underwriting

Putting cognitive underwriting to work

Underwriting is at the very core of insurance. Depending upon the line of business, and the guidelines established by the carrier, the process can be very involved.   The process requires a spectrum of skills, including a balance of art and science, along with lots of information, including structured—traditional quantified data—and increasingly unstructured—video voice, text, images, […]

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Transforming an industry, one automated action at a time

Though the concept of insurance has existed for centuries, the changes the industry has gone through in just the last decade may have been some of the most consequential since the introduction of the internet. Today, one of the biggest driving forces in insurance is the implementation of automation and how it’s changing a number […]

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Cognitive technologies are the solution for underwriting

The first known practices of “insurance” are from hundreds of years BC when neighbors would all come together to rebuild a farmer’s barn lost to fire.[1] Or when the community started to store grain so that they would have food in years of famine. Although this part is not documented, I am sure somewhere along […]

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Looking into the crystal ball

Are you interested in knowing the future? I certainly would, the more accurate, the better. (Next week’s winning lottery numbers, anyone?) Unfortunately, as the old Danish proverb goes, “Prediction is very difficult, especially about the future.” My colleague Mark McLaughlin and I gave it a shot anyhow, and you can now read the result in […]

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Random Thoughts: Emotions

Hard to get back to “normal” blogging after seeing the news from Paris over the weekend, so just short today. Thanks to Jean Jullien (@jean_jullien on Twitter) for putting out the image on the left to the public domain. My thoughts go out to the victims of the Paris. I just hope that the (predictable) […]

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The Impact of Cognitive on Insurers

With IBM launching its newest IBV study on Cognitive, it’s worth reviewing the impact that cognitive business will have on an insurance industry under significant competitive stress… and an industry that has had significant uptake of IBM Watson. Insurers see significant competitive advantage in the cognitive space and for every public mention of insurers using […]

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Random Thoughts: Drones

A short one today – still working on the new study (see the sneak peeks here and here): It seems that quite a few insurers are now thinking of using drones for their business, judging by FAA approvals: State Farm, AIG, USAA and Erie, just to name a few that were in the news recently. […]

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Big Data and the Devil’s Advocate

I had the pleasure of presenting last night to a group at the Chartered Institute of IT in London, on the topic of big data and analytics, illustrated in part by case studies from the insurance sector. Cognitive computing, Internet of Things and Cyber Security all found a part in the presentation, amongst other elements. […]

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Insurance, Big Data and ‘Big Risk’

I’ve been giving some thought to the topic of risk recently. I can hear you yawning already….but wait a moment. I’m increasingly realising that this is a bigger issue than I might have allowed for in the past. Let me share my thinking… For many in insurance, risk seems to fall into two camps: Finance […]

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Strap yourself in, now it gets exciting…

On the heels of Apple’s earning report the Wall Street Journal posed a question (in a headline) that asked: “Are Tablet Computers a Passing Fad?” The article discussed the fall-off in sales of the iPad for the fifth straight quarter and suggested that this category of personal device is on the decline. Apple helped create […]

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New legs for the proposal form

I had the pleasure of recently presenting on the topic of analytics to a group of geographers . It wasn’t so much about mapping, but rather about the power of geo-intelligence in insurance and how the topic of ‘location’ is infused across all parts of the insurance industry. My call to action for them was […]

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Behavioral Analytics… Predicting how I knew you would say that…

Usage based insurance programs are on the rise; from how a driver behaves behind a wheel to how often or where that person does their driving. Once collected the behavioral information is analyzed and being used to drive greater precision into risk categorization and pricing. The term ‘telematics’ has come to represent this popular model […]

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