RAG, or Retrieval-Augmented Generation, was first proposed in 2020 by Facebook AI Research. This method enhances generative AI models by accessing external information to improve accuracy. Initially, RAG relied on unstructured data, but has since evolved to include structured sources like knowledge graphs, documents, articles etc.
In the insurance industry, RAG can be a game-changer. It can improve chatbots, Q&A tools, and risk assessment. RAG-enabled hashtag#chatbots, for example, can provide more accurate and context-specific answers to hashtag#policyholder questions by drawing on information from databases or documents. This means policyholders can get tailored responses based on their policies.
Voice Recognition Technology- Progressive (https://lnkd.in/g-xP9wB5)
Use Case: Progressive has integrated voice recognition into their customer service systems. This technology helps in authenticating customers and understanding their needs more accurately, leading to quicker and more personalized service.
These examples highlight Progressive’s commitment to using AI not just as a tool for efficiency but as a strategic asset that enhances their competitive edge in the insurance market. By continually exploring and implementing advanced AI models like RAG, Progressive can further improve the precision and personalization.
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