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Insurance Applications for Machine Learning
by Insurance Nexus
The insurance industry has long seen applying accurate insights to all business departments as a key competitive advantage, and there have been significant advances in growing analytics capabilities in recent years. However, analytics is set to take a huge leap forward through the use of machine learning. The reason for this is because machine learning has the potential to completely transform an entire insurance organisation. But where and how can machine learning be practically applied by insurers? And is it worth it? We spoke with industry leaders from AIG & Zurich Insurance to understand just that.
We spoke with George Argesanu (Global Head of Analytics, AIG) and Monika Schulze (Global Head of Marketing, Zurich) to get their thoughts on:
- Defining machine learning and artificial intelligence in an insurance context
- How AIG & Zurich are looking to use machine learning in the near future
- The potential applications for machine learning across the insurance industry
- What is the desired outcome of machine learning: What does success look like?
- How will growing analytics capabilities impact the industry on the whole in the future?
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