Will AI remodel Insurance Industry? affirmative, Says Manulife executive department

Manulife’s lab of Forward Thinking (LOFT) is undergoing efforts to accelerate its adoption of recent technologies. In April, the Canadian insurer's U.S. unit John John Hancock took a deep dive into blockchain—collaborating with startups ConsenSys and BlockApps.

More recently, Manulife began exploring computing and deep learning in its innovation labs through partnerships with Nervana Systems and indico data solutions. Once complete, the platform will perform some way for analysis analysts to analysis and decipher language from public sources to make smarter investment decisions, the company aforesaid.

Jesse Bean, LOFT’s chief experience officer and VP, head of innovation, international solutions delivery spoke with Insurance Networking News concerning but the insurance firm is exploring deep learning and therefore the means the technology fits into Manulife’s innovation strategy.



INN: What exactly is deep learning?

Jesse Bean: it's unattended learning by the machine. Previously, AI (artificial intelligence) involved having to teach the machine on everything new. With peak learning, as it’s in addition called, the machine learns on its own. Startups ar concentrating on developing these new deep learning techniques.

INN: Why need to insurers concentrate to it?

JB: Deep learning offers you the ability to technique data faster than original machine learning. it's Brobdingnagian a reason why we've got a bent to partnered with indico data. it's models which can begin to be told with thousands of examples, instead of several thousands. If I feed associate AI platform thousands of analysts’ articles rather than of the many thousands, it takes less time to urge results.

INN: but is Manulife exploring it?

JB: we've got a bent to ar exploitation it at intervals the analysis space to be able to offer our analysis analysts with insights; exploitation analysts’ reports, news feeds and social media data. Our researchers look for insights like they may on a typical basis, but with lots of computer file to be higher, active managers.

INN: but can deep learning match into Manulife’s innovation strategy?

JB: LOFT likes to appear at school which can facilitate and disrupt our business from a shopper price adding perspective. this could be the first example. the highest goal of one thing in LOFT is to develop a platform that others can use throughout the firm in any business unit.

INN: Any variations between the capabilities Nervana Systems and indico data offer Manulife LOFT?

JB: beyond question. indico could also be a deep learning tool whereas Nervana provides a platform to run models on, that's 10 times faster than its nearest rival. It [indico] could also be a model data play whereas Nervana could also be a platform method play.

INN: but can this project relate to the company’s recent efforts with blockchain?

JB: they're connected exclusively during this LOFT is functioning with these technologies and at some purpose they're going to connect, but not presently. we've got a bent to try and do everything from a shopper price perspective to resolve problems whole completely different|in several|in numerous} ways that within which with different tools.

(This article looks courtesy of our sister publication, Insurance Networking News)