scholarly journals A Commentary on the Application of Artificial Intelligence in the Insurance Industry

2020 ◽  
Vol 4 (1) ◽  
Author(s):  
Singh Sushant K
Keyword(s):  
Artificial Intelligence ◽  
Insurance Industry

Impact of Artificial Intelligence on the Insurance Industry

2021 ◽  
pp. 203-219
Author(s):  
Ravi Sanwal
Keyword(s):  
Artificial Intelligence ◽  
Insurance Industry

scholarly journals CONSUMER KNOWLEDGE EFFECT ON INTENTION TO PURCHASE LIFE INSURANCE

2020 ◽  
pp. 69-79
Author(s):  
Nelson Lajuni ◽  
Franklin Hazley Lai ◽  
Stephen Sondoh Jr ◽  
Rosle Mohidin
Keyword(s):  
Artificial Intelligence ◽  
Life Insurance ◽  
Structural Equation ◽  
Industrial Revolution ◽  
Insurance Industry ◽  
Civil Servants ◽  
Consumer Attitude ◽  
Consumer Knowledge ◽  
Intention To Purchase ◽  
Purchasing Intention

Package as a financial product, life insurance is created to provide protection to the insured individual from the risk of unfavourable events such as sudden death and total disability of the policyholder that may affect the family that depends on the breadwinner in their lives. Though the market shows improvement in penetration, many still do not own life insurance. Statistically speaking 5 out of 10 Malaysians have yet protected themselves of risk in life. This study applied the modified theory of planned behaviour (TPB) mediation which includes direct and indirect effects of consumer knowledge and consumer attitude towards the intention to purchase life insurance. Non-probability purposive sampling was conducted on civil servants here in Sabah, Malaysia (N = 206) to examine their purchasing intention. The data were analysed by using partial least squares structural equation modelling (PLS-SEM) using SmartPLS 3.0. The results found that consumer knowledge and consumer attitude had significant effects on the purchasing intention of life insurance products. The findings provide a better understanding of the roles of consumer knowledge and consumer attitude on civil servants purchasing intention on life insurance products. Future studyshould examine how technology such as fintech and Artificial Intelligence will shape the insurance industry, particularly in Malaysia as the world are currently moving towards 4.0 industrial revolution. Abstrak Pakej sebagai produk kewangan, insurans hayat diciptakan untuk memberi perlindungan kepada individu yang diinsuranskan dari risiko kejadian yang tidak diingini seperti kematian mendadak dan hilang upaya menyeluruh pemegang polisi yang boleh mempengaruhi keluarga yang bergantung kepada pencari nafkah dalam kehidupan mereka. Walaupun pasaran menunjukkan peningkatan penembusan, masih banyak yang tidak memiliki insurans hayat. Secara statistik, 5 daripada 10 rakyat Malaysia belum melindungi diri dari risiko hidup. Kajian ini mengaplikasikan teori modifikasi perilaku terancang (TPB) yang dimodifikasi yang merangkumi kesan langsung dan tidak langsung pengetahuan pengguna dan sikap pengguna terhadap niat untuk membeli insurans hayat. Persampelan bertujuan bukan bertujuan dilakukan kepada penjawat awam di sini di Sabah, Malaysia (N = 206)untuk memeriksa niat membeli mereka. Data dianalisis dengan menggunakan pemodelan persamaan struktur kuadrat separa terkecil (PLS-SEM) menggunakan SmartPLS 3.0. Hasil kajian mendapati bahawa pengetahuan pengguna dan sikap pengguna mempunyai pengaruh yang signifikan terhadap niat membeli produk insurans hayat. Penemuan ini memberikan pemahaman yang lebih baik mengenai peranan pengetahuan pengguna dan sikap pengguna terhadap penjawat awam yang ingin membeli produk insurans hayat. Kajian masa depan harus mengkaji bagaimana teknologi seperti fintech dan Artificial Intelligence akan membentuk industri insurans, khususnya di Malaysia ketika dunia sedang menuju revolusi industri 4.0.

scholarly journals Improving the Accuracy and Transparency of Underwriting with AI to Transform the Life Insurance Industry

AI Magazine ◽  
2020 ◽  
Vol 41 (3) ◽  
pp. 78-93
Author(s):  
Marc Maier ◽  
Hayley Carlotto ◽  
Sara Saperstein ◽  
Freddie Sanchez ◽  
Sherriff Balogun ◽  
...  
Keyword(s):  
Artificial Intelligence ◽  
Mortality Risk ◽  
Life Insurance ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Data Sets ◽  
Life Score ◽  
Life Insurance Industry ◽  
High Level ◽  
Risk Driving

Life insurance provides trillions of dollars of financial security for hundreds of millions of individuals and fami­lies worldwide. To simultaneously offer affordable products while managing this financial ecosystem, life-insurance companies use an underwriting process to assess the mortality risk posed by individual applicants. Traditional underwriting is largely based on examining an applicant’s health and behavioral profile. This manual process is incompatible with expectations of a rapid customer experience through digital capabilities. Fortunately, the availability of large historical data sets and the emergence of new data sources provide an unprecedented opportunity for artificial intelligence to transform under­writing in the life-insurance industry with standard measures of mortality risk. We combined one of the largest application data sets in the industry with a responsible artificial intelligence framework to develop a mortality model and life score. We describe how the life score serves as the primary risk-driving engine of deployed algorithmic underwriting systems and demonstrate its high level of accuracy, yielding a nine-percent reduction in claims within the healthiest pool of applicants. Additionally, we argue that, by embracing transparency, the industry can build consumer trust and respond to a dynamic regulatory environment focused on algorithmic decision-making. We present a consumer-facing tool that uses a state-of-the-art method for interpretable machine learning to offer transparency into the life score.

Impairment Questions and Answers

1997 ◽  
Vol 2 (2) ◽  
pp. 4-5
Keyword(s):  
Insurance Industry ◽  
Organized Labor ◽  
Injured Workers ◽  
Disability Benefits ◽  
Uniform System ◽  
Questions And Answers

Abstract Controversy attends use of the AMA Guides to the Evaluation of Permanent Impairment (AMA Guides) in defining injured workers’ permanent partial disability benefits: States desire an efficient, nonsubjective way to determine benefits for nonscheduled injuries and are using the AMA Guides to define the extent of disability. Organized labor is concerned that use of the AMA Guides, particularly with modifications, does not yield a fair analysis of an injured worker's disability. From its first issue, The Guides Newsletter emphatically emphasized and clearly stated that impairment percentages derived according to AMA Guides criteria should not be used to make direct financial awards or direct estimates of disability. The insurance industry and organized labor differ about the use of the AMA Guides in defining permanent partial disability (PPD). Insurers support use of the AMA Guides because they seek a uniform system that minimizes subjectivity in determining benefits. Organized labor is particularly concerned about the lack of fairness of directly equating impairment and disability, and if the rating plays a role in defining disability, additional issues also must be considered. More states are likely to use the AMA Guides with incorporation of additional features such as an index to PPD.

Artificial Intelligence

2009 ◽  
Author(s):  
David L. Poole ◽  
Alan K. Mackworth
Keyword(s):  
Artificial Intelligence
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