Big Data World Asia Machine learning in insurance, with Munich Re’s regional head of data analytics

Vishnu Nanduri | September 26, 2019

Big Data World Asia Machine learning in insurance, with Munich Re’s regional head of data analytics
While machine learning has transformed many industries over the past decade, one area that is still playing catch-up is insurance. It’s a sector used to finding itself trailing behind other industries’ tech adoption, where high running costs of legacy systems squeeze budgets to such an extent that it’s hard for firms to stump up the cash necessary for driving innovation. While online comparison services have proliferated in recent years, signing up to and managing the policy invariably involves the pens, paper, and printers that other digitally-transformed industries have long since left behind.But as data systems have matured, and AI, deep learning and connected devices continue to proliferate, the insurance industry is growing up and starting to harness the numerous benefits AI and ML can offer. Like all other industries with growing stockpiles of data, models can be deployed to dive deeper transforming toothless data into tools of automation and prediction. Machine learning models have proven adept at speeding up functions, for instance expediting claims that meet defined criteria. Natural language processing is also being used to derive insights from text data in claims forms, social media, emails or chats. And data from connected devices is being used to improve decisions about health policy premiums or in the case of telematics data, deliver better car insurance rates and prevent fraudulent claims.

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