Large language models (LLM) in the insurance industry

Language models are currently at the centre of all the hype. With the advent of ChatGPT-3, ChatGPT-4 and other advanced models, they have attracted enormous attention. The ability of these powerful AI systems to understand natural language and produce human-like generated text has caused much fervour in various industries, including the insurance industry.

But what is the current and future relevance of LLM for insurance companies?

Large language models are highly complex artificial intelligence systems based on extensive machine learning. They can understand, generate and respond to natural language. In the insurance industry, they offer enormous potential and can improve customer service, automate processes and support in risk assessment and product development. These models enable insurance companies to work more efficiently, offer personalised solutions and make data-driven decisions.

• Improved consultancy services and customer service in real time leveraging the power of LLM-driven systems
• Taking minutes at internal meetings, consulting and call centre calls
• Improved customer centricity through tailor-made offers using the optimised next-best offer and next-best action models
• Nearly everything supported by chatbot-driven communication from initial claims receival to settlement
• Analysis of individual claims and fraud detection through identification of patterns or anomalies with fully automated claims handling of low and medium-value claims
• Improved analysis of data, especially through unstructured sources, to build models for predicting risks
• Improved customer service through LLM-driven analysis of customer feedback
• Improved insurance products based on unstructured data from market research using automated/LLM-driven analyses

adesso is your competent partner for creating an initial strategy and roadmap for implementing LLMs. We implement a variety of LLM solutions for our customers and know their impact on insurance policies in detail.

We will specify possible fields of application and use cases and make the potentials of using LLMs visible for your insurance company by means of an interaction room, which brings different stakeholders together at one table. We take a holistic view of the market, product, organisation and data.

Among other things, we work together on the following aspects:

• Requirements engineering: Assessment of the maturity level of the organisation and systems with development of a use case backlog
• Technical evaluation with prioritisation and potential analysis of the use cases and roadmap
• Outlook: Implementation of the use cases on the roadmap

Let us take the next steps using our proven method and your interdisciplinary team. We will show you how to prepare your company for the future.

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