KNOWLEDGESTREAM AT-A-GLANCE

The Future of Data Science Within the Insurance Industry

ABSTRACT

Data science in the insurance industry: Top Trends, Top Providers, Future vision

PARTICIPANTS

Carolyn C. Tinsley, MHA CLSS GB
Health Industry Consultant | Interim Executive | Business Transformation to Drive Revenue
Donald Wedding
Data Scientist / Statistician
Cynthia Chan
Seasoned insurance professional with a nerdy passion for tech and innovation
Ricardo Santos
CEO at Heptasense | Investor | Europe's 100 Hottest Startups by Wired
Robert Rudy
Partner, Oliver Wyman
Sunil Kappal
Senior Manager Analytics at R Systems
Paul Mundt
Founder & CEO at Adaptant Solutions AG
Parminder Sohal
CTO, Digital Transformation, Canadian Markets at DXC Technology
Ali Shirvani-Mahdavi, Ph.D.
Analytics Strategist & Consultant
Lawrence Wee
Chief Data Scientist at Allianz
Brendan McGinty
Industry Director
Greg Hancell
Business Consultancy Team Manager
Rohit Gupta, MBA
Vice President of IT, Applications | Program Management | DevOps | Analytics | Engineering
Frank Mendoza
Driving corporate innovation through the use of analytics and artificial intelligence. Data-driven approach to Change!
Shreshth Bahuguna
Problem Solver | Data Science Professional | Graduate Student
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OBJECTIVES

1. :

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4. :

100% Complete
Start Date: Oct 14, 2017
End Date: May 11, 2018
1167

CONTRIBUTIONS

ACTIVITY

205 Days

10 Themes

25 Contributors

852 Posts

315 Comments

269 Followers

OUTPUTS

None yet

THEME #1

Industry Trends & Analytics

SURVEYS

people | 13
What do you want to get out of this board?
Share insights
76.92% 10 votes
Learn new insights
92.31% 12 votes
Network with like-minded individuals
84.62% 11 votes
Learn more about the insurance space
53.85% 7 votes
Learn more about the data science space
53.85% 7 votes
Other
7.69% 1 vote
 

THEME #2

Future State of Data Science

SURVEYS

people | 11
What insurance vertical(s) will be most impacted by data science/machine learning?
Health
63.64% 7 votes
Life
27.27% 3 votes
Home
36.36% 4 votes
Car
72.73% 8 votes
Mortgage/Renters
18.18% 2 votes
Worker's Comp
36.36% 4 votes
Travel
27.27% 3 votes
Cyber-Insurance
27.27% 3 votes
Fire, Flood, Etc.
18.18% 2 votes
 

THEME #3

Evolution of Data Science

Although the data science capability is growing by leaps and bounds, what is lagging is the connection to business objectives and consumer value proposition.

THEME #4

The flip side - Insuring AI's unintended consequences

THEME #5

How data & technology are disrupting the Claims experience

SURVEYS

people | 4
In terms of insurance markets (P&C v L&H), where will the claims experience be most disrupted by AI & LM?
P&C
75.00% 3 votes
L&H
25.00% 1 vote
 

THEME #6

AI bias - ethical considerations

THEME #7

Real-time monitoring and sharing data

Data Sharing is Generational

I think that sharing data with a company splits along generational lines. I am noticing from my work in customer data that generations preceding the Millennial Generations are far more guarded on their personal data than younger generations. The younger consumers have grown up with their entire lives wired into cell phone and the internet. They have never truly experienced privacy and so they don't miss it.

Donald Wedding Data Scientist / Statistician

About 50% of consumers are willing to share some data if they are going to receive a discount. I think it also depends on what's being monitored. Somehow I see customers being more open to sharing their smart home data than telematics data, based on the uptake so far.

Cynthia Chan Seasoned insurance professional with a nerdy passion for tech and innovation

THEME #8

Changes to Healthcare

THEME SUMMARY

There's intrigue, but perhaps it's too early to know if the ABC partnership will produce significant change for the affected employees and whether there will be carryover to healthcare generally.

  • Profit-free - The focus will be on cost reduction, and as Robert hinted, maybe one day we'll pay docs for days we're not sick.
  • Role for AI - Increased efficacy, data insights, personalization and targeting, fraud detection, communications, transparency.
  • Excited - Lots of opportunity to introduce best practices from non-healthcare to improve engagement, convenience, distribution, and onboarding.
  • Advice - Take what's made ABC companies great and apply to healthcare; focus on and measure positive patient outcomes.

SURVEYS

people | 7
The likelihood that the A-B-C partnership will noticeably influence the rest of the healthcare by 2020?
Significant influence
42.86% 3 votes
Moderate influence
42.86% 3 votes
No influence
14.29% 1 vote
 

THEME #9

Mortality Risk Score for life insurance

THEME SUMMARY

It all depends. That's my take-away from our discussion. There were different points of view about the benefits of a single mortality score -

  • Scores allow for micro-targeting which is presumably fairer, but some could be prejudiced through no fault of their own.
  • If the score is ubiquitous & transparent, then it could serve as a motivator; although, no one likes to be
  • And if ubiquitous, could the score become a segmentation tool for marketers?

Accepting because consumers benefit

Technology advancements will make pricing more efficient in the industry over the long term. As the pricing gets more efficient, the premium pie will shrink, and the winning insurers will be the ones deploying analytics most accurately

Robert Rudy Partner, Oliver Wyman

So am I comfortable with it? Well, it's a little creepy, but then again, nobody is forcing me to buy. If these data sources and methods become the industry accepted norm, however, I'm sure that regulation will emerge. Especially if the algorithms are shown to factor in race.

Robert Rudy Partner, Oliver Wyman

Accepting because the industry needs to improve

Technology advancements will make pricing more efficient in the industry over the long term. As the pricing gets more efficient, the premium pie will shrink, and the winning insurers will be the ones deploying analytics most accurately

Robert Rudy Partner, Oliver Wyman

In my opinion risk based pricing is the best way forward within the current scenario given the fact that now there is abundance of data which can help to make the risk based pricing within the healthcare domain an "efficient" procedure, by ensuring that price that a member pays reflects the average cost of the price that he or she imposes on the society.

Sunil K

Hesitant because of uncertainty

It's the perception that it's unfair because it's not within people's control.

Cynthia Chan Seasoned insurance professional with a nerdy passion for tech and innovation

it seems like it boils down to risk factors that individuals think they can control vs risk factors they can't control (or believe they can't control)

Dave Huber COMMERCIALIZING NEW IDEAS

THEME #10

AI in Travel Insurance

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