Artificial Intelligence

How to inculcate a problem-solving approach using AI – Racing towards Data Science.

 
We find a lot of structured and unstructured data across a multitude of enterprises. Especially in data intensive industries like Banking and Insurance data gushes from many channels and this is vital for decision making. Deriving meaningful insights from data using Artificial Intelligence is crucial for framing business strategies.

We often hear about Data Science and Data Scientist, but what exactly is it? Decision making using data is not a mechanical process, it is a scientific methodical approach which takes into consideration many factors and is done with utmost precision.

Data Science opens the door to numerous strategic opportunities and can position your company in a customer-centric mode. Fixing several problems which you may face require a tactical approach and when it involves enormous amount of data, Artificial Intelligence comes to help.

“Make your brand tantamount with trust. Understand the depth and power of Artificial Intelligence. Dig into the AI possibilities which can be futuristic as well as Evolutionary.”

Who is a Data Scientist?

Data Scientists are advanced analytical data experts who are technically proficient and able to solve complex business problems. They possess the following skillsets

  • Mathematical Reasoning
  • Ethical Hacking Skills
  • Business/Strategy Acumen
  • Imagination

Data Science is an Art! Data Scientist applies complex processes, systems and algorithms to dissect the business problem into solvable modules. Knowledge and insights are extracted from structured and unstructured data. Continuous process improvement methodology is applied with precision and expertise.

How AI is transforming Insurance Industry

Quite simple to define, Insurance is an industry which thrives on Risk! Insurance Veterans would never deny this single statement – The success in this industry is largely dependent on Predictions, how well we predict the risk factors, risk probabilities and impact of risk on a person or business.

Few Trends that would create huge impact on Insurance Industry are as follows

  • Unfathomable rise in launch of high-tech devices and the resultant data in-flow

Connected devices powered by sensors are a major source of data for leading companies in AI like Nuvento. Avalanche of data from these devices play a huge role in understanding the client and his/her needs. For instance, a wearable device can predict most of the factors related to the health and lifestyle of a person which is of greater use for framing Insurance strategies.

  • Modern Data ecosystems and positive changes in open source protocols

Artificial Intelligence developers are getting geared up for facing newer challenges as a result of positive waves of change in open source protocols. Public and private enterprises will gather to craft modern data ecosystems to make data available for the right business purpose with greater stress on innovation. Insurance carriers are starving for more and more data, connected wearable devices supply data through many channels like Amazon, Apple or Google. AI comes to your help in extracting this data thereby deriving meaningful flanking insights.

  • Disruptive Trends in cognitive technologies and Robotic Processes

Cognitive technologies like Deep learning or convolutional neural networks mimic human brain in dissecting complex data and this gives rise to innovative insurance products. These products are built with greater care, machine learning consulting and other cognitive technologies which constantly tracks human behaviour, response models and various activities finetune these product innovations on a larger scale.
Insurance industry faces several challenges but most of them are centred around Claims and Underwriting sphere. Lets us see how AI can solve many of these challenges:

The Trunk is full of data backlogs, policy agreements, claim forms, past and existing customer details and enough and more many different forms of data. But your business team wants insights, yes clear and precise insights relevant for decision making.

Challenge
Huge amounts of data contain very complicated patterns. Data often gets stagnant in millions of paper files or else remains unstructured with no use for anyone. Data patterns communicate with different departments and collect their responses. These patterns if discovered properly can lead to disruptive decisions which can impact business in a good way. Apart from this, manual processes which are time consuming slow down operations

Solution
Implement Artificial Intelligence Solutions. Insurance industry would keep on collecting enormous quantities of data. Nuvento helps you derive meaningful business insights using text/image/video analytics from these data. Leading insurance players are continuously evolving and adopting big data analytics and intricate techniques to extract information from claims or underwriting forms. The impact of such results is BIG.

  • Nuvento can reduce your claims processing time thereby enhancing operational productivity.
  • Fast and efficient Nuvento Chatbots would help you retain your customers by supporting customer service.
  • Secure and strong fraud detection AI model to tackle Insurance fraud instances.
  • AI with its intelligent underwriting algorithms can save time and cost involved in tedious underwriting processes.

Data management and extraction of relevant data is never tedious when you are powered by big data applications. Business insights derived through AI drive business value in its entirety, not only for Insurance business but also for many other data intensive businesses. Success is visible when your operations are streamlined, and critical process issues are resolved using AI.

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Are you worried about a Fraud Instance?

Big data analytics companies serve Insurance business by providing customized data solutions to collect massive amounts of data in structured, semi-structured and unstructured formats during policy application, claims processing and client servicing. Unfortunately, there are many instances where this kind of huge data sources are rarely scrutinized while investigating fraud.

Power of AI and Big data in Insurance Fraud Detection

 

 

 

 

 

 

 

Big data management for Insurance business is a vital area because of the sensitive threats hidden in the form of transaction and claims fraud. Insurance businesses which look at growth opportunities through digital channels like web and mobile devices are increasingly deploying sophisticated fraud detection technologies to prevent fraud. On an average, 1 out of 10 insurance claims appears to be fraudulent. Many available fraud detection solutions are rule based and normal Data and analytics solutions may not always spot the discrete manipulations. Predictive analysis which uses rule combinations, data modeling, database searches, text mining and exception reporting helps in detecting fraud instances which happens at each stage of claims processing cycle. Enhance your existing fraud detection techniques with Cloud Big Data technologies to provide a competitive edge to your underwriting and claims processes; this in turn augments overall productivity of your operations.

When Nuvento analytics combines with traditional anomaly detection and other rules-based methods, fraud detection process gets more power. Give a new dimension to fraud detection techniques by identifying hidden patterns, integrating data, harnessing and reviewing unstructured data and deriving useful values to help with decision making process. Fraud Analytics allow insurance businesses to have a strong control over each transaction and do continuous testing to improve the scores.

Artificial Intelligence in Fraud Detection and Claims Management

Artificial Intelligence in Insurance is no more a new terminology for business enthusiasts; from digital smart assistants in the form of chatbots which revolutionize customer service and operations to the vast array of machine learning technologies, the capabilities are enormous. The initial hiccups around the conception of innovative AI enabled business methods and their implementation are now fading mainly because of knowledge and resources available in this regard. Following are the ways in which AI can contribute to Fraud detection:

1.Business data management : A crucial area where AI can help Insurance business; because of its huge data processing capability AI enables a strong workflow infrastructure where information flows freely within departments. Fraud instances are detected which might happen at any stage in this process.

2.Automated Claim Support: AI powered claims bot reviews the claim thoroughly and scans it using a fraud detection algorithm and sends instructions to the bank for claim settlement. All these are carried out with minimum human intervention and thereby errors in process are also minimized. Inaccurate claims are identified then and there using data pattern identification methodology and thus saves huge amounts by eliminating expensive fraudulent claims.

3.Personalization and verification: Insurance processes are often complex and confusing for a customer, this applies mainly to claims settlement and fraud instances are on the higher side in verification stage. Chatbots which are integrated to any digital channel provide human like interactions and makes verification easier with the help of NLP, sentiment analysis and voice identification which minimizes fraud instances.

4.Advanced and Secure Underwriting: AI has the capability to scrutinize the customer’s social profile data to draw inferences about their lifestyle, risk factors, financial stability and other relevant criteria. This in turn predicts risk factors and guards’ insurers from frauds. AI with its intelligent underwriting algorithms can easily identify fraud patterns and save time and cost involved in tedious underwriting process.

If you are looking for a secure and strong fraud detection AI model contact our AI Solution team today!

AI has already disrupted the ETF (Exchange Traded Fund) industry!

 

 

 

 

 

 

 

 

 

Discover How Nuvento Artificial Intelligence can help Investment Planning.

AI (Artificial Intelligence) is quite disruptive in nature and will automate many processes which would make complex planning, development and implementation easier and faster across many industries especially in Finance and Investment. Nuvento AI is capable of collecting huge stacks of data and make intelligent investment predictions based on past customer investment behavior and combining it with future trends in investment. An ideal combination of traditional risk-free investment along with latest high-risk high-yield investment maybe what future investors are looking for.

How AI can change investment advisory services?

Financial Advisory firms invest a lot in technology to meet higher and everchanging expectations of customers. Customers are on the lookout for expert tech-driven solutions and immediacy is a critical factor. Nuvento AI can help considerably in minimizing the cost of servicing the client with faster deployment of AI chatbots to service scenarios. AI can access real and relevant customer data and offer immediate, intelligent advisory services based on customer preference. AI can help advisory firms to effectively serve more clients at a lesser transactional cost while contributing to increased margins.

AI has already disrupted the ETF (Exchange Traded Fund) industry!

AI technology-based investment platforms are known to precisely process volatile market data and identify investing opportunities. AI can positively impact investment planning and take your investors far ahead compared to traditional portfolio management services. AI gives positive clues on what to trade, when to trade, how to trade and where to trade; it also provides information about portfolio risk based on observed market signals. AI is capable of processing millions of market signals, news articles, social media posts to produce many hypothetical test portfolios. These are broken down to arrive at daily trade recommendations.

“A lot of the disruptive opportunity will come as a result of 5G taking shape globally,” Chris Hempstead, head of ETF Sales at Deutsche Bank.

We see massive amount of data everywhere. We are going to need more AI!

 

 

 

 

 

 

 

 

 

What will happen when machines take over humans? Artificial Intelligence in Autonomous Devices!

It has always been a good debate topic: when Artificial Intelligence (AI) reaches to a level where intelligent machines take over Human brains, what will happen to humanity. Human brains get taxed due to stressing for mundane tasks, when machines control routine tasks AI wins. Simulation of human intelligence processes by computers is called AI and it has far reaching impact in robotics arena mainly. How far AI revolutionizes in the fields of automating surgeries, AI mutual funds, autonomous cars, innovative apparel technologies, Retail technologies is what matters in the future.

Nuvento AI-innovative and self-evolving prophecy.

Smart technology is self-evolving, question is how much of this should be human driven vs AI driven? AI in autonomous devices wins over when intelligent devices start to act like the user with limited inputs. Users start trusting intelligent devices when the reliability is maximum, which should be the goal of each innovative tech brand. Nuvento is continuously looking at challenges and opportunities in the global tech space. Nuvento Smart tech platforms powered by AI, BigData and ML may use data collected from the IoT to enhance improved decision-making and create higher quality products and services.

 

 

 

 

 

 

 

 

 

Robotics and Artificial Intelligence:

It was demonstrated that computer programs can score 150 on IQ test compared to the maximum human IQ of 200; and is even becoming better as chip technology advances. Tactile Internet for automation is the next buzzword in IoT arena. Humans and machines are interacting with their environment by making use of touch, visual and audio feedback over high speed network connections.

Smarter platforms powered by Artificial Intelligence (AI), and increasingly using Big Data and Machine Learning are expected to use the data collected from the Internet of Things (IoT), to enable improved decision-making and deliver higher quality products and services. IoT is already making waves of change in daily life with health tracking devices and intelligent devices which track everything in our home and office; this has huge impact in security surveillance technology. The more and more connected our devices are the more and more simple daily life would be.

Experience the era of hyper connectivity with Nuvento!

 

 

 

 

 

 

 

 

The key technology trends in 2019 is shaping up around Machine Learning and Artificial Intelligence. Starting from IT infrastructure support to developing low cost business applications, AI is going to cast an influence in many industries. It speeds up the DevOps teams to perform precise and accurate root cause analysis and issue resolutions. This combination provides precise customizations and developers are at ease since they don’t have to follow detailed IT workflows.

Specialized Nuvento AI-enabled chips are going to be the trend to perform complex mathematical computations to fasten tasks such as object detection and facial recognition. These chips are optimized for typical scenarios related to computer vision, natural language processing and speech recognition. These applications are going to make positive impacts especially in health care and automobile industries.

Scenario: How AI impacts Automobile Industry?

The growing automobile industry needs high tech innovations to expand its horizons. Customers are always on the lookout for automation features which would augment the business to far reaching heights. How far this automation is achieved depends on how fast the features are implemented across the industry in limited time.

Following are the segments where automation can be enabled to speed up the industry.

  1. Manufacturing: Nuvento Robotic Process Projects can aid in identification of areas where the industry needs improvement in terms of vehicle design and features. Features may include better fuel efficiency, design elements which aids in movements, traffic detection and many more which are tech driven.
  2. Predictive Maintenance: This is a core area which would considerably enhance revenue streams of automobile industry. This eliminates hassles involved in remembering the service due dates, and customers always vote for brands which offer proactive preventive measures. Service centers these days are on the lookout for increasing revenues but most of their efforts often result in customer dissatisfaction. Their efforts to reach customers over the telephone often goes in vain but Nuvento AI chatbots can help the industry considerably to improve customer satisfaction. Chatbots can inform customers about service due dates and information about other maintenance schedules at the right time.
  3. Insurance Claims Settlement: Nuvento Insurance Claims Solution offers benefits like reduced claims processing times and faster resolution. Paper documentation is eliminated with emerging digital technologies which improves the SLAs and improves workflows.

 

Tell me and I forget, teach me and I may remember, involve me and I learn.Benjamin Franklin.

Showing Industries what high tech revolutionaries can envision to change.

Understanding customer’s needs is vital to developing any business strategy in Insurance Industry. Customer interactions if kept short, relevant and productive can yield better results. Carefully designed customer interactions while helping the customer choose/change the plan, or while advising the existing customer to understand their coverage can prove as beneficial in the long run. Preventing customer churn is possible by tactical deployment of Nuvento AI chatbots. The churn prediction model comes to use while predicting the tendency of customers to churn. Information criteria like household and financial data, transactional data, behavioral data, competition metrics etc. are integrated with chatbots to frame churn pattern and intervene in conversation to prevent customer churn at the right time.

Insurance Chatbots has huge potential to be more efficient to deliver personalized experiences than any other customer service solution in a data intensive industry such as Insurance. AI powered chatbots from Nuvento help you anticipate your customer needs at the right time and at the right pace. Prompt responses can yield greater result in terms of retention.

How Insurance chatbots help retain your customers:

  1. By Generating proactive alerts/ notifications:

Forgotten due dates of premium payment is a key indicator where customer churns to competition. Negligence from a human agent who converses with the customer based on system generated data can be eliminated using AI chatbots. AI chatbots can automate this reminding task by generating proactive payment alerts/notifications and avoid human agent intervention thus minimising errors.

     2.Intelligent Virtual Insurance Advisor:

Busy customers may not always entertain repeated telephone calls from your human agent who calls the customer for cross-selling purpose or reminding about premium due-date. Chatbots on the other hand can do all these; explaining policies, clarifying doubts and more importantly chatbots can lead customers to fill online forms which may help in cross-selling a plan. A chatbot who acts as an intelligent virtual assistant can prevent frustrating the customer and thus prevent churn.

    3.Reducing Claim processing time:

Increased claim processing time is a cause for higher churn. Nuvento AI claims solution noticeably reduces claims processing time. Speed and efficiency of operations is one area which benefits the most with Artificial intelligence deployment in Insurance business. Our chatbot not only reduces claims processing delay but also minimizes time required in other operations as well. Speed in operations and grievance redressal is a key area where chatbot can contribute. A human agent may not always be available to reply to numerous customer queries and non-response can lead to customer moving out to competition. Chatbots are available 24/7 and ensure each customer query is addressed.

     4.Flawless product knowledge:

Your best human agent can forget vital information about an insurance plan but AI chatbots gather data from each customer interaction and business knowledge database, stores records and help the customer with their product queries.

Last but not the least, instant and proactive customer service using Nuvento Chatbots is the crucial factor in retaining your valuable customers who maybe lost to competition at any point of time in the customer lifecycle.

Creating Crucial Business DifferentiatorsExpansion in next-gen cognitive technologies across areas encompassing Analytics, Artificial Intelligence, Natural Language Processing and machine learning has far-reaching impacts on business, economy and global communities in general.

Data analytics and artificial intelligence is the combined back-bone of any progressive business.Gaining a competitive edge in this fiercely competitive tech-ecosystem needs new strategies that are driven by Cognitive Intelligence and Applied AI.

Applied AI (artificial intelligence) with advanced NLP , Machine Learning and Chatbots already made a mark across industries by creating critical business differentiators resulting in a better top line or optimized bottom line. Nuvento uses advanced analytical techniques and uses its in-house proprietary algorithms to empower progressive businesses with faster and large-scale evidence-based decision making.

How Nuvento Applied AI can transform your Insurance Business

1. CUSTOMISED INSURANCE PRODUCTS: We use the power of Image Analytics, Predictive modelling, Machine learning to analyze millions of images , claims settlement details, data patterns to build models for FNOL , customer management, Claims advisory, billing and operations management. 

2.Improving Sales, Underwriting and Policy Service: New Customer experiences can be created through newer  digital channels based on prescriptive analytics patterns that are based on data and AI. Our models are trained to use AI to find out customer behavior patterns, purchase trends, complaints history etc. Our AI Solutions are designed to have considerable time & money which is otherwise spent on tedious underwriting process.

Key Goals of the Nuvento Analytics & Applied AI Platform:

  • Business Proactivity & Need Identification: Nuvento Analytics & Applied AI helps businesses to predict the customer needs accurately and thereby optimise customer experiences across multiple platforms. This helps brands to curate services and products and market them and engage customers. Nuvento Predictive Analytics combined with Applied AI can have far reaching impacts in many business critical areas like finance, operations and R&D. We use our in-house algorithms in Prescriptive and Predictive analytics users to identify high-value customers and market the right kind of offer which results in closing of deals much easily.
  • Mitigating Risks & Fraud: Nuvento Analytics & Applied AI  with advanced Machine Learning and Social network Analysis has helped in identifying risk and targeting specific fraud instances well in advance and is extremely useful in reducing false positive  in financial institutions with large real-time transactions.
  • Customization: Real-time interactive response to reach customer delight threshold is possible through Nuvento Analytics & Applied AI. Customization in a multi channel service environment is achievable by understanding customer attitudes precisely. This applies across numerous industries including insurance where businesses are heading towards creating customized products by deploying AI solutions.

Data & Analytics Sciences has  transformational power for any entity, however most businesses are leveraging only a fraction of its total value. Many tech enterprises are still struggling to take a leap forward to reach the ideal state of flexible and innovative data architecture that can get the most out of big data and analytics.

Impact of Applied Artificial Intelligence in marketing arena is tremendous and estimated to  reach more than $150 billion by 2025.

AI Enabled Chatbots from Nuvento are known to harness the  powerful combination of predictive analytics and applied AI to create almost human like experiences. A truly intelligent Chatbot must have a degree of Cognitive Intelligence.  Our core focus is to harness the visual power of Social Conversations to provide a truly human like interaction , and to do this our AI competency center uses our in-house decision making models in store and accelerators for image processing, video analytics, social media analytics and  device integrated bots.

 

AI-claims-blogThe insurance industry seems to be still lagging behind in exploring AI  opportunities which are still hidden across the globe. Particularly considering Insurance Business, investment in AI is only 1.33% whereas investment in software and internet technologies is a whopping figure, 32%! Insurance market still seems to be dominated by a multitude of national and international brands and legacy product portfolios have evolved insignificantly overtime. Customer experience is a vital area which is still struggling because of lack of clever innovation in this industry be it on product side or process side. Nuvento AI solutions contributes significantly towards innovating this industry through a systematic, problem solving approach spanning across all business functions. By deploying a clever and appropriate problem solving AI based approach you can improve results, productivity and ultimately the firm’s profitability.

It is estimated that on an average, 2 out of 3 VEHICLE insurance claims can be “underpaid” if the claims are paid within 48 hrs. “I want everything right now” is the trend in this fast and insanely tech-oriented era; in such a scenario it might look easy to simply upload photos using a cell phone to your insurance company so that estimate process speeds up and customer can accomplish repair fast enough. Nuvento AI Claim solution uses image analysis and predictive analytics tools; VEHICLE Insurance companies can now provide instant damage estimates and rapid processing of claims based on uploaded accident photos, which will help them to reduce claim expenses and time by 50%.

Key Benefits Include:

  1. Reduced claims processing time: Nuvento AI claims solution noticeably reduces claims processing time. Speed and efficiency of operations is one area which benefits the most with Artificial intelligence deployment in Insurance business. Following are the key areas that would help you reduce claims processing time:
  • Real-Time Benefits Verification: This feature considerably reduces the processing time of insurance claims. This avoids long duration phone calls and long holds in processing claim documents.
  • Electronic Billing: Electronic claim submission is the growing trend which saves considerable time in mundane tasks which involves processing huge amounts of paper claim documents.
  • Electronic Remittance Advice (ERA)
  1. Increase carrier profitability:  Profitability is directly proportional to faster claims processing which has a direct impact on overall productivity and smooth operations. Predictive analytic tools used by Nuvento is found to be very efficient in faster claims processing.
  2. Better Customer experience : Human intervention is considered to be minimal with more than 85% customer interactions predicted to be managed using AI. Nuvento AI claims processing solution automates the tedious claims processing and saves considerably on time and cost.
  3. Increase customer retention: Better customer retention scores are one of the most critical deliverable with the deployment of Nuvento AI claims processing solution. Happy customers are the assets to any progressive and innovative insurance brand. Happier the customer, higher would be the retention rate. No one likes to wait for weeks and months to get the claim processed.
  4. Increase claim accuracy: Claim accuracy is expected to be the maximum with minimal human intervention, to err is human, AI can considerably minimize errors in otherwise manual claims processing.

Dramatic waves of change in tech arena are shaping and shaking the insurance sector worldwide. Futuristic insurers just don’t wait and watch, they invest in sophisticated AI solutions provided by progressive tech brands like Nuvento in order to be more and more customer centric, improve pricing and create operational efficiencies.