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Insurance / WHITE PAPER
Lee H Weinstein
Domain Lead, Banking and Insurance Technology Group, Banking, Financial Services, and Insurance, TCS
Venugopal Shivram
Domain Lead, Banking and Insurance Technology Group, Banking, Financial Services, and Insurance, TCS
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Lacking a view into actual costs while pricing products, the insurance industry has historically leveraged data and analytics to better assess risk. Predictive analytics built upon statistical modelling techniques have been used across functions like actuary, underwriting, claims, and marketing. But these techniques are unable to handle the explosion of unstructured data in the current context. However, with the advent of artificial intelligence (AI), machine learning (ML), natural language processing (NLP), and cognitive technologies has come the ability to process huge amounts of real-world data to glean insights that can help streamline business processes, enhance customer service, and mitigate risk. To take advantage of emerging opportunities and drive growth, insurance companies must embrace these technologies, which will require:
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