Media Information, 31st October 2024

ERGO publishes white paper on multimodal generative artificial intelligence

The white paper provides a comprehensive overview of how multimodal GenAI works and how it can be applied to the insurance industry

 ERGO Turm

ERGO Innovation Lab, the ERGO Group’s incubator for new ideas and spin-ins, has published a roughly 20-page white paper on multimodal generative artificial intelligence (GenAI). Titled “The next generation of generative artificial intelligence: Progress and Multimodal Applications in the Insurance Industry”, the paper provides a comprehensive overview of the latest developments and how multimodal GenAI models work.

Whereas large language models (LLMs) can only process and generate text, multimodal GenAI models are also able to simultaneously process and generate images, videos or audio files. This opens up a host of possibilities for the insurance industry, as multimodal GenAI models can be used to produce new ideas for products, improve landing pages or create audio-visual content.

The white papers touches on these and other examples and also provides useful tips for prompting multimodal models effectively in order to generate the best-possible results. ERGO’s experts also discuss the challenges and limitations of the current GenAI models on the market.

Georgina Neitzel, Head of Innovation Lab, has this to say: “The rapid development of multimodal GenAI offers the insurance industry numerous opportunities. It optimises processes, improves the customer experience and enables more precise and efficient decision-making by leveraging extensive, data-based analyses. At the same time, GenAI democratises and levels the playing field in terms of access to specialist knowledge and skills. But GenAI is not without its challenges or limitations. Therefore, in order to roll out GenAI, it will be necessary to develop a holistic approach that stretches from fine-tuning data strategies to investing in infrastructure and talents. Organisations that are taking action now will secure themselves a key competitive edge going forward.”

ERGO has extensive expertise in the use of language models and rule-based voice assistants. ERGO has been using large language models to classify and extract information from documents since 2023. Since 2020, ERGO’s Conversational AI Team has been using artificial intelligence to develop rule-based phonebots for its customer service. The team is also working on the first GenAI applications, such as the internal “ERGO GPT” that went live for employees in April 2024. Work is also currently under way on developing “Knowledge Assistant” chatbots, i.e. interfaces to existing internal knowledge databases, and GPT-based chatbots for communicating with customers. Meanwhile, the ERGO Innovation Lab tests very early on how new technologies, such as GenAI, can be strategically deployed within the insurance industry.

The current white paper “The next generation of generative artificial intelligence: Progress and Multimodal Applications in the Insurance Industry” is available in German and English to all interested parties free of charge.

The previous white paper, “ChatGPT and large language models: An introduction with a view to the insurance industry”, can also continue to be downloaded in German free of charge.

ChatGPT and large language models (German Version)

409 KB

An introduction with a view to the insurance industry 

If you have any questions, please contact

Sabine Saeidy-Nory

ERGO Group AG
Media Relations

Tel +49 211 477-3012 
sabine.saeidy-nory@ergo.de 
mediarelations@ergo.de

Sabine Saeidy-Nory

Further information

ERGO is one of the major insurance groups in Germany and Europe. The Group is represented in over 20 countries worldwide, with a focus on Europe and Asia. ERGO offers its retail and corporate customers a broad product portfolio in all the main clas-ses of insurance as well as comprehensive assistance and other services. Three units operate under the umbrella of ERGO Group AG: ERGO Deutschland AG, ERGO International AG and ERGO Technology & Services Management AG. The German and international businesses as well as the global management of IT and technology services are organized in these units. About 38,700 people work either as salaried employees or as full-time self-employed sales representatives for the Group. In the 2023 financial year, ERGO generated insurance revenue of 20.1 billion euros and a net result of 721 million euros. ERGO is part of Munich Re, one of the world's leading reinsurers and risk carriers.  
More at www.ergo.com

This media information contains forward-looking statements that are based on current assumptions and forecasts of the management of ERGO Group. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forwardlooking statements or to conform them to future events or developments.

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