Capitola, the digital marketplace for commercial insurance that connects brokers and carriers, today announced the introduction of GPT technology into its commercial insurance platform. The new “Capitola Co-Pilot” artificial intelligence (AI) capabilities harness the power of GPT technology to offer brokers unparalleled productivity enhancements specifically designed to elevate the broker experience by improving efficiency and effectiveness and thus greatly increasing their book of business.
“GPT technology represents a tectonic shift in our ability to build tools that empower insurance professionals to broker better,” said Sivan Iram, Capitola’s co-founder and CEO. “As the first broker platform to implement GPT technology, Capitola continues to lead the market in its ability to streamline the placement process and provide smart market-intelligence recommendations.”
Generative Pre-trained Transformers (GPT) are a type of large language model (LLM) and a prominent framework for generative artificial intelligence that is designed to understand and generate human language. Within the Capitola platform, Co-Pilot is capable of:
- Data Extraction: Using language models Capitola Co-Pilot can be used to analyze and understand unstructured data, such as documents and emails and derive insights from them. Earlier forms of AI could only understand the syntax, but with GPT technology, Capitola Co-Pilot can even understand the semantics. It can help read and compare quotes, provide recommendations to brokers, generate customer facing materials, and more.
- Data Enrichment: Capitola Co-Pilot models that are based on GPT can monitor and analyze relevant publicly available information and documents as related to commercial insurance. By processing and summarizing this information, GPT technology can provide brokers with valuable insights into market trends, regulatory changes, and competitive dynamics. This enables brokers to stay updated and make informed decisions in a dynamic insurance landscape.
- Market Intelligence/Risk Appetite Matching: Capitola Co-Pilot strengthens a broker’s ability to map out carrier risk appetite and provide data-driven recommendations to find the right market for every risk. Its reasoning and inference capabilities are a gamechanger for its ability to take in large amounts of data and synthesize it to actionable and insightful recommendations.
“Capitola is excited to be the GPT pioneer in the digital commercial insurance domain,” said Naor Rosenberg, co-founder and CTO at Capitola “GPT empowers us to revolutionize the way we interact with extensive unstructured information while ensuring utmost security and reliability. Witnessing the transformative impact of GPT on the world, we are thrilled to bring this best-in-class, secure, and robust technology to our valued clients, providing them with unparalleled solutions and peace of mind.”
“Capitola Co-Pilot will help automate processes and remove redundant and repetitive tasks, thus freeing brokers to focus on the human elements of insurance brokering, such as providing excellent client service and building relationships with underwriters,” added Iram.
Specific productivity boosting capabilities provided by Capitola Co-Pilot include:
- Personalized Assistance: By leveraging data, Capitola Co-Pilot could provide personalized recommendations, policy comparisons, and tailored information to customers, potentially leading to increased customer satisfaction and loyalty, as well as assisting brokers in delivering more relevant and targeted services.
- Automation of Routine Tasks: Capitola Co-Pilot significantly reduces manual tasks like data entry, documentation updates, and policy generation, freeing up brokers’ time, reducing errors and omissions (E&O) exposure, and enabling a focus on acquiring new clients and reducing churn.
- Faster Response Times: With Capitola Co-Pilot’s ability to understand and respond to customer queries in real-time, brokers can enhance their customer service, leading to improved customer satisfaction and ultimately increasing their lifetime value.
- Streamlined Workflows: Capitola Co-Pilot empowers retail brokers to seamlessly handle multiple tasks within a unified interface. This streamlined integration eliminates the need for switching between multiple systems, minimizing disruptions, enhancing workflow efficiency, and bolstering broker productivity.
Finally, with Capitola Co-Pilot’s ability to analyze customer profiles, past interactions, and policy details, the platform can suggest additional coverage options, policy upgrades, or cross-selling opportunities. And because GPT is built into the code base, Capitola can seamlessly scale to unveil new features and capabilities that will continually enhance the user experience. All of this further positions Capitola as a market leader, bringing exceptional products, client service, and unprecedented innovation to the insurance industry.
Availability
Capitola Co-Pilot is currently available on the Capitola Commercial Insurance Platform, with new features and functionality coming in the next few months.
Capitola, founded in 2021 by Naor Rosenberg (CTO), Amit Ben Nathan (CPO), and Sivan Iram (CEO), raised a total of $20.6 million in funding. The company secured $15.6 million in a Series A round led by Munich Re Ventures in April, following a $5 million Series Seed round in 2021 led by Lightspeed Venture Partners, which also participated in the Series A.
