Comparing insurance policies is time-consuming and the language is often deliberately complex. This guide shows you how to use ChatGPT to decode insurance jargon, understand what you're actually covered for, and ask better questions before you buy.
What you will need
A free ChatGPT account. Optionally, a copy of a policy document or Product Disclosure Statement (PDS) you want to understand — you can paste sections of text directly into ChatGPT.
1
Decode insurance jargon
Start by asking ChatGPT to explain the key terms in a policy you're reviewing.
📋 Example prompt — copy and paste this
Explain the following insurance terms in plain English: excess, exclusion, waiting period, pre-existing condition, agreed value versus market value, and PDS. Use Australian examples where relevant.
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You can paste actual text from a PDS into ChatGPT and ask it to summarise or explain specific sections.
2
Understand what you need
Before comparing policies, get clear on what coverage you actually need for your situation.
📋 Example prompt — copy and paste this
I am an Australian woman aged 58. I own my home, have private health insurance, and am semi-retired. What types of insurance should I generally consider reviewing or having in place at this stage of life? Please explain what each type covers and why it may or may not be relevant.
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This is general guidance. Your specific needs depend on your personal situation — a licensed insurance adviser can give personalised recommendations.
3
Compare two policies
If you have two policies or quotes, ask ChatGPT to help you think through the comparison.
📋 Example prompt — copy and paste this
Help me compare two health insurance policies. Policy A has a $500 excess, covers major dental, and costs $180 per month. Policy B has a $250 excess, does not cover dental, and costs $140 per month. What questions should I be asking, and what are the general trade-offs between these two options?
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Always read the full PDS before purchasing. ChatGPT can help you think through the comparison but cannot access real-time policy details.
4
Write questions to ask your insurer
Use ChatGPT to prepare smart questions before calling your insurer or broker.
📋 Example prompt — copy and paste this
I am about to call my health insurance provider to review my policy. Write me 10 specific questions I should ask to make sure I fully understand my coverage, any gaps, and whether there are better options available at a similar price point.