Data Technologies and Next Generation Insurance Operations

Ian Herbert (), Alistair Milne () and Alex Zarifis ()
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Ian Herbert: Loughborough University
Alex Zarifis: Loughborough University

Journal of Financial Transformation, 2019, vol. 50, 110-117

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.

Keywords: Artificial intelligence; machine learning; insurance; insurtech (search for similar items in EconPapers)
JEL-codes: G22 M15 M20 M40 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:1630

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