From the conference Future Tech in Insurance at Forsikringsakademiet, nov 15 2016. Defining cognitive and how that is relevant for insurance companies.
9. Today’s industry
leaders recognize
the gap in their
digital capabilities
Believe they
can’t deliver a
personalized
experience
60%
SOURCE cited in notes
Say the quality,
accuracy or
completeness
of their data is
insufficient
31%
Say they are not
confident in
making spending
and strategic
decisions
53%
expect more
competitors
from outside
their industry
54%
of CxOs
10. A cognitive business has systems that can
enhance digital intelligence exponentially.
REASON
They can reason, grasp
underlying concepts,
form hypotheses, and
infer and extract ideas.
UNDERSTAND
Cognitive systems
understand imagery,
language and other
unstructured data
like humans do.
LEARN
With each data point,
interaction and outcome,
they develop and
sharpen expertise, so
they never stop learning.
INTERACT
With abilities to see,
talk and hear, cognitive
systems interact with
humans in a natural way.
11. An organization that creates knowledge
from data to expand virtually everyone’s
expertise, continually learning and adapting
to outthink the needs of the market
Digital business +
Digital intelligence
Cognitive business
GROW
KNOWLEDGE
FROM DATA
ENHANCE
EXPERTISE
LEARN AND
ADAPT
12. More Accurate
Risk
Assessment for
Underwriting
Reduced
Frequency
and Severity
of Claims
Automated
FNOL Claims
Servicing1
Superior
Customer
Experience,
Satisfaction
and Loyalty
New Product
Offerings
1
First Notice of Loss (FNOL)
Top 5 Benefits of IoT to the Insurance Industry
What we learn from the physical world will transform several industries, including
the Insurance Sector in which IoT will have one of the greatest impacts.
14. What is Changing in the Insurance World?
The insurance industry is undergoing a significant transformation.
Historically reactive, it is now needs to become proactive …
ANAL YT I C S
I NFOR MAT I ON
SE NSOR S
D A TA
Source: CenterlineDigital
All equates to a
MAJOR DISRUPTION in the current insurance business model
The Explosion of DataCustomer Engagement Preferences
Diminishing Risk Transition in the Workforce
16. The most relevant feature of IoT is that multiple use cases can be
enabled by a shared infrastructure
`
Connected industry
Connected car
Connected living and working
Connected cities
Connected health
In-vehicle
voice
Roadside
assistance
Vehicle
platform
Stolen vehicle
recovery
Vehicle
navigation
Vehicle
diagnostics
Lease, rental &
share car
management
Usage-based
insurance
In-vehicle
entertainment
& internet access
In-vehicle
emergency
call system
First responder
connectivity
Telemedicine Clinical
Trials
Clinical remote
monitoring
Connected
medical
environments
Land
agriculture
Fishing Executive
industries
Homeland
security
Emergency services
Road fleet management
Supply chain
Public space
advertising
Manufacturing
& processing
Warehouse
& storage
Boundary
control
Retail goods
monitoring &
payment
Retail &
leisure
specialist
applications
Smart grid
distribution
monitoring
Smart
metering
Building
automation
Micro-
generation
Building
security
Construction
site monitoring
Commercial
appliances
White goodsOffice
equipment
Network
infrastructure
Network
equipment
Handset
& tests
PCs &
laptops
Other consumer
electronics
Household
information
devices
Tracking
appliances
Personal
multimedia
AV sourcesAV displays
Assisted living
Worried well
personal
monitoring
Worried well
remote
monitoring
Environmental
monitoring
Electric vehicle
charging
Road traffic
management
Environment
public safety
Defence
Specialist office
equipment
New energy
sources
Construction
equipment
monitoring
17. To combat these challenges, insurance organizations
need a new mechanism to overcome human and
current systems’ limitations
Human Machine
§ Human brain can consume and process
only a limited amount of information
§ Human beings are subject to physical
and mental fatigue, i.e. are not scalable
§ Human workers and experts can make
mistakes
§ Traditional technology cannot handle
ambiguity
§ Current paradigm of computing is pre-
programmed and rigid; it cannot learn,
reason, or relate
§ Machines do not interact via natural
interfaces
Insurers need a machine that can learn new problem domains,reason
through the hypotheses, resolve ambiguity, evolve towards more accuracy,
and interact in natural ways to engage, discover and decide better
33. Kim Escherich
escherich@dk.ibm.com
+45 2880 4733
internetofthings.dk | danmark50.dk
@kescherich | @danmark50
/escherich
/in/escherich
kescherich@gmail.com
Mere information
Se præsentationer og demoer fra World of Watsonher: https://ibmgo.com/wow16
Om Watson: http://www.ibm.com/watson/
WatsonVirtual Agent: https://www.ibm.com/marketplace/cloud/cognitive-customer-engagement/us/en-us
Customer Insights for Insurance: https://www.ibm.com/marketplace/cloud/customer-insight-for-insurance/us/en-us
WatsonIoT: http://www.ibm.com/internet-of-things/
IBM Instutute for Business Value: http://www-935.ibm.com/services/us/gbs/thoughtleadership/
IIBV Cognitive Future Study: https://goo.gl/yTZ50I
IIBV Innovating Insurance Study:https://goo.gl/dCpckR