Insurers that integrate ChatGPT effectively will gain a competitive edge with SMEs

Half of small- and medium-sized enterprises (SMEs) successful the US suggest they are comfy with an AI instrumentality determining their security premium, a GlobalData survey has found. Meanwhile, Simply Business has launched a concern security app wrong ChatGPT for customers successful the US and the UK.

As portion of GlobalData’s 2025 SME Survey, 49.8% of SMEs successful the US stated they are comfy with an AI instrumentality determining their security premiums. This shows a bully level of comfortableness already, which should summation arsenic businesses go much acquainted with AI. Nonetheless, this compares with a planetary mean of 58.6% crossed the 14 countries surveyed, suggesting the US is somewhat down different markets.

Meanwhile, Simply Business has launched a concern security app wrong ChatGPT successful the US, alongside a abstracted UK version. The app links straight to its indicative pricing tool, allowing tiny businesses to person a speedy terms estimation by entering 3 details: their trade, estimated yearly revenue, and ZIP/post code. Users are past redirected to the Simply Business website to implicit a afloat punctuation and acquisition securely.

This benignant of integration offers wide benefits, making it quicker and easier for SMEs to entree pricing—thus reducing friction successful the buying travel and gathering increasing expectations for digital, on-demand services. However, challenges remain. A GlobalData unrecorded canvass (with 3,601 responses crossed Verdict and Business Trade Media International sites astatine the clip of writing) recovered that 46.3% of businesses are not assured astir integrating ChatGPT into their existing workflows and systems. This highlights a spread betwixt involvement and applicable implementation.

Insurers that tin span this spread with simple, well-integrated solutions are apt to beryllium amended positioned. As adoption grows, those capable to embed tools specified arsenic ChatGPT seamlessly into existing systems volition beryllium champion placed to seizure request and differentiate successful an progressively competitory market.

"Insurers that integrate ChatGPT efficaciously volition summation a competitory borderline with SMEs" was primitively created and published by Life Insurance International, a GlobalData owned brand.

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