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  • Insurance / WHITE PAPER

The Transformational Potential of AI in Insurance 

Lee H Weinstein

Domain Lead, Banking and Insurance Technology Group, Banking, Financial Services, and Insurance, TCS

Venugopal Shivram

Domain Lead, Banking and Insurance Technology Group, Banking, Financial Services, and Insurance, TCS

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Advanced analytics, AI, and ML will herald a move to next-gen insurance services

Lacking a view into actual costs while pricing products, the insurance industry has historically leveraged data and analytics to better assess risk. Predictive analytics built upon statistical modelling techniques have been used across functions like actuary, underwriting, claims, and marketing. But these techniques are unable to handle the explosion of unstructured data in the current context. However, with the advent of artificial intelligence (AI), machine learning (ML), natural language processing (NLP), and cognitive technologies has come the ability to process huge amounts of real-world data to glean insights that can help streamline business processes, enhance customer service, and mitigate risk. To take advantage of emerging opportunities and drive growth, insurance companies must embrace these technologies, which will require:

  • A shift from the risk identification mindset to a risk mitigation mindset
  • Knitting together the three threads of data, advanced analytics, and business and domain knowledge to gain a holistic view

 

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