Insurance and Artificial Intelligence

in SteemCoinPan •  2 months ago 

This is translated version in English of original posting written in Korean.
It may be helpful to read English version that contains original AI jargons when you do not understand some sections in Korean version.
보험 그리고 인공지능(AI)

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It is possible to apply Artificial Intelligence(AI) Processing Structure to Insurance sector to see one example of the application of AI in industry.

AI into Action in Insurance
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The practical usage of AI is so wide from car insurance that adjusted by sensor and tracking devices to insurance contract that cover cyber security risk.
Insurance companies may need to combine the modules from AI building blocks with practical and usable data to make these new concept insurance products.

AI Building Blocks
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Insurance company may automate estimation for the cost of insurance for loss utilizing the combination of “Machine Vision” and “Satellite Data”.

When you manage core process, it may be helpful to see the practical application cases while all individual process are divided into sub-processes.
For suggesting the most suitable Insurance product to customer, insurance company could suggest the proper one that comes from combiniing “Machine Running”, “Past Customer Data” and “Salesmen Data”.
In the sector of insurance fraud investigation, some start-ups already catch the potential risks that estimated utilizing photos and Machine Vision.
And insurance company could improve its risk management efficiency through putting customer data such as driving habits that monitored by sensors into Machine Running.

Many back office(Non sales functions)was process is almost same and many vendors offer CSR(Customer Service Relationship) solution such as Chatbot.
In this field, vendors have more experiences than the company who needs this service and may get benefit from the larger scale data records and more reliable result that collected from many customers.
While setting up this process, companies should recognize the circumstance of other relevant sectors exactly.
One of example of this cases is Goldman Sachs that has initial employee interviews utilizing AI video technology.
And Cyclance that is IT security solution detect malware like WannaCry every million second.

Now insurance depends on Structured Data so much.
So it is so natural that there are many cases that AI development companies has used the module of “Learning through Data”.
But as time goes by, Machine Vision, Voice Recognition and Natural Language Process will be used more efficiently and voice recognition will be helpful in the sector of general text communication.

Source: The Future of Work: AI & Digital, BCG

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