SME specialist BizCover has hailed an “encouraging” start for its ChatGPT-powered app, launched about four weeks ago.

The tool provides indicative quotes for comparisons and payment facilities to buy cover.

“It’s still early days for the app itself, but we’ve seen encouraging interest from small businesses exploring this as a new way to access insurance,” chief information officer Dino Tius told insuranceNEWS.com.au.

“Separately, we’re seeing thousands of users coming to BizCover via ChatGPT as a broader channel, with a conversion rate that is significantly higher than our overall average.

“As more small business owners adopt generative AI, we expect this channel to keep growing.

“The app allows us to meet customers in that environment and make the experience faster and more accessible.”

BizCover offers small business products through its online comparison platform. Its customers often have “less complex insurance needs”, according to Morningstar analyst Nathan Zaia.

Mr Tius says it is too early to draw firm conclusions on conversion through the app.

“Our focus so far has been on launching the experience and understanding how customers engage with it, and we’ll continue to monitor how this evolves over time,” he said.

“We’re continuing to explore how this channel develops and where it can add the most value for small businesses.

“As adoption grows, we’ll look at opportunities to expand and refine the experience over time.”

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