Asia - Data science to grow in importance for insurers
Source: Asia Insurance Review | Feb 2018
A recent research by Forrester revealed that 70% of enterprises expect to implement Artificial Intelligence (AI) over the next 12 months, up from 40% in 2016 and 51% in 2017.
AI has certainly moved beyond hype and companies now have to embark on the nitty-gritty details of planning, implementing and governing the use of AI in their businesses. The survey also showed the growing importance of data science as more than 50% of Chief Data Officers (CDOs) will report directly to the CEO, up from 34% in 2016 and 40% in 2017.
Data analytics making inroads
Compared to other industries, insurers have been fairly early adopters of both AI and analytics solutions. The analytics transformation originated in the motor insurance market, which allowed the early adopters to not only price their risk better but to lower claims payouts too.
Today, data analytics is making inroads to other lines of business such as home insurance, workers’ compensation and health insurance.
So what does this mean for the industry and how will it play out in the near future? Will we see a lesser reliance on people across all functions of the business, including key distribution channels?
To answer these questions and more, Asia Insurance Review is organising the 3rd Asia Conference on Big Data & Analytics for Insurance, taking place from 1-2 March 2018 in Singapore.