What is insurance broker submission automation with chatgpt?

ChatGPT is a product from OpenAI which 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 Broker Automation is the idea of leveraging new technology to help automate the underwriting process and improve commercial risk understanding. Leveraging GPT models for underwriting automation then refers to the idea of automating tasks that have highly unstructured language data at its core like understanding complex broker presentations, loss runs, and schedules of value.