The Aware Machine in insurance
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31 July 2015Michael Fitzgerald
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. A Celent new report, Machine Intelligence in Insurance: Designing the Aware Machine, provides an explanation of this space and its opportunities in insurance. It describes a model named "The Aware Machine", identifies the characteristics of high-value problems best suited for such platforms, and suggests specific use cases to serve as proof-of-concept experiments. The use cases include:
- Analysis of legal circulars for impact: Continuously identify which regulatory changes will have a material impact. Involves teaching a system insurance law and providing it with a continuous feed of changing regulations.
- Medical case management: Optimize treatment plans to increase recovery, return to work rates
- Identification of underwriting leakage: Analyze insurance contracts at the clause level and compare them with each other across lines of business to enforce consistency of intent. Continuously monitor new contracts to ensure that appropriate wording is used.