Nevertheless, the insurance industry is one of the few industries that has barely arrived in the 21st century. Paper-based processes and outdated IT systems with incompatible interfaces are the rule rather than the exception.Cognitive learning applies to for this reason, according to a study by the strategy consultancy bain, companies have so far concentrated in particular on using smart algorithms to make individual sales processes more efficient or to provide more targeted information.Cognitive learning applies to

According to the bain analysts' calculations, however, the greatest potential slumbers in downstream areas: the property and casualty (P+C) insurers alone could increase premium income by almost 25 percent and reduce costs by almost 30 percent through consistent digitalization.Cognitive learning applies to the greatest savings are therefore possible in claims settlement and acquisition costs.

But first a step back. Because opinions on what AI actually is differ widely.Cognitive learning applies to when, for example, IBM's deep blue chess computer won against the then reigning world chess champion garri kasparow more than 20 years ago, this was celebrated as a historic breakthrough.Cognitive learning applies to however, deep blue did not win through cognitive intelligence, but because he could calculate all conceivable moves. Artificial intelligence in the narrower sense means more than just computing capacity.Cognitive learning applies to it is based on algorithms that use large amounts of data to learn to carry out tasks without pre-defined rules.

Self-learning systems that make their own decisions, on the other hand, have so far largely been a failure in the insurance world.Cognitive learning applies to the reason: very few insurers have an IT infrastructure that would allow customer data to be bundled over the entire contract term and all interfaces.Cognitive learning applies to they therefore do not have sufficient high-quality and correctly classified training data with which to learn the algorithms.

Instead, most companies rely on rule-based systems that obey fixed rules.Cognitive learning applies to for example, some providers work with chatbots to process customer inquiries faster and more automatically. Digital language assistants, which process natural language and interact directly with the customer, point in a similar direction.Cognitive learning applies to whether in writing or by telephone - the basic principle is the same: employees are relieved of routine tasks so that they have more time for those questions where personal contact is really necessary.Cognitive learning applies to

Nevertheless, experts agree that AI will revolutionize the insurance industry in the medium to long term. Smart algorithms will help identify insurance fraud faster and assess risks more accurately.Cognitive learning applies to this allows AI to be used to create personalized products. In combination with sensors and the "internet of things" (iot), AI also helps to prevent fraud.Cognitive learning applies to

Together, these many possibilities will lead to insurance products that are much more individual and fair for the collective. If insurers can refine the risk profiles of their customers on the basis of the customer's history and behaviour, they can determine whether this customer is trustworthy.Cognitive learning applies to the subjective decisions of individual experts would then be opposed by objective, trained systems that could not be impressed by emotions or stress.Cognitive learning applies to

Today, on the other hand, customers quickly end up in a drawer based on their profession or place of residence that does not correspond to their actual risk profile.Cognitive learning applies to artificial intelligence could calculate trust on the basis of data and synthesize it, so to speak. Customers who are trustworthy can then benefit, for example, from lower prices or faster claims processing.Cognitive learning applies to

Nevertheless, the insurance industry is one of the few industries that has barely arrived in the 21st century. Paper-based processes and outdated IT systems with incompatible interfaces are the rule rather than the exception.Cognitive learning applies to for this reason, according to a study by the strategy consultancy bain, companies have so far concentrated in particular on using smart algorithms to make individual sales processes more efficient or to provide more targeted information.Cognitive learning applies to

According to the bain analysts' calculations, however, the greatest potential slumbers in downstream areas: the property and casualty (P+C) insurers alone could increase premium income by almost 25 percent and reduce costs by almost 30 percent through consistent digitalization.Cognitive learning applies to the greatest savings are therefore possible in claims settlement and acquisition costs.

But first a step back. Because opinions on what AI actually is differ widely.Cognitive learning applies to when, for example, IBM's deep blue chess computer won against the then reigning world chess champion garri kasparow more than 20 years ago, this was celebrated as a historic breakthrough.Cognitive learning applies to however, deep blue did not win through cognitive intelligence, but because he could calculate all conceivable moves. Artificial intelligence in the narrower sense means more than just computing capacity.Cognitive learning applies to it is based on algorithms that use large amounts of data to learn to carry out tasks without pre-defined rules.

Self-learning systems that make their own decisions, on the other hand, have so far largely been a failure in the insurance world.Cognitive learning applies to the reason: very few insurers have an IT infrastructure that would allow customer data to be bundled over the entire contract term and all interfaces.Cognitive learning applies to they therefore do not have sufficient high-quality and correctly classified training data with which to learn the algorithms.

Instead, most companies rely on rule-based systems that obey fixed rules.Cognitive learning applies to for example, some providers work with chatbots to process customer inquiries faster and more automatically. Digital language assistants, which process natural language and interact directly with the customer, point in a similar direction.Cognitive learning applies to whether in writing or by telephone - the basic principle is the same: employees are relieved of routine tasks so that they have more time for those questions where personal contact is really necessary.Cognitive learning applies to

Nevertheless, experts agree that AI will revolutionize the insurance industry in the medium to long term. Smart algorithms will help identify insurance fraud faster and assess risks more accurately.Cognitive learning applies to this allows AI to be used to create personalized products. In combination with sensors and the "internet of things" (iot), AI also helps to prevent fraud.Cognitive learning applies to

Together, these many possibilities will lead to insurance products that are much more individual and fair for the collective. If insurers can refine the risk profiles of their customers on the basis of the customer's history and behaviour, they can determine whether this customer is trustworthy.Cognitive learning applies to the subjective decisions of individual experts would then be opposed by objective, trained systems that could not be impressed by emotions or stress.Cognitive learning applies to

Today, on the other hand, customers quickly end up in a drawer based on their profession or place of residence that does not correspond to their actual risk profile.Cognitive learning applies to artificial intelligence could calculate trust on the basis of data and synthesize it, so to speak. Customers who are trustworthy can then benefit, for example, from lower prices or faster claims processing.Cognitive learning applies to