Summary:

In this episode of Insurance Unplugged, Lisa Wardlaw interviews Alex Taylor, Global Head of Emerging Technology at QBE Ventures. They discuss the implications of generative AI and its impact on the insurance industry. Alex shares insights on the democratizing power of AI, the rise of large multimodal models, and the future of AI adoption in insurance.

Takeaways:

Generative AI has the democratizing power to enable non-technical business stakeholders to optimize model behavior through prompt engineering.

The rise of large multimodal models (LMMs) and the emergence of multi-stage reasoning in AI are shaping the future of AI adoption in the insurance industry.

The pace of technology innovation, particularly in the compute capabilities behind AI models, is rapidly advancing, making AI adoption more feasible and cost-effective for the insurance industry.

Sound Bites:

"It's the person that plays chess differently. It's the company that has the people that I used to say, people say it's not checkers, it's chess. And I was like, I think it's actually three dimensional chess."

"Could we just not have to structure data? I mean, how ahead of my time was I, I might add."

"AI is rapidly advancing to your point. The democratization of it is making it kind of iPhone -esque in the sense of you can, it's easy to use."

Keywords:

insurance, AI, generative AI, technology, innovation, QBE Ventures, large multimodal models, AI adoption, insurance industry