Author Neal Silbert

If you’re a commercial insurer, how do you evaluate your claims personnel? How do those evaluations impact your decisions on how to deploy individual adjusters? Typically, adjusters are assigned by pre-determined categories such as the line of business, size of the account, or region. Within these categories, adjuster performance is measured by various metrics, including closed-claims ratio, average time to…

If I was forced to choose one capability of automated machine learning likely to have the biggest impact on commercial insurance, it would be its ability to predict how individual losses will develop over time. This capability, although organizationally based in the actuarial function, immediately impacts reserving and creates the foundation for informed risk selection, underwriting, pricing, and claims handling.…

Insurance companies around the world are adopting AI throughout their businesses because they know that they can either lead the Fourth Industrial Revolution or fall behind the competition. In a marketplace where the average P&C combined ratio is hovering close to 99 points, a single point improvement is exceptional and a dramatic increase in profitability. AI and automated machine learning…

Insurance organizations around the world are heavily investing in AI. “Recent research by Genpact found that 87% of insurers are planning to invest more than $5 million in AI by 2020 – and more than half want to transform their existing business processes over the next three years because of AI.” (Technative) This race to embrace AI showcases the importance…