Enhance Risk Modeling with External Data Integration

Incorporating external factors (e.g., economic trends, climate data, social inflation indicators, pandemic information) can improve the accuracy of risk models. LLMs can help actuaries find, process, and integrate relevant information from diverse external text sources (news articles, scientific papers, economic reports) into their models. For example, an LLM could summarize recent research on the impact of climate change on property losses to inform catastrophe modeling.