Roots Automation, the pioneer behind AI-powered Digital Coworkers, has unveiled its latest innovation, InsurGPT.
This state-of-the-art, fine-tuned Generative AI model is specifically designed for the insurance market, setting a new standard in the industry.
The introduction of InsurGPT aims to enhance the natural language capabilities of Digital Coworkers. By utilising proprietary, fine-tuned Large Language Models (LLMs), it accurately extracts data from both structured and unstructured documents, including ACORD forms, medical claim forms, insurance applications, loss runs, quotes, and more.
Roots Automation is known for creating intelligent Digital Coworkers that combine machine intelligence with human ingenuity. These digital employees are trained to understand and interact with documents, systems, and processes common in the insurance sector. Based in New York, the company was established in 2018 with a vision to alleviate human workforces from inefficient tasks, thereby increasing their productivity and job satisfaction.
InsurGPT is built to improve the accuracy, speed, and validity of data extraction and inferencing in the insurance sector. Utilising a comprehensive corpus of insurance-specific data and documents, it greatly reduces ‘hallucinations’, or false positives, often generated by non-industry-specific Generative AI models.
Chaz Perera, Roots Automation’s co-founder and CEO, stated, “We have fundamentally imbued our Digital Coworkers with deep insurance experience and knowledge through InsurGPT. InsurGPT removes the need for templates or heavy OCR configuration to analyse and process business documents, it simply reads insurance documents like a human would and produces accurate results, fast and at scale.”
The effectiveness of InsurGPT has already been demonstrated through real-world applications. For instance, a national Third-Party Claims Administrator (TPA) is using InsurGPT to scale its First Notice of Loss (FNOL) process, achieving greater accuracy without needing to change the underlying process.
John Cottongim, co-founder and CTO of Roots Automation, added, “Critical to the development of InsurGPT was the fundamental belief that while companies like OpenAI and Google have created something great, they are not interested in going deep into the Insurance sector. We have! Importantly, InsurGPT is constantly improving through the real-time interactions between our Digital Coworkers and our Customers’ teams.”
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