Transcription of MACHINE LEARNING IN INSURANCE - Accenture
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MACHINE LEARNING IN INSURANCE - Accenture
MACHINE LEARNING IN INSURANCEE nabling insurers to become AI-driven enterprises powered by automated MACHINE learningFSPERSPECTIVESCONTENT DATA JOURNEY SO FAR KEY FACTORS DRIVING MACHINE LEARNING IN INSURANCE UNLOCKING THE POWER OF DATA POTENTIAL FOR MACHINE LEARNING IN INSURANCE VALUE CHAIN o INSURANCE advice o Claims processing o Fraud prevention o Risk management o Other applications CHALLENGES IN IMPLEMENTING MACHINE LEARNING PROVIDING A STEPPING-STONE TO CHANGE Accenture VIEWPOINT235691112 DATA JOURNEY SO FAR Data has always played a central role in the INSURANCE industry, and today, INSURANCE carriers have access to more of it than ever before. We have created more data in the past two years than the human race has ever created. Insurers like organisations in most industries are overwhelmed by the explosion in data from a host of sources, including telematics, online and social media activity, voice analytics, connected sensors and wearable devices.
14 billion miles of driving data. To encourage the use of Snapshot, Progressive offers “most drivers” an auto insurance discount averaging US$130 after six months of use. RISK MANAGEMENT These are just some examples of potential use cases. Insurers are also seeing significant benefits from using machine learning across functions such as
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