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
Reading the signs all wrong
Written by Rory Gravatt on 14 August 2018
The Work and Pensions Committee is missing the point when it asks whether people understand the cost and value for money of their pension products – a recent FCA paper revealed that one third of those who opted for pensions freedoms don’t even understand where or how their money is invested
Robo-advice threat is a race against time
Written by Jonathan Warren on 7 August 2018
Concerns about robo-advice are lapsing amongst financial advisers, but financial service providers should not entirely dismiss the risks posed by robo.