Set the Machines free to learn

A decade ago straight through processing was a buzz word and speed to market was critical. The progress financial institutions have made in moving almost all aspects of their transaction foot print digital has left little to leverage on the transaction side. In today's day and time while most organizations are busy revamping their Policy administration systems which were long ready to be replaced a decade ago, what will set companies apart will be the organizations that start considering Machine Learning and Artificial intelligence(AI) for their core systems. If you look at the fundamentals of any kind of insurance, at the core, insurance offerings are about risk pooling and the ability of the insurer to price products in a manner such that over time the premium revenues outstrip the claims experience. In every type of insurance product the claims experience influencing the pricing and risk aggregation decision making done by the insurer.