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  • Case Study Business Intelligence in Insurance

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    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.

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    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.

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    © All Rights Reserved
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    134 views2 pages

    Case Study Business Intelligence in Insurance

    Uploaded by

    prince
    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.

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    of 2

    Case Study

    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

    Last Date of submission 22-03-2021

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