Advanced Analytics & AI: A Game Changer For Our Industry

This February, SSON was delighted to host the 2024 Autonomous Enterprise Virtual Summit. The event provided viewers with insights on how to harness the power of AI and automation to remain competitive within the increasingly digital landscape.

SSON was joined by Dr. Ansgar Thiessen, the Global Head of Operational Excellence at Swiss Re, for his session “Digital Transformation: The Strategic View On Generative AI & Large Language Models.”

Ansgar shared insights on how generative AI is not simply “the next tech fling” within shared services. Instead, it could completely alter the “anatomy of work”, with Ansgar providing real-life examples of how the technology could transform the insurance industry.  

However, there are areas of caution and responsibility involved with leveraging GenAI – which are important leadership considerations to take. Ansgar highlighted these financial, legal, and reputational hazards to emphasize the importance of implementing the technology effectively.

Swiss Re’s Approach

Ansgar discussed Swiss Re’s approach to unlocking value through advanced analytics and AI, noting that they expect to solve over 90 percent of use cases through two models:

1. Embedded in Applications

This refers to when Large Language Model (LLM) capabilities are integrated directly into workflow tools to automate certain tasks. Often, these solutions can be used “out of the box.” However, for some applications, its architecture is not yet completely defined.

Some examples of suitable applications include Microsoft 365 Copilot and Github Copilot.

2. Static Enterprise Models

These models include static versions of LLMs that do not learn through prompts. Instead, the solution can be queried with enterprise data within cloud environments, allowing organizations to maintain control over data and access management. However, this requires an organization to build custom prompting logics.

Some examples of suitable applications include GPT-4 on Azure and PaLM2 on Google Cloud.

Swiss Re’s Use Cases

Overall, Swiss Re has identified over 50 use cases to leverage advanced analytics and AI. Most of these use cases focus on advanced document processing including text generation, text summarisation, reasoning, question answering, and entity extraction.

However, the organization is prioritizing a few for rapid development:

1. Contract Digital Transformation

To support underwriters and contract experts by extracting information from contract documents.

2. Life Guide GPT

To improve search results, translate information, and answer questions based on the content of their underwriting manual, Life Guide.

3. Claims Brain

To identify keywords or patterns across all data points against pre-defined scenarios related to fraud/ recovery.

4. Investment Insights

To support the Front Office in processing external reports and summarizing insights, resulting in faster decision-making.

Ready to continue driving the discussion about the autonomous enterprise? Join us at the in-person Autonomous Enterprise Week (AE Week) conference this June in Dallas and be a part of this brand-new community dedicated to the evolution of the enterprise. Click here to access the AE Week Event Guide: https://bit.ly/3VsaNXI.