The May 2023 report reviews business and technology trends in specialty insurance lines, noting that insurers are focusing on long-term data strategies, including cloud data warehouses, reporting tools, and AI/ML/NLP for unstructured text ingestion. ChatGPT and other LLMs are sparking broader AI strategy discussions. Upgrading to configurable policy administration systems is improving underwriting and product development agility. Specialty insurers are also exploring automation for new business document ingestion, broker platforms, and API catalogs, with some testing LLMs for submission, underwriting, and claims processes.

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