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Related Experiment Videos

Insurers discover expert systems.

K M May

    Chief Information Officer Journal
    |March 4, 1992
    PubMed
    Summary
    This summary is machine-generated.

    Expert insurance underwriters are scarce. Knowledge-based systems capture their expertise, providing measurable benefits for insurers seeking to address this talent gap.

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    Area of Science:

    • Business analytics
    • Artificial intelligence in insurance

    Background:

    • The insurance sector faces a critical shortage of experienced underwriters.
    • This scarcity impacts operational efficiency and risk assessment capabilities.

    Purpose of the Study:

    • To explore the application of knowledge-based systems in the insurance industry.
    • To evaluate the benefits of capturing underwriter expertise in artificial intelligence systems.

    Main Methods:

    • Implementation of knowledge-based systems to codify expert underwriter knowledge.
    • Analysis of operational data from insurers utilizing these systems.

    Main Results:

    • Insurers leveraging knowledge-based systems have achieved significant, quantifiable advantages.

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  • The systems effectively compensate for the lack of human expert underwriters.
  • Conclusions:

    • Knowledge-based systems offer a viable solution to the underwriter expertise deficit.
    • Adoption of these AI-driven systems yields measurable improvements for insurance companies.