Name: Code & Capital - Harnessing Gen AI
Uploaded: 2024-03-14T11:10:43.290Z
Duration: 208.28

Code & Capital - Gen AI.mp4

Code & Capital - Gen AI.vtt

ENGLISH

{{00:00:16}}
So I think in general the nature
of the insurance business that

{{00:00:21}}
we're in is is not changing.

{{00:00:24}}
It is, it remains the, business
foundations remain the same, but however,

{{00:00:28}}
what generative AI provides, it's a way
to essentially supercharge the people

{{00:00:34}}
working in the industry essentially
augment their work in a way that

{{00:00:37}}
hasn't been possible before, and then
increase their efficiencies meaningful.

{{00:00:48}}
So I think ethical consideration is
something that that we adhere to.

{{00:00:52}}
We take seriously we have our own AI
framework, and the reason for that

{{00:00:58}}
is to understand as this technology
generative AI plays out is that what

{{00:01:02}}
impact it will have on decision making.

{{00:01:05}}
The word generative in generative
AI alludes to that the AI is

{{00:01:09}}
doing decisions on its own.

{{00:01:11}}
And this is something that we want
to make sure that at the moment,

{{00:01:15}}
all our external customer facing AI
solutions have a human in the loop.

{{00:01:21}}
Because you need to have a control
over AI and you want that AI to be

{{00:01:25}}
transparent and non biased so that's why
it's important to really carefully work

{{00:01:31}}
with those technologies, understand how
they work and what impact they will have

{{00:01:35}}
on your, business and your customers.

{{00:01:45}}
I work heavily with, customer
service and one of the areas there

{{00:01:49}}
is to understand with generative
AI better what customers want.

{{00:01:53}}
Because customers they can
express the same thing literally

{{00:01:57}}
in a million different ways.

{{00:01:59}}
So how do you teach a machine to
understand what they really want?

{{00:02:02}}
And I think this is an area
where generative AI can be used.

{{00:02:05}}
Another area is definitely for improving
internal efficiencies in search.

{{00:02:11}}
So people that work with historical
cases, databases, documents, they can

{{00:02:18}}
use generative AI based technologies to
speed up search and then Find information

{{00:02:23}}
a lot faster from a large knowledge base
so that they can make better decisions.

{{00:02:32}}
I think there's a couple of things.

{{00:02:34}}
So one is that you, need to
understand that the building a

{{00:02:39}}
demo and building something at
scale are two different things.

{{00:02:42}}
Building generative AI solutions at scale
and capable of dealing with edge cases is

{{00:02:47}}
something that takes quite a bit of work.

{{00:02:50}}
So just be mindful of that.

{{00:02:52}}
On the other hand I would definitely
encourage companies to, to work

{{00:02:56}}
with demos and do pilots but
really focus on the business cases.

{{00:03:01}}
So focus on the business case
where Genuitive AI can add

{{00:03:04}}
value and then expand on that.

{{00:03:07}}
Because at the end of the
day, it's about making your,

{{00:03:11}}
business grow and make it better.

{{00:03:13}}
And GenAI, it is a great tool.

{{00:03:15}}
It's a great technology, but
still just a technology, right?

{{00:03:19}}
Look where it makes sense to apply
it, and then double down on that.

So I think in general the nature
of the insurance business that

It is, it remains the, business
foundations remain the same, but however,

what generative AI provides, it's a way
to essentially supercharge the people

working in the industry essentially
augment their work in a way that

hasn't been possible before, and then
increase their efficiencies meaningful.

So I think ethical consideration is
something that that we adhere to.

We take seriously we have our own AI
framework, and the reason for that

is to understand as this technology
generative AI plays out is that what

The word generative in generative
AI alludes to that the AI is

And this is something that we want
to make sure that at the moment,

all our external customer facing AI
solutions have a human in the loop.

Because you need to have a control
over AI and you want that AI to be

transparent and non biased so that's why
it's important to really carefully work

with those technologies, understand how
they work and what impact they will have

I work heavily with, customer
service and one of the areas there

is to understand with generative
AI better what customers want.

Because customers they can
express the same thing literally

So how do you teach a machine to
understand what they really want?

And I think this is an area
where generative AI can be used.

Another area is definitely for improving
internal efficiencies in search.

So people that work with historical
cases, databases, documents, they can

use generative AI based technologies to
speed up search and then Find information

a lot faster from a large knowledge base
so that they can make better decisions.

So one is that you, need to
understand that the building a

demo and building something at
scale are two different things.

Building generative AI solutions at scale
and capable of dealing with edge cases is

something that takes quite a bit of work.

On the other hand I would definitely
encourage companies to, to work

with demos and do pilots but
really focus on the business cases.

So focus on the business case
where Genuitive AI can add

Because at the end of the
day, it's about making your,

It's a great technology, but
still just a technology, right?

Look where it makes sense to apply
it, and then double down on that.

FinovateEurope

Finovate

Code & Capital

Expert Insight

Code & Capital explores with Indrek Vainu, Head of Conversational AI at Zurich Insurance Company, at Finovate Europe the applications of harnessing Gen AI including what are the real opportunities and the potential challenges? How generative AI could transform financial services by delivering new insights, automating processes and improving decision-making. What are the questions around types of generative AI models and ethical considerations? Where are the real-world applications in areas such as risk management, fraud detection, and customer service?
What are factors financial institutions need to consider when implementing these technologies in their organisations?

Future fintech

Gen AI

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Indrek Vainu

Discover insights from other experts

Head of Conversational AI

What are the real opportunities and the potential challenges? How generative AI could transform financial services by delivering new insights, automating processes, and improving decision-making?  