Big-four bank Standard Bank is using artificial intelligence (AI) and machine learning to predict those clients likely to cancel their insurance policies. The initiative by Standard Bank's insurance business, aimed at democratising data science and improving client service, was recently recognised by US technology giant Microsoft. Last year, the bank told ITWeb it is also dabbling with blockchain technology to process motor vehicle claims. A recent report by consultancy firm Mckinsey says AI and its related technologies will have a seismic impact on all aspects of the insurance industry, from distribution to underwriting and pricing to claims. Using AI and machine learning, a cross-functional Standard Bank team has developed a model that allows the insurance business to predict which clients are likely to cancel their policies, among other use cases. In an interview with ITWeb last week, Dharmesh Kalain, head of business intelligence for insurance at Standard Bank, said this is part of an ongoing programme to develop "self-service analytics" capabilities within the bank, whereby employees are able to analyse data and generate insights – even if they are not data specialists or data scientists.