The insurance industry has been tasked with transformation in a complex world riddled with jargon like artificial intelligence, predictive analytics, machine learning, and business intelligence.
Only time will tell how the hype around such innovative techniques will translate into true business value, and yet firms who sit and wait for proof are in serious danger of falling far behind. Insurance business, by its very nature, revolves around the application of advanced data analytics. In fact, it could be argued that actuarial science, in its most simple form, is advanced analytics for insurance.
Author: Bethan Moorcraft