Our company closely monitors trends and the development path of the insurance market not only in Russia but also abroad. Alexander Morozov, director of the Smart Driving Laboratory auto insurance department, took part in the annual conference “Advanced Analytics and Intelligent Automation for Insurance”, which was held on March 19-20 in London, and shared the results of the trip with us.
It is no secret that the modern client expects to receive prompt, intelligent and personalized service and the insurance industry is no exception. Therefore, the process of interaction with the consumer requires the introduction of modern technologies so that companies remain competitive in the market. Meanwhile, at a conference in London, the main topic for discussion was the existence of a significant gap between the spread of “smart technologies” on a global scale and the ability of companies to apply them. That is why the discussion was devoted not only to theoretical, but also to practical principles of using technologies for collecting and analyzing data in various insurance fields.
Representatives of such large western companies as Swiss Re, Gen Re, AIG, Aegon, RSA shared their experience and outlook on the future development of the insurance industry. Reports were presented on various topics regarding the application of the latest technologies: from machine learning and loss settlement, to the fight against fraud (external and internal). TransUnion, for example, spoke at the conference about four principles of successful work with big data. Among them: speed, volume, reliability and performance. Speaking of speed, it is worth noting that at the moment this is one of the most important parameters, since the fast processing of information directly affects the improvement of the quality of customer service and the increase in company capital. In simple words, the use of artificial intelligence accelerates analytical processes and at the same time reduces the risk of human errors.
Notably new technologies make it possible to analyze a much larger amount of data and to obtain more reliable information. The last, but no less important factor, relates directly to the company's performance. The main trend recently is the automation of those processes that were previously performed manually. Thus, the management of companies has the opportunity to more closely monitor activities with obtaining accurate reports on the work performed.
Alexander noted that the implementation of Big Data and ML in European companies is quite accurate and is used for solving specific problems. Moreover, in many world companies (starting in 2011) whole blocks are created that deal exclusively with Big Data and ML to develop and improve insurance principles for insurers and for clients.