Chappuis Halder & Co. attended the IBM World of Watson event last October. It was a great occasion to learn about the latest developments in data analytics and cognitive computing, to discover the IBM solutions for Financial Services and to meet with representatives from the Banking & Insurance industries.
Before highlighting how data analytics can be leveraged in Insurance, we would like to share 3 general observations:
[1] There is no single definition of Cognitive Computing. People agree broadly on the concept, but have different perspectives depending on their background. Our definition:
cognitive computing is about leveraging the power of data analytics to create natural human-machine interactions, to extract knowledge from data, and ultimately to improve business decisions.
We divide Cognitive Computing into 3 categories:
- Information capture (vision recognition, speech to text, …)
- Information processing (NLP, clustering)
- Machine learning (deep learning, predictive analytics)
[2] “Algorithms” cover a wide range of techniques from simple statistical reasoning, to machine learning and artificial intelligence. When people try to sell you their “big data”, “data analytics” or “artificial intelligence” solution, it is worth digging to understand what is behind the words.
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