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Aviva: Secret How AI is transforming Insurance Karthikan Selvaraj Senior Data Scientist, Quantum Asia, Aviva Ltd, Singapore

How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

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Page 1: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Secret

HowAIistransformingInsurance

KarthikanSelvarajSeniorDataScientist,

QuantumAsia,AvivaLtd,Singapore

Page 2: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

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

Page 3: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

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

Page 4: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

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

LSTM

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

Page 5: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

But first, what is AI?

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

Page 6: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

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

Page 7: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

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

Page 8: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

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’?

Page 9: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

Can it See?

Page 10: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

Can it See?

Page 11: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

Can it See?

Page 12: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

Can it See?

Page 13: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

Can it Hear?

Page 14: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

Can it Read?

Page 15: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

Can it Read?

Page 16: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

Can it Move?

Page 17: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

Can it Reason?

Page 18: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

Can it Reason?

Page 19: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

Can it Reason?

Page 20: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

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

Page 21: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

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?

us

our

Page 22: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

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?

Page 23: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

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?

Page 24: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

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

Page 25: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

Machine Learning for GI Pricing

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

Predictive strength of Rating variables from a gradient boosted algorithm

Page 26: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

Machine Learning for GI Pricing

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

Partial dependence by driving experience

Partial dependence by NCD

Page 27: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

High Risk Advisor Detection

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

Page 28: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

Advisor attrition prediction and prevention

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

Page 29: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

Aviva: Internal

Advisor attrition prediction and prevention

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

Page 30: How AI is transforming Insurance. Karthikan_AI.pdf · Perceptron Generative Adversarial Networks LSTM Statistical Modelling Decision Trees Support Vector Machines Deep Neural Networks

#thefutureisnow#artificialintelligence


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