PolicyGPT, an AI-Powered Tool by Health Insurance Startup Plum

PolicyGPT is a chatbot developed utilizing the Open AI GPT-3 engineering to provide clients with data about their healthcare insurance policy bought from Plum.

Plum, a health insurance startup based in Bengaluru, has launched PolicyGPT, an AI-powered tool aimed at providing customers with educational information about their policies by conversing with a bot in "natural" language.

PolicyGPT is a chatbot made utilizing the OpenAI GPT-3 design, a deep learning-based language model that creates human-like text, code and so forth, to provide users with information regarding their Plum-purchased health insurance policy. With the primary objective of educating users about their policy, it has access to user policy details and general information about health insurance.

Plum's Chief Technology Officer and co-founder, Saurabh Arora, believes that technologies like PolicyGPT have the potential to revolutionize the insurance industry because the service will help insurance companies fill the gaps that are currently there in terms of customer service and response time.

According to the company, some people find it difficult to navigate through the insurance world, especially for employees have trouble reading and comprehending the policy document. Since most of the users generally avail insurance during an emergency, therefore it is important to educate them around '˜what is covered and what is not covered' and help them make informed decisions.

A type of advanced text generation model known as GPT, or Generative Pre-trained Transformer, is trained on vast amounts of internet data. The GPT3 model with its capacity to deliver different results has made it an exceptionally discussed subject in data science. Its replacement GPT-3.5 was uncovered with the launch of ChatGPT in November 2022, which is a fine-tuned iteration of the model designed as a universal chatbot for all purposes. In addition, the GPT model's most recent iteration, GPT4, is regarded as having even more advanced capabilities.