InsTech - insurance & innovation with Matthew Grant

Colville Wood & David Fearne: Cognizant: The power and surprises of generative AI in practice (283)

Jan 10, 2024

Colville Wood and David Fearne from Cognizant discuss the practical applications and benefits of generative AI in the insurance industry. They explore how generative AI can automate manual tasks, optimize processes, and provide valuable insights for underwriters. The key to successful implementation is finding balance between AI and humans. They also touch on data privacy and security considerations. Overall, generative AI has the potential to streamline workflows and improve operations in the insurance industry.

30:39

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Episode guests

David Fearne

Colville Wood

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Generative AI has the potential to automate manual tasks and optimize processes in the insurance industry.

Implementing a cognitive architecture that integrates with generative AI can enable organizations to generate new knowledge, enhance productivity, and create proactive and reactive systems.

Deep dives

Introduction to Generative AI

Generative AI, or Generative Artificial Intelligence, is a multifaceted technology that can create new derivative knowledge based on existing multi-source knowledge. It has the ability to learn on demand, understand, and critically think through problems. This technology is being applied in various industries, such as virtual doctor programs, powerful underwriting accelerators, and co-pilots for development. It has the potential to free up time for professionals to focus on higher value tasks and accelerate decision-making processes. Companies are starting to explore and invest in generative AI, shifting budgets from cost reduction to experimentation and application development.

Introduction

2min

Generative AI: Solving Insurance Problems

5min

Understanding the Four Cognitive Architectures for Enterprise Use Cases

3min

Applying Generative AI in Customer Experience and Organizational Processes

20min

Exploring Constant's Approach to Generative AI

2min

Cognizant is a global professional services company helping companies across different industries with generative AI.

Henry Gale is joined this week by Colville Wood, Chief Technology Officer for Insurance (UK&I and EMEA) and David Fearne, Global Director of Generative AI at Cognizant. The discussion covers how Generative AI has the potential to automate manual tasks, optimize processes, and provide valuable insights for underwriters in the insurance industry. Cognizant encourages companies to start exploring the possibilities of generative AI and see how it can improve their operations.

Key talking points include:

Generative AI in the workplace - accelerator and assistant
Data, privacy and security considerations
Helping underwriters do their work better
The key to successful implementation is balance

If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn.

To find out more about InsTech, our membership and offerings visit www.instech.co or contact us hello@instech.co

Continuing Professional Development

This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme.

By the end of this podcast, you should be able to meet the following Learning Objectives:

Identify how Generative AI can help streamline workflows in insurance, particularly for underwriters
Summarise what you need to take into consideration before implementing Generative AI into the workplace
Specify examples where insurers could implement Generative AI to accelerate their processes

If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 283 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast.

To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

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