The Ways Machine Learning Companies Can Redefine Insurance
( go to the article → https://datafloq.com/read/the-ways-machine-learning-companies-can-redefine-insurance/17967 )
Most insurance companies tend to process only a small part of their data — around 10 to 15%. The rest of the data in their databases are not being processed adequately, meaning that they are probably missing on insights in the data they keep but never analyze.However, in order to analyze the unstructured data that will help you bring on better business decisions and prevent intruder attacks, the use of advanced technology is needed. Machine learning comes to the scene here because it is able to analyze lots of structured, semi-structured, or completely unstructured data the insurance companies tend to store in their databases.The benefits of machine learning are numerous:● Understanding risk● Understanding premium leakage● Managing expenses● Subrogation● Litigation● Fraud detectionSince insurance companies deal with a lot of sensitive data and assets, they need to have an efficient way of finding any fraudulent activities and preventing them. This will increase their trustworthiness in the eyes of current and potential clients.Stick with us while we explain the possible challenges when ...Read More on Datafloq
Sept. 18, 2021, 6:43 p.m.
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