The Value and Future of AI Language Models in the Global Insurance Industry

Insurers’ understanding of these tools has expanded dramatically over the course of 2023.

Throughout 2023, the conversation around artificial intelligence (AI) has permeated all aspects of our society. Insurers are increasingly trying to get more specifics on how AI will impact the broader insurance industry and their specific lines of business. Large language models (LLMs) have been a source of particular interest and confusion. In conversations with Datos Insights, insurance technology executives express a spectrum of views on these tools, ranging from questioning whether an insurer should build LLMs to questioning if LLM capabilities have any value whatsoever.

This report, sponsored by DXC and written by Datos Insights, provides definitions of various language models and explores how insurers will most likely utilize LLMs along with a decision table outlining factors that insurers can consider as they contemplate various options. This report is based on practitioner experience, solution provider engagement, ongoing Datos Insights research on AI, and the authors’ experience and engagement with AI.

Clients of Datos Insights’ Life, Annuities, & Benefits and Property & Casualty services can download this report.

This report mentions Anthropic, AWS, DXC, GitHub, Google, Hugging Face, Meta, Microsoft, and OpenAI.

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