aureus-insights_logo

Transfer Learning: A New Age of Machine Learning

In recent years, Machine Learning (ML) algorithms have advanced and are now capable of learning accurate and complex patterns provided large and labeled data samples are available. However, many ML implementations fail to generalize when new data points are encountered, especially data points with different and unseen patterns or conditions from training samples.

Trust in the Evolution of the Customer's Journey

This is part 1 of a 2-part series "Trust: The Key Ingredient for a Successful Insurance Customer Journey." Today, everyone in the business world is talking about the customer journey and experiences starting from E-commerce, banking, and many other industries. So, what is customer experience? What is new about it?

3 Ways to Target the Right Customers in the Insurance Industry

This is Part 3 of our blog series, "Data Science Use Cases in Insurance." The insurance industry isn’t the same as it was 20 years ago. It has become much more competitive as tech companies come into the picture with new and innovative ways to compete in order to gain a foothold in the insurance industry. Consumers want to save money and will make their decisions based on the lowest price available. Some websites will help the consumer compare carriers’ prices and offerings to choose the best deal. Unfortunately, this is causing insurance companies to make price their priority over quality and customer satisfaction.

A Demanding Future for the Insurance Distribution Industry

In our earlier blog, Insurance Agents - Will They Disrupt or Perish?, Aureus' Life Insurance SME Arun Agarwal shared his views on why insurers will remain invested in the agency channel by identifying the successful agent. It was a pleasure to have Tarannum Hasib, Chief Distribution Officer at Canara HSBC OBC Life share her expertise on the current state of insurance distribution as well as strategies to optimize it for the next stage of evolution.  

Enhancing Customer Engagement in the Insurance Industry

This is part 2 of the blog series, "Data Science Use Cases in Insurance."

Why Data Science is a Game Changer for Insurance Industry Today and Tomorrow

This article is Part 1 in a 5-part series titled "Data Science Use Cases in Insurance." Today everyone is talking about Artificial Intelligence (AI). But what is AI? AI is a science that enables computers to think like human beings. Is AI a new concept in the field of computer science? No, AI has been around for more than half a century now. (The term “Artificial Intelligence” was coined in 1956).

Insurance Agents - Will They Disrupt or Perish?

The past two decades of the insurance industry has seen a lot of experimentation of distribution models: Max Life starting with a multi-level marketing model, Aviva trying to build both agency and bancassurance channels simultaneously, Canara HSBC starting with only bancassurance model and experimented with an agency in between, Pramerica Life & HDFC Life replicated agency sales channels to target a cluster of consumers formed, basis occupation or usage of common services.

Powering Insurance Agents with AI

In the post-CoVID-19 era, a tremendous amount of focus, time, and energy has been invested in understanding the customer or policyholder based on the insurer's proprietary data and the data collected by many other research agencies. The customer is deeply analyzed and offered customized or personalization, as we call, solutions and offerings. However, the investment made by insurers has only been focused on 5% of the number of policies sold or approximately 11 Lacs policyholders, that are sold by direct sales, web aggregators, and online sales. This begs the question, why are insurers only investing in distribution channels that represent 5% of the number of policies sold?

Insights That Power Insurance

While the world around us is changing so rapidly, adapting to this change is no longer an option but a necessity to survive. The Indian Insurance Industry, too, as a whole, has proven its resilience in the current dynamic context but nevertheless continues to face various challenges to be dealt with as it navigates through this evolving landscape. As innovators, we at Aureus Analytics felt the urge to aid these giant strides with a little insight from the who's who of the industry. Thus, came about the metamorphosis of 'Aureus Insights' from a weekly blog to a periodically published yearbook in India that encapsulates this changing trend in the inaugural edition, the AI landscape, and a bird's eye view of what we can expect on the road ahead.   

Fighting Insurance Fraud the Smart Way

The insurance industry in India is expected to reach US $280 billion by 2020-2021. The life insurance industry is expected to increase by 14-15% annually during the next three to five years. With such rapid growth in the life insurance market, the number of fraud casess is also expected to increase. Recent reports suggest that fraud consume more than 8.5% of the revenue that the industry generates.

How Artificial Neural Networks Unlock Insights from Unstructured Data

One of the challenges faced by data scientists is dealing with unstructured data using traditional machine learning models. These models are trained on structured data that have input features with corresponding output labels. When using unstructured data, the data cannot be directly used as an input feature. One approach is to use Artificial Neural Networks (ANN) to unlock business insights from unstructured data.

    Related Posts