Artificial Intelligence (AI) and Machine Learning (ML) are poised to revolutionize financial services, enabling the fine-tuned tailoring of services to customer needs.
These innovations will have profound impacts on the insurance industry, according to Andreas Grigull, Systemorph’s Managing Director-Germany. Andreas gave a presentation about the impact of AI and ML on insurance and actuarial practices as part of the actuview online conference, aoc2020, in September.
“It’s about contextualized knowledge, instant recommendations and self-supervised automation,” Andreas explained, citing how AI will enhance and automate customer interactions while providing better understanding of customer requirements and the ability to individualize customer communications.
Similarly, AI and ML have great potential to address health care including detection and diagnosis of disease as well as orchestrating efficient care, he said, also describing how AI will greatly streamline the claims process such as in automobile accidents that can be reported in real-time.
So what will AI and ML mean for the jobs of actuarial professionals? Andreas predicts that these new technologies will require actuaries to expand the scope of their jobs from a largely internal focus to an external focus. Actuaries will need to be aware of and helping to drive the technology roadmap with an eye toward improved modeling and continuous validation of models with real-world data.
View the many insights and predictions in Andreas’ presentation here: https://youtu.be/e_okxX3eSQU