InRule came in full force to the InsureTech Connect Vegas 2023 conference, a worldwide gathering of the insurance industry’s best and brightest. The conference took place October 31 to November 2, and gave the InRule team the chance to find out what’s on the mind of attendees. Some key takeaways:
Strong interest in generative AI and “co-pilot model”
A notable shift towards large language models (LLMs), led by generative AI, was evident among conference participants, compared to last year’s focus on AI and blockchain technology. The introduction of the “Co-pilot model” aligns with the concept of human-in-the-loop decisioning, while Generative AI can augment process automation for specific functions, starting with analyzing and managing document revisions.
Costs and benefits of LLM vs SLM
The expense and complexity of large language models, such as natural language processing and generative AI, are proving costly for insurance companies to develop on their own. Thus, many insurers are opting for small language models and open-source solutions.
Aspirations for plug-in-play AI
Wanting the best of all worlds, a common sentiment among attendees is the desire for modular AI solutions that can easily integrate with organizational systems, as well as other third-party platforms, giving users the power of LLM technology without incurring their prohibitive development and updating costs.
Leading insurance organizations including Tokio Marine, AON, Markel, Allstate and Pacific Life Insurance leverage the InRule enhanced AI decisioning platform to better serve customers, staff and investors, To find out more about the many benefits InRule provides insurance organizations, visit here.