Experian Brings Its Insurance Market to ChatGPT

“This debut represents a significant advancement in Experian’s AI strategy, leveraging conversational technology to simplify everyday financial choices and create a more intuitive and helpful consumer experience,” the company said in a Thursday (Feb. 12) news release.

The company says its Insurance Marketplace app is designed to streamline what could be an hours-long process of finding an auto insurance policy into a “streamlined conversation.” Within ChatGPT, users can explore coverage options, compare rate estimates from more than 37 top-rated carriers and get real-time answers to follow-up questions.

“Consumers are increasingly using conversational AI to learn, ask questions, explore and solve meaningful financial challenges,” said Dacy Yee, president of Experian consumer services. “Making our insurance marketplace available through ChatGPT allows people to evaluate their choices naturally and potentially save more than $1,000 annually on auto coverage.”

Eventually, Experian plans to introduce deeper personalization by employing its proprietary data, analytics and carrier network to improve the insurance experience, including by letting “consumers to progress toward bindable coverage directly within ChatGPT,” the release added.

Last week, Experian announced plans to expand its presence in the mortgage industry with its purchase of Own Up, an artificial intelligence-powered mortgage shopping platform.

The deal will add Own Up’s homebuying guidance and loan capabilities to Experian Marketplace, joining the company’s ecosystem of credit cards, personal loans and auto insurance offers.

Own Up works with consumers who want to purchase or refinance a home, or obtain a home equity loan. The company’s AI-powered technology and network of more than 40 lenders is designed to make sure borrowers don’t overpay for mortgages, Experian said.

In related news, PYMNTS wrote Thursday about the use of AI agents in the insurance industry. Companies, that report said, are deploying these agents to do more than just summarize documents or answer customer questions.

Instead, they are involved in claims, underwriting and policy servicing functions, touching on legacy policy administration, billing and claims systems that weren’t designed for autonomous coordination.

“Unlike earlier automation waves that focused on robotic process automation or narrow machine learning models, agentic AI systems are designed to ingest unstructured emails, scanned PDFs and intake forms, extract relevant coverage and risk information, apply policy rules and route exceptions to human adjusters,” the report said. “In many cases, these systems can trigger downstream actions such as payments, documentation requests or customer notifications.”