Having worked with Insurance companies, we understand the immense value, pattern based analytics powered by Machine Learning adds to insurance services. We help insurance companies enhance their in-house data with lifestyle segmentation, demographic, and market potential.
Algo 8 platform and frameworks for insurance services enable them in
Create, Conceive and Implement Big Data enterprise solution to store and curate all type of internal and external data on a single platform, which maintains flexibility, security and scalability for any type of data initiative.
Creating a 360 degree view of the customer, their profiling, creating a customer story and enabling analytics driven intervention.
CustomizedAI and Pattern based Learning Solutioning for contextual application in enterprises. Creation, Conception and Development of use cases in highly secure environmentsfor
An AI driven smart and easy location intelligence tool with advanced machine learning powered geospatial analysis to contextualise data for decision making such as enhancing in-house data with lifestyle segmentation, demographic, and market potential.
An NLP based brand perception tool, which collates all social chatter about an insurance company and its competitors from channels like mail, social media,news,etc. Opini8 also enables customer support through NLP.
While the obvious merits of AI cannot be overruled, one also needs to consider that it can and will potentially replace human workers across multiple sectors. Windowless, humanless and faceless machines that can do twice or thrice the amount of work that a group of people is being seriously considered by companies across the world. Insurance giant PwC estimates that close to 30% of existing UK jobs would be at risk from AI by the mid-2030s. However, Jeremy Trott, head of claims operations for Allianz Insurance, feels otherwise. He remarks that, “At the lower-skills end, there is a danger of some job losses, but also, plenty of higher-skilled, more interesting roles will be created.” Broker Andy Jenkins, operations director for Russell Scanlan presents an alternate idea to this narrative. He feels, “There are going to be times when the ‘computer says no’, and this is when a broker will be needed to intervene. So the human element isn’t going to be absent. The job profile might demand reskilling in a manner conducive to the prevailing environment.” AI is going to be the next big game changer. But the manner in which it percolates deep into the workforce and value chain is dependent on its human creators. Our choices in this regard thus are of crucial importance.
With the emergence of AI, complex and time consuming tasks are slowly becoming easier, faster and fault proof. While AI won't replace the human element in industries across the world for a long, long time, its potential to disrupt the way business is done cannot be underestimated. This holds particular relevance for the insurance industry. Given that consumerism is rapidly catching up in countries across the globe, people are fortifying their assets by investing in policies that they can depend on in the scenario that disaster comes knocking unexpectedly. Ramnath Balasubramanian, Partner at McKinsey, New York notes that business will not be the same with AI around. He further notes, “Auto accidents will be reduced through autonomous vehicle usage, in-home flooding will be prevented by IoT devices, buildings will be reprinted after a natural disaster, and lives will be saved and extended by improved healthcare. Likewise, autonomous vehicles will break down, natural disasters will continue to devastate coastal regions, individuals will require effective medical care, as well as support when a loved one passes. This is where AI and data science will need to be combined to ensure that post crisis recovery crisis is smooth and less painful for all parties concerned.” However, to make this dream a reality, the insurance sector will need to acquire the necessary skills in understanding the nuances of AI and data science. Science & Commerce will need to be more inclusive of each other than ever before if this is to happen