The May 2024 brief highlights insurers’ growing interest in generative AI, with most not yet “well prepared” but actively piloting large and small language models, particularly among larger carriers. 2024 is seen as a learning year, with few firms having formal budgets, teams, or processes for GenAI deployment. Insurers are exploring options such as fine-tuning commercial LLMs, adopting capabilities from insurance solution providers, or partnering with insurtechs, while building an LLM from scratch is deemed unnecessary for most. The focus remains on experimentation and readiness for future integration.

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