Let me tell you about a burr that’s been under my saddle for way too long.
Executive Summary
Despite an abundance of optimism over analytics, AI and more, the insurance industry still has challenges realizing the potential benefits of these new insights. Upon simple examination, the reasons are rather straightforward. "Actionable insights" are only valuable when applied to the day-to-day business of insurance and its processes and decision-making.Simply put, I think that so much of the way analytics and AI are being promoted to the insurance industry is similar to the mountebanks’ magic elixir pitches from the traveling carnival side-shows of old.
I consider analytics to include business intelligence, predictive analytics all the way up to artificial intelligence and machine learning, deep learning and more.
I do see considerable value in analytics and new insights drawn from data of all sorts.
