Data has always played a central role in the insurance industry, and today, insurance carriers have access to more of it than ever before. We have created more data in the past two years than the human race has ever created. Insurers—like organisations in most industries—are overwhelmed by the explosion in data from a host of sources, including telematics, online and social media activity, voice analytics, connected sensors and wearable devices. They need machines to process this information and unearth analytical insights. But most insurers are struggling to maximise the benefits of machine learning.
The insurance industry – from product development to underwriting to claims – is being fundamentally transformed by AI technologies. Although some companies are investing aggressively in AI to slash costs while also enhancing the customer experience, most insurers will need to accelerate their efforts or risk discovering that it has become too late to catch up.
Insurers expect artificial intelligence to completely transform the way they run their businesses.
Read more: https://www.accenture.com/in-en/insight-ai-redefines-insurance
3 Frequent Mistakes in Healthcare Data AnalyticsHealth Catalyst
Healthcare organizations are recognizing the value of healthcare analytics, especially in their Big Data, population health management, or accountable care initiatives. This is good because without analytics it is difficult to impossible to run these programs successfully. That said, analytics are not the magic bullet and proper process must be in place. The three most common mistakes health systems makes with their healthcare analytics are: 1. Analytics Whiplash- when the analytics goes from one project to another without being able to fully understand the data and what it’s saying. 2. Coloring the Truth- When analysts don’t feel like they can be completely forthcoming with information and only give leadership the news they want to hear. 3. Deceitful Visualizations- Manipulating charts, graphs, and the like to reflect what the analyst or leadership wants the data to say, rather than what it actually says.
A View on AI in Insurance - Chris Madsen - H2O AI World London 2018Sri Ambati
This talk was recorded in London on October 30th, 2018 and can be viewed here: https://youtu.be/LFVIGMMlfhI
A view on what is driving AI and ML developments in insurance and why.
• What is driving the change in insurance and why is AI/ML so important?
• What does the future look like?
• Which AI/ML use cases are being worked on in the industry?
• Which ones are needed?
Chris Madsen is Chairman and CEO of Blue Square Re N.V., Aegon’s internal reinsurer and a company he co-founded in 2010.
Mr. Madsen holds a Masters in Engineering from Princeton University in Princeton, USA. His undergraduate degree is in Mathematics and Economics. He is an Associate of the Society of Actuaries, a Member of the American Academy of Actuaries and a Chartered Financial Analyst.
He started his professional career in New York in 1990, working as Consulting Actuary and later Principal. Mr. Madsen has published numerous articles on innovative underwriting risk solutions and is a frequent speaker on the topic and related developments.
Mr. Madsen is an avid proponent and driver of integrating start-up and insurtech expertise into insurance solutions - including internet-of-things applications as well as blockchain initiatives such as “B3i”. He is also responsible for the ground-breaking longevity solutions that Aegon brought to the capital markets totalling over EUR 20bn of reserves.
This presentation provides a brief insight into the need to undertake an analytics project, particularly as it pertains to claims management and fraud. To this end the presentation will touch on the general challenges confronting the property and casualty insurance industry, as well as the challenges and lessons learnt from early adopters of business intelligence. In the face of these challenges analytics holds the potential to generate substantial value as evidenced by several short case study examples. The presentation concludes with a look at the issue of fraud as it pertains to the industry and some of the metrics that are influenced by it.
The presentation draws extensively, and focuses on, the work and viewpoints from industry participants including; Accenture, IBM, Ernst & Young, Strategy Meets Action, Ordnance Survey, Gartner, Insurance Institute of America, American Institute for Chartered Property Casualty Underwriters, International Risk Management Institute and John Standish Consulting. References are included on each slide as well as on the “References” slides at the end of the presentation.
The insurance industry – from product development to underwriting to claims – is being fundamentally transformed by AI technologies. Although some companies are investing aggressively in AI to slash costs while also enhancing the customer experience, most insurers will need to accelerate their efforts or risk discovering that it has become too late to catch up.
Insurers expect artificial intelligence to completely transform the way they run their businesses.
Read more: https://www.accenture.com/in-en/insight-ai-redefines-insurance
3 Frequent Mistakes in Healthcare Data AnalyticsHealth Catalyst
Healthcare organizations are recognizing the value of healthcare analytics, especially in their Big Data, population health management, or accountable care initiatives. This is good because without analytics it is difficult to impossible to run these programs successfully. That said, analytics are not the magic bullet and proper process must be in place. The three most common mistakes health systems makes with their healthcare analytics are: 1. Analytics Whiplash- when the analytics goes from one project to another without being able to fully understand the data and what it’s saying. 2. Coloring the Truth- When analysts don’t feel like they can be completely forthcoming with information and only give leadership the news they want to hear. 3. Deceitful Visualizations- Manipulating charts, graphs, and the like to reflect what the analyst or leadership wants the data to say, rather than what it actually says.
A View on AI in Insurance - Chris Madsen - H2O AI World London 2018Sri Ambati
This talk was recorded in London on October 30th, 2018 and can be viewed here: https://youtu.be/LFVIGMMlfhI
A view on what is driving AI and ML developments in insurance and why.
• What is driving the change in insurance and why is AI/ML so important?
• What does the future look like?
• Which AI/ML use cases are being worked on in the industry?
• Which ones are needed?
Chris Madsen is Chairman and CEO of Blue Square Re N.V., Aegon’s internal reinsurer and a company he co-founded in 2010.
Mr. Madsen holds a Masters in Engineering from Princeton University in Princeton, USA. His undergraduate degree is in Mathematics and Economics. He is an Associate of the Society of Actuaries, a Member of the American Academy of Actuaries and a Chartered Financial Analyst.
He started his professional career in New York in 1990, working as Consulting Actuary and later Principal. Mr. Madsen has published numerous articles on innovative underwriting risk solutions and is a frequent speaker on the topic and related developments.
Mr. Madsen is an avid proponent and driver of integrating start-up and insurtech expertise into insurance solutions - including internet-of-things applications as well as blockchain initiatives such as “B3i”. He is also responsible for the ground-breaking longevity solutions that Aegon brought to the capital markets totalling over EUR 20bn of reserves.
This presentation provides a brief insight into the need to undertake an analytics project, particularly as it pertains to claims management and fraud. To this end the presentation will touch on the general challenges confronting the property and casualty insurance industry, as well as the challenges and lessons learnt from early adopters of business intelligence. In the face of these challenges analytics holds the potential to generate substantial value as evidenced by several short case study examples. The presentation concludes with a look at the issue of fraud as it pertains to the industry and some of the metrics that are influenced by it.
The presentation draws extensively, and focuses on, the work and viewpoints from industry participants including; Accenture, IBM, Ernst & Young, Strategy Meets Action, Ordnance Survey, Gartner, Insurance Institute of America, American Institute for Chartered Property Casualty Underwriters, International Risk Management Institute and John Standish Consulting. References are included on each slide as well as on the “References” slides at the end of the presentation.
Ai in insurance how to automate insurance claim processing with machine lear...Skyl.ai
Explore more at https://skyl.ai/form?p=start-trial
About the webinar
Insurance companies are looking at technology to solve complexity created by the presence of cumbersome processes and the presence of multiple entities like actuaries, support team and customers in the claim processing cycle.
Today, a lot of insurance companies are opting for Machine Learning to simplify and automate the processes to reduce fraudulent claims, predict underwriting risks, improve customer relationship management. This automated insurance claim process can remove excessive human intervention or manual errors and can report the claim, capture damage, update the system and communicate with the customers by itself. This leads to an effortless process enabling clients to file their claims without much hassle.
In this webinar, we will discuss how insurers are increasingly relying on machine learning to improve claim processing efficiency and increase ROI.
This talk gives an introduction about Healthcare Use cases - The AI ladder and Lifestyle AI at Scale Themes The iterative nature of the workflow and some of the important components to be aware in developing AI health care solutions were being discussed. The different types of algorithms and when machine learning might be more appropriate in deep learning or the other way will also be discussed. Use cases in terms of examples are also shared as part of this presentation .
AI Basic, AI vs Machine Learning vs Deep Learning, AI Applications, Top 50 AI Game Changer Solutions, Advanced Analytics, Conversational Bots, Financial Services, Healthcare, Insurance, Manufacturing, Quality & Security, Retail, Social Impact, and Transportation & Logistics
Digital Health Market has exploded in the last few years. Will that continue? What are the main areas of growth in digital days and what the future will bring us.
Three Approaches to Predictive Analytics in HealthcareHealth Catalyst
Predictive analytics in healthcare must be timely, role-specific, and actionable to be successful. There are also three common types of healthcare predictive analytics: Risk scores (risk stratification using CMS-HCC or other models), What-if scenarios (simulations of specific outcomes given a certain combination of events, and Geo-spatial analytics (mapping a geographical location’s patient disease burden). The common thread in all of these is the element of action, or specifically, the intervention that really matters in healthcare predictive analytics.
AI in Insurance: How to Automate Insurance Claims Processing with Machine Lea...Skyl.ai
Insurance companies are looking at technology to solve complexity created by the presence of cumbersome processes and the presence of multiple entities like actuaries, support teams, and customers in the claim processing cycle.
Today, a lot of insurance companies are opting for Machine Learning to simplify and automate the processes to reduce fraudulent claims, predict underwriting risks, improve customer relationship management. This automated insurance claim process can remove excessive human intervention or manual errors and can report the claim, capture damage, update the system, and communicate with the customers by itself. This leads to an effortless process enabling clients to file their claims without much hassle.
In this webinar, we will discuss how insurers are increasingly relying on machine learning to improve claim processing efficiency and increase ROI.
What you will learn:
. Deep dive into how insurance companies are adopting AI
. Discuss prominent industry use cases
. Live demo of vehicle damage assessment for insurance claims management
This presentation, by big data guru Bernard Marr, outlines in simple terms what Big Data is and how it is used today. It covers the 5 V's of Big Data as well as a number of high value use cases.
This presentation is about basics of Big data Analytics along with Characteristics,Challenges,Structures,Differences between Traditional and Big data,How Big data is getting benefited in Healthcare Industry,Big data in Real time
AI in Healthcare | Future of Smart Hospitals Renee Yao
In this talk, I specifically talk about how NVIDIA healthcare AI software and hardware were used to support healthcare AI startups' innovation. Three startups featured: Caption Health, Artisight, and Hyperfine. Audience: healthcare systems CXOs.
This webinar will focus on the technical and practical aspects of creating and deploying predictive analytics. We have seen an emerging need for predictive analytics across clinical, operational, and financial domains. One pitfall we’ve seen with predictive analytics is that while many people with access to free tools can develop predictive models, many organizations fail to provide a sufficient infrastructure in which the models are deployed in a consistent, reliable way and truly embedded into the analytics environment. We will survey techniques that are used to get better predictions at scale. This webinar won’t be an intense mathematical treatment of the latest predictive algorithms, but will rather be a guide for organizations that want to embed predictive analytics into their technical and operational workflows.
Topics will include:
Reducing the time it takes to develop a model
Automating model training and retraining
Feature engineering
Deploying the model in the analytics environment
Deploying the model in the clinical environment
Modernizing Insurance Data to Drive Intelligent DecisionsCognizant
To thrive during a period of unprecedented volatility, insurers will need to leverage artificial intelligence to make faster and better business decisions - and do so at scale. For many insurers, achieving what we call "intelligent decisioning" will require them to modernize their data foundation to draw actionable insights from a wide variety of both traditional and new sources, such as wearables, auto telematics, building sensors and the evolving third-party data landscape.
Ai in insurance how to automate insurance claim processing with machine lear...Skyl.ai
Explore more at https://skyl.ai/form?p=start-trial
About the webinar
Insurance companies are looking at technology to solve complexity created by the presence of cumbersome processes and the presence of multiple entities like actuaries, support team and customers in the claim processing cycle.
Today, a lot of insurance companies are opting for Machine Learning to simplify and automate the processes to reduce fraudulent claims, predict underwriting risks, improve customer relationship management. This automated insurance claim process can remove excessive human intervention or manual errors and can report the claim, capture damage, update the system and communicate with the customers by itself. This leads to an effortless process enabling clients to file their claims without much hassle.
In this webinar, we will discuss how insurers are increasingly relying on machine learning to improve claim processing efficiency and increase ROI.
This talk gives an introduction about Healthcare Use cases - The AI ladder and Lifestyle AI at Scale Themes The iterative nature of the workflow and some of the important components to be aware in developing AI health care solutions were being discussed. The different types of algorithms and when machine learning might be more appropriate in deep learning or the other way will also be discussed. Use cases in terms of examples are also shared as part of this presentation .
AI Basic, AI vs Machine Learning vs Deep Learning, AI Applications, Top 50 AI Game Changer Solutions, Advanced Analytics, Conversational Bots, Financial Services, Healthcare, Insurance, Manufacturing, Quality & Security, Retail, Social Impact, and Transportation & Logistics
Digital Health Market has exploded in the last few years. Will that continue? What are the main areas of growth in digital days and what the future will bring us.
Three Approaches to Predictive Analytics in HealthcareHealth Catalyst
Predictive analytics in healthcare must be timely, role-specific, and actionable to be successful. There are also three common types of healthcare predictive analytics: Risk scores (risk stratification using CMS-HCC or other models), What-if scenarios (simulations of specific outcomes given a certain combination of events, and Geo-spatial analytics (mapping a geographical location’s patient disease burden). The common thread in all of these is the element of action, or specifically, the intervention that really matters in healthcare predictive analytics.
AI in Insurance: How to Automate Insurance Claims Processing with Machine Lea...Skyl.ai
Insurance companies are looking at technology to solve complexity created by the presence of cumbersome processes and the presence of multiple entities like actuaries, support teams, and customers in the claim processing cycle.
Today, a lot of insurance companies are opting for Machine Learning to simplify and automate the processes to reduce fraudulent claims, predict underwriting risks, improve customer relationship management. This automated insurance claim process can remove excessive human intervention or manual errors and can report the claim, capture damage, update the system, and communicate with the customers by itself. This leads to an effortless process enabling clients to file their claims without much hassle.
In this webinar, we will discuss how insurers are increasingly relying on machine learning to improve claim processing efficiency and increase ROI.
What you will learn:
. Deep dive into how insurance companies are adopting AI
. Discuss prominent industry use cases
. Live demo of vehicle damage assessment for insurance claims management
This presentation, by big data guru Bernard Marr, outlines in simple terms what Big Data is and how it is used today. It covers the 5 V's of Big Data as well as a number of high value use cases.
This presentation is about basics of Big data Analytics along with Characteristics,Challenges,Structures,Differences between Traditional and Big data,How Big data is getting benefited in Healthcare Industry,Big data in Real time
AI in Healthcare | Future of Smart Hospitals Renee Yao
In this talk, I specifically talk about how NVIDIA healthcare AI software and hardware were used to support healthcare AI startups' innovation. Three startups featured: Caption Health, Artisight, and Hyperfine. Audience: healthcare systems CXOs.
This webinar will focus on the technical and practical aspects of creating and deploying predictive analytics. We have seen an emerging need for predictive analytics across clinical, operational, and financial domains. One pitfall we’ve seen with predictive analytics is that while many people with access to free tools can develop predictive models, many organizations fail to provide a sufficient infrastructure in which the models are deployed in a consistent, reliable way and truly embedded into the analytics environment. We will survey techniques that are used to get better predictions at scale. This webinar won’t be an intense mathematical treatment of the latest predictive algorithms, but will rather be a guide for organizations that want to embed predictive analytics into their technical and operational workflows.
Topics will include:
Reducing the time it takes to develop a model
Automating model training and retraining
Feature engineering
Deploying the model in the analytics environment
Deploying the model in the clinical environment
Modernizing Insurance Data to Drive Intelligent DecisionsCognizant
To thrive during a period of unprecedented volatility, insurers will need to leverage artificial intelligence to make faster and better business decisions - and do so at scale. For many insurers, achieving what we call "intelligent decisioning" will require them to modernize their data foundation to draw actionable insights from a wide variety of both traditional and new sources, such as wearables, auto telematics, building sensors and the evolving third-party data landscape.
Artificial intelligence (AI) currently being used by insurance companies has failed to remove gender bias from the profession’s claims, underwriting and marketing processes.
A Chartered Insurance Institute (CII) report tells insurers they must tackle these gender biases. The report found that the datasets used to train the algorithms which support AI systems are rooted in outdated gender concepts. Algorithms learn by being trained on historic data but the report notes more and more of that data is now unstructured, coming from text, audio, video and sensors.
Yet the report warns embedded in that historic data are decisions based upon historic biases, particularly around gender. The report concluded insurance firms need to prepare a structured response to this issue, starting with visible leadership on tackling gender bias in AI.
How Insurers Can Tame Data to Drive InnovationCognizant
To thrive among entrenched rivals and compete more effectively with digital natives, insurers will need to get their data right. That will mean moving to more responsive, AI-enabled architectures that accelerate data management and deliver insights that drive business performance.
Generative AI in insurance- A comprehensive guide.pdfStephenAmell4
Generative AI introduces a new paradigm in the insurance landscape, offering unparalleled opportunities for innovation and growth. The ability of generative AI to create original content and derive insights from data opens doors to novel applications pertinent to this industry.
6 use cases of machine learning in Finance Swathi Young
The use of Artificial Intelligence and Machine learning is increasingly adopted in multiple industries. Question is, does a regulated industry like Finance adopt AI/ML? the answer is a huge YES! Here we take a look at 6 different use cases:
* Chatbots
* RoboAdvisors
* Risk scoring
* Fraud Detection
* Insurance claims
* Underwriting
* regulatory compliance
In the year 2014, while e-commerce was majorly a business-to-consumer (B2C) game a platform best constructed for consumer brands and retail transactions, business-to-business (B2B) was barely on the limelight. B2B ordering solutions were very few, pricey, and complex in nature. Because of this, it was difficult for small wholesale distributors and retailers to implement B2B ordering solutions in their businesses.
The Work Ahead in Insurance: Vying for Digital SupremacyCognizant
Insurers expect dramatic changes to their work by 2023 as a result of adopting digital technologies and mindsets, according to our study. Speeding processes, harnessing data and forming new collaborations will be key to winning the digital arms race ahead.
Shaping the right strategy, managing thebiggest risk.Until recently, the Internet of Things (IoT) was on the strategic agenda of only the largest and most progressive insurers. The IoT was largely viewed as a futuristic concept, and many insurers adopted a “wait and see” attitude.
The rise of Fintech, changing consumer behavior, and advanced technologies are disrupting equally all the financial services industry, among which also it’s most prominent member, insurance
The insurance industry has been using data to calculate risks for years, still, with new technology now available to collect and analyze large volumes of data for patterns and better risk prediction and calculation, the value of understanding how to store and analyze it has grown exponentially (Liu et al., 2018).
Insurers are at their early stage of discovering the potential of big data, and multiple technology companies are investigate how to make value of such technology (Pisoni, 2020)
Reinforce the insurance value chain with predictive modelling and mlIndusNetMarketing
This ebook expands your knowledge of the insurance value chain and provides with end to end solution to elevate the customer experience through advanced technologies:
AI optimising marketing and distribution
Automating underwriting process by Machine learning model
Predictive analytics powered by AI to speed up claiming process
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
Accenture's report explains how natural language processing and machine learning makes extracting valuable insights from unstructured data fast. Read more. https://www.accenture.com/us-en/insights/digital/unlocking-value-unstructured-data
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
Accenture's report explains how creating effortless experiences are so simple and easy with our data-driven strategy framework to drive growth. Read more.
Whole-brain leadership prepares C-suites for the digital challenges ahead, ensuring seamless growth and high-value problem solving capabilities. Read more.
Wise Pivot is a strategy fit for the digital age that can help companies pursue new growth opportunities. Read more on how to choose your pivot wisely.
Wise Pivot is a strategy fit for the digital age that can help companies pursue new growth opportunities. Read more on how to choose your pivot wisely.
Accenture's Applied Customer Engagement (ACE) is a proven approach to re-thinking and revitalizing contact center operations for the digital era. Read more.
ALIP customers Get More…more product launches, more out-of-the-box functionality and efficiency, more personalized digital capabilities, more delivery “know how”. Read more.
Way Beyond Marketing - The Rise of the Hyper-Relevant CMOAccenture Insurance
Accenture's CMO Survey unveils some important insights on the role of the new CMO and how the role is changing in the digital age. Read more: https://www.accenture.com/us-en/insights/consulting/cmo
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
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Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
2. CONTENT
• DATA JOURNEY SO FAR
• KEY FACTORS DRIVING MACHINE LEARNING IN INSURANCE
• UNLOCKING THE POWER OF DATA
• POTENTIAL FOR MACHINE LEARNING IN INSURANCE VALUE CHAIN
o Insurance advice
o Claims processing
o Fraud prevention
o Risk management
o Other applications
• CHALLENGES IN IMPLEMENTING MACHINE LEARNING
• PROVIDING A STEPPING-STONE TO CHANGE
• ACCENTURE VIEWPOINT
2
3
5
6
9
11
12
3. DATAJOURNEY
SO FAR
Data has always played a central role in the insurance industry, and today,
insurance carriers have access to more of it than ever before. We have
created more data in the past two years than the human race has ever
created. Insurers—like organisations in most industries—are overwhelmed
by the explosion in data from a host of sources, including telematics, online
and social media activity, voice analytics, connected sensors and wearable
devices. They need machines to process this information and unearth
analytical insights. But most insurers are struggling to maximise the benefits of
machine learning.
This situation is seeing a gradual but steady change, driven by an environment
characterised by increased competition, elastic marketplaces, complex claims
and fraud behaviour, higher customer expectations and tighter regulation.
Insurers are being forced to explore ways to use predictive modelling
and machine learning to maintain their competitive edge, boost business
operations and enhance customer satisfaction.
They are also examining how they can take advantage of recent advances in
artificial intelligence (AI) and machine learning to solve business challenges
across the insurance value chain. These include underwriting and loss
prevention, product pricing, claims handling, fraud detection, sales and
customer experience.
2
4. AI and advanced machine learning are among the top 10 strategic
technology trends leading organisations are currently using to
reinvent their business for a digital age.
They key market forces driving the adoption of AI and advanced
machine learning in 2018 and beyond are:
1. Smart everything – Enterprises are looking to use advanced
machine learning to drive smart, automated applications in fields
such as healthcare diagnosis, predictive maintenance, customer
service, automated data centres, self-driving cars and smart homes.
2. Open source everywhere – As data becomes omnipresent, open
source protocols will emerge to ensure data is shared and used
across. Different public and private entities will come together to
create ecosystems for sharing data on multiple use cases under a
common regulatory and
cybersecurity framework.
3. Harnessing Internet of things (IoT) data – The volume and
velocity of data from IoT will drive the need to automate the
generation of actionable insight using advanced machine learning
tools. According to Gartner, by 2020, 20 percent of enterprises will
employ dedicated people to monitor and guide machine learning
(such as neural networks). The notion of training rather than
programming systems will become increasingly important.
4. Ability to talk back – Natural-language processing algorithms are
continuously advancing. AI is becoming proficient at understanding
spoken language and at facial recognition, helping to make it more
useful and intuitive. These algorithms are evolving in unexpected
ways, as Google found when Google Translate invented its own
language to help it translate more effectively.
KEY FACTORS
DRIVING
MACHINE
LEARNING
ININSURANCE
3
5. Figure 1
10000
0
20000
30000
Figure 1 illustrates the growth of the AI/machine learning market in
different geographical regions over 10 years. It shows the accelerating
adoption of AI and the critical importance of this technology trend.
Global AI market,
by geography 2017–2024 (in US$ M)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
North America
Europe
Asia Pacific
Rest of the world
4
6. UNLOCKING
THE POWER
OF DATA
Most insurance companies process only 10–15
percent of the data they have access to—most of
which is structured data they house in traditional
databases. That means they are not only failing to
unlock value from their structured data, but also
overlooking the valuable insights hidden in their
unstructured data.
Analysing this unstructured data and using it to
drive better business decisions requires advanced
data science techniques. Emerging data analytics
technologies centred on machine learning bring
order and purpose to this unstructured data so that it
can be more effectively mined for business insights.
One major benefit of machine learning is this that
it can be effectively applied across structured,
semi-structured or unstructured datasets. It can
be used right across the value chain to understand
risk, claims and customer behaviour, with higher
predictive accuracy.
The potential applications of machine learning
in insurance are numerous: from understanding
risk appetite and premium leakage, to expense
management, subrogation, litigation and
fraud identification.
5
7. POTENTIAL
FORMACHINE
LEARNING IN
INSURANCE
VALUE CHAIN
Some of the potential use cases are as follows:
INSURANCE ADVICE
Machines will play a significant role in customer service, from managing the
initial interaction to determining which cover a customer requires. According
to a recent survey, a majority of consumers are happy to receive such
computer-generated insurance advice. Consumers are seeking personalised
solutions—made possible by machine learning algorithms that review their
profiles and recommend tailor-made products. At the front end, insurers are
making wider use of chatbots on messaging apps to resolve claims queries
and answer simple questions.
New Business/Underwriting
Product Development
Policy Servicing
Claims
39%
26%
26%
26%
26%
Customer Experience
LIFE/ANNUITY
New Business/Underwriting
Claims
Product Development
Policy Servicing
Distribution
Customer Experience
56%
40%
36%
32%
32%
32%
PROPERTY/CASUALTY
SMA Research, 2016 Innovation
and Emerging Technologies, n=84
Figure 2: Insurance business areas where machine learning can be leveraged
Machine learning is extensively used across the insurance value chain.
6
8. One such example is that of Allstate, which partnered with EIS (Earley
Information Science) to develop a virtual assistant, called ABle (the Allstate
Business Insurance Expert). ABIe assists Allstate agents seeking information
on Allstate Business Insurance (ABI) commercial insurance products. Before
ABle was deployed, agents were accustomed to selling personal lines
products such as health or homeowners insurance. However, when the
company decided to shift its focus to selling commercial insurance, many
agents had a slow learning curve and encountered challenges in accessing
the information they needed to effectively communicate with potential
clients. As a result, Allstate’s sales support call centre was consistently
flooded with inquiries from agents. Ultimately, “long wait times” translated
to “lost business opportunities.” ABle provides agents with step-by-step
guidance on “quoting and issuing ABI products,” using natural language. EIS
claims that ABle processes 25,000 inquiries per month.
CLAIMS PROCESSING
Insurers are using machine learning to improve operational efficiency, from
claims registration to claims settlement. Many carriers have already started to
automate their claims processes, thereby enhancing the customer experience
while reducing the claims settlement time. Machine learning and predictive
models can also equip insurers with a better understanding of claims costs.
These insights can help a carrier save millions of dollars in claim costs
through proactive management, fast settlement, targeted investigations and
better case management. Insurers can also be more confident about how
much funding they allocate to claim reserves.
Tokio Marine has an AI-assisted claim document recognition system that
helps to handle handwritten claims notice documents using a cloud-based
AI optical character recognition (OCR) service. It reduces 50 percent of the
document input load as well as complies with privacy regulation. AI is used
to read complicated, ambiguous Chinese characters (Kanji), and the “packet-
like” data transfer system protects customer privacy. The results: over 90
percent recognition rate, 50 percent reduction in input time, 80 percent
reduction in human error, and faster and hassle-free claims payment.
Insurance companies lose an estimated US$30 billion a year to fraudulent
claims. Machine learning helps them identify potential fraudulent claims
faster and more accurately, and flag them for investigation. Machine learning
algorithms are superior to traditional predictive models for this application
because they can tap into unstructured and semi-structured data such as
claims notes and documents as well as structured data, to identify
potential fraud.
FRAUD PREVENTION
7
9. Insurers use machine learning to predict premiums and losses for their
policies. Detecting risks early in the process enables insurers to make better
use of underwriters’ time and gives them a huge competitive advantage.
Progressive Insurance is reportedly leveraging machine learning algorithms
for predictive analytics based on data collected from client drivers. The car
insurer claims that its telematics (integration of telecommunications and IT to
operate remote devices over a network) mobile app, Snapshot, has collected
14 billion miles of driving data. Progressive incentivises Snapshot for “most
drivers” by offering an auto insurance discount averaging US$130 after six
months of use.
RISK MANAGEMENT
These are just some examples of potential use cases. Insurers are also seeing
significant benefits from using machine learning across functions such as
direct marketing, audits, claims prediction and customer retention.
OTHER APPLICATIONS
Chola MS, one of India’s fastest-growing insurance companies, has adopted
mobile technology for its claims surveys process. The company’s vehicle
surveyor application uses the voice, camera and data connectivity capabilities
of the Samsung Galaxy Tablet to capture and store auto survey data in one
database. In the past, loss adjusters had to manually match survey notes
with e-mail and photos saved in other databases before making a decision
on a claim. This initiative helped to speed up the claims settlement process,
increased surveyor productivity and improved fraud prevention.
8
10. Most insurers recognise the value of machine learning in driving better
decision-making and streamlining business processes. Research for the
Accenture Technology Vision 2018 shows that more than 90 percent of
insurers are using, plan to use or are considering using machine learning
or AI in the claims or underwriting process.
CHALLENGESIN
IMPLEMENTING
MACHINE
LEARNING
9
11. 1. Training requirements
AI-powered intellectual systems must be trained in a domain, e.g., claims
or billing for an insurer. This requires a separate training system, which
insurers find hard to provide for training the AI model. Models need to
be trained with huge volumes of documents/transactions to cover all
possible scenarios.
2. Right data source
The quality of data used to train predictive models is equally important
as the quantity, in case of machine learning. The datasets need to be
representative and balanced so that they can give a better picture and
avoid bias. This is important to train predictive models. Generally, insurers
struggle to provide relevant data for training AI models.
3. Difficulty in predicting returns
It’s not very easy to predict improvements that machine learning can
bring to a project. For example, it’s not easy to plan or budget a project
using machine learning, as the funding needs may vary during the project,
based on the findings. Therefore, it is almost impossible to predict the
return on investment. This makes it hard to get everyone on board the
concept and invest in it.
4. Data security
The huge amount of data used for machine learning algorithms has
created an additional security risk for insurance companies. With such an
increase in collected data and connectivity among applications, there is a
risk of data leaks and security breaches. A security incident could lead to
personal information falling into the wrong hands. This creates fear in the
minds of insurers.
Some of the challenges
insurers typically encounter when
adopting machine learning are:
10
12. PROVIDINGA
STEPPING-STONE
TOCHANGE
Accenture is a proven partner for implementing New IT solutions, having
made extensive investments in a dozen research labs worldwide. We have
already delivered more than 50 machine learning and AI projects globally
in the insurance industry and are active in more than 100 AI engagements.
Accenture owns five patents for AI technology for insurance applications
and has two more that are patent pending.
• Strategy-led framework that
focuses on driving business value
• Industry expertise to design
optimised processes
• Independently test
technology components
• Develop integrated solutions
that leverage best-of-the
breed products
• Design scalable,
future-proof solutions
• Resources and technology
platforms available to prototype
and scale
• Industrialised services and
cloud capabilities optimised
for delivery
• Research and thought
leadership dedicated to
responsible AI
• Robust service design approach
that puts humans at the centre
of the solution
• Change management expertise
to ensure smooth adoption
• Partnerships with academia to
deliver thought leadership and
innovative solutions
• Relationships with key technology
partners and startups
Technology
agnostic
Business
value
focused
Positioned
to scale
Diverse
ecosystem
Put
humans first
OUR UNIQUE RANGE OF CAPABILITIES
WE CAN PROVIDE END-TO-END MACHINE LEARNING OFFERINGS
Figure 3
11
13. As rapid technological advances reshape the insurance landscape, carriers
must become more customer-centric, enhance customer service, create better
solutions for operational efficiency and build ever more accurate underwriting
models. Insurers have no option but to embrace machine learning to remain
competitive, drive operational excellence and boost growth.
Although machine learning used to be the exclusive domain of data scientists,
it is now possible for business users to build data models and make accurate
predictions faster. Insurers already have domain experts: actuaries, claims
managers and underwriters, who can contribute to machine learning projects
with the right training and tools.
As insurers consider and evaluate machine learning for their organisations,
they should bear in mind the importance of automation and seek platforms
that automate the entire workflow. However, the journey begins with a pilot
model: develop a proof of concept, test the derived machine learning benefits
and extend deployments once successful.
ACCENTURE
VIEWPOINT
REFERENCES
https://www.forbes.com/forbes
https://hortonworks.com
http://www.propertycasualty360.com
/2017/11/17/http://www.tellius.com/
https://channels.theinnovationenterprise.com /articles/
https://www.gartner.com
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