Insurers are increasingly under pressure to cut costs and offer better digital services to their customers. While core systems replacement and modernization activities close the gap to a degree, carriers are looking to a range of automation technologies to improve service, reduce costs and increase profits.
Executive SummaryCelent's Craig Beattie explains the distinctions between different forms of machine learning and the potential applications for the insurance industry.
One type of technology insurers are examining is artificial intelligence. This is a broad and decades-old discipline covering a range of technologies where machines demonstrate “intelligence.” A challenge in artificial intelligence and psychology disciplines has been defining intelligence. Most have settled on intelligence being that thing that humans do well and machines find difficult. As more and more activities become amenable to machine analysis, the scope of artificial intelligence has seemingly shrunk.