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Cognitive Computing in Insurance:
Going Beyond Predictive Analytics
© 2015 IBM Corporation
8 December 2015
Craig Bedell
2
© 2015 International Business Machines Corporation
Cognitive is the new
competitive advantage
for Insurance
Watson is a cognitive technology that processes
information more like a human than a computer—by
understanding natural language, generating
hypotheses based on evidence and learning as it goes.
Cognitive Computing in Insurance
4
Cognitive
How can we learn dynamically?
Prescriptive
How can we achieve the best
outcome?
Predictive
What could happen?
Descriptive
What has happen?
How can everyone
be more right…
…more often?IBM Analytics
Learning Models
Experience Memory
Feedback mechanisms
Rules
Optimization Models
Recommendations
Predictive Models
Scores
Forecasts
Reports
Dashboards
Visualization
Cognitive Computing in Insurance
…5 key forces are changing the landscape of Insurance
Rising customer
expectations
$ Low interest rate
Sophisticated fraud
Changing demographics
Rapid digitization
Cognitive Computing in Insurance
© 2015 International Business Machines Corporation
Cognitive Computing in Insurance
Pushing the current boundaries of:
Innovation
Growth
© 2015 International Business Machines Corporation
Cognitive Computing in Insurance
Helps focus on improving:
Engage
Discover
Decide
© 2015 International Business Machines Corporation
Cognitive Computing in Insurance
Cognitive systems facilitate
Decision making
Reduce human bias
Scale
Expertise
What is Watson ?
© 2015 International Business Machines Corporation
© 2015 International Business Machines Corporation
IBM Watson is a technology platform
that uses natural language processing
and machine learning to reveal insights
from large amounts of unstructured data
Cognitive Computing in Insurance
Understands
natural
language
Generates and
evaluates
hypotheses
Adapts
and learns
Cognitive Computing in Insurance
Watson brings together a set of transformational technologies to
drive optimized outcomes
Watson is creating a new partnership
between people and computers
that enhances, scales and accelerates
human expertise.
Tabulating
Systems Era
Cognitive
Systems Era
1900
Programmable
Systems Era
1950 2011
Corpus
Manuals, FAQs, and
reading lists; i.e. body of
knowledge
Representative Questions
The questions asked to gain
knowledge and competence i.e.
set Ground Truth
Trained Watson
Ready to be put to work
i.e. use knowledge to
learn more and answer
different questions
Watson is Schooled
Watson is taught, not programmed
Cognitive Computing in Insurance
How Watsonm
How Watson Works
Watch the video: https://youtu.be/_Xcmh1LQB9I
What makes Watson different?
Watson understands language. It
understands what is being asked
and is able to find and communicate
answers.
How can Watson be used?
•  Engage in conversations
•  Explore - find and aggregate
information
•  Discover information and
relationships
•  Decide - evaluate information
against defined criteria
The Watson Difference
© 2015 International Business Machines Corporation
Cognitive Computing in Insurance
Explore - find and aggregate information
Visualize, and discover
insight in unstructured
data through NLP and
text analytics, Content
analytics and cognitive
insights
Explore information from
internal and external
content including
unstructured text, emails,
call center records…
Apply cognitive
capabilities to enhance,
scale, and accelerate
human expertise
Explore
Analyze
Interpret
Cognitive Computing in Insurance
Characteristics that represent good uses of Watson:
© 2015 International Business Machines Corporation
High volume of
unstructured data
Users want to explore
multiple answers
English language*
(Spanish & others in
progress)
Support dialogue
when appropriate
Require answers
with evidence
Continuously learn
* multilingual support available
for content analytics
Cognitive Computing in Insurance
© 2015 International Business Machines Corporation
Cognitive in Insurance
Cognitive Computing in Insurance
Watson Underwriting Advisor
Enable Underwriters to work more efficiently
Read and understand the natural language
contained within unstructured documents,
continuously learn based on feedback
Create a comprehensive evaluation process
to collect, integrate, visualize and
evaluate risk
Use cognitive reasoning to rapidly parse
relevant evidence and generate hypothesis.
© 2015 IBM Corporation
20
Maximum Age Criteria: Born after January 14, 1945.
DOB: 1/15/1950
Total Cholesterol = 276and HDL ratio= 5.1
No information provided in submission
Blood Pressure Reading: Not to exceed 140/80 age ≤ 55, Not to exceed
140/90 age > 55.
BP: 135/85
DUI/DWI history: no incidents in the last 5 years.
Cardiovascular disease: none.
No cardiovascular disease. Last examined 2 years ago.
Universal Life Underwriting Guidelines
Health History
20
Cognitive Computing in Insurance
Benefits of the Watson Underwriting Advisor
•  Evaluate the submission rather than data
gathering
•  Reduces time to process each submission
•  Reduction of Underwriting Expenses
•  Incorporation of “best practices” expertise for
consistency and accuracy
•  Scale underwriting staff
© 2015 IBM Corporation 21
Cognitive Computing in Insurance
Transform Underwriting
Make existing decisions smarter by incorporating insights from unstructured data
Underwriter
Review Application
Completeness
Review and Apply
Underwriting Guidance
Recommend
Underwriting Decision
© 2015 IBM Corporation
Summarize & extract
information from
submission
Enrich submissions
by combining internal
and external data
Evaluate products
for performance and
key metrics
Support decision
making with insights
from precedence
Improve decision
making with
continuous learning
Cognitive Underwriting
Structured
Data
Application
Documents
Historical Data
& UW notes
Social Data Loss History
Inspection
Reports
Example Customer Data
Public Medical
Literature
Watson Health
Data
Wikipedia
DBPedia
Public
Financial Data
Historical
Public
Submissions
Weather
Patterns
Example Watson Data
22
Cognitive Computing in Insurance
Watson Wealth Advisor
A set of services enabling advisors to understand client needs, engage with
clients based on individual sentiments, personalized events & news and
provide evidence based advice
23© 2015 IBM Corporation
Cognitive Computing in Insurance
Self Service Virtual CSR
Extend expert personalized advice.
!  Strengthen relationships through better customer
advice & information sharing
!  Increase revenue through better informed next-
best-action, cross-sell / up-sell
!  Improve operational efficiency
Cognitive Computing in Insurance
© 2015 International Business Machines Corporation
Customer Self Service
Insureds
Producers
Field Staff
Cognitive Computing in Insurance
Informed Interactions –
© 2015 International Business Machines Corporation
Other Insurance Areas of Focus
Claims Adjusting
Producer Effectiveness
Marketing Optimization & Customer Insight
Legal Risk & Exposure
Policy Language – Legal Interpretations
Cognitive Computing in Insurance
Cognitive Computing in Insurance
http://www.ibm.com/analytics/watson-analytics/
IBM Watson Analytics
for Insurance
© 2015 International Business Machines Corporation
Cognitive Computing in Insurance
ibm.biz/cognitive-future-insurance-ibv
Cognitive Computing in Insurance
For more information
29
© 2015 International Business Machines Corporation
What will you do
with
IBM WATSON ?
Cognitive Computing in Insurance

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Cognitive computing insurance

  • 1. Cognitive Computing in Insurance: Going Beyond Predictive Analytics © 2015 IBM Corporation 8 December 2015 Craig Bedell
  • 2. 2 © 2015 International Business Machines Corporation Cognitive is the new competitive advantage for Insurance
  • 3. Watson is a cognitive technology that processes information more like a human than a computer—by understanding natural language, generating hypotheses based on evidence and learning as it goes.
  • 4. Cognitive Computing in Insurance 4 Cognitive How can we learn dynamically? Prescriptive How can we achieve the best outcome? Predictive What could happen? Descriptive What has happen? How can everyone be more right… …more often?IBM Analytics Learning Models Experience Memory Feedback mechanisms Rules Optimization Models Recommendations Predictive Models Scores Forecasts Reports Dashboards Visualization
  • 6. …5 key forces are changing the landscape of Insurance Rising customer expectations $ Low interest rate Sophisticated fraud Changing demographics Rapid digitization Cognitive Computing in Insurance
  • 7. © 2015 International Business Machines Corporation Cognitive Computing in Insurance Pushing the current boundaries of: Innovation Growth
  • 8. © 2015 International Business Machines Corporation Cognitive Computing in Insurance Helps focus on improving: Engage Discover Decide
  • 9. © 2015 International Business Machines Corporation Cognitive Computing in Insurance Cognitive systems facilitate Decision making Reduce human bias Scale Expertise
  • 10. What is Watson ? © 2015 International Business Machines Corporation
  • 11. © 2015 International Business Machines Corporation IBM Watson is a technology platform that uses natural language processing and machine learning to reveal insights from large amounts of unstructured data Cognitive Computing in Insurance
  • 12. Understands natural language Generates and evaluates hypotheses Adapts and learns Cognitive Computing in Insurance Watson brings together a set of transformational technologies to drive optimized outcomes
  • 13. Watson is creating a new partnership between people and computers that enhances, scales and accelerates human expertise. Tabulating Systems Era Cognitive Systems Era 1900 Programmable Systems Era 1950 2011
  • 14. Corpus Manuals, FAQs, and reading lists; i.e. body of knowledge Representative Questions The questions asked to gain knowledge and competence i.e. set Ground Truth Trained Watson Ready to be put to work i.e. use knowledge to learn more and answer different questions Watson is Schooled Watson is taught, not programmed Cognitive Computing in Insurance
  • 15. How Watsonm How Watson Works Watch the video: https://youtu.be/_Xcmh1LQB9I
  • 16. What makes Watson different? Watson understands language. It understands what is being asked and is able to find and communicate answers. How can Watson be used? •  Engage in conversations •  Explore - find and aggregate information •  Discover information and relationships •  Decide - evaluate information against defined criteria The Watson Difference © 2015 International Business Machines Corporation Cognitive Computing in Insurance
  • 17. Explore - find and aggregate information Visualize, and discover insight in unstructured data through NLP and text analytics, Content analytics and cognitive insights Explore information from internal and external content including unstructured text, emails, call center records… Apply cognitive capabilities to enhance, scale, and accelerate human expertise Explore Analyze Interpret Cognitive Computing in Insurance
  • 18. Characteristics that represent good uses of Watson: © 2015 International Business Machines Corporation High volume of unstructured data Users want to explore multiple answers English language* (Spanish & others in progress) Support dialogue when appropriate Require answers with evidence Continuously learn * multilingual support available for content analytics Cognitive Computing in Insurance
  • 19. © 2015 International Business Machines Corporation Cognitive in Insurance Cognitive Computing in Insurance
  • 20. Watson Underwriting Advisor Enable Underwriters to work more efficiently Read and understand the natural language contained within unstructured documents, continuously learn based on feedback Create a comprehensive evaluation process to collect, integrate, visualize and evaluate risk Use cognitive reasoning to rapidly parse relevant evidence and generate hypothesis. © 2015 IBM Corporation 20 Maximum Age Criteria: Born after January 14, 1945. DOB: 1/15/1950 Total Cholesterol = 276and HDL ratio= 5.1 No information provided in submission Blood Pressure Reading: Not to exceed 140/80 age ≤ 55, Not to exceed 140/90 age > 55. BP: 135/85 DUI/DWI history: no incidents in the last 5 years. Cardiovascular disease: none. No cardiovascular disease. Last examined 2 years ago. Universal Life Underwriting Guidelines Health History 20 Cognitive Computing in Insurance
  • 21. Benefits of the Watson Underwriting Advisor •  Evaluate the submission rather than data gathering •  Reduces time to process each submission •  Reduction of Underwriting Expenses •  Incorporation of “best practices” expertise for consistency and accuracy •  Scale underwriting staff © 2015 IBM Corporation 21 Cognitive Computing in Insurance
  • 22. Transform Underwriting Make existing decisions smarter by incorporating insights from unstructured data Underwriter Review Application Completeness Review and Apply Underwriting Guidance Recommend Underwriting Decision © 2015 IBM Corporation Summarize & extract information from submission Enrich submissions by combining internal and external data Evaluate products for performance and key metrics Support decision making with insights from precedence Improve decision making with continuous learning Cognitive Underwriting Structured Data Application Documents Historical Data & UW notes Social Data Loss History Inspection Reports Example Customer Data Public Medical Literature Watson Health Data Wikipedia DBPedia Public Financial Data Historical Public Submissions Weather Patterns Example Watson Data 22 Cognitive Computing in Insurance
  • 23. Watson Wealth Advisor A set of services enabling advisors to understand client needs, engage with clients based on individual sentiments, personalized events & news and provide evidence based advice 23© 2015 IBM Corporation Cognitive Computing in Insurance
  • 24. Self Service Virtual CSR Extend expert personalized advice. !  Strengthen relationships through better customer advice & information sharing !  Increase revenue through better informed next- best-action, cross-sell / up-sell !  Improve operational efficiency Cognitive Computing in Insurance
  • 25. © 2015 International Business Machines Corporation Customer Self Service Insureds Producers Field Staff Cognitive Computing in Insurance Informed Interactions –
  • 26. © 2015 International Business Machines Corporation Other Insurance Areas of Focus Claims Adjusting Producer Effectiveness Marketing Optimization & Customer Insight Legal Risk & Exposure Policy Language – Legal Interpretations Cognitive Computing in Insurance
  • 27. Cognitive Computing in Insurance http://www.ibm.com/analytics/watson-analytics/ IBM Watson Analytics for Insurance
  • 28. © 2015 International Business Machines Corporation Cognitive Computing in Insurance
  • 30. © 2015 International Business Machines Corporation What will you do with IBM WATSON ? Cognitive Computing in Insurance