By sending large amounts of data to a machine (i.e. a computer) learning algorithm, the machine is able to pick up on very subtle, possibly indescribable, details and trends within the data batches. It is the very being of these details and trends within the data that ultimately identifies one from the other; and computers have shown themselves to be pretty good at it.
While this probably all sounds very complex – insurance itself can also, at times, be a complex topic. But, when insurance is complemented with machine learning, powerful insights can be generated from the data produced from everyday insurance premiums. Unique ML techniques and algorithms are then used with each different insurance or risk task.
As a result of our new relationship with Open GI, we will be able to access millions upon millions of rows of data. In turn, we can then transform that data into something quite revolutionary for the general insurance industry.