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
Improving treatment of vulnerable customers
Written by Sam Turner on 14 March 2019
The financial services industry is lagging when it comes to identifying and servicing vulnerable customers, putting them at risk of both regulatory and reputational damage. While some businesses seem to be making progress – writing vulnerable customer policies, training staff and adopting front-line techniques – there is still a lot to be done.
Altus Consulting joins Insurtech UK as consultancy partner
Written by Mark Andrews on 12 March 2019
Altus Consulting, a leading financial services consultancy, has officially become a partner of Insurtech UK, joining the first wave of associate members and partnership sign-ups of 2019. With the aim of becoming the definitive voice of the InsurTech community in the UK, the alliance has welcomed over 40 InsurTech start-ups since its launch in November 2018.