SlideShare uma empresa Scribd logo
1 de 30
Baixar para ler offline
Cognitive Computing in Insurance:
Going Beyond Predictive Analytics
© 2015 IBM Corporation
8 December 2015
Craig Bedell
2
© 2015 International Business Machines Corporation
Cognitive is the new
competitive advantage
for Insurance
Watson is a cognitive technology that processes
information more like a human than a computer—by
understanding natural language, generating
hypotheses based on evidence and learning as it goes.
Cognitive Computing in Insurance
4
Cognitive
How can we learn dynamically?
Prescriptive
How can we achieve the best
outcome?
Predictive
What could happen?
Descriptive
What has happen?
How can everyone
be more right…
…more often?IBM Analytics
Learning Models
Experience Memory
Feedback mechanisms
Rules
Optimization Models
Recommendations
Predictive Models
Scores
Forecasts
Reports
Dashboards
Visualization
Cognitive Computing in Insurance
…5 key forces are changing the landscape of Insurance
Rising customer
expectations
$ Low interest rate
Sophisticated fraud
Changing demographics
Rapid digitization
Cognitive Computing in Insurance
© 2015 International Business Machines Corporation
Cognitive Computing in Insurance
Pushing the current boundaries of:
Innovation
Growth
© 2015 International Business Machines Corporation
Cognitive Computing in Insurance
Helps focus on improving:
Engage
Discover
Decide
© 2015 International Business Machines Corporation
Cognitive Computing in Insurance
Cognitive systems facilitate
Decision making
Reduce human bias
Scale
Expertise
What is Watson ?
© 2015 International Business Machines Corporation
© 2015 International Business Machines Corporation
IBM Watson is a technology platform
that uses natural language processing
and machine learning to reveal insights
from large amounts of unstructured data
Cognitive Computing in Insurance
Understands
natural
language
Generates and
evaluates
hypotheses
Adapts
and learns
Cognitive Computing in Insurance
Watson brings together a set of transformational technologies to
drive optimized outcomes
Watson is creating a new partnership
between people and computers
that enhances, scales and accelerates
human expertise.
Tabulating
Systems Era
Cognitive
Systems Era
1900
Programmable
Systems Era
1950 2011
Corpus
Manuals, FAQs, and
reading lists; i.e. body of
knowledge
Representative Questions
The questions asked to gain
knowledge and competence i.e.
set Ground Truth
Trained Watson
Ready to be put to work
i.e. use knowledge to
learn more and answer
different questions
Watson is Schooled
Watson is taught, not programmed
Cognitive Computing in Insurance
How Watsonm
How Watson Works
Watch the video: https://youtu.be/_Xcmh1LQB9I
What makes Watson different?
Watson understands language. It
understands what is being asked
and is able to find and communicate
answers.
How can Watson be used?
•  Engage in conversations
•  Explore - find and aggregate
information
•  Discover information and
relationships
•  Decide - evaluate information
against defined criteria
The Watson Difference
© 2015 International Business Machines Corporation
Cognitive Computing in Insurance
Explore - find and aggregate information
Visualize, and discover
insight in unstructured
data through NLP and
text analytics, Content
analytics and cognitive
insights
Explore information from
internal and external
content including
unstructured text, emails,
call center records…
Apply cognitive
capabilities to enhance,
scale, and accelerate
human expertise
Explore
Analyze
Interpret
Cognitive Computing in Insurance
Characteristics that represent good uses of Watson:
© 2015 International Business Machines Corporation
High volume of
unstructured data
Users want to explore
multiple answers
English language*
(Spanish & others in
progress)
Support dialogue
when appropriate
Require answers
with evidence
Continuously learn
* multilingual support available
for content analytics
Cognitive Computing in Insurance
© 2015 International Business Machines Corporation
Cognitive in Insurance
Cognitive Computing in Insurance
Watson Underwriting Advisor
Enable Underwriters to work more efficiently
Read and understand the natural language
contained within unstructured documents,
continuously learn based on feedback
Create a comprehensive evaluation process
to collect, integrate, visualize and
evaluate risk
Use cognitive reasoning to rapidly parse
relevant evidence and generate hypothesis.
© 2015 IBM Corporation
20
Maximum Age Criteria: Born after January 14, 1945.
DOB: 1/15/1950
Total Cholesterol = 276and HDL ratio= 5.1
No information provided in submission
Blood Pressure Reading: Not to exceed 140/80 age ≤ 55, Not to exceed
140/90 age > 55.
BP: 135/85
DUI/DWI history: no incidents in the last 5 years.
Cardiovascular disease: none.
No cardiovascular disease. Last examined 2 years ago.
Universal Life Underwriting Guidelines
Health History
20
Cognitive Computing in Insurance
Benefits of the Watson Underwriting Advisor
•  Evaluate the submission rather than data
gathering
•  Reduces time to process each submission
•  Reduction of Underwriting Expenses
•  Incorporation of “best practices” expertise for
consistency and accuracy
•  Scale underwriting staff
© 2015 IBM Corporation 21
Cognitive Computing in Insurance
Transform Underwriting
Make existing decisions smarter by incorporating insights from unstructured data
Underwriter
Review Application
Completeness
Review and Apply
Underwriting Guidance
Recommend
Underwriting Decision
© 2015 IBM Corporation
Summarize & extract
information from
submission
Enrich submissions
by combining internal
and external data
Evaluate products
for performance and
key metrics
Support decision
making with insights
from precedence
Improve decision
making with
continuous learning
Cognitive Underwriting
Structured
Data
Application
Documents
Historical Data
& UW notes
Social Data Loss History
Inspection
Reports
Example Customer Data
Public Medical
Literature
Watson Health
Data
Wikipedia
DBPedia
Public
Financial Data
Historical
Public
Submissions
Weather
Patterns
Example Watson Data
22
Cognitive Computing in Insurance
Watson Wealth Advisor
A set of services enabling advisors to understand client needs, engage with
clients based on individual sentiments, personalized events & news and
provide evidence based advice
23© 2015 IBM Corporation
Cognitive Computing in Insurance
Self Service Virtual CSR
Extend expert personalized advice.
!  Strengthen relationships through better customer
advice & information sharing
!  Increase revenue through better informed next-
best-action, cross-sell / up-sell
!  Improve operational efficiency
Cognitive Computing in Insurance
© 2015 International Business Machines Corporation
Customer Self Service
Insureds
Producers
Field Staff
Cognitive Computing in Insurance
Informed Interactions –
© 2015 International Business Machines Corporation
Other Insurance Areas of Focus
Claims Adjusting
Producer Effectiveness
Marketing Optimization & Customer Insight
Legal Risk & Exposure
Policy Language – Legal Interpretations
Cognitive Computing in Insurance
Cognitive Computing in Insurance
http://www.ibm.com/analytics/watson-analytics/
IBM Watson Analytics
for Insurance
© 2015 International Business Machines Corporation
Cognitive Computing in Insurance
ibm.biz/cognitive-future-insurance-ibv
Cognitive Computing in Insurance
For more information
29
© 2015 International Business Machines Corporation
What will you do
with
IBM WATSON ?
Cognitive Computing in Insurance

Mais conteúdo relacionado

Mais procurados

BrainBank Inc Idealink Open
BrainBank Inc Idealink OpenBrainBank Inc Idealink Open
BrainBank Inc Idealink Openbrainbankinc
 
HVCRE (high volatility commercial real estate): A Primer
HVCRE (high volatility commercial real estate): A PrimerHVCRE (high volatility commercial real estate): A Primer
HVCRE (high volatility commercial real estate): A PrimerLibby Bierman
 
Data Visualization & Data Driven Online Sales
Data Visualization & Data Driven Online SalesData Visualization & Data Driven Online Sales
Data Visualization & Data Driven Online SalesGabriella Janni Albemark
 
Big Data Day LA 2015 - Data Science ≠ Big Data by Jim McGuire of ZestFinance
Big Data Day LA 2015 - Data Science ≠ Big Data by Jim McGuire of ZestFinanceBig Data Day LA 2015 - Data Science ≠ Big Data by Jim McGuire of ZestFinance
Big Data Day LA 2015 - Data Science ≠ Big Data by Jim McGuire of ZestFinanceData Con LA
 
BrainBank Idealink Open
BrainBank Idealink OpenBrainBank Idealink Open
BrainBank Idealink OpenJacob Shriar
 
BrainBank Idealink Open
BrainBank Idealink OpenBrainBank Idealink Open
BrainBank Idealink OpenJacob Shriar
 
AI Underwriting Case Study for Life Insurance company
AI Underwriting Case Study for Life Insurance company AI Underwriting Case Study for Life Insurance company
AI Underwriting Case Study for Life Insurance company Artivatic.ai
 
The Future of Underwriting
The Future of Underwriting The Future of Underwriting
The Future of Underwriting EIJAZ MUHAMMAD
 
BrainBank Idealink Open
BrainBank Idealink OpenBrainBank Idealink Open
BrainBank Idealink OpenJacob Shriar
 
Apply AI to resolve client management issues in Wealth Management
Apply AI to resolve client management issues in Wealth ManagementApply AI to resolve client management issues in Wealth Management
Apply AI to resolve client management issues in Wealth ManagementKeyur Patel
 
Making Data Meaningful
Making Data MeaningfulMaking Data Meaningful
Making Data MeaningfulAmanda Makulec
 

Mais procurados (12)

BrainBank Inc Idealink Open
BrainBank Inc Idealink OpenBrainBank Inc Idealink Open
BrainBank Inc Idealink Open
 
HVCRE (high volatility commercial real estate): A Primer
HVCRE (high volatility commercial real estate): A PrimerHVCRE (high volatility commercial real estate): A Primer
HVCRE (high volatility commercial real estate): A Primer
 
Data Visualization & Data Driven Online Sales
Data Visualization & Data Driven Online SalesData Visualization & Data Driven Online Sales
Data Visualization & Data Driven Online Sales
 
Big Data Day LA 2015 - Data Science ≠ Big Data by Jim McGuire of ZestFinance
Big Data Day LA 2015 - Data Science ≠ Big Data by Jim McGuire of ZestFinanceBig Data Day LA 2015 - Data Science ≠ Big Data by Jim McGuire of ZestFinance
Big Data Day LA 2015 - Data Science ≠ Big Data by Jim McGuire of ZestFinance
 
BrainBank Idealink Open
BrainBank Idealink OpenBrainBank Idealink Open
BrainBank Idealink Open
 
BrainBank Idealink Open
BrainBank Idealink OpenBrainBank Idealink Open
BrainBank Idealink Open
 
AI Underwriting Case Study for Life Insurance company
AI Underwriting Case Study for Life Insurance company AI Underwriting Case Study for Life Insurance company
AI Underwriting Case Study for Life Insurance company
 
The Future of Underwriting
The Future of Underwriting The Future of Underwriting
The Future of Underwriting
 
BrainBank Idealink Open
BrainBank Idealink OpenBrainBank Idealink Open
BrainBank Idealink Open
 
Apply AI to resolve client management issues in Wealth Management
Apply AI to resolve client management issues in Wealth ManagementApply AI to resolve client management issues in Wealth Management
Apply AI to resolve client management issues in Wealth Management
 
Making Data Meaningful
Making Data MeaningfulMaking Data Meaningful
Making Data Meaningful
 
03 future bda
03 future bda03 future bda
03 future bda
 

Destaque

Big Data, IoT and The Third Industrial Revolution
Big Data, IoT and The Third Industrial RevolutionBig Data, IoT and The Third Industrial Revolution
Big Data, IoT and The Third Industrial Revolutionglobexspain
 
Experimental Study Paper_psy 303
Experimental Study Paper_psy 303Experimental Study Paper_psy 303
Experimental Study Paper_psy 303Cameron McPherson
 
Thừa cân, béo bụng là nguyên nhân của các bệnh tim mạch, tiểu đường
Thừa cân, béo bụng là nguyên nhân của các bệnh tim mạch, tiểu đườngThừa cân, béo bụng là nguyên nhân của các bệnh tim mạch, tiểu đường
Thừa cân, béo bụng là nguyên nhân của các bệnh tim mạch, tiểu đườngeleanore724
 
Zelená voda v bazénu
Zelená voda v bazénuZelená voda v bazénu
Zelená voda v bazénuARIVAcz
 
Project%20Permit%20%28Formatted%29
Project%20Permit%20%28Formatted%29Project%20Permit%20%28Formatted%29
Project%20Permit%20%28Formatted%29Patrick Haigis
 
Lacrimax sept 2014 web
Lacrimax sept 2014 webLacrimax sept 2014 web
Lacrimax sept 2014 webGregor Pugelj
 
2013 white paper
2013 white paper2013 white paper
2013 white paperLaura Petit
 
6.2 sustainability system design tools vezzoli 14-15 (34)
6.2 sustainability system design tools vezzoli 14-15 (34)6.2 sustainability system design tools vezzoli 14-15 (34)
6.2 sustainability system design tools vezzoli 14-15 (34)Emanuela Emy
 
6.3 (other) system design tools delfino
6.3 (other) system design tools delfino6.3 (other) system design tools delfino
6.3 (other) system design tools delfinoEmanuela Emy
 
Jika aku istri aa gym
Jika aku istri aa gymJika aku istri aa gym
Jika aku istri aa gymEmbon Sh
 
Retail supply chain management
Retail supply chain managementRetail supply chain management
Retail supply chain managementMeysam Maleki
 
140804 De-risking the Desk
140804 De-risking the Desk140804 De-risking the Desk
140804 De-risking the DeskAnne Macindoe
 
Cct2014 2015
Cct2014 2015Cct2014 2015
Cct2014 2015tpadua
 

Destaque (20)

Mobile web
Mobile webMobile web
Mobile web
 
Big Data, IoT and The Third Industrial Revolution
Big Data, IoT and The Third Industrial RevolutionBig Data, IoT and The Third Industrial Revolution
Big Data, IoT and The Third Industrial Revolution
 
Virus
VirusVirus
Virus
 
Experimental Study Paper_psy 303
Experimental Study Paper_psy 303Experimental Study Paper_psy 303
Experimental Study Paper_psy 303
 
JPS CV 2015
JPS CV 2015JPS CV 2015
JPS CV 2015
 
Thừa cân, béo bụng là nguyên nhân của các bệnh tim mạch, tiểu đường
Thừa cân, béo bụng là nguyên nhân của các bệnh tim mạch, tiểu đườngThừa cân, béo bụng là nguyên nhân của các bệnh tim mạch, tiểu đường
Thừa cân, béo bụng là nguyên nhân của các bệnh tim mạch, tiểu đường
 
Zelená voda v bazénu
Zelená voda v bazénuZelená voda v bazénu
Zelená voda v bazénu
 
Accomplished CRA Thesis by John Michael Villagracia
Accomplished CRA Thesis by John Michael VillagraciaAccomplished CRA Thesis by John Michael Villagracia
Accomplished CRA Thesis by John Michael Villagracia
 
Project%20Permit%20%28Formatted%29
Project%20Permit%20%28Formatted%29Project%20Permit%20%28Formatted%29
Project%20Permit%20%28Formatted%29
 
Lacrimax sept 2014 web
Lacrimax sept 2014 webLacrimax sept 2014 web
Lacrimax sept 2014 web
 
2013 white paper
2013 white paper2013 white paper
2013 white paper
 
Const law
Const lawConst law
Const law
 
6.2 sustainability system design tools vezzoli 14-15 (34)
6.2 sustainability system design tools vezzoli 14-15 (34)6.2 sustainability system design tools vezzoli 14-15 (34)
6.2 sustainability system design tools vezzoli 14-15 (34)
 
thofeeq mohammad
thofeeq mohammadthofeeq mohammad
thofeeq mohammad
 
6.3 (other) system design tools delfino
6.3 (other) system design tools delfino6.3 (other) system design tools delfino
6.3 (other) system design tools delfino
 
Jika aku istri aa gym
Jika aku istri aa gymJika aku istri aa gym
Jika aku istri aa gym
 
Retail supply chain management
Retail supply chain managementRetail supply chain management
Retail supply chain management
 
PPP Helpen op afstand
PPP Helpen op afstandPPP Helpen op afstand
PPP Helpen op afstand
 
140804 De-risking the Desk
140804 De-risking the Desk140804 De-risking the Desk
140804 De-risking the Desk
 
Cct2014 2015
Cct2014 2015Cct2014 2015
Cct2014 2015
 

Semelhante a Cognitive Computing in Insurance: Going Beyond Predictive Analytics

Cognitive computing in Insurance
Cognitive computing in InsuranceCognitive computing in Insurance
Cognitive computing in InsuranceAnders Quitzau
 
Insurance Service Meeting 2016 - Andrea Eichhorn
Insurance Service Meeting 2016 - Andrea Eichhorn Insurance Service Meeting 2016 - Andrea Eichhorn
Insurance Service Meeting 2016 - Andrea Eichhorn CNseg
 
AI Technologies - Fueling Disruption in the Insurance Industry
AI Technologies - Fueling Disruption in the Insurance IndustryAI Technologies - Fueling Disruption in the Insurance Industry
AI Technologies - Fueling Disruption in the Insurance IndustryNUS-ISS
 
The Rise of China InsurTech – both sides of the wall
The Rise of China InsurTech – both sides of the wallThe Rise of China InsurTech – both sides of the wall
The Rise of China InsurTech – both sides of the wallThe Digital Insurer
 
CWIN17 / Face to face session ibm
CWIN17 / Face to face session ibmCWIN17 / Face to face session ibm
CWIN17 / Face to face session ibmCapgemini
 
Comment aider les entreprises à trouver et implémenter de nouvelles sources d...
Comment aider les entreprises à trouver et implémenter de nouvelles sources d...Comment aider les entreprises à trouver et implémenter de nouvelles sources d...
Comment aider les entreprises à trouver et implémenter de nouvelles sources d...TelecomValley
 
Data Leaders Summit Barcelona 2018
Data Leaders Summit Barcelona 2018Data Leaders Summit Barcelona 2018
Data Leaders Summit Barcelona 2018Harvinder Atwal
 
Iso insurance IT Strategy
Iso insurance IT StrategyIso insurance IT Strategy
Iso insurance IT StrategyGautam Sawant
 
Webinar Deck for 2018 Health Technology & Impact on Insurance
Webinar Deck for 2018 Health Technology & Impact on InsuranceWebinar Deck for 2018 Health Technology & Impact on Insurance
Webinar Deck for 2018 Health Technology & Impact on InsuranceThe Digital Insurer
 
Capturing hearts mind and markets
Capturing hearts mind and marketsCapturing hearts mind and markets
Capturing hearts mind and marketsEdouard RIVOAL
 
Capturing hearts mind and markets
Capturing hearts mind and marketsCapturing hearts mind and markets
Capturing hearts mind and marketsYann Lecourt
 
Capturing hearts mind and markets
Capturing hearts mind and marketsCapturing hearts mind and markets
Capturing hearts mind and marketsEric Roselier
 
Capturing hearts, minds and market share
Capturing hearts, minds and market shareCapturing hearts, minds and market share
Capturing hearts, minds and market shareVincent Bellamy
 
Capturing hearts mind and markets
Capturing hearts mind and marketsCapturing hearts mind and markets
Capturing hearts mind and marketsJeremy Dormand
 
Driving the Future of Sales Operations
Driving the Future of Sales OperationsDriving the Future of Sales Operations
Driving the Future of Sales OperationsApttus
 
Insurance Innovative Solutions 2016
Insurance Innovative Solutions 2016Insurance Innovative Solutions 2016
Insurance Innovative Solutions 2016marcoxplace
 
Money 20:20 ibm cognitive engagement raisch
Money 20:20 ibm cognitive engagement   raisch Money 20:20 ibm cognitive engagement   raisch
Money 20:20 ibm cognitive engagement raisch Warren Raisch
 
Transforming Business with Cognitive APIs: What Innovative Business Strategie...
Transforming Business with Cognitive APIs: What Innovative Business Strategie...Transforming Business with Cognitive APIs: What Innovative Business Strategie...
Transforming Business with Cognitive APIs: What Innovative Business Strategie...IBM Watson
 

Semelhante a Cognitive Computing in Insurance: Going Beyond Predictive Analytics (20)

Cognitive computing in Insurance
Cognitive computing in InsuranceCognitive computing in Insurance
Cognitive computing in Insurance
 
Insurance Service Meeting 2016 - Andrea Eichhorn
Insurance Service Meeting 2016 - Andrea Eichhorn Insurance Service Meeting 2016 - Andrea Eichhorn
Insurance Service Meeting 2016 - Andrea Eichhorn
 
Cognitive Insurance
Cognitive InsuranceCognitive Insurance
Cognitive Insurance
 
AI Technologies - Fueling Disruption in the Insurance Industry
AI Technologies - Fueling Disruption in the Insurance IndustryAI Technologies - Fueling Disruption in the Insurance Industry
AI Technologies - Fueling Disruption in the Insurance Industry
 
The Rise of China InsurTech – both sides of the wall
The Rise of China InsurTech – both sides of the wallThe Rise of China InsurTech – both sides of the wall
The Rise of China InsurTech – both sides of the wall
 
CWIN17 / Face to face session ibm
CWIN17 / Face to face session ibmCWIN17 / Face to face session ibm
CWIN17 / Face to face session ibm
 
Comment aider les entreprises à trouver et implémenter de nouvelles sources d...
Comment aider les entreprises à trouver et implémenter de nouvelles sources d...Comment aider les entreprises à trouver et implémenter de nouvelles sources d...
Comment aider les entreprises à trouver et implémenter de nouvelles sources d...
 
Data Leaders Summit Barcelona 2018
Data Leaders Summit Barcelona 2018Data Leaders Summit Barcelona 2018
Data Leaders Summit Barcelona 2018
 
Iso insurance IT Strategy
Iso insurance IT StrategyIso insurance IT Strategy
Iso insurance IT Strategy
 
CII: Addressing Gender Bias in Artificial Intelligence
CII: Addressing Gender Bias in Artificial IntelligenceCII: Addressing Gender Bias in Artificial Intelligence
CII: Addressing Gender Bias in Artificial Intelligence
 
Webinar Deck for 2018 Health Technology & Impact on Insurance
Webinar Deck for 2018 Health Technology & Impact on InsuranceWebinar Deck for 2018 Health Technology & Impact on Insurance
Webinar Deck for 2018 Health Technology & Impact on Insurance
 
Capturing hearts mind and markets
Capturing hearts mind and marketsCapturing hearts mind and markets
Capturing hearts mind and markets
 
Capturing hearts mind and markets
Capturing hearts mind and marketsCapturing hearts mind and markets
Capturing hearts mind and markets
 
Capturing hearts mind and markets
Capturing hearts mind and marketsCapturing hearts mind and markets
Capturing hearts mind and markets
 
Capturing hearts, minds and market share
Capturing hearts, minds and market shareCapturing hearts, minds and market share
Capturing hearts, minds and market share
 
Capturing hearts mind and markets
Capturing hearts mind and marketsCapturing hearts mind and markets
Capturing hearts mind and markets
 
Driving the Future of Sales Operations
Driving the Future of Sales OperationsDriving the Future of Sales Operations
Driving the Future of Sales Operations
 
Insurance Innovative Solutions 2016
Insurance Innovative Solutions 2016Insurance Innovative Solutions 2016
Insurance Innovative Solutions 2016
 
Money 20:20 ibm cognitive engagement raisch
Money 20:20 ibm cognitive engagement   raisch Money 20:20 ibm cognitive engagement   raisch
Money 20:20 ibm cognitive engagement raisch
 
Transforming Business with Cognitive APIs: What Innovative Business Strategie...
Transforming Business with Cognitive APIs: What Innovative Business Strategie...Transforming Business with Cognitive APIs: What Innovative Business Strategie...
Transforming Business with Cognitive APIs: What Innovative Business Strategie...
 

Último

Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access
 
Developing Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursDeveloping Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursKaiNexus
 
To Create Your Own Wig Online To Create Your Own Wig Online
To Create Your Own Wig Online  To Create Your Own Wig OnlineTo Create Your Own Wig Online  To Create Your Own Wig Online
To Create Your Own Wig Online To Create Your Own Wig Onlinelng ths
 
Tata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerakTata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerakEditores1
 
Anyhr.io | Presentation HR&Recruiting agency
Anyhr.io | Presentation HR&Recruiting agencyAnyhr.io | Presentation HR&Recruiting agency
Anyhr.io | Presentation HR&Recruiting agencyHanna Klim
 
Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024Winbusinessin
 
7movierulz.uk
7movierulz.uk7movierulz.uk
7movierulz.ukaroemirsr
 
Chicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdf
Chicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdfChicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdf
Chicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdfSourav Sikder
 
PDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfPDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfHajeJanKamps
 
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...Brian Solis
 
PDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdfPDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdfHajeJanKamps
 
Plano de marketing- inglês em formato ppt
Plano de marketing- inglês  em formato pptPlano de marketing- inglês  em formato ppt
Plano de marketing- inglês em formato pptElizangelaSoaresdaCo
 
Fabric RFID Wristbands in Ireland for Events and Festivals
Fabric RFID Wristbands in Ireland for Events and FestivalsFabric RFID Wristbands in Ireland for Events and Festivals
Fabric RFID Wristbands in Ireland for Events and FestivalsWristbands Ireland
 
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBBPMedia1
 
Slicing Work on Business Agility Meetup Berlin
Slicing Work on Business Agility Meetup BerlinSlicing Work on Business Agility Meetup Berlin
Slicing Work on Business Agility Meetup BerlinAnton Skornyakov
 
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003believeminhh
 
TalentView Webinar: Empowering the Modern Workforce_ Redefininig Success from...
TalentView Webinar: Empowering the Modern Workforce_ Redefininig Success from...TalentView Webinar: Empowering the Modern Workforce_ Redefininig Success from...
TalentView Webinar: Empowering the Modern Workforce_ Redefininig Success from...TalentView
 
Mihir Menda - Member of Supervisory Board at RMZ
Mihir Menda - Member of Supervisory Board at RMZMihir Menda - Member of Supervisory Board at RMZ
Mihir Menda - Member of Supervisory Board at RMZKanakChauhan5
 
Intellectual Property Licensing Examples
Intellectual Property Licensing ExamplesIntellectual Property Licensing Examples
Intellectual Property Licensing Examplesamberjiles31
 

Último (20)

Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024
 
Developing Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursDeveloping Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, Ours
 
To Create Your Own Wig Online To Create Your Own Wig Online
To Create Your Own Wig Online  To Create Your Own Wig OnlineTo Create Your Own Wig Online  To Create Your Own Wig Online
To Create Your Own Wig Online To Create Your Own Wig Online
 
Tata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerakTata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerak
 
Anyhr.io | Presentation HR&Recruiting agency
Anyhr.io | Presentation HR&Recruiting agencyAnyhr.io | Presentation HR&Recruiting agency
Anyhr.io | Presentation HR&Recruiting agency
 
Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024
 
WAM Corporate Presentation Mar 25 2024.pdf
WAM Corporate Presentation Mar 25 2024.pdfWAM Corporate Presentation Mar 25 2024.pdf
WAM Corporate Presentation Mar 25 2024.pdf
 
7movierulz.uk
7movierulz.uk7movierulz.uk
7movierulz.uk
 
Chicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdf
Chicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdfChicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdf
Chicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdf
 
PDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfPDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdf
 
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
 
PDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdfPDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdf
 
Plano de marketing- inglês em formato ppt
Plano de marketing- inglês  em formato pptPlano de marketing- inglês  em formato ppt
Plano de marketing- inglês em formato ppt
 
Fabric RFID Wristbands in Ireland for Events and Festivals
Fabric RFID Wristbands in Ireland for Events and FestivalsFabric RFID Wristbands in Ireland for Events and Festivals
Fabric RFID Wristbands in Ireland for Events and Festivals
 
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
 
Slicing Work on Business Agility Meetup Berlin
Slicing Work on Business Agility Meetup BerlinSlicing Work on Business Agility Meetup Berlin
Slicing Work on Business Agility Meetup Berlin
 
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
 
TalentView Webinar: Empowering the Modern Workforce_ Redefininig Success from...
TalentView Webinar: Empowering the Modern Workforce_ Redefininig Success from...TalentView Webinar: Empowering the Modern Workforce_ Redefininig Success from...
TalentView Webinar: Empowering the Modern Workforce_ Redefininig Success from...
 
Mihir Menda - Member of Supervisory Board at RMZ
Mihir Menda - Member of Supervisory Board at RMZMihir Menda - Member of Supervisory Board at RMZ
Mihir Menda - Member of Supervisory Board at RMZ
 
Intellectual Property Licensing Examples
Intellectual Property Licensing ExamplesIntellectual Property Licensing Examples
Intellectual Property Licensing Examples
 

Cognitive Computing in Insurance: Going Beyond Predictive Analytics

  • 1. Cognitive Computing in Insurance: Going Beyond Predictive Analytics © 2015 IBM Corporation 8 December 2015 Craig Bedell
  • 2. 2 © 2015 International Business Machines Corporation Cognitive is the new competitive advantage for Insurance
  • 3. Watson is a cognitive technology that processes information more like a human than a computer—by understanding natural language, generating hypotheses based on evidence and learning as it goes.
  • 4. Cognitive Computing in Insurance 4 Cognitive How can we learn dynamically? Prescriptive How can we achieve the best outcome? Predictive What could happen? Descriptive What has happen? How can everyone be more right… …more often?IBM Analytics Learning Models Experience Memory Feedback mechanisms Rules Optimization Models Recommendations Predictive Models Scores Forecasts Reports Dashboards Visualization
  • 6. …5 key forces are changing the landscape of Insurance Rising customer expectations $ Low interest rate Sophisticated fraud Changing demographics Rapid digitization Cognitive Computing in Insurance
  • 7. © 2015 International Business Machines Corporation Cognitive Computing in Insurance Pushing the current boundaries of: Innovation Growth
  • 8. © 2015 International Business Machines Corporation Cognitive Computing in Insurance Helps focus on improving: Engage Discover Decide
  • 9. © 2015 International Business Machines Corporation Cognitive Computing in Insurance Cognitive systems facilitate Decision making Reduce human bias Scale Expertise
  • 10. What is Watson ? © 2015 International Business Machines Corporation
  • 11. © 2015 International Business Machines Corporation IBM Watson is a technology platform that uses natural language processing and machine learning to reveal insights from large amounts of unstructured data Cognitive Computing in Insurance
  • 12. Understands natural language Generates and evaluates hypotheses Adapts and learns Cognitive Computing in Insurance Watson brings together a set of transformational technologies to drive optimized outcomes
  • 13. Watson is creating a new partnership between people and computers that enhances, scales and accelerates human expertise. Tabulating Systems Era Cognitive Systems Era 1900 Programmable Systems Era 1950 2011
  • 14. Corpus Manuals, FAQs, and reading lists; i.e. body of knowledge Representative Questions The questions asked to gain knowledge and competence i.e. set Ground Truth Trained Watson Ready to be put to work i.e. use knowledge to learn more and answer different questions Watson is Schooled Watson is taught, not programmed Cognitive Computing in Insurance
  • 15. How Watsonm How Watson Works Watch the video: https://youtu.be/_Xcmh1LQB9I
  • 16. What makes Watson different? Watson understands language. It understands what is being asked and is able to find and communicate answers. How can Watson be used? •  Engage in conversations •  Explore - find and aggregate information •  Discover information and relationships •  Decide - evaluate information against defined criteria The Watson Difference © 2015 International Business Machines Corporation Cognitive Computing in Insurance
  • 17. Explore - find and aggregate information Visualize, and discover insight in unstructured data through NLP and text analytics, Content analytics and cognitive insights Explore information from internal and external content including unstructured text, emails, call center records… Apply cognitive capabilities to enhance, scale, and accelerate human expertise Explore Analyze Interpret Cognitive Computing in Insurance
  • 18. Characteristics that represent good uses of Watson: © 2015 International Business Machines Corporation High volume of unstructured data Users want to explore multiple answers English language* (Spanish & others in progress) Support dialogue when appropriate Require answers with evidence Continuously learn * multilingual support available for content analytics Cognitive Computing in Insurance
  • 19. © 2015 International Business Machines Corporation Cognitive in Insurance Cognitive Computing in Insurance
  • 20. Watson Underwriting Advisor Enable Underwriters to work more efficiently Read and understand the natural language contained within unstructured documents, continuously learn based on feedback Create a comprehensive evaluation process to collect, integrate, visualize and evaluate risk Use cognitive reasoning to rapidly parse relevant evidence and generate hypothesis. © 2015 IBM Corporation 20 Maximum Age Criteria: Born after January 14, 1945. DOB: 1/15/1950 Total Cholesterol = 276and HDL ratio= 5.1 No information provided in submission Blood Pressure Reading: Not to exceed 140/80 age ≤ 55, Not to exceed 140/90 age > 55. BP: 135/85 DUI/DWI history: no incidents in the last 5 years. Cardiovascular disease: none. No cardiovascular disease. Last examined 2 years ago. Universal Life Underwriting Guidelines Health History 20 Cognitive Computing in Insurance
  • 21. Benefits of the Watson Underwriting Advisor •  Evaluate the submission rather than data gathering •  Reduces time to process each submission •  Reduction of Underwriting Expenses •  Incorporation of “best practices” expertise for consistency and accuracy •  Scale underwriting staff © 2015 IBM Corporation 21 Cognitive Computing in Insurance
  • 22. Transform Underwriting Make existing decisions smarter by incorporating insights from unstructured data Underwriter Review Application Completeness Review and Apply Underwriting Guidance Recommend Underwriting Decision © 2015 IBM Corporation Summarize & extract information from submission Enrich submissions by combining internal and external data Evaluate products for performance and key metrics Support decision making with insights from precedence Improve decision making with continuous learning Cognitive Underwriting Structured Data Application Documents Historical Data & UW notes Social Data Loss History Inspection Reports Example Customer Data Public Medical Literature Watson Health Data Wikipedia DBPedia Public Financial Data Historical Public Submissions Weather Patterns Example Watson Data 22 Cognitive Computing in Insurance
  • 23. Watson Wealth Advisor A set of services enabling advisors to understand client needs, engage with clients based on individual sentiments, personalized events & news and provide evidence based advice 23© 2015 IBM Corporation Cognitive Computing in Insurance
  • 24. Self Service Virtual CSR Extend expert personalized advice. !  Strengthen relationships through better customer advice & information sharing !  Increase revenue through better informed next- best-action, cross-sell / up-sell !  Improve operational efficiency Cognitive Computing in Insurance
  • 25. © 2015 International Business Machines Corporation Customer Self Service Insureds Producers Field Staff Cognitive Computing in Insurance Informed Interactions –
  • 26. © 2015 International Business Machines Corporation Other Insurance Areas of Focus Claims Adjusting Producer Effectiveness Marketing Optimization & Customer Insight Legal Risk & Exposure Policy Language – Legal Interpretations Cognitive Computing in Insurance
  • 27. Cognitive Computing in Insurance http://www.ibm.com/analytics/watson-analytics/ IBM Watson Analytics for Insurance
  • 28. © 2015 International Business Machines Corporation Cognitive Computing in Insurance
  • 30. © 2015 International Business Machines Corporation What will you do with IBM WATSON ? Cognitive Computing in Insurance