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Rethinking insurance: How cognitive computing enhances engagement and efficiency
Oxford Economics worked with IBM's Institute for Business Value in mid-2016 to field a survey among 1,502 C-suite executives in a range of roles around the world. As the cognitive era dawns, outperformers in the industry are rethinking insurance by applying technologies that understand, reason, learn and interact to improve the way insurers do business.
For success in the digital age, insurers must tap the hidden treasure they already own in massive quantities: data. They need to be able to scrutinize internal and external data sets, many of which have not been digitally accessible. IBM's 2016 Cognitive Insurance Survey identified a lack of internal agility and the threat of outside disruption as major industry challenges requiring urgent responses. We categorized insurers based on revenue groth and operating efficiency over the past three years to allow a comparison of strong performers with others in the industry. While many organizations still have far to go, outperformers are already taking strides to become fully fledged cognitive insurers.