Deep learning provides several benefits to the insurance industry by quickly assessing claims, verifying documents, enhancing customer experience and detecting fraud.
What is Deep Learning?
Deep learning is a subset of machine learning, which is essentially a neural network with three or more layers. These neural networks attempt to simulate the behavior of the human brain—albeit far from matching its ability—allowing it to “learn” from large amounts of data. While a neural network with a single layer can still make approximate predictions, additional hidden layers can help to optimize and refine for accuracy. Deep learning attempts to mimic the human brain—albeit far from matching its ability—enabling systems to cluster data and make predictions with incredible accuracy.
Combining Deep Learning with Insurance
Earlier, the insurance industry worked around legacy systems, having bookkeeping and conventional software for documentation. The legacy systems, however, failed to provide optimized outcomes when large chunks of data were poured into the industry, much of what we see today. With the advent of new and advanced technologies, various sectors, including the insurance industry, have begun seeing path-breaking innovation. The insurance industry collects and generates a large volume of data on a daily basis, including a customer’s health records, sensor data from vehicles, confidential legal papers, to name a few. The data, if analyzed thoroughly, gives actionable insights that the insurance industry can use to improve its services. Deep learning comes with neural networks that are capable of analyzing swarms of data and learning from it. Deep learning in insurance not only enhances customer experience but also helps the industry detect fraudulent activities.
What Are the Benefits of Deep learning in Insurance?
Gone are the days when we had to meet an insurance agent in person to buy an insurance cover for ourselves or our prized possessions. The whole process of setting up an insurance account was stressful back then.
However, today customers expect to avail a service with minimum hassle and maximum support. Deep learning is helping fulfill this expectation to a large extent. And no doubt, the insurance industry is already benefiting from the incredible applications of deep learning. For instance, chatbots are helping the industry offer customers 24/7 assistance without getting tired. But, it’s not just about applications like chatbots, that are already in use. Deep learning applications are about to revolutionize the insurance sector like no one ever imagined.
By integrating IoT and deep learning, the insurance industry is reaching an altogether different level of sophistication. One such jaw-dropping innovation that will blow your mind is this U.S. based insurance solutions provider that uses deep learning and IoT to identify hail hits and missing shingles for roofs. With the help of drones, deep learning, and IoT, the solution makes informed decisions for customers on insurance claims, management, and roof inspection.
What Are the Use Cases of Deep Learning in Insurance?
Deep learning has several uses cases in the insurance industry including:
1. Property analysis
2. Facial recognition
3. Automated claim support
4. Personalized offers
5. Visual analytics in claim settlement
6. Interactive bots answering queries
6. Predictive analytics
7. Documents verification
8. Pricing/Actuarial analysis
Will Autonomous Cars Kill the Insurance Industry?
The 5 Levels of Automation
There is a common concern that autonomous cars will burn the car insurance industry in the future. However, the fact is that no matter what level of precision a technology scales, humans will always prefer prevention over cure. Absolute reliance on technology, without any precautions, does not come naturally to most of us, at least for now. Besides, deep learning is yet to go a long way before we hand over the reins completely. For instance, news like that of an “Uber self-driving car kills a pedestrian in the first fatal autonomous crash” cannot be ignored entirely.
So, even though deep learning technology will offer automated services, people will opt for an extra measure of security, meaning that the insurance industry will never burn out. Top brands like Google, Mercedes, and Volvo, have insured their robocars. They are also ready to accept liabilities if their technology is at fault. So, deep learning in insurance is only going to benefit the sector and nothing else.
Snowflake becomes available in UK on Microsoft Azure
Snowflake, a data cloud company, has announced Snowflake’s general availability on Microsoft Azure in the UK, driven by high customer demand for local data residency from both the private and public sector in the UK.
Snowflake enables institutions across multiple industries to deploy data and analytical workloads to suit their business-critical needs. With true multi-cloud availability across three major public clouds, organisations can deploy Snowflake’s unique data capabilities with region-to-region and cross-cloud data replication for workloads, across their chosen cloud service providers. Multi-cloud deployment supports firms’ ability to manage operational resilience requirements to meet ever-changing regulations.
Snowflake is supporting local organisations with their data localisation implementations, including organisations across a wide range of industries, such as financial services and the public sector. For such organisations, a Data Cloud located in the UK can facilitate compliance with laws and regulations linked to handling sensitive customer data. This new deployment will enable businesses using Snowflake to keep their data in the UK, while at the same time taking advantage of the flexibility and scalability of Snowflake Data Cloud.
Julien Alteirac, area VP UK&I, Snowflake, said: “This Microsoft Azure deployment further highlights Snowflake’s commitment to helping businesses in the UK take full advantage of cloud technology while also enjoying data residency.
“Snowflake customers in the UK can keep their data in the country, and at the same time benefit from the flexibility of multi-cloud to drive innovation and adaptability for their organisations. This deployment is a further representation of our ongoing commitment to data innovators in the UK.”
Orla McGrath, global partner solutions lead, Microsoft UK, said: “This launch further demonstrates our commitment to meeting our customers’ most stringent requirements, working hand in hand with our key partners.
“By ensuring availability of the Snowflake Data Cloud in our UK data centres, customers and partners across a wide range of industries can be better prepared to meet local data residency requirements, whilst leveraging the tools they need to accelerate their own data and AI strategies.”
Customers using Snowflake’s Data Cloud can discover and securely share data, as well as execute diverse analytic workloads. The platform is a cloud-native powerhouse of business intelligence capabilities, including applications, cybersecurity, collaboration, data warehousing, data lake, data engineering, data science & ML, and unistore. Snowflake uses an innovative, per-second pricing model, enabling customers’ access to almost limitless capacity while only paying for the resources they consume.
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