Bajaj Allianz General Insurance has launched a GenAI bot for simplifying complexities in understanding insurance jargon, the company said on March 7.

The generative chat tool explains coverage details, compares policies and clarifies specific terms and conditions as part of its functionality, converting jargon terms to conversational language.

The private general insurer has rolled out the intuitive AI for acting as a virtual assistant that lets customers ask questions about their coverage, exclusions, and procedures, and seek clarity on specific medical conditions.

Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said 'Insurance Samjho,’ is a 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, it is our 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,” he stated.

The experience is modelled similar to ChatGPT for asking questions and seeking clarity on several aspects of their policies based on the document they upload. 

Customers need to upload their policy documents - brochures, policy copies, or policy wordings to the platform, after which the virtual assistant will respond to questions for enabling them to opt for the right covers. 

The company, which commenced operations in 2001, provides motor insurance, home insurance, and health insurance, along with distinctive insurance offerings like coverage for pet insurance, weddings, events, cybersecurity, and the film industry.  

It maintains a presence in nearly 1,500 towns and cities across India.