Copious amount of data swarms the Insurance industry today. In this blog Amrita Dhar, Senior solutions marketing manager , Saama Technologies, talks about how this industry can utilize Machine Learning for processing, streamlining and systemizing this data for better insights.

The old way of getting at insights is pretty much redundant now. Feeding in data, processing it and arriving at an insipid answer, is a thing of past. We now have a new player in town – Machine Learning which can prove to be a fundamental game-changer for the insurance industry for meeting compliance, improving cost structures and ensuring competitiveness.

Today, only a subset of all insurance-related data is utilized in predictive modeling that compromises the model accuracy due to absence of machine learning component at its core, which would utilize the information for purposes other than the original intent.

Let’s take the claims process as an example: