Moving from a digital insurance business to a cognitive insurance business
As insurance enterprises race towards digital capability, it is easy to lose sight of the real benefits at the heart of digitisation.
Why is it important? How useful can AI, analytics, automation, IoT, social, cloud and mobility be without fully understanding how they can be leveraged into the business?
With digital insurance enterprises, the challenges will go beyond information overload. In many ways, the challenges will be related to cognitive overload. However, these challenges can be addressed to some extent if we have systems that learn. Such learning systems (cognitive systems) can help insurance enterprises with the challenges and issues that they face today: rapid digitisation; rising customer expectations; anticipating consumer behaviour; ensuring public safety; changing demographics; predicting risk; sophisticated fraud; etc.
As a result, a new business design is now gaining traction: one that marries digital business with digital intelligence leading into a cognitive insurance business. When cognitive capabilities pervades into people, processes, technology and things, augmenting intelligence and decision making; it becomes a cognitive business.
This whitepaper:
• Sheds light on the characteristics of a cognitive insurance business versus a digital business.
• Provides specific examples of how established insurers and insurtech start-ups are leveraging cognitive/AI technology to transform their organisations.
• Highlights factors to consider for insurance companies who are embarking on their cognitive business journey.
• Outlines the strategic, functional and technical enablers for a cognitive insurance business.