Many insurers will be experimenting with intelligent machine systems in the near future. This report provides an explanation of this space to guide these efforts.
New York, NY (July 31, 2015) – The topics of artificial intelligence, machine learning, deep learning, and cognitive computing have made their way into the popular business press. An insurance professional trying to stay informed of emerging technology may struggle to see the application of these technologies to their industry.
A new Celent report, Machine Intelligence in Insurance: Designing the Aware Machine, provides an explanation of this space and its opportunities in insurance.
“Advances in techniques such as artificial intelligence, machine learning, deep learning, and cognitive computing are challenging traditional IT assumptions and opening opportunities for business solutions,” says Mike Fitzgerald, senior analyst with Celent’s insurance practice and coauthor of the report.
Celent views this shift as the next “big idea” in computing. We have labeled such a platform “The Aware Machine.” It uses emerging technologies and a different design approach to solve problems once deemed too costly or complex.
This research describes the Aware Machine model, identifies the characteristics of high-value problems best suited for such platforms, and suggests specific use cases to serve as proof-of-concept experiments.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies (NYSE: MMC).