Harsh Kar, an enterprise leader in data and AI at Genpact, discusses the challenges and opportunities of generative AI in organizations. He explains how previously siloed enterprise functions will work in concert and offers criteria for developing data governance practices for leveraging generative AI. The podcast also explores AI's impact on the insurance industry, partnerships in gathering data, upsell opportunities, large language models, and the changing customer-business relationship.
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Quick takeaways
New generative AI capabilities will enable previously siloed enterprise functions to work together more effectively and efficiently.
Developing strong data governance practices is crucial for enterprises to leverage generative AI use cases and transform entire industrial sectors.
Deep dives
Know Your Asset Workflows in AI-Enhanced Insurance
In the podcast, Hayden Kirkpatrick discusses the importance of know your asset workflows in the insurance industry. He explains that while other industries focus on knowing the customer, insurance is more concerned with knowing the asset being insured. By collecting detailed data about the asset, such as the make and model of a vehicle or the value and contents of a home, insurance companies can streamline workflows, minimize risk, and offer more precise pricing solutions to customers. This requires strong partnerships with data providers like car manufacturers or home appliance companies to access and verify asset information. The goal is to move toward a platform-level insurer that integrates with assets, delivers personalized preventive services, and ultimately keeps customers safer.
Challenges and Opportunities in Data Collection for Insurance
Hayden Kirkpatrick also addresses the challenges and opportunities in data collection for insurance. He explains that while some data sets, like behavioral and attitudinal data, require partnerships with wearable or lifestyle apps, other data, like environmental risk information, can be developed internally. The podcast discusses the importance of transparency in the insurance industry, as customers want to understand why their prices change and what factors influence their coverage. AI, specifically large language models, can help bridge the gap between industry jargon and customer understanding, answering questions and explaining insurance terms. However, custom code, data training, and partnerships are needed to achieve a more personalized experience for customers, including individualized underwriting and pricing explanations.
The Future of AI in Insurance and Large Language Models
The podcast concludes with a discussion on the future of AI in insurance and the role of large language models. Hayden Kirkpatrick highlights that while current large language models like chat GPT are proficient at explaining insurance concepts to customers, more sophisticated capabilities will require customized code, data, and models. The episode emphasizes that the future of AI in insurance lies in dynamic engagement and interactive conversations with customers. As technology advances, insurers will be able to provide personalized insights, enable preventive measures, and deliver notifications and recommendations based on real-time asset data. However, these advancements will take time and require building trust with customers through transparent and informative interactions.
Today’s guest is Harsh Kar, an enterprise leader in data and AI at Genpact. Harsh joins Emerj CEO and Head of Research Daniel Faggella on today’s show to deliver a sober yet very optimistic assessment of the challenges and opportunities surrounding new generative AI capabilities for organizations across industries. Throughout the episode, Harsh pulls apart how previously siloed enterprise functions – from data management, to hiring and marketing strategy – will soon work in concert, and with greater facility than ever before. Later, Harsh offers executives specific and actionable criteria for developing the data governance practices necessary for any enterprise to leverage generative AI use cases that will soon transform entire industrial sectors. For more relevant insights, business leaders should also explore Genpact’s recent white paper titled ‘Scaling Generative AI in the Enterprise. This episode is sponsored by Genpact. Learn how brands work with Emerj and other Emerj Media options at emerj.com/ad1.
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