Madrid, November 16, 2023.
As in previous editions, Allianz Partners has participated in Insurance Revolution, one of the most important conferences in the Insurance sector, which this year has focused on how Artificial Intelligence has put companies in the industry in check.
In recent years, Artificial Intelligence has become a fundamental part of the insurance sector. The first generation of AI, particularly Machine Learning (ML), has brought significant advances in predictive analytics, operational optimization, and error reduction. In addition, later technologies such as Deep Learning and Natural Language Processing (NLP) have made it possible to improve decision-making in more complex situations and take process automation to new levels. Now the sector faces a new challenge: that of Gen IA (Generative Artificial Intelligence), which represents a significant evolution of Artificial Intelligence. This has been the premise under which Insurance Revolution was held this year, one of the most important conferences in the Insurance industry and which brings together dozens of experts every year. The objective is to share ideas and impressions about the new challenges of the sector. Fabien Mellano, Head of Innovation and Product Management at Allianz Partners, attended the meeting as an AI expert: "In our case, as a company in the Insurance and Assistance sector, we found added value thanks to AI. An example would be in our Home Assistance line, where we are actively looking for plumbers with master's degrees in AI." "Gen AI is a kind of advanced version where, instead of having to teach everything to a machine with tons of data, it already comes' taught' and can learn and interact on its own," explains Mellano. The highlight of this technology is that it understands context. You can follow a conversation and adapt to it. Before, Mellano says, "if you asked a machine a question, it could respond based on what you taught it. But with Gen AI, it's like talking to someone who can follow the conversation, remember what you said before, and add new information. This allows us to converse with the machine and add new knowledge." Therefore, companies have the responsibility of controlling the use of Artificial Intelligence. It is now very important to gain practical experience in its application, as well as respect regulatory compliance and data privacy. The main elements at stake are:• Ethical implications• Issues of bias and discrimination• Security and privacy• Intellectual property• Excessive dependency• LiabilityAll of this forces organizations to activate certain mechanisms such as transparency policies, audits, strict human supervision , subject the tool to rigorous testing and an extensive privacy system. "Our goal within Allianz Partners is to realize the potential of Gen AI, while at the same time being able to mitigate many of the associated risks, ensuring a more ethical and responsible implementation of this technology in our organization."
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