IIG News

ChatGPT, what’s all the fuzz about?

If you haven’t heard about the latest craze, ChatGPT, I would have to assume the many challenges facing South African businesses and households have kept you otherwise engaged. If not, “Have you been living under a rock”?

Being in the tech space, one of my many focus areas is keeping abreast of the tech advancements. It was in early December 2022 that I came across the chatter about ChatGPT, I must have been one of the first to give ChatGPT a try. WOW, what an interesting discovery it has been.

So, what is ChatGPT? My simple response: It is a chatbot that uses artificial intelligence to generate human-like responses on just about any subject. It remembers the things you have asked it while it is also capable of correcting itself when challenged.

The official definition: ChatGPT is an intelligent chatbot that helps automate chat tasks. Its name is the acronym for Chat Generative Pre-trained Transformer.

How big a deal is ChatGPT? According to some experts, it’s a big deal. Think internet-level disruption.  According to Elon Musk, “ChatGPT is scary good. We are not far from dangerously strong AI”.

Sam Altman, chief of the company that developed it, OpenAI, quoted from Twitter that ChatGPT had more than 1 million users in the first five days after it launched. Analysis by Swiss bank UBS found ChatGPT to be the fastest-growing app of all time.  The analysis estimates that ChatGPT had 100 million active users in January, only two months after its launch. In comparison, it took nine months for TikTok to reach 100 million. These numbers alone, tell a story of how much of a disruptor its proving to be.

Since its launch, there has been much debate about the uses of ChatGPT, chatbots and machine learning (ML) as a whole. Regardless of the negative and positive views, from a business perspective, there are several use cases that ChatGPT can assist businesses with. Some of these include automating customer service, where it can review the user’s input and formulate a customised response, like the frequently asked questions. It can be used it to generate and summarise reports and processes content creation and language translation in seconds. Its capabilities don’t stop there. If you haven’t tried the app, test it, and see for yourself. However, with everything, caution is needed when using it.

Some technology leaders, for example, the director of engineering, Ray Kurzweil, have predicted that by 2045 we would have reached singularity. In essence, the time it would take for AI to become smarter than humans. Others have indicated a far shorter period, just seven years from now, only time will tell.

Here are two simple questions that I decided to ask ChatGPT

Do you think insurance is necessary?

Response: As an AI language model, I don’t have personal beliefs or opinions, but I can provide information on the topic.

Insurance can provide financial protection in the event of unexpected events such as accidents, illnesses, or natural disasters. It can also offer peace of mind knowing that you are covered if something unexpected happens. However, whether insurance is necessary depends on your personal circumstances and the level of risk you are willing to take.

For example, if you have significant assets or dependents, you may want to consider having insurance to protect yourself and your loved ones financially. On the other hand, if you have few assets and are comfortable with taking on the risk of unexpected events, you may not see insurance as necessary.

Ultimately, it’s up to each individual to assess their own risks and make an informed decision on whether insurance is necessary for them. It’s always a good idea to speak with a trusted financial advisor to help you make the best decision for your personal situation.


Would you take out insurance?

Response: As an AI language model, I am not capable of taking out insurance as I do not have a physical presence or the ability to own assets. However, if you are considering taking out insurance, it is important to carefully assess your needs and risks and choose a policy that best fits your situation. It is also recommended that you speak with a licensed insurance professional to help guide you through the process and ensure that you are adequately covered.

Top of Form

Bottom of Form


So, whatever your views are on the matter, the point is, technological advancements specifically artificial intelligence (AI) is here to stay. As the world continues to evolve at a rapid pace, technology is becoming a critical driver of growth and development across all sectors. As business leaders, we need to leverage it in the best manner possible. As John Sculley, former CEO of Apple, stated, “Leadership is about anticipating change and adapting to it.” By embracing technology advancements, leaders can stay ahead of the curve and position their businesses for success.


So now what?

If you are looking for a partner that will take your business to another level, then consider partnering with us. Visit us at https://www.syfinity.com.

About the author

Suren Kasil has a Master’s degree in Accounting Sciences, a Fellow of the Insurance Institute of South and Director of Syfinity Solutions, a software solutions company.