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Cognitive computing in Insurance
The document discusses IBM's Watson as a cognitive computing system, highlighting its capabilities in enhancing decision-making in insurance and financial services. Watson uses advanced techniques to analyze both structured and unstructured data, providing personalized, evidence-based recommendations to clients and supporting professionals in their decision-making processes. It also outlines various applications and success stories of Watson across different sectors, emphasizing its role in improving customer engagement and service delivery.
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Cognitive computing in Insurance
- 1. © 2015 InternationalBusiness Machines Corporation Cognitive Computing - in insurance Forsikringsselskabernes PlanlægningsUdvalg - January 26, 2014 Anders Quitzau Innovation Exec & Watson Advocate
- 2. © 2015 InternationalBusiness Machines Corporation Agenda • Cognitive Computing and Watson overview • Watson for Insurance and Financial Services • Q&A - discussion
- 3. © 2015 InternationalBusiness Machines Corporation Tabulating Systems Era Programmable Systems Era Cognitive Systems Era 1900 1950 2011 Cognitive Computing is a new era of computing
- 4. © 2015 InternationalBusiness Machines Corporation Cognitive computing promises a new partnership between human and computers Scale expertise by elevating the consistency and objectivity of decision making across an organization. Enhance the cognitive process of professionals to strengthen decision making in the moment Accelerate development of expertise in others by capturing the expertise of top performers
- 5. © 2015 InternationalBusiness Machines Corporation Cognitive systems expand the problems we can address Programmatic Systems Cognitive Systems • Leverage traditional data sources • Follow pre-defined rules (programs) • Provide the same output to all users • Are taught, not programmed • Learn and improve based on experience • Interpret sensory and non-traditional data • Relate to each of us as individuals • Allow us to expand and scale our own thinking
- 6. © 2015 InternationalBusiness Machines Corporation Cognitive systems learns and evaluates like we do Study Apprentice Practice Master Ingest Learn Test Experience
- 7. © 2015 InternationalBusiness Machines Corporation IBM’s answer to the new era, Watson, is a cognitive learning system that enhances our abilities to perceive, reason, and relate Perceiving: Watson understands the world as we do: it interprets sensory input beyond traditional data Reasoning: Watson thinks through complex problems: it deepens our analysis and inspires creativity Relating: Watson understands how we communicate, and personalizes its interactions with each of us Learning: Watson learns from every interaction, scaling our ability build experience
- 8. © 2015 InternationalBusiness Machines Corporation Why is it so hard for computers to understand us? Person Organization L. Gerstner IBM J. Welch GE W. Gates Microsoft “If leadership is an art then surely Jack has proved himself a master painter during his tenure at this company” Welch ran this? § Noses that run and feet that smell? § How can a house burn up as it burns down? § How can I fill in a form that I am asked to fill-out? § Where is Paris Hilton? NLP Machine Learning
- 9. © 2015 InternationalBusiness Machines Corporation Answer Scoring Models Responses with Confidence Inquiry Evidence Sources Models Models Models Models ModelsPrimary Search Candidate Answer Generation Hypothesis Generation Hypothesis and Evidence Scoring Final Confidence Merging & Ranking Synthesis Answer Sources Inquiry/Topic Analysis Evidence Retrieval Deep Evidence Scoring Learned Models help combine and weigh the Evidence Hypothesis Generation Hypothesis and Evidence Scoring Inquiry Decomposition How Watson Works 1000’s of Pieces of Evidence Multiple Interpretations of a question 100,000’s Scores from many Deep Analysis Algorithms 100’s sources 100’s Possible Answers Balance & Combine
- 10. © 2015 InternationalBusiness Machines Corporation
- 11. © 2015 InternationalBusiness Machines Corporation
- 12. © 2015 InternationalBusiness Machines Corporation R&D Demonstration Validation Research Project 2006 – 2010 Jeopardy! Grand Challenge 2011 Internal Startup Division 2011 – 2013 IBM Watson Group 2014 – present Commercialization • $1B Investment • $100M for Ecosystem • NYC Headquarters Watson has graduated from a startup to a full-fledged business
- 13. © 2015 InternationalBusiness Machines Corporation IBM Watson Advisors IBM Watson Solutions IBM Watson Foundations IBM Watson Cognitive Fabric Provides the big data and analytics capabilities that fuel Watson Products based on Watson’s core attributes and capabilities APIs, tools, methodologies, SDKs, and infrastructure that fuels Watson Customized solutions designed to meet some of industries most demanding needs leveraging cognitive capabilities IBM Watson Ecosystems The Watson Developer Cloud, Watson Content Store and Watson Talent Hub driving innovation from partners The Watson Family
- 14. © 2015 InternationalBusiness Machines Corporation Agenda • Cognitive Computing and Watson overview • Watson for Insurance and Financial Services • Q&A - discussion
- 15. © 2015 InternationalBusiness Machines Corporation Customer expectations are shaped by experiences outside of Insurance Pressure of competition is putting a lot of focus on customer experience Advisors and Managers are challenged to keep up with data explosion Customers are informed better than ever with “Google knowledge” Customers expect transparent, evidence- based recommendation Quality of advice varies Pace of innovation is accelerating Regulations increasing in volume and complexity Additional scrutiny increasing time spent on compliance, and cost Insurance industry trends – Imagine if… Client Engagement Analysis / Discovery Decision Policy / Compliance Watson enables advisors to deliver cost-‐effec2ve personalized advice Watson supports Analysts and advisors by pre-‐reading 1000s of pages of relevant info Watson uses structured and unstructured informa2on to provide proac2ve, transparent, evidence-‐based advice Watson helps evaluate decisions against relevant policies & guidelines
- 16. © 2015 InternationalBusiness Machines Corporation Financial Services solutions map into “patterns” Engagement Discovery Policy Decision Explore / analyze Pattern Description Client success stories Leading customer service firm, USAA, introduced Watson to answer questions from members Digital engagement with clients to answer questions, execute actions, and provide recommendations Leading drug discovery firm, Baylor, publishes breakthrough in protein targeting Explore questions not yet answered Memorial Sloan Kettering Cancer Center partnered with IBM to build an Oncology solution Help evaluate possible options to come up with the right decision IBM partnered with Wellpoint to accelerate pre- approval decisions Help understand if a particular action is compliant with relevant policies 700+ clients using the product across industriesSearch, consolidate and analyze enterprise data
- 17. © 2015 InternationalBusiness Machines Corporation Insurance and Financial Services solutions map into “patterns” Engagement Discovery Policy Decision Explore / analyze Pattern Example solutions Watson Insurance Advisor Watson Discovery Advisor for Pharma Watson Oncology Advisor Watson Policy Advisor for insurance pre-approvals Watson Explorer/Watson Analytics / Watson Content analytics (x-industry) Watson for Wealth Management Watson Discovery Advisor for Gov’t Watson Discovery Advisor for financial services (emerging) Watson for Regulatory Compliance (emerging) Watson Engagement Advisor (x-industry) Watson Policy Advisor for Clinical Trial Matching Watson for Retail Banking F & I services solutions 1 3 4 5 2
- 18. © 2015 InternationalBusiness Machines Corporation
- 19. © 2015 InternationalBusiness Machines Corporation Self-service User Experience Journey Here is what you are looking for Here it is. Shall I complete the task for you? Have you thought about this? How did it go? Can I assist with these next steps?Knowledge Expert Empowered Assistant Personal Advisor Ask a question Get answers Ask a question Get answers Get action Ask a question Get answers Get action Get suggestions Get follow-up
- 20. © 2015 InternationalBusiness Machines Corporation Demo
- 21. © 2015 InternationalBusiness Machines Corporation USAA case study IBM’s Watson Engagement Advisor will answer military separation-related questions on topics such as job searching, home purchasing, military benefits and more. Members "Ask Watson" as they prepare to transition to civilian life
- 22. © 2015 InternationalBusiness Machines Corporation Policy Pattern
- 23. © 2015 InternationalBusiness Machines Corporation Example use case: Medical procedure approval by Healthcare Payer Decision Input Case ‘Policy’ Policy Advice Expected Can I approve the procedure being requested? Clinical data (structured and unstructured) from a provider’s office requesting a procedure Payer medical policies and guidelines • Approve, medically necessary • Reject, not compliant with policies • Need MD review, ambiguity in request / policy (specify what information is needed)
- 24. © 2015 InternationalBusiness Machines Corporation Multi page unstructured text case input Structured data as part of case input
- 25. © 2015 InternationalBusiness Machines Corporation 1. Identify the applicable policies 2. Evaluate the case against appropriate criteria from the policies Identify relevant evidence
- 26. © 2015 InternationalBusiness Machines Corporation Generate summary of case evaluation
- 27. © 2015 InternationalBusiness Machines Corporation Combination of multiple patterns
- 28. © 2015 InternationalBusiness Machines Corporation Watson Wealth Management for DBS Banking clients at DBS will soon get investing advice from Watson, the same IBM technology that triumphed over human “Jeopardy!” contestants. The Singapore based bank plans to begin using the tool, which can answer questions in conversational language and learn from responses, in the second half of 2014 to aid financial planners in guiding its wealth management’s units affluent customers. Watson will analyze large volumes of financial data to help DBS, Southeast Asia’s largest lender, offer more customized service. Watson will throw up its suggestions after “ingesting” thousand of research reports, product information and customer profiles, more than what a wealth management expert can handle handle, DBS said. DBS will also leverage a comprehensive portfolio of IBM solutions which include business consulting, advanced analytics, hardware and IBM Research assets to further augment the power of Watson . By bringing together all of these capabilities, DBS will be uniquely positioned as the first bank in Asia to execute a project of this kind.33
- 29. © 2015 InternationalBusiness Machines Corporation Watson for Wealth Management helps wealth advisor better serve their clients (advisor dashboard) Key upcoming activities Client list Relevant alerts affecting clients Relevant news Ask Watson questions in natural language
- 30. © 2015 InternationalBusiness Machines Corporation Watson for Wealth Management helps wealth advisor better serve their clients (client-specific dashboard) Customer- specific view Relevant alerts Client-specific product recommendations Ask Watson questions in natural language
- 31. © 2015 InternationalBusiness Machines Corporation Create personalized recommendation using broad combination of structured and unstructured data (recommendation rationale screen) Relevant info about the asset Match to client preferences Positive outlook from multiple analysts Overall high confidence in recommendation
- 32. © 2015 InternationalBusiness Machines Corporation This will be Watson Sees Hears Experiences Understands natural language Generates and evaluates hypotheses Adapts and learns Reasons Explores Visualizes
- 33. © 2015 InternationalBusiness Machines Corporation If we really want to augment and scale human recognition, we need to re-invent how we compute: IBM TrueNorth ‘brain-chip’ may be the answer….
- 34. © 2015 InternationalBusiness Machines Corporation Agenda • Cognitive Computing and Watson overview • Watson for Insurance and Financial Services • Q&A - discussion
- 35. © 2015 InternationalBusiness Machines Corporation http://ibmwatson.com eller kontakt mig på andersq@dk.ibm.com 2880 4705