Data technologies and next generation insurance operations
Data technologies and next generation insurance operations
This article uses insights from knowledge management to describe and contrast two approaches to the application of artificial intelligence and data technologies in insurance operations. The first focuses on the automation of existing processes using robotic processing intervention (RPA). Knowledge is codified, routinized, and embedded in systems. The second focuses on using cognitive computing (AI) to support data-driven human decision making based on tacit knowledge. These approaches are complementary, and their successful execution depends on a fully developed organizational data strategy. Four cases are presented to illustrate specific applications and data that are being used by insurance firms to effect change of this kind.
insurance, finance, Insurtech, Fintech, Artificial Intelligence
110-117
Herbert, Ian
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Milne, Alistair
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Zarifis, Alex
7622e840-ba78-4a4f-879b-6ba0f62363cc
2019
Herbert, Ian
7a085b84-7924-4b2e-b08e-c8bf99a36686
Milne, Alistair
cd14b392-0ee7-4f4e-93be-4a33f93abf8d
Zarifis, Alex
7622e840-ba78-4a4f-879b-6ba0f62363cc
Herbert, Ian, Milne, Alistair and Zarifis, Alex
(2019)
Data technologies and next generation insurance operations.
Journal of Financial Transformation, 50, .
Abstract
This article uses insights from knowledge management to describe and contrast two approaches to the application of artificial intelligence and data technologies in insurance operations. The first focuses on the automation of existing processes using robotic processing intervention (RPA). Knowledge is codified, routinized, and embedded in systems. The second focuses on using cognitive computing (AI) to support data-driven human decision making based on tacit knowledge. These approaches are complementary, and their successful execution depends on a fully developed organizational data strategy. Four cases are presented to illustrate specific applications and data that are being used by insurance firms to effect change of this kind.
Text
Data technologies and next generation insurance operations 2019 Herbert Milne Zarifis preprint
- Author's Original
Available under License Other.
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Published date: 2019
Keywords:
insurance, finance, Insurtech, Fintech, Artificial Intelligence
Identifiers
Local EPrints ID: 490596
URI: http://eprints.soton.ac.uk/id/eprint/490596
ISSN: 1556-4487
PURE UUID: 224a27aa-ae35-453c-b89a-78cf7b4fe41e
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Date deposited: 31 May 2024 16:31
Last modified: 06 Jun 2024 02:21
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Contributors
Author:
Ian Herbert
Author:
Alistair Milne
Author:
Alex Zarifis
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