Next Generation Insurance Operations: Talking Tough About 'Right' Data

摘要

Besieged by the hype about the brave new world of Artificial Intelligence (Al) and big data, can the notion of the data value-chain still provide useful insights for those in the C-Suite facing cash hungry divisions clamouring for IT funding to forge new data-driven business designs? Ian Herbert and Chris Holland from The School of Economics and Business at Loughborough University ask Kshitij Jain, Head of UK and European Analytics at EXL Service (a NASDAQ listed global provider of analytics and digital transformation services), some tough questions about how a new approach to data management could be adopted to lead business design change through artificial intelligence (Al) in the insurance sector. Ian: In the course of our inquiry into next generation insurance services, we have heard a lot about how Al will change the landscape of insurance operations. The puzzle for us is that the overall pace of change seems slow. For example, Bohn (2018) notes that, in contrast to banking, the insurance industry'... faces a slow-motion parade of promise, possibilities, prematurity, and pared-down expectations.' (p.76). Other research indicates that new business models are emerging in insurance, which suggests an increase in the adoption of Al and digital transformation (Holland 2019).