Trustworthiness in Algorithms, Addressing Mistrust and Fairness in Artificial Intelligence – Federica Pisano from Guidewire discussed the role of AI in society and the growing mistrust surrounding AI algorithms. She highlighted the reasons behind this mistrust, such as biased outcomes, job displacement, and data privacy concerns. Federica also explored the state of AI regulation and emphasized the importance of adopting a fair approach to AI. She mentioned some initiatives taken by Guidewire to address these concerns.
Exploring the Power of AI in Underwriting, Fraud Detection, and Claims Processing – Abri Kohn from Santam focused on the significance of AI in the underwriting space and its potential in various areas of the insurance industry. He discussed how AI can improve underwriting decisions, enhance fraud detection, streamline claims processing, and enable better risk management and predictive analytics. Kohn also highlighted the importance of hyper-personalization and mitigating bias in AI algorithms.
Buying vs. Building?
The debate is real.
What are the main factors when deciding whether to build or purchase insurance software?
Addressing Challenges and Building Trust in AI for Financial Services – Bryan McLachlan from Cyborg Intel addressed three crucial problems in AI for financial services: talent and skill shortages, time-consuming projects, and the issue of trust. He explained how Cyborg Intel tackles the trust problem through transparency, documentation, feature control, and model risk management. McLachlan emphasized the importance of explainability, control over feature selection, and proactive model risk management to build trust in AI.
Enhancing Consistency, Fairness, and Trust in Financial Services with VOYC AI – Matthew Westaway from VOYC AI discussed the need to improve voice interactions in financial services to ensure consistency and care. He emphasized the importance of accuracy, diversity, and explainability in achieving fairness. Westaway highlighted how VOYC AI focuses on accurate transcription, promotes diversity in their team, and provides transparency and clarity in AI-driven decisions. He also demonstrated how their platform monitors and improves customer interactions through detailed transcriptions and alerts.
Overall, the presentations highlighted the transformative potential of AI in the financial services industry, while addressing the challenges of mistrust, bias, talent shortages, and time constraints.
The speakers shared insights and solutions to build trust, ensure fairness, and enhance customer experiences through responsible AI practices.