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AI in Banking and Insurance: a review of practical use cases

May 14 from 09:00 till 12:00
Hilton Garden Inn Riga Old Town, Grecinieku 25

At a conference devoted to exploring key opportunities and challenges of AI, a wide range of experts representing the industry, as well as the academic, legal, and public sectors discussed the practical application of AI technology, success stories and takeaways as well as ethical considerations and legal frameworks. The conference was hosted by AmCham together with Cognizant on May 14.

AI has created a lot of interest due to the potential it holds for progress and disruption. During the event participants discussed how it is affecting the business environment, and in particular, the Banking and Insurance industry, identifing the main opportunities, risks, challenges and delved into several examples of adoption.

A keynote speech, delivered by Yogesh Karve of Cognizant Netherlands, offered an insight into selected case studies with generative AI-powered insights bringing experience from global industry leaders in the U.S. and Europe. 

According to Yogesh, Cognizant is currently witnessing the promise AI shows for the BFSI industry. “We have already identified, explored and implemented notable low hanging fruit success stories (e.g. virtual assistants for customer interactions, document summarization, semantic search of domain knowledge, marketing collateral creation) for our BFSI clients”, he said.

The presentation was followed by a panel discussion between experts from legal, academic, governmental as well as the banking and insurance industries, including Mārtiņš Bērziņš of Citadele bank; Jānis Kesteris of If Insurance, Rinalds Celmiņš of the Ministry for Environmental Protection and Regional Development; Kristīne Dambe of the Baltic Finance Center at the RTU Riga Business School and Agnese Gerharde of COBALT. The event was skillfully moderated by Marta Cera, Associate Partner at Ellex Klavins. 

The panel shared insights on AI use in the Banking and Insurance industries, explored the potential ethical implications of AI, and offered an update on the upcoming legal framework – the EU AI Act. They also discussed the role education and government institutions play in the wider implementation of AI. Marta Cera emphasized that AI now seems to have the potential to become a foundational pillar of our communities and that the finance sector has always been one of the front-runners when it comes to developing digital solutions. Hence, the panel was able to successfully delve into a very insightful and detailed discussion on the current and potential future use cases of AI in the industry, as well as analyze the associated risks and benefits. 

Following the conference Yogesh Karve stressed, “It was my pleasure to share the Cognizant experience with industry experts as well as to discuss their experiences and views on the matter from multiple perspectives. It seems that the common takeaway of the panel is a cautiously optimistic approach towards AI application to business challenge resolution should be taken, not to be left behind. Nevertheless, the risks at play should be acknowledged and mitigated in order to gain a sustainable benefit for the business.”

Presentation of Yogesh Karve GenAI for BFSI

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