Machine learning in insurance technology
Can you imagine a world in which your data analytics can continuously improve without having to be programmed?
Our data experts have been helping drive advances in this field. Our work to date has focused on the data-rich world of insurance risk analysis, but the benefits of machine learning can be enjoyed by every sector.
What is Machine Learning?
Machine learning uses artificial intelligence (AI) to enable computer algorithms to improve automatically through experience.
Why is machine learning important?
The development of computer programmes which can access a myriad of datasets and learn automatically how to find patterns has the power to revolutionise business decision making. It has benefits for any business which relies on insights gained from large volumes of data from disparate sources, such as insurers when evaluating risk. It can also help retailers drive sales and deliver improved customer service.
What are the main benefits of machine learning?
Machine learning enables vast quantities of data to be analysed. It is an effective and efficient way to identify hidden relationships within data.
Machine learning will enable you to reduce risk:
- By making more accurate predictions, such as house price increases
- By identifying outliers in data, such as credit card fraud
It will also help you drive sales and improve customer service:
- By grouping customers by preference, enabling targeted marketing and support
- By making personalised recommendations to customers who are on your website
Business intelligence software can be used to present analysed data in an attractive format. This will help you ensure that:
- Information is presented in a way which helps users understand it (e.g. map, chart or table)
- Users always have access to the key data needed to make informed decisions
Machine learning in action: Insurance
We’re reaching the end of a two-year research programme into the benefits of machine learning and advanced data analytics for the corporate insurance sector. Funded by Innovate UK, part of UK Research and Innovation, our work with the University of Plymouth has shown how insurance and open-source datasets can be combined to deliver fresh insight into risk.
This video outlines how insurers can use machine learning and other data management tools to mitigate some of the challenges posed by data, including:
- Poor data quality (e.g. missing values)
- Low volume of data records
- Disparate, unstructured data sources
- Onerous risk assessment processes
It also demonstrates how business intelligence can be used to create a user-friendly ‘Risk Summary’ dashboard which combines charts and maps (this can be viewed at 20 minutes in).
Alternatively, explore how our software solutions already help insurers improve efficiencies, improve customer service and gain a competitive advantage.
How can Software Solved help?
Machine learning enables you to strengthen your analytics capability through continuous improvement, even when handling vast amounts of data. Our data specialists have the expertise to help you implement machine learning into your data strategy, whatever your sector.
Discover more of our Data Solutions
To explore how machine learning can make your business more efficient and profitable, please contact us for a free no-obligation chat.