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, first success stories and takeaways as well as ethical considerations and legal frameworks. The conference was hosted 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; Rinalds Celmiņš of the Ministry for Enviromental Protection and Regional Development; Kristīne Dambe of the Baltic Finance Center at the RTU Riga Business School; Agnese Gerharde of COBALT and Jānis Ķesteris of If Insurance. 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 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.

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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