Machine Learning and Its Impact On the Future for Insurance - DZone Big Data

The interest in machine learning and the associated appetite to drive business outcomes from such investments continues to build. I've been talking to many insurance organisations over the past 18 months around machine learning and four consistent areas tend to arise as organisations grapple with the application and value of machine learning. As 2017 gets well underway, I thought it prudent to share and gather opinion experiences in the insurance industry and I've also summarized these points of view as part of Louise Matthews' 'Five Minutes with….' video series. First and foremost, machine learning WILL change the way insurers do business. The insurance industry is founded on forecasting future events and estimating the value/impact of those events and has used established predictive modeling practices – especially in claims loss prediction and pricing – for some time now. Machine Learning has now become an essential tool for insurers and it is used extensively across the core value chain to understand risk, claims and customer experience.