Cognitive computing insurance
0 likes165 views
This document discusses how cognitive computing using IBM Watson can transform various areas in the insurance industry by going beyond traditional predictive analytics. It provides examples of how Watson can be used for underwriting advisors, wealth advisors, customer self-service virtual agents, claims adjusting, and other areas. Watson uses natural language processing to understand unstructured data and learn from its interactions to help improve decision making processes. The document outlines benefits like reducing underwriting expenses, providing personalized advice and information, and increasing operational efficiency through cognitive computing applications in insurance.
Cognitive computing insurance
- 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
- 5. Cognitive Computing in Insurance
- 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
- 29. ibm.biz/cognitive-future-insurance-ibv Cognitive Computing in Insurance For more information 29
- 30. © 2015 International Business Machines Corporation What will you do with IBM WATSON ? Cognitive Computing in Insurance