This document discusses business intelligence applications of artificial intelligence in the insurance industry. It explores current uses of AI for data management, personalizing insurance products, and claims modeling. The document aims to understand the types of AI-based BI applications used, their tangible results, and common trends that could affect insurance's future. It provides context on insurers collecting vast structured and unstructured data and how AI will impact the industry through connected devices, open data ecosystems, and advances in cognitive computing and robotics.
This document discusses business intelligence applications of artificial intelligence in the insurance industry. It explores current uses of AI for data management, personalizing insurance products, and claims modeling. The document aims to understand the types of AI-based BI applications used, their tangible results, and common trends that could affect insurance's future. It provides context on insurers collecting vast structured and unstructured data and how AI will impact the industry through connected devices, open data ecosystems, and advances in cognitive computing and robotics.
This document discusses business intelligence applications of artificial intelligence in the insurance industry. It explores current uses of AI for data management, personalizing insurance products, and claims modeling. The document aims to understand the types of AI-based BI applications used, their tangible results, and common trends that could affect insurance's future. It provides context on insurers collecting vast structured and unstructured data and how AI will impact the industry through connected devices, open data ecosystems, and advances in cognitive computing and robotics.
Business Intelligence in Insurance – Current Applications
In the past few decades, insurance companies have collected vast amounts of data relevant to their business processes, customers, claims, and so on. This data can be unstructured in the form of PDFs, text documents, images, and videos, or structured, organized and curated for big data analytics. Mckinsey claims the state of the artificial Intelligence market in the Insurance industry will be impacted by four factors: an explosion of data from connected devices, open source data ecosystems, advances in cognitive computing technologies, and an increased prevalence of physical robotics. We previously covered how the top 4 American insurance firms are using AI, and in this report, we specifically cover AI-based business intelligence (BI) solutions for the insurance industry. As of now, numerous companies claim to assist insurance professionals in aspects of their roles from developing personalized insurance products to claims processing. We researched the space to better understand where AI-based business intelligence applications come into play in the insurance industry and to answer the following questions: What types of AI-based business intelligence applications are currently in use in insurance? What tangible results have AI-based business intelligence applications driven in insurance? Are there any common trends among these innovation efforts? How could these trends affect the future of insurance? This report covers vendors offering software across three applications: Data Management Insurance Product Personalization Claims Modeling Assignment 1 Topic 1: Data Science project life cycle Topic 2: OLAP and Multidimensional data analysis Topic 3: Supervised Learning, Unsupervised Learning, Reinforcement Learning