Artificial Intelligence Technology

Do traditional industries employ machine learning?

Yes, and they use it to gather new business knowledge. We explain it to you in this simple example:

A machine learning startup called Second Spectrum created predictive models so that coaches could distinguish players with good shots and others who take bad shots and thus evaluate and correct the consequences in the middle of basketball games in the US.

Another example can be General Electric, a company that has a history of more than 130 years. This industry has made thousands of dollars processing data it collects from deepwater oil wells or jet engines to optimize performance, anticipate breakdowns, and streamline maintenance processes.

What’s Outside North America?

In Europe there are different banks that have changed the old statistical modeling approaches for machine learning techniques and in many cases, they were able to improve their numbers: they increased sales of new products by up to 10%, achieved savings of 20% in capital expenditures and even the 20% increase in cash collections.

How did they go about achieving all this? Through the design of new recommendation engines for retail and Pymes customers.

Are we close to machines replacing humans?

It is indisputable that changes as a result of the emergence of technology are coming and the data that is generated throughout the process is done with such speed that human participation has been moving aside.

However, in the coming years, we will see more of the use of Artificial Intelligence, as well as the development of autonomous corporations. Without a doubt, large companies will be able to carry out objectives autonomously and without direct human supervision.

If you want to revolutionize your insurance company with cutting-edge technology, this is your opportunity to work hand in hand with LISA.

Artificial Intelligence

These are the benefits of Machine Learning for insurers

As the analog world becomes increasingly digitalized, our ability to learn from data by developing and testing algorithms will become increasingly important to traditional businesses as we can meet the deepest needs of our customers and nurture the business with new products and services that adapt to each person.

What is Machine Learning?

These are algorithms that can and have the ability to learn from data without relying on specific rule-based programming.

Machine learning became a scientific discipline in the late 1990s, when constant advances in digitization and computing allowed data scientists to delve into how to train computers for certain functions.

The unmanageable volume and complexity of big data that the world is immersed in today has increased the potential of machine learning and the need for it to be more present than ever.

What is its impact on the insurance industry?

Due to the massive use of the internet, it is indisputable that within the insurance industry, agents want to better understand the needs of their clients and future policyholders. On the other hand, and in a similar wave, are the policyholders, who want better products and processes for their claims.

Both parties can benefit from getting more intelligence from the data.

The insurance industry clearly must take a page turn and overcome many years of accumulation of printed documents, which are known as “dirty data”, since it cannot be digitized so easily.

What if AI and Machine Learning could transform that valuable data into more accessible and user-friendly information? Clearly employees, customers and agents could get more out of the data.

To support and facilitate the digitization process in parallel, data can be scanned into a system, data patterns can be identified using machine learning, and the value of the data can be extracted through a highly automated process.

Predictive modeling will always be a good option for insurers as it can outline a retail business line that is insuring and track the sentiment of each customer. This way, agents will be able to study and determine who is happy with the service or, on the contrary, who can buy insurance elsewhere.

There is no doubt that these technologies can make the job of those who work in the insurance industry easier, more predictable and more precise, which translates into more profits and savings for clients.

At LISA, we take care of providing cutting-edge technology to traditional insurance companies, in order to make them more competitive, agile and disruptive.

And what are you waiting for to revolutionize the insurance industry?