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Data, Analytics, and AI for Digital Insurers

Analytic innovation––predictive and prescriptive analytics of big data, artificial intelligence, machine learning, and optimization––is conquering the world, and the insurance industry. That’s a good thing.

Malakoff Médéric's Journey to Becoming a Truly Data-Driven Insurer

Learn how Malakoff Médéric, the French market leader for group protection, partnered with BCG to become a truly digital and data-driven company.

Data is the lifeblood of insurance, providing increased insight into risk so companies can better select which risks to write and at what price. There isn’t a single insurance company that won’t be more successful if it makes the most of data and analytics, but most have barely begun to scratch the surface of the opportunities available.

Why Insurance Carriers Need to Build Data Partnerships with Manufacturers

According to BCG Senior Advisor Murli Buluswar, the landscape for the insurance industry will undergo dramatic change in the next 10 to 15 years. If carriers create connections with manufacturers and have direct access to data—they will see dramatic ROE improvement in a short amount of time.

The Bionic Underwriter

In today’s market, anyone can obtain vast amounts of data and buy the latest analytics tools, but new technologies alone don’t bring competitive advantage—just as underwriter experience is no longer adequate. It is the combination of the two that brings the most insight—human judgment combined with high-tech analytics: a bionic underwriter.

Machine Learning and NLP

Further, insurers can benefit in two primary ways from the increasing accessibility of artificial-intelligence solutions, such as machine learning and natural language processing (NLP):

  • AI can streamline those tasks that can be done by people.
  • AI can identify insights that humans cannot find.

The Real Promise of Artificial Intelligence for the Insurance Industry

According to Sylvain Duranton, a leader of BCG Gamma, insurance companies have yet to tap in to artificial intelligence to the extent that other industries have. Insurers must take risks with AI and analytics in order to reach their full potential in today's marketplace.

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