INSURANCE
ALEX JOHNSON QUANTEXA
Arguably , insurers have been guilty of embracing AI but treating ML and DL like bolt-ons , rather than integral parts of their business . They have utilised AI to automate processes that would otherwise require some level of human intelligence , but are not actively exploiting ML and DL to gain greater insights .
Johnson continues : “ Insurers looking to gain real-world results from their AI application should begin by creating a single customer view . Data pertaining to individuals , organisations or real-world concepts should be joined together in a process called Entity Resolution . Match rates at insurance companies can be as poor as 50 % due to data quality issues or an attempt to match complex entities , such as business hierarchies , across poorly formatted or sparsely populated datasets . Fortunately , Entity Resolution techniques can improve the accuracy of this process to 98-99 % and manual data cleansing by 85 %+. Spending time preparing and cleaning data sets will set insurers up to take advantage of AI and its subsets .” insurtechdigital . com 69