What is Insurance Automation with ChatGPT?

ChatGPT is a product from OpenAI that acts like a chatbot based on GPT technology. GPT stands for Generative Pre-trained Transformer. It is a type of Large Language Model, or LLM. Many companies, including Instabase leverage GPT models as part of their products. GPT models are pre-trained on billions of input data, and are used to help understand language in a similar way humans would. Insurance Automation is the idea of leveraging artificial intelligence to help automate insurance processes such as broker submissions or claims. Leveraging GPT models for Insurance Automation then refers to the idea of automating tasks that have highly unstructured language data at its core like life insurance underwriting. Examples include the automatic understanding of medical records and perform a risk evaluation on basis of that document – similar to how a human would.