Using Large Language Models in the Insurance Industry
Enhance efficiency, accelerate decision-making, and enable employees to quickly access the information they need
- SOC 2 Compliant
- GDPR Compliant
The insurance industry deals with a growing volume of both internal and external text documents daily. This accumulation leads to massive amounts of structured and unstructured data insurance professionals use in their decision-making processes. However, the constant influx of data-rich documents, and the limited time for processing them, has an increasing number of insurance companies turning to large language models (LLMs) to optimize the performance and efficiency of their systems.
deepset Cloud can help with your transition to an intelligent, LLM-driven, Google-like search experience for insurance industry applications.
Reliance on text-dense documents to make intelligent, data-driven decisions quickly
In insurance, the processes of underwriting, claims processing, risk analysis, report analysis, and customer interactions all heavily rely on text-dense documents. The teams behind these processes must sift through hundreds of documents to locate relevant information which is vital for drawing accurate conclusions and making valid predictions. The task is so daunting, employees often spend up to one-third of their time seeking the information crucial for their work, with one of the largest challenges being finding the precise information necessary for analysis.
Gather and analyze cumbersome insurance documents and files with LLMS
LLM-enabled applications greatly assist insurance employees by delivering faster, more accurate, and ultimately more efficient search results, enabling employees to access and analyze essential information and to make informed decisions much faster.
The current state of generative AI such as LLMs in application development allows enterprises to leverage its capabilities for text data analysis, making the cost and implications of not implementing LLMs considerable.
LLMs can be used for a variety of tasks in the insurance industry:
Analysis of reports, claims, and regulatory documents
Monitoring of economic news and publications
Organization and screening of client documents
Qualitative market research
Generation of aggregate reports
Policy compliance analysis
Insurance organizations can realize several benefits by incorporating LLMs into their applications, all without incurring unnecessary costs in time or capital:
Reducing time spent on document search
Assisting in classifying, analyzing, and validating reports, claims, and documents
Extracting valuable information previously hidden in vast insurance data troves
Faster time-to-output rate while ensuring high-quality results
Improving customer relationships and satisfaction
Enhancing the accuracy of risk assessments
Identifying and eliminating bias in decisions
Efficiently restructuring existing processes to reduce time lags
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New open source models and algorithms now allow millions of developers to build what was previously available only to the industry giants like Google or Facebook. Thanks to deepset Cloud, it’s now possible for enterprises to rapidly replicate LLM’s game-changing capabilities for text data analysis – based on their unique needs.
Building from scratch?
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Why choose deepset Cloud?
Start building now
You’ll have your first prototype at breakfast, feedback by lunch, and an integrated NLP service before dinner. The deepset Cloud platform solves problems like infrastructure, evaluation, demo UI, and feedback mechanisms so that you can focus on what truly drives your business forward.
Scale without the hassle
From vector storage to GPU inference, things become hard when you do them at scale. deepset Cloud manages all the underlying infrastructure for you so that you can focus on developing the features your product needs.
Future-proof your application
Generative AI capabilities are advancing at an unprecedented pace. New and better models emerge all the time. If you’re using deepset Cloud in your app, you have our team of solution engineers making sure you aren’t stuck with a single-vendor model. With deepset Cloud, you can easily use and compare models like GPT-4, Llama-v2 or Claude.
Securely build for enterprise
We know what it takes to build an application in an enterprise context. In deepset Cloud, you can manage access with MFA and SSO, and your data layer can stay in your VPC. If you need that little extra boost, our NLP experts will support you with professional services.
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Start shipping LLM powered applications in days not weeks