How Artificial Neural Networks unlock insights from unstructured data to benefit insurance

Today, with fierce competition in the insurance industry, it is imperative for insurance companies to up their game in customer experience. Faster policy issuance, faster customer grievances resolution and faster claims closures help insurance companies attract more customers to them. At the same time, the companies must mitigate their risks of customer churn and early or fraudulent claims. With advancement in technology insurance companies today have huge amounts of data in a variety of formats such as videos, images, audios, text. With the advances in AI and Artificial Neural Networks, this data can be fully leveraged to support the companies in making quick informed decisions. Points of discussion: 1. Dealing with unstructured data is one of the difficulties data scientists encounter. How do you think Artificial Neural Networks can solve this problem for insurers. Following question: And how Artificial Neural Networks outperform the traditional models? Any example from the insurance sector? 2. How do you think, Artificial Neural Networks can help Insurance companies to improve persistency and predictability. 3. What are the current developments happening in the world of Artificial Neural Networks that can help the insurance industry? Speaker Bio: Neeraja Vaidya, is a Machine Learning Specialist at Aureus Analytics and she is associated with the company for the past 8 years. At Aureus, she works heavily with Deep Learning and Text Analytics. From the academic side, Neeraja is a post-graduate in Economics, and later studied business analytics and intelligence at Indian Institute of Management Bangalore.