- Newslink Global InsuranceTrends-Editor's Weekly Overview
- Climate change leapfrogging Brexit as key risk for insurance industry says LPC
- A fifth of countries worldwide at risk from ecosystem collapse as biodiversity declines, reveals pioneering Swiss Re index
- S&P Global Ratings says FCA proposal to tackle insurance pricing may hurt UK insurers' profitability-no immediate ratings impact expected
- ABI comments on FCA General Insurance Pricing Study
- Digital Finance Strategy for the EU an opportunity to boost digital innovation in insurance for the benefit of consumers and businesses
- Aon enabling re/insurers to easily convert their catastrophe data into the Open Exposure Data format expired
- Marsh appoints Chief Digital, Data, and Analytics Officer expired
- Howden to acquire A-Plan expired
- Allianz announces changes to Board of Management expired
- Capital Markets Union offers significant opportunity for EU insurers to enhance role as long-term investors, if EC fixes regulatory obstacles in Solvency II expired
- CII survey revealed the profession’s progress with attracting and retaining diverse talent expired
12th August 2020
Swiss Re issue sigma headed "Machine intelligence in insurance: insights for end-to-end enterprise transformation"
Swiss Re's latest sigma publication, "Machine intelligence in insurance: insights for end-to-end enterprise transformation", has been published today. Key findings include:
-Many insurers are using conventional machine intelligence (MI) for risk assessment and prediction models, but early adopters of more advanced forms of MI, including machine learning(ML) and artificial intelligence(AI), are benefitting from faster claims settlement, cross selling and risk scoring.
-80% of insurance companies lack data that's clean and curated enough to implement the most productive machine intelligence. Investing in data engineering is therefore a central factor in yielding greater profit from MI-enabled systems and facilitating deployment at scale.
-This sigma study also found that only 10% of firms are able to implement transformative end-to-end machine intelligence. Insurers therefore need to consider how to holistically employ MI within their companies and how to handle regulatory factors.
-ROI will be a key consideration as analytics projects are evaluated in a post-COVID, lower growth environment.
Swiss Re Trends(745 articles)
Artificial Intelligence(257 articles in Insurance Newslink)