented the advent of the Large Language Model (LLM) era. The landscape was forever altered as AI asserted its place, not just as a theoretical marvel, but as a practical, groundbreaking tool. It didn't just show up; it took the world by storm.
Traditionally, in every wave of technological revolution, insurance has been at the tail end of the transformative journey. Whether it's due to the intricacies of the industry or the regulatory complexities, innovation in insurance has always been more evolutionary than revolutionary. But this time, things are going to be different.
Meet Gaya.ai, the co-pilot for Insurance Professionals, starting with agents.
My co-founder, Jean-Pierre, and I have been entrenched in the insurance industry for over a year, understanding its nuances and identifying the points of friction. With a shared commitment to harness the power of AI for insurance, we've developed Gaya.ai - a sophisticated AI-powered solution, meticulously designed for the specific needs of this sector.
We're presenting Gaya.ai as our answer to the technological lag that has long characterized the insurance industry. It's an AI-driven transformation, designed to alleviate manual burdens, boost productivity, and enable insurance professionals to focus on fostering relationships and growing their businesses.
In this LLM era, Gaya.ai is our pledge to ensure that the insurance industry doesn't just catch up, but becomes a frontrunner in adopting and benefiting from AI technology. Together, let's embark on this journey to a new, AI-empowered insurance industry.
Our interactions with hundreds of insurance professionals, including agents, underwriters, and adjusters, and our closer look into their workflows, has introduced us to the staggering amount of time spent on manual data entry and transfer across their disparate systems. To give you an example, on the sales side, 500,000 insurance agents in the US spend more than half of their time quoting prospects or existing clients. On the Personal Line (PL) side, agents have to juggle across 5-10 carrier portals, copying and pasting the same client related demographics, assets and household member details, over and over again. The PL world has the privilege of having semi-functioning form-aggregators aka Raters that act as vitamins to this data-entry problem. The Commercial Line world is even way more miserable. Agents have to master the ever-changing underwriting guidelines for each carrier to which they are appointed, further impeding their productivity, efficiency, service quality and ultimately limiting their ability to grow their business.
Over the past 40 years, many technologists have been building for insurance. On the carrier side, insurance quoting has been seriously in-house digitized, leading to a clunky agent experience, or outsourced to great companies (e.g., Guidewire, Duck Creek) or more modular providers like Socotra. We can say that for the most part, insurance has moved away from paperwork.
On the agency side, AMS players and Raters have also been built out with an API-first approach to connect with carriers and centralize policy quoting/ downloads. With thousands of carriers around and so many products, costly developers at legacy players (Vertafore, Applied) are drawing in API maintenance work. To a great extent, API maintenance with legacy players stifles innovation.
The most recent innovation we have been seeing in the insurance agency world today is centered around automating correspondence. System of records, with a fresh UI appeal, surfaced to help agents manage lead outreach and set up automated triggers. Innovation centered around the insurance work itself, such as quoting and endorsing has been limited. The primary reasons for this lack of innovation are the technical difficulties associated with connecting with carriers' back-end systems and the cultural resistance on the carrier side.
In the age of AI and Large Language Models, this is no longer acceptable. Enter Gaya.
Enter Gaya | Insurance Co-pilot
Gaya.ai is your sophisticated AI-powered ally, designed to propel your productivity across your core activities: lead management, quoting, re-marketing, servicing, and renewals. Gaya will re-imagine how you:
quote: Gaya will autofill directly everything you have just inputted on any carrier portal into any other carrier portal, dynamically interacting with a clunky carrier portal page.
re-market: Gaya will recall all your interactions with a client and automatically go on your behalf to the right carriers to get a quote, compare them and reach out to your client
sell: instead of having to dig through carriers’ documentation, or wait hours for help from support staff, you can simply ask Gaya’s chat bot and immediately receive an answer with a link to where the answer was taken from. You will be selling faster.
service: just like you would go today to ChatGPT and type “generate a Job Description to recruit a licensed agent in Texas”, you would endorse a policy simply by going to Gaya.ai and typing “change lienholder information for John Smith’s Honda Civic to XYZ Credit Union, endorse policy and send email to firstname.lastname@example.org”.
This is not some pre-programmed bot with limited capabilities. Gaya is an AI agent, constantly learning and adapting to changes in user interfaces, intelligently leveraging available knowledge to achieve predefined goals.
Gaya.ai | The Future in Your Browser
Gaya.ai will initially launch as a browser extension. Designed to interact with the browser-based systems that are predominant in today's insurance landscape, Gaya acts as your third eye, reading and writing on carrier pages, effortlessly navigating the intricate maze of insurance data entry and communication. Here's how Gaya is about to supercharge your workflows:
Powered by Large Language Models and Computer Vision, Gaya reads and extracts crucial data from carrier portals, underwriting guidelines, and insurance documents, delivering instant and precise assistance.
Gaya intelligently understands how different systems are structured, adapts to UI changes, and help you autofill forms to reduce the burden of manual data entry
Gaya collates data from previous client interactions, offering personalized recommendations for re-marketing and servicing initiatives. No need to rely on your agents to manually place a lead into a pre-set communication pipeline.
Equipped with powerful natural language processing capabilities, Gaya will be able to take in requests from agents through its natural language interface, navigate to carrier portals and perform specific actions on their behalf. It will be like the assistant, agents have been dreaming of.
By offering an AI-powered co-pilot to insurance agents, Gaya is setting the stage for a radical transformation in the industry, making once tedious tasks more manageable, and freeing up time for agents to focus on building relationships and growing their business. With Gaya.ai, we're not just predicting the future - we're building it. It's time to buckle up and join us on this exciting journey!