The insurance industry has always relied heavily on data to drive business. Big Data, ArtificiaI Intelligence (AI), and Machine Learning (ML) have created new and exciting opportunities to leverage data to drive model-based decisions. But these new techniques carry new risks.
Model-based decisioning creates new imperatives for governance and assurance of the systems to mitigate risk and maximize opportunity. Both the technology and the human processes that assure such projects require robust controls to establish trust and confidence for internal and external stakeholders.
While the applications of AI and ML in insurance are varied, delivering upon these core principles provides ongoing assurance across all of your consequential decision systems.
Monitaur provides software solutions that enable your company to govern all of your AI and ML projects according to these key principles of assurance.
AI and ML are changing how insurers approach underwriting, from fully automated decisioning to augmented intelligence for underwriters and smart routing to specialists.
Advanced models enable more profitable pricing and greater customer retention through the use of behavioral, third-party, and non-insurance data sources.
Incorporation of data and images from Internet of Things (IoT) sensors and mobile devices enables better fraud detection, speeds up claims processing, and improves loss forecasting.
ML and AI drive market share and increased revenues through more differentiated offerings, opportunities for cross-sell/up-sell, and marketing segmentation.
Predictive analytics create new capabilities for internal business risk assessment, market analysis, and enterprise risk modeling.
From intelligent recruitment to augmented employee management, ML and AI enhance insurers' ability to make the most of their people.