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
What has Altus been up to this quarter?
Written by Altus on 7 March 2018
Find out everything Altus has been up to this quarter.
Altus consultant joining Chartered Insurance Institute (CII) Claims Faculty Board
Written by Altus on 5 March 2018
One of Altus Consulting’s newest joiners, Patrick Hayward, has been invited to join the Chartered Insurance Institute (CII) Claims Faculty Board for 2018. Patrick was voted to the join the Board by fellow participants in the CII New Generation Programme.