Big data , and its interconnectivity with machine learning and AI , are revolutionising insurance processes . We look at the relationships of this triumvirate
BIG DATA
REVOLUTIONISING INSURANCE WITH BIG DATA
Big data , and its interconnectivity with machine learning and AI , are revolutionising insurance processes . We look at the relationships of this triumvirate
WRITTEN BY : LOUIS THOMPSETT
Insurance is in a new age of digitisation . Over the past few years , insurtechs have perforated the market to offer their own products in a B2C capacity or formed B2B models to become suppliers for established insurers .
The word “ revolution ” has been synonymous with a rapidly changing insurance industry , none more so than for digital strategist and author Bernard Marr . He says : “ Insurtechs are revolutionising the insurance industry by exploiting the mammoth potential of big data .
“ Big data allows insurtechs to offer personalised policies , streamlining the claims process using predictive analytics for fraud detection and claim probability . A key takeaway is how insurtechs leverage big data to improve customer experiences through chatbots and AI-driven claims processing , which is shifting the industry from being reactive to proactive .”
Fujitsu UK ’ s CTO and FS & I of Data & Applied Intelligence , Hugh Coughlan , agrees on the transformative impact of big data , particularly its role in “ redefining underwriting and risk assessment ”.
Meanwhile , Persistent Systems ’ Head of Solutions for Europe , Devashish Mishra , highlights big data ’ s ability to “ automate complex insurance processes ” through its relationship with AI and machine learning .
Such advancements , and the relationship between big data , AI , and machine learning is saving “ insurers a lot of time and enabling human experts to focus more on the marginal cases where their expertise is most required ”, according to Viren Patel , Financial Services Industry Strategist at Workday .
So , how is big data and its relationship with AI and machine learning revolutionising insurance , and how does the relationship work ?
52 September 2023