Elicitation of security threats and vulnerabilities in Insurance chatbots using STRIDE Scientific Reports

Financial services, health, and insurance industries are key areas where chatbot deployment is expected to grow in the region over the next few years. Massive Bio’s chatbot can provide information on enrollment processes, details of clinical trials, and potential concerns that patients may have regarding participation, and it can match candidates who might be eligible for specific clinical trials. The application is currently in Beta and will allow users to streamline channels and threads, draft messages faster, and provide easy access to research resources.

It has become a critical technology enabler for growth and efficiency, and those who fail to adopt it risk falling behind. By leveraging AI and advanced analytics, insurers can access a wealth of information that enables underwriters to make better pricing decisions. AI serves as a knowledgeable digital assistant, utilizing industry data lakes containing millions of policies to enhance underwriters’ risk assessment abilities and evaluate policies more efficiently.

Like many video generation tools, Synthesia employs generative AI to create professional-looking videos from text input. Marketers and advertisers can produce high-quality video content at scale, including product demos, explainer videos, and personalized customer messages, without the need for traditional video production resources. Synthesia’s ability to update and edit videos quickly makes it easy to rapidly iterate and test marketing ChatGPT App messages to keep content fresh and relevant. It provides a variety of creative capabilities, such as image generating 3D texture creation, and video animation. LeonardoAI’s models are designed to produce high-quality visual assets immediately and consistently, making it a useful tool for artists, designers, and developers. Generative AI art enhances storytelling by allowing artists to create detailed and imaginative visuals.

Will AI replace humans in finance?

It can be applied in a broad range of scenarios, from smaller scale applications, such as chatbots, to self-driving cars and other advanced use cases. The true potential of agents is unlocked when we give it complex questions and more tools to work with as we will see next. Disclaimer — I will be using the terms “RAG tool”, “Q&A system”, and “QnA tool” interchangeably. For this tutorial, all refer to a tool that is capable of looking up a bunch of documents to answer a specific user query but does not have any conversational memory i.e. you won’t be able to ask follow-up questions in a chat-like manner. However, that can be easily implemented in LangChain and will likely be covered in some future article.

The study developed the Chatbot Security Control Procedure (CSCP) for banks to monitor chatbots’ security and ensure clients’ protection. Their research findings show no security in the chatbot, and the AI security software causes the security loophole in chatbots. In Ref.9, it was stated that security and privacy in chatbots require serious attention. The study investigated the initial set of issues assumed to be factors affecting clients’ trust in chatbots for client service. The findings from the study show that the main issue of the clients not trusting chatbots is their poor security and privacy.

Secure sofware development practices for insurance chatbots

And if they self-learn within a startup’s app, the users within that app mutually benefit. Generative AI programs can deliver better answers than official customer service chatbots, Joon-Seong Lee, senior managing director at Accenture’s Center for Advanced AI, claimed. You can foun additiona information about ai customer service and artificial intelligence and NLP. Lee said that Google’s Gemini AI program helped him figure out how to navigate a bank’s system to link one account to another; the bank’s chatbot failed to understand the question. Babylon Health’s platform leverages an AI-powered chatbot to generate diagnoses based on user responses. Users can interact with the chatbot in the same way they would when talking to primary care providers or other health professionals. AI is being used in finance in a variety of ways, including investing, lending, fraud detection, risk analysis for insurance, and even customer service.

Competition scores were calculated using a log loss metric ranging from a minimum value of 0 to a maximum value of 1. The goal of a machine learning model is to achieve a score that is as close to zero as possible, which indicates the level of accuracy of a given model. The Mayo Clinic in Minnesota has been experimenting with large language models, such as Google’s medicine-specific model known as Med-PaLM, starting with basic tasks such as filling out forms.

AI can guide customers through onboarding, verifying their identity, setting up accounts and providing guidance on available products. Large insurance carriers use Emerj AI Opportunity Landscapes to assess what is possible and what is working with AI in their industry. This allows them to pick high ROI first AI projects in areas such as claims processing, fraud detection, underwriting, and customer service.

Common responses reflect a diminished perception of usefulness, modest levels of user friendliness, and a restricted level of trust in this technology, leading to its rejection. PU can be defined as the degree to which a potential user feels that a new technology will improve his/her performance to make an action of interest (Davis, 1989). In this paper, PU can be reached because of policyholders’ perception that interacting with the chatbot improves communication with the insurer. Chatbots ChatGPT are available 7/24, and simple procedures become agile and have fast resolution since they do not need to wait for a human agent (DeAndrade and Tumelero, 2022). Likewise, that technology does not imply avoiding other communication channels with insurance companies. A current initiative by IBM involves collecting publicly available data relevant to property insurance underwriting and claims investigation to enhance foundation models in the IBM® watsonx™ AI and data platform.

The pros of chatbots for customer service

“We could enlarge our workforce by 40 percent by off-loading documentation and reporting to machines,” he says. The concept of “robot therapists” has been around since at least 1990, when computer programs began offering psychological interventions that walk users through scripted procedures such as cognitive-behavioral therapy. More recently, popular apps such as those offered by Woebot Health and Wysa have adopted more advanced AI algorithms that can converse with users about their concerns. And chatbots are already being used to screen patients by administering standard questionnaires. Many mental health providers at the U.K.’s National Health Service use a chatbot from a company called Limbic to diagnose certain mental illnesses. The ultimate goal is to help companies boost underwriting profits while diminishing risk.

The results people were getting helped many realize they could use this new tech to automate a wide range of tasks. When a patient needs detailed advice or is dealing with a sensitive issue, it’s best that they connect with a healthcare professional. For many, the impersonal nature of automated systems can be an obstacle, especially when discussing sensitive health issues.

Theory of mind could bring plenty of positive changes to the tech world, but it also poses its own risks. Since emotional cues are so nuanced, it would take a long time for AI machines to perfect reading them, and could potentially make big errors while in the learning stage. Some people also fear that once technologies are able to respond to emotional signals as well as situational ones, the result could mean automation of some jobs. The core of limited memory AI is deep learning, which imitates the function of neurons in the human brain. This allows a machine to absorb data from experiences and “learn” from them, helping it improve the accuracy of its actions over time.

Rivers denied that argument, saying the airline didn’t take “reasonable care to ensure its chatbot was accurate,” So he ordered the airline to pay Moffatt CA$812.02, including CA$650.88 in damages. Jake Moffatt consulted Air Canada’s virtual assistant about bereavement fares following the death of his grandmother in November 2023. The chatbot told him he could buy a regular price ticket from Vancouver to Toronto and apply for a bereavement discount within 90 days of purchase.

The competition resulted in 1,440 participants and the company offered a total of $65,000, divided into 3 prize levels. Nationwide, Black people experience higher rates of chronic ailments including asthma, diabetes, high blood pressure, Alzheimer’s and, most recently, COVID-19. This means it actively builds its own limited, short-term knowledge base and performs tasks based on that knowledge.

Artificial intelligence (AI) is taking nearly every corner of the business world by storm, and companies are finding new ways to use AI in finance. The authors acknowledge the support provided for the study by the Cape Peninsula University of Technology (CPUT), South Africa, and the University of Pretoria, South Africa. Table 12 provides an overview of the number of vulnerabilities and threats per STRIDE component based on our analysis. Doug Marquis joined Zywave in 2018 as chief technology officer, leading the company’s R&D functions.

Companies like Lemonade have successfully implemented AI-driven chatbots, significantly reducing response times and operational costs. The applications of natural language processing (NLP) have been increasing as more companies find uses for their text data. This includes chatbot insurance examples insurance companies with large stores of data from claims and customer support tickets. It could simplify the user experience and reduce the complexity of banking operations, making it easier for even nonnative speakers to use banking and financial services worldwide.

Personalized Financial Advice: Cleo

Many healthcare experts have realized that chatbots help with minor conditions, but the technology needs to advance to replace visits with healthcare professionals. The inability to record all the personal details linked with the user may result in procedural mistakes, raising penalties and new ethical issues. For all their apparent insight into how a user feels, they are machines and can’t show empathy. Administrative personnel need to manually search vast healthcare databases for vital information in the absence of chatbots. For example, a nurse researching a client’s treatment history might unintentionally miss something important, which could lead to severe consequences.

While some people may balk at the idea of spilling their secrets to a machine, LLMs can sometimes give better responses than many human users, says Tim Althoff, a computer scientist at the University of Washington. His group has studied how crisis counselors express empathy in text messages and trained LLM programs to give writers feedback based on strategies used by those who are the most effective at getting people out of crisis. Sproutt Insurance matches individuals with relevant life insurance plans using an AI-powered, 15-minute assessment, rather than having them take lengthy exams.

AI bias also presents a danger when it comes to recruitment, potentially discriminating against people who are from certain regions or socio-economic backgrounds. For these reasons, there is still a critical need for human oversight of AI decisions to ensure inclusivity, fairness and equal opportunity. There are, however, multiple risks that can arise when using AI — primarily because it can easily generate errors. For example, AI can ingest statute information from one U.S. state and posit that it applies to all states, which is not necessarily the case. AI can also hallucinate – make up facts – by taking a factual piece of information and extrapolating the wrong answer.

Kumba is an AI Analyst at Emerj, covering financial services and healthcare AI trends. She has performed research through the National Institutes of Health (NIH), is an honors graduate of Rensselaer Polytechnic Institute and a Master’s candidate in Biotechnology at Johns Hopkins University. The report found that all four models tested — ChatGPT and the more advanced GPT-4, both from OpenAI; Google’s Bard, and Anthropic’s Claude — failed when asked to respond to medical questions about kidney function, lung capacity and skin thickness.

Following that advice, Moffatt purchased a one-way CA$794.98 ticket to Toronto and a CA$845.38 return flight to Vancouver. In March 2024, The Markup reported that Microsoft-powered chatbot MyCity was giving entrepreneurs incorrect information that would lead to them break the law. Understanding your data and what it’s telling you is important, but it’s equally vital to understand your tools, know your data, and keep your organization’s values firmly in mind. CEO of INZMO, a Berlin-based insurtech for the rental sector & a top 10 European insurtech driving change in digital insurance in 2023. Domino’s has been a customer experience innovator since the launch of Domino’s Pizza Tracker® back in 2008.

• In healthcare or car insurance, big data analysis is used to assess each individual’s risk.
• The bot then lets users save, share, search for outfits and redirect to the H&M site for purchases.
• A customer service agent who may be speaking to the customer on the phone could then search for past claims that are similar to the client’s.
• Therefore, trust must be a keystone factor in explaining insurtech adoption (Zarifis and Cheng, 2022).
• These abilities were not present in chatbots at the end of the 2010s (Eeuwen, 2017) or at the beginning of the 2020s (Vassilakopoulou et al., 2023).

Insurtech has the main objective of improving the value of products offered to customers (Riikkinen et al., 2018) and their own value (Lanfranchi and Grassi, 2022). This fact may enhance trust in insurers’ main service, which covers satisfactorily honest claims (Guiso, 2021). According to the technology acceptance framework, trust is supposed to impact attitude or BI directly but is also mediated by PU and PEOU.

If AI can read all of the latest medical research and give doctors the highlights, they can more easily keep up with the developments in their fields. If AI can help doctors make faster, more accurate clinical decisions, patient care will benefit. Patient care could get even better if AI reaches the point where it can offer accurate diagnoses and treatment planning faster than humans can.