Reflecting on the Data Innovation Alliance Expert Group Meeting: “AI in Finance & Insurance”
On December 4th, the Data Innovation Alliance Expert Group “AI in Finance & Insurance” met at the Unit8 Zurich office for the third time this year. The meeting united a diverse array of data & analytics professionals and enthusiasts from Swiss financial institutions such as Helvetia Insurance, Swiss Re, Migrosbank and ZKB. The meeting served as a melting pot of ideas and innovations in the realm of Generative AI and its applications in finance.
The Agenda: A Blend of Insight and Inspiration
The event commenced with a warm welcome from Prof. Branka Hadji Misheva and Andreas Blum, setting a tone of collaborative inquiry and discovery. The agenda was packed with enlightening talks, starting with an engaging presentation by Benjamin Theunissen from Helvetia Versicherungen. Theunissen illuminated the audience with Helvetia’s approach to Generative AI, highlighting their groundbreaking projects ClaraGPT and Helvi, designed for external and internal customers, respectively.
Prof. Branka Hadji Misheva then delved into the use of large language models for entity matching in financial data management. Her insights on how these models can capture semantic similarities, bridging gaps in data where keyword overlaps are absent, were particularly enlightening.
Lastly, Thanos Giannakopoulos, senior data scientist and co-lead of the Unit8 Generative AI Practice, captivated the audience with a talk on “GenAI in Action.” His demonstration of how Generative AI can rapidly retrieve information from risk documents was a testament to the transformative potential of these technologies in the financial sector.
The Core Message: Bridging Theory and Practice
A recurring theme throughout the meeting was the underutilization of Generative AI in finance and insurance. Despite its transformative potential, there remains a notable gap in practical implementation. This meeting aimed to bridge that gap, moving beyond theoretical discourse to showcase tangible, real-world applications.
Networking and Future Collaborations
The event concluded with an Apèro, offering attendees a chance to network and engage in deeper discussions. This informal segment was perhaps as valuable as the formal presentations, fostering connections and future collaborations among the expert group members.
Looking Ahead
Our expert group is looking forward to hosting further events in 2024. After a ground-breaking 2023 with GenAI dominating the headlines, we’re all excited about what the next year will bring in terms of further developments and applications in the Generative AI space and also the broader space of AI. Both Branka and Andreas would like to extend a big thank you in particular to the speakers but also all the active expert group members throughout this year.