ChatGPT can now analyse your insurance policy for you

Did you know AI can now summarise your home insurance policy for free? FIND OUT HOW

AI can now be used to analyse your home insurance.

Did you know AI can now summarise your home insurance policy for free?

We tested just how detailed ChatGPT responses can be when it comes to simplifying complex product disclosure statements and the results are simply unbelievable.

We uploaded a home insurance product disclosure statement (PDS) and asked the app to analyse the policy, with ChatGPT providing an almost instantaneous response in four simple categories: coverage overview, optional coverage, key exclusions and the claims process.

It told us what events are covered such as fire or storms, what structural parts of the home are covered as well as what is included in contents insurance and listed other things we could add to our policy such as accidental damage, flood cover, motor burnout and landlord cover.

The last category outlined the key exclusions that are not covered and the process that needs to be followed if you are looking to file a claim.

ChatGPT will often anticipate your questions ahead of time.

ChatGPT then asked, unprompted, if we wanted to learn more about exclusions, claim limits and optional add-ons.

After responding yes, the app provided a new set of categories as well as what page they were listed on. Starting with exclusions, ChatGPT explained what the policy doesn’t cover and then explained in detail what each definition meant.

The second category outlined the maximum payouts and again listed what page of the PDS you can find further information on.

The third category outlined what the optional add-ons cover and explained the exclusions that apply to each optional cover product.

At the end of the analysis, it provided key actions we should follow and asked again, unprompted, if it can provide a more personalised recommendation if you gave it more information about whether you were an owner-occupier, landlord or renter.

We chose homeowner and it then listed further tips for us as well as how key policy limits and exclusions may affect us as well as steps we could action to ensure we are covered.

The app once again, unprompted, asked us if we would like an estimation of what it would cost to rebuild our home.

After responding yes, ChatGPT requested further information on our home type, number of bedrooms, number of bathrooms, whether cars are stored in the garage, whether the home is a single dwelling, the roof type and the construction material.

Complex documents can be broken down into simple terms with AI.

We listed the home as a single story dwelling with three bathrooms, two bedrooms, timber construction and a two-car garage with solar panels installed on the roof.

ChatGPT thanked us for the further information and estimated the rebuild cost using industry standards.

With that information it determined the base construction costs, gave a size estimate and then gave a rebuild range of $300,000 to $700,000.

ChatGPT then asked us if we wanted to check the current sum insured then listed a range that is more likely to cover repairs as well as what information we should ask our insurer.

This information was all given to us in less than five minutes, completely for free, with paid ChatGPT users able to ask the app for further information on more precise figures.

ChatGPT cannot guarantee complete accuracy, so it’s recommended to use the app for advice only and to consult your home insurance provider with further questions.

Originally published as ChatGPT can now analyse your insurance policy for you