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Opportunities For AI In The Insurance Industry

Dr. Sebastian Kaiser, Head of Machine Learning

"AI is an exciting thing, but it has to be used at the right time and moment. I've seen people produce true magic with AI, but it boils down to that AI should be considered an enabler to something bigger."

In this episode, we welcome Dr. Sebastian Kaiser, Head of Machine Learning at ERGO Group AG - one of the largest insurance groups in Europe. His passion: Data and statistics. His mission: To relieve employees of repetitive tasks by using AI to enable a more customer-focused way of working and thus increase company growth.

By means of some concrete use cases, Sebastian explains to us how and where AI and Machine Learning are already being used at ERGO. We also learn about the bright minds that make up Sebastian's team, the 'Advanced Analytics Unit', and the central role behind the "AI Engagement Manager".

If you want to dive deeper into the use of AI in the insurance industry, but also if you want to know why Sebastian perceives AI and Machine Learning rather as a kind of "enabler for innovation" and where he thinks the market for AI is headed by 2030, this conversation might be worth listening!

The episode at a glance:

  • Getting to know Sebastian
    • Sebastian, please introduce yourself (00:00:59)
    • The 3 sentence starters (00:02:08)
  • Fun fact: Sebastian knows the language “Klingon” → Is this a skill that a few more of us should adopt? (00:04:16)
  • Demystifying Machine Learning
    • What is it about the phenomenon that everyone seems to be talking about AI and ML, but the percentage of those who have actually implemented or even successfully used them is very small? (00:06:04)
    • What qualifies something to actually be an AI? (00:07:58)
    • Sebastian’s take on the relationship between AI and innovation (00:09:31)
  • The “Either-Or” game (00:11:50)
  • Machine Learning @ ERGO
    • The ERGO Advanced Analytics Unit: Positioning - Strategy - Size (00:14:48)
    • What is the role of the AI engagement manager all about? (00:16:43)
    • How to find the right people/ the right mindsets for such a team? (00:19:05)
    • How do Sebastian and team operate?  (00:21:47)
    • What needs to be considered when introducing AI to the organization? (00:25:44)
    • Let’s get practical: How can AI and ML support customer loyalty and business growth? (00:28:42)
    • For which business cases can AI and ML be used in the future in the insurance industry as a whole and also at ERGO? (00:31:18)
    • How do you think the market for AI will develop by 2030? (00:34:22)
  • Closing
    • Looking ahead: What is next for ML @ ERGO, i.e., what are the next high-priority topics on your radar? (00:36:24)
    • Looking back: Sebastian’s Innovation Rockstar moment (00:37:50)