Ignitor Illustration ChatGPT Plugin
Ignitor Illustration ChatGPT Plugin helps user generate illustration for given annuity products. User can specify inputs such as premium, term and product type, to understand product risk and return.
Created on 9th July 2023
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Ignitor Illustration ChatGPT Plugin
Ignitor Illustration ChatGPT Plugin helps user generate illustration for given annuity products. User can specify inputs such as premium, term and product type, to understand product risk and return.
The problem Ignitor Illustration ChatGPT Plugin solves
The existing annuity education landscape presents some primary challenges as follows:
Educational Gap: The market currently grapples with a severe shortage of easy-to-understand and relevant educational content on fixed annuities. This shortfall hinders potential consumers' comprehension, involvement, and appreciation of these products.
Limited and Costly Financial Advising Resources: The industry struggles with a scarcity of affordable financial advisor (FA) resources, which often favor high net worth individuals, consequently setting up a barrier for many aspiring investors.
Restricted Narratives: The narrative around fixed annuities has been narrowly confined to guaranteed components, such as the initial guaranteed cap, while downplaying the essential role of renewal rate actions by insurance carriers. This limited perspective discourages potential investors from understanding the full array of benefits that fixed annuities offer.
Challenges we ran into
- ChatGPT Plugin devlopment and testing is not straight-forward.
- GPT-4 usage limitation (25 conversations per 3 hours) affects our dev progress.
- Mysterious behavior of GPT-4 model attempting to interpret insurance specific knowledge. So we need to try different prompts to get it understand the context correctly.
- In-mem issue of ChatGPT so it didn't always pick up the latest changes in-time and the old chart being generated even after the chart got updated.
Tracks Applied (2)