How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks...

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HowAIistransformingInsurance

KarthikanSelvarajSeniorDataScientist,

QuantumAsia,AvivaLtd,Singapore

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Artificial Intelligence is out to steal your jobs and kill you…

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Not really, but Artificial Intelligence is transforming businesses across the world.

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And the art of the possible is constantly evolving.

Linear Regression GLMs Random

Forests Graph

Analytics Transformers Word2Vec

ARIMA Risk Modelling

Isolation Forests

Multi-Layer Perceptron

Generative Adversarial Networks

Statistical Modelling Decision Trees Support Vector

Machines Deep Neural

Networks Auto encoders BERT

One-way Analysis

Bayesian Statistics Perceptron

Convolutional Neural

Networks VGGNet ELMo

Logistic Regression Markov Chains XGBoost

Recurrent Neural

Networks AlexNet GPT-2

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But first, what is AI?

“ifit’swritteninPython,it’smachinelearning.Ifit’swritteninPowerPoint,it’sprobablyAI.”-awiseman

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But seriously, what is AI?

“AIreferstomachinesthatcanlearn,reason,andactforthemselves.Theycanmaketheirowndecisionswhenfacedwithnewsituations,inthesamewaythathumansandanimalscan.”

Source:https://www.technologyreview.com/s/612404/is-this-ai-we-drew-you-a-flowchart-to-work-it-out/

foraparticular(well-defined)task

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AI has come a long way and has made massive breakthrough in recent years.

Source:https://qbi.uq.edu.au/brain/intelligent-machines/history-artificial-intelligence

1950: Alan Turing’s Turing Test 1955: ‘AI’ got coined 1997: Deepblue beats Kasparov 2011: IBM Watson beats Jeopardy! 2016: AlphaGo beats Lee Sedol 4-1

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This AI flow chart from MIT will help.

Source:https://www.technologyreview.com/s/612404/is-this-ai-we-drew-you-a-flowchart-to-work-it-out/

Canit‘See’?Canit‘Hear’?Canit‘Read’?Canit‘Move’?Canit‘Reason’?

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Can it See?

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Can it See?

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Can it See?

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Can it See?

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Can it Hear?

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Can it Read?

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Can it Read?

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Can it Move?

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Can it Reason?

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Can it Reason?

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Can it Reason?

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We can use these techniques to unlock value across the insurance value chain.

Unlock value

Automated smart underwriting for life protection

Machine-learning for GI pricing

High risk advisor detection

Advisor attrition prediction and prevention

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AI-powered Smart Medical underwriter for Life Protection

Can we reduce underwriting effort and long turnaround time for Life

insurance applications with medical disclosures and attachments?

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Can we reduce underwriting effort and long turnaround time for Life insurance applications with medical disclosures and attachments?

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Can we reduce underwriting effort and long turnaround time for Life insurance applications with medical disclosures and attachments?

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Machine Learning for GI Pricing

Can we improve loss ratios by leveraging on AI to enable better risk segmentation through price?

y = f(x)

Pure risk cost

Rating variables Predictive model

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Predictive strength of Rating variables from a gradient boosted algorithm

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Partial dependence by driving experience

Partial dependence by NCD

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High Risk Advisor Detection

Can we tap on advisors’ production, demographic and customer demographic data to identify high risk selling behaviour?

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Are we able to reduce advisor attrition by having a forward looking view on possible attritions through smarter targeting of retention policies?

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Are we able to reduce advisor attrition by having a forward looking view on possible attritions through smarter targeting of retention policies?

#thefutureisnow#artificialintelligence

How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks...

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