What used to be sci-fi is quickly becoming a fact of today's business community. Computers that mimic the human brain already are entering the workforce within the healthcare, financial services and retail sectors, amongst others.
Like humans, cognitive analytic computers can understand “natural” language (for example English) and learn lessons from the data they analyze, as well as in the users who “mentor” them. In other words, the machines possess a man-made intelligence more powerful than anything seen before.
Unlike humans, cognitive analytic systems can process, analyze and store enormous volumes of data at Internet speed. In addition to tapping conventional databases for that information needed to aid in decision-making, the machines can handle scanning myriad emails, reports, articles, books along with other causes of knowledge to provide recommendations and reach conclusions past the ability of any one individual or team of individuals.
In a 2021 white paper on cognitive analytics, Rajeev Ronanki and David Steier of Deloitte Consulting note that within the healthcare industry, “[cognitive analytic] systems are used to improve the caliber of patient outcomes. An array of structured inputs, for example claims records, patient files and outbreak statistics are along with unstructured inputs for example medical journals and textbooks, clinician notes and social networking feeds. Patient diagnoses can incorporate new medical evidence and individual patient histories, removing economic and geographic constraints that can prevent access to leading medical knowledge.”
In financial services, cognitive analytics is used to recommend and execute trades and to also help in fraud detection and risk underwriting.
Many of us are familiar with less advanced forms of cognitive analytics. Within the consumer electronics realm, examples include Apple's Siri voice recognition software and also the oral command interface utilized in the Xbox video game system.
Virtual Decision-Making Assistance
It doesn't take much imagination or intelligence (human or artificial) to examine how cognitive analytics could revolutionize car insurance, especially the claims sector.
Cognitive analytic computing might be of enormous help to an industry that will see fewer claims adjusters soon, because of the number of veteran adjusters who are retiring or likely to retire. Cognitive analytics could empower the rest of the adjusters with decision-making assistance that was previously inconceivable – decision-making according to huge volumes of data sucked from a near-infinite pool of sources.
Not long from now, computers will be able to scan photos of accident damage and instantly retrieve historical data how similar claims were assessed and settled previously. For instance, a computer could analyze a person's injuries in accordance with where they were sitting when the accident occurred and just how damages was sustained.
The systems could also be used in first notice of loss (FNOL). Imagine an intelligent learning system that may reference every text related to previous claims and outcomes, in addition to every law and vehicle code all 50 states, to provide settlement information in milliseconds.
Let's say a person submits an FNOL. “I was in a parking lot, but when I backed out of my space I hit someone driving past.” In line with the information provided, the machine could determine liability and assign fault. It could also decide whether the claim is better processed with the aid of an individual adjuster or via self-service. If your customer reports any sort of accident that leaves a little scratch around the car and no injuries, the computer would automatically send a self-service text towards the claimant's cell phone so she could take photos of the damage and transmit it well to the pc. The device would then analyze the photos and develop an exam.
Yes, the computing system could be that advanced – so advanced it removes a lot of a persons element from the process.
‘Brain Gain’ Instead of ‘Brain Drain’
Many adjusters in their 50s and 60s are retiring, meaning lots of valuable expertise and experience is leaving the. In fact, I'm probably a member of the last generation that remembers widespread utilization of full-service, multi-skilled adjusters – people who know every aspect of the company. Younger adjusters frequently work in silos. These compartmentalized workers are very skilled in certain things but don't possess the “Renaissance man” backgrounds that allowed the earlier versions to put on “multiple hats” once the situations required it.
Thanks towards the new technology, however, the older generation's experience and know-how doesn't have to be lost forever. That information and wisdom can be transferred to complex cognitive computing systems that instantly retrieve the data on every one of their past settlements. This can let the remaining adjusters make use of the machines as virtual assistants, contacting them to supply the most logical settlement paths towards the best possible outcomes.
If experienceing this best outcomes to claims may be the goal, then cognitive computing systems will end up being an invaluable tool. With access to an online universe of prior decision-making (good and bad), cognitive analytics has the potential to help adjusters find the right solution to each and every auto claims case.
