In the very early phase of these hype cycles companies abandoned rational thinking around the use of these technologies. For example, prior to Gen AI, we would have very intense discussions with people about data security …. and now all of a sudden with Gen AI, all of those constraints seem to be lifted, right? Everyone’s suddenly willing to send all of their data out to the cloud. And so that’s puzzling, because a few years ago, that was impossible. And now it’s not only possible, it is desirable. I think we’ll come back to, some rational discussions around things like data security, explainability and cost, but those things are a little frustrating during the hype cycle.
Introduction
“This economy we are heading into […] we are referring to as the decision economy”.
Robin Merttens spoke to Tom Wilde, CEO of Indico Data on how the company’s intelligent intake solution is shaping the decision-making process in the insurance industry by structuring unstructured data.
Data is important in our current ‘decision economy’. Indico Data applies generative AI to help insurance companies handle complex and high-volume data challenges, particularly in commercial and specialty lines.
Covering the AI hype cycle, the concept of hallucinations and avoiding hyperbole, tune in to hear Tom Wilde discuss generative AI and why it is an important language for insurers to utilise.
Key Talking Points
- Founded by undergraduates – how Indico Data started
- In the hype cycle – avoiding hyperbole and thinking rationally
- Defining generative AI – not an application but a language
- Indico Data’s role in the insurance industry – the data problem
- Programmed with the user in mind
- Specialising in commercial insurance
- Indico Data’s decision to enter the UK market – and off-siding with some football anecdotes
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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:
- Specify why capturing the right data as quickly and as accurately as possible is significant in insurance, to drive correct decision making
- Explain the term hype cycle and what this means in terms of generative AI
- Summarise what companies have to focus on when entering a new market
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