Machine Learning In Insurance: Fact From Fiction
What's the relationship among terms like big data, analytics, data science, machine learning, deep learning, neural networks, and artificial intelligence? Too often people conflate these terms.
Key research questions
- What is the relationship between AI, machine learning, and big data?
- What are the key machine learning models to know?
- Where can machine learning models be used in insurance?
Artificial Intelligence has overtaken neural networks, machine learning, and big data as the latest buzzword. All too often, the terms are taken to mean the same, or similar things. Furthermore, many insurers and vendors have taken to claiming “AI” capabilities for dashboards and instant messaging-based menu systems. Meanwhile, many in insurance are uncertain about the actual capabilities of AI or machine learning, and the use cases for relevant technologies.
This report will go into detail about what these terms actually mean, and what machine learning technology can be used and where.