Customer Analytics in Insurance – Status and Challenges
Customer Analytics is a prominent and important example for the application of Machine Learning and AI in the insurance industry. It is a key tool for insurers to improve their understanding of customers’ needs, to strengthen customer experience and to prepare new insurance business models. In the presentation, the current status of Customer Analytics in insurance markets will be presented (starting from the German insurance market).
I will elaborate the key challenges for strengthening this use case of Machine Learning and AI for insurers, and will in particular analyse data requirements as well as regulatory issues around Customer Analytics. The explainability of Machine Learning algorithms and their results is of specific importance, so I will set a special focus on mathematical approaches which are useful in this context.