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Data technologies and next generation insurance operations

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journal contribution
posted on 24.10.2019, 09:04 by Ian Herbert, Alistair MilneAlistair Milne, Alex Zarifis
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, routinezed, 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.

Funding

ESRC project, Technology Driven Change and Next Generation Insurance Services Grant Reference ES/S010416/1

History

School

  • Business and Economics

Department

  • Business

Published in

Journal of Financial Transformation

Volume

50

Issue

November

Pages

110 - 117

Publisher

Capco Institute

Version

AM (Accepted Manuscript)

Rights holder

© The Capital Markets Company (UK) Limited

Publisher statement

This paper was accepted for publication in the journal Journal of Financial Transformation and the definitive published version is available at https://www.capco.com/Capco-Institute/Journal-50-Data-Analytics/Data-Technologies-And-Next-Generation-Insurance-Operations.

Acceptance date

21/10/2019

Publication date

2019-11-27

Copyright date

2019

ISSN

1755-361X

eISSN

1755-3628

Language

en

Depositor

Dr Alex Zarifis. Deposit date: 22 October 2019