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AI applications in the insurance industry: Ergo Innovation Lab publishes a comprehensive white paper on large language models and their potential
The Ergo Innovation Lab has published a 30-page white paper on AI applications and the underlying language models. In the guide “ChatGPT and large language models: An introduction with an eye on the insurance industry,” various Ergo experts from the areas of machine learning, conversational AI and innovation share their extensive knowledge of so-called large language models. The functionality and potential of the models as well as their possible risks and limitations are explained in detail in individual chapters. They also use concrete practical examples to show how texts can be created, dialogues can be conducted and data can be classified using appropriate tools. This applies not only to the insurance industry, but also to other industries...
AI applications in the insurance industry: Ergo Innovation Lab publishes a comprehensive white paper on large language models and their potential
Jens Sievert, Innovation Manager at the Ergo Innovation Lab sees huge potential for the insurance industry in AI applications such as ChatGPT and Co. Insurance companies have hundreds of thousands of contact points with customers every day where language has to be processed, which is why they are ideal for using language models and the tools based on them. However, Sievert emphasizes that the insurance industry, as one of the most heavily regulated industries, must carefully consider and implement the use of technology.
Ergo has already found the first areas of application for language models. The Advanced Analytics and AI unit uses large language models to classify and extract information from documents. The Ergo Voice Unit is developing rule-based phonebots for customer service based on artificial intelligence and is working on a GPT-based prototype. In the ERGO Innovation Lab in Berlin, GPT language models and ChatGPT applications are tested for their potential in a dedicated “Opportunity Space”.
The white paper, which contains all the findings from practice, is available for free download to anyone interested.
According to a report by www.it-finanzmagazin.de
Read the source article at www.it-finanzmagazin.de