Artificial Intelligence & Machine Learning solutions in Insurance

Most of the data stored by insurance companies is structured data and is stored in traditional databases. Insurers generally only use 15% of this data. Therefore they do not exploit all their data and neglect the information contained in their unstructured data. — In order to exploit all structured and unstructured data and make the right decisions, it is essential to use Big Data, Data Science and Machine Learning. Machine learning has a significant advantage. It can be effectively applied to structured, semi-structured or unstructured data sets. It can be used throughout the value chain to understand risk, claims and customer behaviour with greater predictive accuracy.

The potential applications of machine learning in the insurance industry are numerous: from understanding risk appetite and premium leakage to expense management, subrogation, litigation and fraud identification. — Due to IOSS, Octopeek is empowering leading insurance companies to deliver AI solutions that are changing the industry.