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
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.
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
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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