Advancing Group Insurance Solutions Through Ai-Enhanced Technology Architectures And Big Data Insights

Abstract

Advancements in group insurance solutions have long struggled to match the ever-changing expectations of insureds in the face of emerging risks, evolving technology, demands for immediacy, and the ever-increasing use of personal data. Although change is felt at all layers of the information technology ecosystem associated with group insurance, solutions have only cursorily benefited from advanced automation and enhanced analytic insights. We argue that the demands from insureds and the accompanying change drivers can only be addressed through AI-enhanced technology architectures, with a multi-layered view of the group insurance information technology ecosystem. At the core of an architecture that delivers the necessary level of adaptability and flexibility as well as the use of extensive internal and external data resources to uncover and characterize the complex relationships among risk frameworks, technology capabilities, and product and data designs is a hierarchical knowledge graph. Supported by a technology mix that utilizes cloud-based microservices and applications as well as distributed ledger marts, knowledge graphs hold the key to achieve the necessary level of speed, product design, technology integration, process automation, decision making, and customer trust in a rapidly evolving, disruptive, and competitive marketplace focused on group insurance.

The work we present aims to do three things. Firstly, we describe the challenges group insurance faces well into the future from the twin perspective of insureds and the marketplace. Secondly, we bridge the demands and the necessary as composite solutions that are AI-enhanced, through guiding technology and data architectures, that address the analytics, automation, and IT complexity at scale. Thirdly, upon the culmination of these solutions through multi-layered architectures with knowledge graphs at the core along with a curated AI technology stack, we sketch out potential resultant group insurance products and services forms.