Written by Sumit Sethi, Guest Blogger on 12 October 2017
Altus Consultant, Sumit Sethi (middle) sat on a panel at the TIBCO breakfast seminar where there were discussions around the opportunities being created by Artificial Intelligence and Machine Learning and how insurers can become more agile in the face of new innovations and disruptive technologies.
- Insurer legacy datasets combined with Data Scientists not typically coming from within the Insurance Industry has meant that 80% of time is being inefficiently directed towards data preparation rather than analysis
- Data Scientists have the technical skills needed by Insurers to exploit AI but they are a scarce commodity
- A hybrid approach of hiring Data Scientists with a view to training internal staff is the only sustainable option for Insurers
- Black Box Applications are limited in their offering as they provide little differentiation for Insurers over competitors
- Adoption of AI technologies in the Insurance Value Chain can bring about competitive advantage and operational efficiencies for Insurers
- Early AI deliveries have been focussed towards risk selection and pricing but investment on achieving operational efficiencies is where Insurers can win big
Giving Your Platform Wings - Altus Latest Whitepaper
Written by Ben Hammond on 13 June 2018
Six years ago we released a white paper, The Platform Machine: Tuning for Efficiency. In it we discussed that, in spite of ever increasing levels of Assets under Administration, all was not well in platform land. Revenues were rising across the board, but costs were outstripping them, in many cases significantly so. Now, five years later, we are releasing Giving your platform wings, a white paper re-evaluating the current platform industry.
Amazon could disrupt the re/insurance industry
Written by Mark Andrews on 12 June 2018
We have already seen Amazon launch Amazon Protect, its first product protection insurance cover, and partner with Berkshire Hathaway and JP Morgan on employee healthcare.