Generative Artificial Intelligence (Gen AI) applications and the underlying Large Language Models (LLMs) that support this technology have captured the attention of the insurance industry. This technology has the potential to significantly increase the efficiency and accuracy of underwriting, claims and fraud/risk processes.
Yet, for as much interest as there is in Generative AI, there is also uncertainty and unanswered questions. Insurers face an unprecedented amount of information about where Generative AI can benefit, where it may fall flat, and which models may be best for a variety of use cases. These are just some of the issues insurers must evaluate when considering how to bring Generative AI into their technology stack and business processes.
Shift Technology has been a pioneer in AI for insurance since 2014. Over the past decade we have built one of the industry’s largest data science teams dedicated to AI in insurance. This team is engaged in research and development to advance the state of AI for insurance use cases, as well as the application of that R&D to develop innovative solutions for our insurance customers.
This report is the first in a series that will periodically highlight the findings from research our data scientists have undertaken to better understand the performance of specific LLMs when applied to common insurance processes. The goal is to provide insurance professionals with a trusted source of information when it comes to AI in order to help them make the best decisions possible when evaluating this technology.
Thank you to the Shift data scientists and researchers who made this report possible.
