Naked builds an insurance app for ChatGPT

Insurance platform Naked says it’s the first company in the world to give car insurance quotes on ChatGPT.

It has successfully developed and deployed a native app in ChatGPT that will generate a final, binding car insurance quote, it says.

The company explains that its ChatGPT app connects directly to the live underwriting and rating engine that powers quoting and buying on its website and app

“This means the quote generated from the app in the ChatGPT interface is the final premium, and not an indicative estimate that requires an additional quoting process later.”

It also adds that the ChatGPT app is not meant to replace the Naked website or mobile app, which still remains the fastest and easiest way to get a quote, buy cover, update a policy or submit a claim.

“The ChatGPT app showcases Naked’s continued investment in innovation and signals its belief that AI assistants will become an important new interface for financial services in the months and years to come.”

Naked co-founder Alex Thimson says: “Our app and website are still the best way to use Naked today. But we believe AI assistants will, in time, become one of the primary ways people interact with financial products and we want to be ready for that next industry shift. This signals our readiness to keep making our offering easier, more convenient and more personalised as technology evolves.”

“AI assistants are expected to change the way consumers shop for and manage insurance over the next few years. They represent an emerging interface that interacts with you in the same way you speak, remembers your context and preferences, organises information, compares options and, eventually, acts on your behalf.”

AI assistants could eventually do much more than help consumers understand their insurance. For instance, customers could set their preferences once, and their AI assistant could track their policy, know when renewal is due, gather competing quotes, explain the differences in plain language, and help them switch if a better option is found. Instead of customers repeatedly navigating websites, filling in forms, making calls, or manually comparing policy documents, more of this admin could be handled in the background.

“We are not waiting for AI interfaces to go mainstream,” says Thomson. “We are making sure our technology is ready when our customers are. Our ChatGPT app is an exploratory step into a world where AI assistants could help manage a lot of your car and insurance-related admin on your behalf, according to your needs and preferences.”

Anyone who wants to try the feature can open ChatGPT, visit the app directory in Settings, and search for “Naked” and connect their account. Thereafter, the user can start a conversation – “@Naked I’d like a quote for my car”.