Machine Intelligence in Insurance: Designing the Aware Machine

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31 July 2015
Michael Fitzgerald and Craig Beattie

Abstract

Many insurers will be experimenting with intelligent machine systems in the near future. This report provides an explanation of this space to guide these efforts.

The topics of artificial intelligence, machine learning, deep learning, and cognitive computing have made their way into the popular business press. An insurance professional trying to stay informed of emerging technology may struggle to see the application of these technologies to their industry.

“Advances in techniques such as artificial intelligence, machine learning, deep learning, and cognitive computing are challenging traditional IT assumptions and opening opportunities for business solutions,” says Mike Fitzgerald, senior analyst with Celent’s insurance practice and coauthor of the report.

Celent views this shift as the next “big idea” in computing. We have labeled such a platform “The Aware Machine.” It uses emerging technologies and a different design approach to solve problems once deemed too costly or complex.

This research describes the Aware Machine model, identifies the characteristics of high-value problems best suited for such platforms, and suggests specific use cases to serve as proof-of-concept experiments.

Insight details

Special Interest
Innovation & Emerging Technology, Risk Management & Compliance
Content Type
Reports
Report Type
Case studies, Industry Trends, Technology trends, Vendor landscape
Subscription categories
Insurance, Life/Annuities Insurance, Property / Casualty Insurance