Insurance Research Solutions

Putting Artificial Intelligence to Work

In recent years, artificial intelligenceArtificial Intelligence knows many different definitions, but in general it can be defined as a machine completing complex tasks intelligently, meaning that it mirrors human intelligence and evolves with time. has left the machine room and entered the world of mainstream business. Within the next five years, will have a major impact in all industries, according to research conducted by BCG and MIT Sloan Management Review. The research found that more than 70% of executives expect to play a significant role at their companies.

Today’s algorithmsAn algorithm is a fixed set of instructions for a computer. It can be very simple like "as long as the incoming number is smaller than 10, print "Hello World!". It can also be very complicated such as the algorithms behind self-driving cars. already support remarkably accurate machine sight, hearing, and , and they can access global repositories of information. performance continues to improve, thanks to and other advanced techniques, a staggering level of growth in data, and continuing advances in raw processing power. These developments have led to an explosion in -enabled business applications , analogous to the Cambrian era, when the development of eyesight contributed to a remarkable worldwide increase in species diversity.

Strive for more winners than losers

As always, this new era will have winners and losers. But our research with MIT suggests that if current patterns continue, the separation between the two could be especially dramatic and unforgiving. The data revealed markedly different levels of understanding and adoption even within the same industry. In insurance, for instance, China’s Ping An Group started development five years ago and is now incorporating the technology in various services, while other insurers are just starting to experiment with the simplest applications. Overall, executives from many companies reported that their organizations lacked a basic understanding of .

As a starting point, this report aims to provide an intuitive and practical comprehension of .  At a deeper level, it also discusses many current and potential use cases for and examines the impact of on industry value pools, the future of work, and the pursuit of competitive advantage. Finally, it offers some practical guidance on how to introduce and spread within large organizations.

Although elements of are available in the market, the hard work of managing the interplay of data, processes, and technologies happens in-house.

Is Not an Off-the-Shelf Solution

is not plug and play. Companies cannot simply “buy intelligence” and apply it to their problems. Although; elements of are available in the market, the hard work of managing the interplay of data, processes, and technologies happens in-house.

The conceptual framework for putting to work is fairly intuitive. (See Exhibit 1.) In a nutshell, algorithms absorb data, process it, and then generate actions. The process depends on proper integration of several layers of technology, however, and identifying a specific path from data to action often bedevils companies. […]

  1. SwissCognitive

    Putting Artificial Intelligence to Work
    #Artificial_Intelligence #Deep_Learning #Voice
    https://t.co/8wSrtAv7E7

  2. Van Melsem

    Putting Artificial Intelligence to Work https://t.co/YMjCn9hLZG via @SwissCognitive

  3. DiManEx

    Putting Artificial Intelligence to Work https://t.co/KMMwFfRn6q via @Van_Melsem #AI https://t.co/dnRMwu4pvo

  4. nocomp

    RT @DiManEx_BV: Putting Artificial Intelligence to Work https://t.co/KMMwFfRn6q via @Van_Melsem #AI https://t.co/dnRMwu4pvo

  5. Virpi Hyytiä

    Putting Artificial Intelligence to Work https://t.co/sPZxySQCf8 käyttäjältä @SwissCognitive

  6. Atheneum Partners

    #INSIGHT ►Companies cannot simply “buy #intelligence” and apply it to their problems #AI https://t.co/Cp0GXFqqj9 vi… https://t.co/K4KjfJAfUn

  7. Mohammad Noureldin

    RT @DiManEx_BV: Putting Artificial Intelligence to Work https://t.co/KMMwFfRn6q via @Van_Melsem #AI https://t.co/dnRMwu4pvo

  8. Demetris Terlikas

    RT @meisshaily: Putting Artificial Intelligence to Work https://t.co/7XExo2x95q via @Van_Melsem #AI https://t.co/NHlrww5RKA

  9. Gr Bentil

    RT @DiManEx_BV: Putting Artificial Intelligence to Work https://t.co/KMMwFfRn6q via @Van_Melsem #AI https://t.co/dnRMwu4pvo

  10. Dalith Steiger

    Putting Artificial Intelligence to Work
    #Artificial_Intelligence #Deep_Learning #Voice
    https://t.co/fL7ck6gzMI

  11. Andy Fitze

    Putting Artificial Intelligence to Work
    #Artificial_Intelligence #Deep_Learning #Voice
    https://t.co/mE6JUz1I6Z

  12. Nicholas C. Niggli

    RT @andy_fitze: Putting Artificial Intelligence to Work
    #Artificial_Intelligence #Deep_Learning #Voice
    https://t.co/mE6JUz1I6Z

Leave a Reply