insurance


An Intelligent Claims Process

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Artificial intelligence, Machine Learning, and Deep Learning are more than futuristic concepts. These technologies are impacting the insurance industry in a significant way right now and this impact is likely to increase in the near future. The idea of Artificial Intelligence (AI), Machine Learning (ML), and Deep Learning (DL) may fascinate consumers who enjoy talking to their digital while admiring a Nest thermostat. But for the insurance industry, these terms are business-changers that affect products and services offered and interactions with consumers and other industry partners. The definitions of these terms may be a bit confusing to the uninitiated (see sidebar).


You Could Become an AI Master Before You Know It. Here's How.

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At first blush, Scot Barton might not seem like an AI pioneer. He isn't building self-driving cars or teaching computers to thrash humans at computer games. But within his role at Farmers Insurance, he is blazing a trail for the technology. Barton leads a team that analyzes data to answer questions about customer behavior and the design of different policies. His group is now using all sorts of cutting-edge machine-learning techniques, from deep neural networks to decision trees.


AI Algorithms Are Starting to Teach AI Algorithms

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At first blush, Scot Barton might not seem like an AI pioneer. He isn't building self-driving cars or teaching computers to thrash humans at computer games. But within his role at Farmers Insurance, he is blazing a trail for the technology. Barton leads a team that analyzes data to answer questions about customer behavior and the design of different policies. His group is now using all sorts of cutting-edge machine-learning techniques, from deep neural networks to decision trees.


AI Algorithms Are Starting to Teach AI Algorithms

MIT Technology Review

At first blush, Scot Barton might not seem like an AI pioneer. He isn't building self-driving cars or teaching computers to thrash humans at computer games. But within his role at Farmers Insurance, he is blazing a trail for the technology. Barton leads a team that analyzes data to answer questions about customer behavior and the design of different policies. His group is now using all sorts of cutting-edge machine-learning techniques, from deep neural networks to decision trees.


Reshaping Business With Artificial Intelligence 10-01

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CLOSING THE GAP BETWEEN AMBITION AND ACTION...... Disruption from artificial intelligence (AI) is here, but many company leaders aren't sure what to expect from AI or how it fits into their business model. Yet with change coming at breakneck speed, the time to identify your company's AI strategy is now. MIT Sloan Management Review has partnered with The Boston Consulting Group to provide baseline information on the strategies used by companies leading in AI, the prospects for its growth, and the steps executives need to take to develop a strategy for their business. Executive Summary 1. Expectations for artificial intelligence (AI) are sky-high, but what are businesses actually doing now? The goal of this report is to present a realistic baseline that allows companies to compare their AI ambitions and efforts.


Ethical principles for algorithms

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For example, is it right to enable facial recognition of gays, autonomous weapons systems, subprime credit models, sex robots, or targeted advertising aimed at exploiting psychological weakness of vulnerable populations? To address disparate impact concerns, standards of fairness can be built into algorithms that guide eligibility decisions in areas like credit, insurance, employment, school admissions, and parole, but the standards can be in conflict. For example, is it right to enable facial recognition of gays, autonomous weapons systems, subprime credit models, sex robots, or targeted advertising aimed at exploiting psychological weakness of vulnerable populations? To address disparate impact concerns, standards of fairness can be built into algorithms that guide eligibility decisions in areas like credit, insurance, employment, school admissions, and parole, but the standards can be in conflict.


New tech & big data: are they good for insurance? The Actuary, the official magazine of the Institute and Faculty of Actuaries

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Vitality, a UK-based health and life insurer, offers'Vitality points' for consumers who are willing to track and share their daily activities, including walking, running, cycling, swimming or going to the gym. This can be done in a variety of ways, including fitness trackers and health check-ups. An example of this may be someone identified as having a genetic disorder, where no preventative measures could have been taken, being given a large life insurance quote to reflect the uncertainty around the treatment and risk factors. This could reduce profitability for insurers and further undermine the risk pool, pushing up premiums for the higher- risk consumers that remained.


Lloyd's of London Signs First Ever AI Deal with Expert System (MESA) - Media & Entertainment Services Alliance

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It's the first Artificial Intelligence rollout for the world's specialist insurance market, Lloyd's of London. Expert System has signed a worldwide agreement that enables cognitive automation powered by Cogito, transforming business processes to support the needs of market participants. Expert System allows businesses to transform effectively by automating business processes and improving customer experience. "Expert System's cognitive applications help us to meet our strategic objective and evolve business models through new applications."


Lloyd's signs AI deal with Expert System

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Lloyd's of London has signed its first Artificial Intelligence (AI) deal to automate business processes in the market. Lloyd's has signed a worldwide agreement with Expert System that enables cognitive automation, according to an Oct. 9 press release. Expert System allows businesses to transform effectively by automating business processes and improving customer experience, according to the statement. "Expert System's cognitive applications help us to meet our strategic objective and evolve business models through new applications."


3 Industries That Will Be Transformed By AI, Machine Learning And Big Data In The Next Decade

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Building on the idea of the AI guaranteeing your personal loan, your insurance company will also be transformed by artificial intelligence and big data. Another big change AI could see ushered in is autonomous cars. In addition, it's likely that auto ownership in general would decline; people would no longer buy cars, but buy 24/7 access to a car. In this case, the auto insurance industry loses millions of customers, with only a few large corporations that rent the cars to insure.