Cognitive Claims AI

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IMC is developing a tool for the Property & Casualty (P&C) insurance industry. P&C companies are seekingways to minimize their cost of claims (currently running at some 60% of premiums) as well as increase theirrate of fraud detection, which they estimate at 10% of actual fraud.IMC believes it is possible to improve this performance by using available data to predict the behaviour of theclaimant and treat them appropriately. The most useful data would be the statement of claim by the customer,however, as this is in the form of a telephone interview, it is not readily useable for algorithmic modelling.Therefore, IMC is seeking to find a way of turning the content of the statement of claim into data useable forpredictive modelling of the claim outcome. IMC has identified a number of tools for converting naturallanguage data into numerical scores, but the considered prediction problems are non-standard and so requiredevelopment of novel approaches to data modeling. The opportunity to collaborate with Dr. Pralat inresearching the potential for such algorithms will allow IMC to determine if this tool represents a viableopportunity.