This report explores the strategic decisions insurers face regarding large language models (LLMs). While AI adoption interest is high, few insurers will build or fine-tune their own LLMs—fewer than 1% plan to build and about 5% to fine-tune—most will rely on third-party providers or insuretech partnerships. Others may opt out entirely. Each path requires careful consideration of factors like budget, internal data science expertise, domain knowledge, and potential competitive advantage. Ultimately, the decision to adopt LLMs must align with broader organizational goals and resource capacity.

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