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The Impact of Machine Learning on the Future of Insurance Industry

Author

Listed:
  • Paruchuri, Harish

    (Senior AI Engineer, Department of Information Technology, Anthem, Inc., USA)

Abstract

Recently data remains the central and the core concentration in the insurance industry. The outburst in data generation thus created the need for technologies that will be used to process or manage big data in the industry. Therefore, the conditions at hand are sighted by a plodding but firm change, which is compelled by an atmosphere shown by enhanced rivalry, fraud activities, flexible marketplaces, high prospects from clients, and stringent guidelines. The introduction of machine learning in solving industry tasks in the assurance value chain such as underwriting and forfeiture avoidance, entitlements management, fraud uncovering, product evaluating, transactions, and client capability will put the industry in the damp light in the future due to high increase of big data. This paper has examined some cases and brought out the vital role of machine learning in handling client data and resolving issues of entitlements. Hence, if implemented well, machine learning holds a brighter future for insurance organizations.

Suggested Citation

  • Paruchuri, Harish, 2020. "The Impact of Machine Learning on the Future of Insurance Industry," American Journal of Trade and Policy, Asian Business Consortium, vol. 7(3), pages 85-90.
    • Handle: RePEc:ris:ajotap:0032
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    Citations

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    Cited by:

    1. Thomas Poufinas & Periklis Gogas & Theophilos Papadimitriou & Emmanouil Zaganidis, 2023. "Machine Learning in Forecasting Motor Insurance Claims," Risks, MDPI, vol. 11(9), pages 1-19, September.
    2. Emer Owens & Barry Sheehan & Martin Mullins & Martin Cunneen & Juliane Ressel & German Castignani, 2022. "Explainable Artificial Intelligence (XAI) in Insurance," Risks, MDPI, vol. 10(12), pages 1-50, December.

    More about this item

    Keywords

    Machine learning; insurance industry; data; assurance value chain;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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