This is the first real mention of machine learning I have seen from a significant (re)insurance player.
The volume of data (re)insurers hold and the relative under-analysis compared to sectors such as retail meant it was only a matter of time before the power of learning machines such as IBM's Watson would be brought to bear.
The really interesting question is whether those peta-bytes of data are holding a percent or two saving on the combined ratio, or true industry changing insight.
To compete successfully and profitably, insurers must identify and act on emerging trends. In addition, insurers need the ability to spot operational issues or opportunities in real time and respond proactively. Cognitive technologies, coupled with human experience and insights, can enhance and help inform timely decision making. By applying Watson’s capabilities, the new platform could allow Swiss Re professionals to make better informed decisions and more accurately price risk.
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