Using Large Language Models in the Insurance Industry

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.

The Challenge

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.

The Solution

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.