Design Customized and Usage-Based Insurance (UBI) Products

LLMs facilitate the design and implementation of more personalized and dynamic insurance products. They can analyze individual risk factors derived from telematics, IoT devices, or lifestyle data to help structure UBI programs or create highly tailored coverage bundles. For instance, designing a health insurance product where premiums are influenced by data from wearable fitness trackers, analyzed by an LLM to assess health behaviors.