The latest technology to enter the hype cycle is “artificial intelligence” due to the public release of Open AI’s Chat GPT-3 tool. While the term artificial intelligence is used extensively in describing this and similar tools, the current versions are far from “intelligent.”

What is GPT-3?

GPT-3 (short for “Generative Pre-trained Transformer 3”) is a language generation model developed by OpenAI. It is one of the most advanced language models currently available and has been trained on a large dataset of human-generated text to learn the patterns and structures of natural language. One of the strengths of GPT-3 is its ability to generate content and coherent and fluent text that is difficult to distinguish from text written by a human.

Artificial intelligence (AI) enables computers and machines to perform tasks normally requiring human intelligence, such as understanding language, recognizing images, and making decisions. Machine learning is a subfield of AI that involves training algorithms to learn patterns in data (text) and make predictions or decisions based on that data. A more accurate description of GPT-3 is a machine-learning algorithm that recognizes text patterns and can reproduce them.

I am in the middle of a deep dive into the potential of GPT-3 to help insurance agents. This development is exciting, and don’t believe all the hype just yet. More from me to come.

Now, here’s George Robertson with an overview of GPT-3 and some of what it can do:

What Can GPT-3 Do?

You might be amazed at the ability of GPT-3. Imagine typing in “What is the difference between Collision and Comprehensive Insurance?” and then in a matter of seconds watch as an article appears on your screen. With the announcement of ChatGPT,  a chatbot created by OpenAI and released in November of 2022, you can type in a question and, in seconds, see a written response. Other capabilities of GPT-3 are listed below.

• Correct Grammar
• Write Blogs
• Translate Languages
• Answer questions
• Write Articles

Impact of GPT-3

• Creation of content for social media or informational articles now becomes an easier process.
• Customer inquiries on insurance terms could be created in seconds and provide for a better customer experience.
• Internal training of staff could be assisted by using this technology to educate staff on insurance terms and coverages.

We must all remember; this is a relatively new technology and is not perfect. Even Sam Altman noted in a Tweet on July 19, 2020, that GPT-3 has some weaknesses and sometimes makes silly mistakes. As this technology continues to evolve, we will see more usage trends that will impact our business models and change how we train, educate, and process requests from customers and potential clients.