‘Battle of machines’ begins for insurance industry – KPMG

Gary Reader, KPMG “The first thing insurers should realise is that this is not an arms race.” Why have insurers been so slow to embrace machine learning when organisations in other sectors are busy collaborating with machines, and applying artificial intelligence, to create new business models, reduce risk, improve efficiency and drive new competitive advantages? Machine learning driven by data Essentially, machine learning refers to a set of algorithms that use historical data to predict current or future outcomes. For example, banks use machine learning algorithms to monitor for fraud or irregular activity on credit cards. Today, machine learning has become a hot topic in many sectors fueled, in large part, by the increasing availability of data and low cost, scalable cloud computing, the availability of masses of unstructured data,…


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