How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks...
Transcript of How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks...
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Aviva: Secret
HowAIistransformingInsurance
KarthikanSelvarajSeniorDataScientist,
QuantumAsia,AvivaLtd,Singapore
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Artificial Intelligence is out to steal your jobs and kill you…
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Not really, but Artificial Intelligence is transforming businesses across the world.
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And the art of the possible is constantly evolving.
Linear Regression GLMs Random
Forests Graph
Analytics Transformers Word2Vec
ARIMA Risk Modelling
Isolation Forests
Multi-Layer Perceptron
Generative Adversarial Networks
LSTM
Statistical Modelling Decision Trees Support Vector
Machines Deep Neural
Networks Auto encoders BERT
One-way Analysis
Bayesian Statistics Perceptron
Convolutional Neural
Networks VGGNet ELMo
Logistic Regression Markov Chains XGBoost
Recurrent Neural
Networks AlexNet GPT-2
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But first, what is AI?
“ifit’swritteninPython,it’smachinelearning.Ifit’swritteninPowerPoint,it’sprobablyAI.”-awiseman
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But seriously, what is AI?
“AIreferstomachinesthatcanlearn,reason,andactforthemselves.Theycanmaketheirowndecisionswhenfacedwithnewsituations,inthesamewaythathumansandanimalscan.”
Source:https://www.technologyreview.com/s/612404/is-this-ai-we-drew-you-a-flowchart-to-work-it-out/
foraparticular(well-defined)task
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AI has come a long way and has made massive breakthrough in recent years.
Source:https://qbi.uq.edu.au/brain/intelligent-machines/history-artificial-intelligence
1950: Alan Turing’s Turing Test 1955: ‘AI’ got coined 1997: Deepblue beats Kasparov 2011: IBM Watson beats Jeopardy! 2016: AlphaGo beats Lee Sedol 4-1
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This AI flow chart from MIT will help.
Source:https://www.technologyreview.com/s/612404/is-this-ai-we-drew-you-a-flowchart-to-work-it-out/
Canit‘See’?Canit‘Hear’?Canit‘Read’?Canit‘Move’?Canit‘Reason’?
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Can it See?
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Can it See?
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Can it See?
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Can it See?
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Can it Hear?
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Can it Read?
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Can it Read?
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Can it Move?
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Can it Reason?
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Can it Reason?
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Can it Reason?
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We can use these techniques to unlock value across the insurance value chain.
Unlock value
Automated smart underwriting for life protection
Machine-learning for GI pricing
High risk advisor detection
Advisor attrition prediction and prevention
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AI-powered Smart Medical underwriter for Life Protection
Can we reduce underwriting effort and long turnaround time for Life
insurance applications with medical disclosures and attachments?
us
our
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AI-powered Smart Medical underwriter for Life Protection
Can we reduce underwriting effort and long turnaround time for Life insurance applications with medical disclosures and attachments?
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AI-powered Smart Medical underwriter for Life Protection
Can we reduce underwriting effort and long turnaround time for Life insurance applications with medical disclosures and attachments?
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Machine Learning for GI Pricing
Can we improve loss ratios by leveraging on AI to enable better risk segmentation through price?
y = f(x)
Pure risk cost
Rating variables Predictive model
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Machine Learning for GI Pricing
Can we improve loss ratios by leveraging on AI to enable better risk segmentation through price?
Predictive strength of Rating variables from a gradient boosted algorithm
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Machine Learning for GI Pricing
Can we improve loss ratios by leveraging on AI to enable better risk segmentation through price?
Partial dependence by driving experience
Partial dependence by NCD
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High Risk Advisor Detection
Can we tap on advisors’ production, demographic and customer demographic data to identify high risk selling behaviour?
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Advisor attrition prediction and prevention
Are we able to reduce advisor attrition by having a forward looking view on possible attritions through smarter targeting of retention policies?
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Advisor attrition prediction and prevention
Are we able to reduce advisor attrition by having a forward looking view on possible attritions through smarter targeting of retention policies?
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#thefutureisnow#artificialintelligence