This document discusses how cognitive computing using IBM Watson can transform various areas in the insurance industry by going beyond traditional predictive analytics. It provides examples of how Watson can be used for underwriting advisors, wealth advisors, customer self-service virtual agents, claims adjusting, and other areas. Watson uses natural language processing to understand unstructured data and learn from its interactions to help improve decision making processes. The document outlines benefits like reducing underwriting expenses, providing personalized advice and information, and increasing operational efficiency through cognitive computing applications in insurance.
3. Watson is a cognitive technology that processes
information more like a human than a computer—by
understanding natural language, generating
hypotheses based on evidence and learning as it goes.
4. Cognitive Computing in Insurance
4
Cognitive
How can we learn dynamically?
Prescriptive
How can we achieve the best
outcome?
Predictive
What could happen?
Descriptive
What has happen?
How can everyone
be more right…
…more often?IBM Analytics
Learning Models
Experience Memory
Feedback mechanisms
Rules
Optimization Models
Recommendations
Predictive Models
Scores
Forecasts
Reports
Dashboards
Visualization
13. Watson is creating a new partnership
between people and computers
that enhances, scales and accelerates
human expertise.
Tabulating
Systems Era
Cognitive
Systems Era
1900
Programmable
Systems Era
1950 2011
14. Corpus
Manuals, FAQs, and
reading lists; i.e. body of
knowledge
Representative Questions
The questions asked to gain
knowledge and competence i.e.
set Ground Truth
Trained Watson
Ready to be put to work
i.e. use knowledge to
learn more and answer
different questions
Watson is Schooled
Watson is taught, not programmed
Cognitive Computing in Insurance
17. Explore - find and aggregate information
Visualize, and discover
insight in unstructured
data through NLP and
text analytics, Content
analytics and cognitive
insights
Explore information from
internal and external
content including
unstructured text, emails,
call center records…
Apply cognitive
capabilities to enhance,
scale, and accelerate
human expertise
Explore
Analyze
Interpret
Cognitive Computing in Insurance