This is the second in a series of blogs on the “AI is here.” podcasts. Each blog in the series will highlight the insights from a specific industry leader as they describe how their organization is deriving significant value from AI today.
In this edition of the “AI is here.” podcast, Dan Faggella, Founder and CEO of market research and publishing company Emerj, speaks with Gero Gunkel, Chief Operating Officer and Data Science Leader at Zurich Insurance Company, Ltd. Gunkel speaks about how the generative power of the latest AI models, and Natural Language Processing (NLP) in particular, is transforming the insurance industry and what he believes are the most significant ways in which AI will change what is possible for the insurance industry going forward.
According to Gunkel, text based use cases, which is the automated analysis and processing of text, is the most prominent use case among large insurance organizations today. This is both because these organizations have so much of this type of data, in terms of sheer volume, and because they can do so much to get value for the business with it.
For Gunkel, the important thing is that they use generative models that don’t just pull, for example a name or address from a document, but they can also write a short summary of the entire document, just like a human would.
According to Gunkel, there are three common use cases in insurance:
These are the use cases where they get documents from internal or external sources, which could be presentations, scanned documents, emails, and more. They then extract information from them automatically without requiring human workers, streamlining these manual or monotonous processes.
When asked why text based automation is so important to the insurance industry Gunkel identified two reasons:
Gunkel went on to make some predictions about the future of AI. He made three predictions:
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