Today, the power of Generative AI and Large Language Models for Insurers has finally arrived. Expert.ai launched a custom trained language model within the expert.ai Platform for Insurance called ELMI, formally the Enterprise Language Model for Insurance. Below are some of the most Frequently Asked Questions (FAQs) that we hear about what ELMI is, how it is different from current Large Language Models (LLMs), and how it provides meaningful value to insurers. If you have additional questions, don’t hesitate to reach out to us here.
What is ELMI, and what is its primary purpose?
ELMI, short for Enterprise Language Model for Insurance, is a language model designed specifically for the insurance industry. Its primary purpose is to assist insurers in automating their core language-intensive processes, enhancing accuracy and allowing them to achieve their goals for digital transformation and straight through processing.
What are the key capabilities of ELMI?
ELMI offers three main key capabilities: Generative Summarization, Zero-Shot Extraction and Generative Q&A.
These capabilities enable ELMI to:
- Summarize claims for straight through processing or human review
- Extract crucial data from unstructured and semi-structured text data in policies, medical claims, CMS forms, risk reports and slips
- Generate answers to specific questions posed by employees
How can ELMI benefit insurance professionals?
ELMI’s ability to automatically read and understand language data and its access to deep insurance domain understanding helps insurance teams tackle their most demanding challenges.
ELMI enhances the efficiency of the underwriting and claims team so that they can digitally transform insurance operations, reduce costs and ultimately improve their combined ratios.
What processes and use cases can ELMI support within the insurance sector?
ELMI supports a wide range of insurance processes, including claims processing, policy review, risk engineering assessments, demand packet document indexing and submissions intake.
Who can use ELMI, and how is it accessed?
ELMI is available to insurance companies globally through the expert.ai Platform for Insurance and expert.ai out of the box solutions. ELMI is designed for insurers looking to streamline their operations and improve efficiency.
How does ELMI compare to other language models like GPT-4.0?
ELMI offers accuracy on par with GPT-4.0, making it highly reliable for extracting data from insurance-related documents and automating various tasks. What sets ELMI apart from general knowledge language models like GPT-4.0 is that it is specifically trained for insurance.
What are the advantages of using ELMI over general language models?
ELMI is trained specifically for the insurance domain. This eliminates the need for complex and costly training processes. Since ELMI is smaller and purpose-built, it is also cost-optimized for deployment and operational use. In addition to meeting security and compliance standards, ELMI is completely cloud-agnostic, providing flexibility in deployment.
Is ELMI a cost-effective solution for insurers?
Yes, ELMI is a cost-effective solution compared to token-based hosted commercial alternatives as it reduces expenses related to model usage, hosting, running and maintenance while delivering high levels of performance and accuracy that is tailored to the insurance sector.
Does ELMI reuse client data for training?
No, ELMI does not reuse client data for training purposes. Expert.ai can work with clients to train and tune ELMI using proprietary client data. Each instance of ELMI is client specific, and the data is not accessible