Insurance


Big data, analytics comes before artificial intelligence: panel

#artificialintelligence

Insurers are keen to adapt artificial intelligence in the enterprise, but first they must build up a layer of data and analytics excellence.


Insurance Customers Need to Get Used to Talking to Machines

#artificialintelligence

Frustrated with automated answering machines before you finally get to speak with a customer service representative? When it comes to insurance, you'll just as likely end up dealing with a robot as a human within three years, according to a survey by Accenture Plc.


Nvidia selects 5 most-disruptive AI startups

#artificialintelligence

Nvidia is on a quest to find the most disruptive artificial intelligence startups. This quest is part of a larger contest dubbed Nvidia Inception, which is screening more than 600 entrants to cull the best AI startups in three big categories.


Business and Technology News - ITP Report

#artificialintelligence

Insurance executives believe that artificial intelligence (AI) will significantly transform their industry in the next three years, with insurers investing in AI to empower agents, brokers and employees to enhance the customer experience with automated personalized services, faster claims handling and individual risk-based underwriting processes, according to Accenture's Technology Vision for Insurance 2017. According to the report, three-quarters (75 percent) of insurance executives believe that AI will either significantly alter or completely transform the overall insurance industry in the next three years. "The adoption of artificial intelligence is gaining momentum within insurance, with executives pointing to AI's potential to revolutionize the customer experience and empower agents, brokers and employees," said John Cusano, senior managing director and global head of the Accenture Insurance practice. According to the report, the rise of AI is creating new opportunities for insurance agents, brokers and employees to deliver a better customer experience, with the technology enhancing the way sales and services are executed, facilitating faster claims processing, and enabling more-accurate, individual risk-based underwriting processes.


Artificial Intelligence set to transform insurance industry, but integration challenges remain: Accenture

#artificialintelligence

Artificial intelligence (AI) will "significantly transform" the insurance industry in the next three years, with insurers investing in AI to empower agents, brokers and employees to enhance the customer experience with automated personalized services, faster claims handling and individual risk-based underwriting processes, according to a new report from Accenture.


Artificial Intelligence Verticals (I): Insurance – Cyber Tales – Medium

#artificialintelligence

In spite of those problems, in the last decade, we noticed a new trend emerging. Insurances, in the effort of trying to reduce moral hazard problems, they started offering premium discounts to their final customers in order to get extra information. This occurred either through a questionnaire (asking directly the customer for further data in exchange for a lower price) or indirectly through devices (healthy devices, black boxes, etc.). The real issue though has been the engagement side of this proposal, because of the opposite nature of information, rewards, and human nature. The rewards offered were indeed either temporary or provided only once and people got lazy very quickly, while the information stream needed to be constant.


What Every Business Should Know About Chatbots - CIOL

#artificialintelligence

The latest technology to catch the fancy of a lot of businesses are chatbots--self-learning computer programs designed to have intelligent conversations with humans over the Internet.


Sweet dreams – Using machine learning to eliminate pricing nightmares

#artificialintelligence

How do you price a product when you do not know how much it costs to produce? This is a problem the insurance industry faces every day. While most industries know the cost of materials, labor, and profit margin to calculate the price of their products, insurance does not know the cost of the product when it is sold. The true cost of the product may not be known for many years once all the claims have been paid. Hence insurance companies, and specifically actuaries, rely heavily on using historical data to predict future behavior to create premium rates to price its products.


Artificial Intelligence Ties Liability in Knots - Risk & Insurance

#artificialintelligence

Despite dire predictions of an "Automation Apocalypse," it turns out that automation has only obliterated one job in the last 60 years.


Co-bots, not robots – The next big step for AI in insurance?

#artificialintelligence

Many have proclaimed that 2017 will be'the year of AI,' with a 300% increase in investment in its technologies predicted compared with 2016. Start-ups with AI at the core of their business in particular will be looking to benefit from this surge in investment capital, as they did last year when 550 raised $5 billion in funding. While efforts at embedding human intelligence into machines has a long history, recent years have seen a rapid evolution of the technologies captured under'artificial intelligence', spurred on by decreasing costs in computing power, advances in memory capacity and cloud computing, and the necessity borne of the generation of evermore quantities of structured and unstructured data. Naturally, the ability to quickly and automatically process this data and derive actionable insights is creating a lot of excitement across multiple industries, yet there remain a number of obstacles to AI adoption; many business leaders cite the lack of a defined business case or required skills, or the need to first modernize internal data management platforms.