‘I want to sell a term life policy in Kentucky, could I use the same forms that I developed in Ohio?’ A Watson type system could answer that question. So says IBM’s insurance industry representative Jamie Bisker, talking to Insurance Journal about the AI system that beat the human experts on Jeopardy!. Congratulations.
But the words "sledgehammer" and "nut" spring to my mind. Are we really going to develop sophisticated AI systems in order to navigate the artificial complexities of the evolved business environment? Or are we going to work together to simplify the landscape? I prefer to do the latter.
There's clearly great scope for systems like Watson in domains where knowledge is inherently complex. Medical diagnosis is a prime example. In our own backyard, catastrophe modeling and rating are potential areas of interest for Watson and its like. But data capture and exchange need not be confused and confusing. The development of industry standards proves that. Insurance Journal