Otakar Hubschmann on AI In Reinsurance
My guest for this episode is Otakar Hubshcmann, Head of Applied Data at Trans Re. The reinsurance industry is absolutely FULL of interesting data about insurance but there are a bazillion challenges of standardizing the data so that even expert reinsurance underwriters can make sense of it, much less machines and models. This is Otakar's world! In the context of machine learning his is a modest objective, as he puts it:"The idea that you could have a machine come in or set of algorithms or whatever, take over from someone that's been in the industry with a learn domain expertise and a set of heuristics that are sort of proven over time, that just is not going to happen maybe ever ".But this is reality, folks. Most practical business problems really are beyond the frontier of what AI can meaningfully take over. All the more reason for companies to dig into the domain in house to figure out where the strategic gold is buried.