If you’re worried robots may one day replace you at work, fear not. Researchers at the Advanced Analytics Institute (AAi) are working to make AI your friend, not foe.
AAi Associate Professor Guandong Xu is leading a team investigating how client behaviour modelling, data mining, natural language processing and social and predictive analytics can be used to assist customer service staff in the insurance industry.
“Since 2016, we’ve been working with ANZ Wealth to develop an intelligent underwriting model that harnesses machine learning and gives insurers the opportunity to develop more efficient and reliable assessment,” explains Guandong.
For example, instead of time-intensive manual underwriting, the ‘virtual’ computerised underwriter will determine if a loading or exclusion needs to be applied and only processes the applications most likely to be accepted. Not only does it mean better customer service, fewer errors and improved quality assurance, but it can reduce workload demands for on-the-ground staff too.
It’s not the first time AAi have teamed up with the business sector. Researchers at the institute are also working with Colonial First State (a project that was recently awarded over $400,000 in ARC Linkage Project funding), Credit Suisse, AMP and HCF to uncover new ways these companies can use their data to improve their business too.
Guandong says, “We’re very experienced in predictive analytics which uses big data, machine learning and artificial intelligence to find underlying correlations between different customer attributes and outcomes.
“Our aim is to be the leading research group in applying data analytics and AI across the finance sector.”
Find out more about the different ways our researchers are using data to change society for the better in U magazine.
Marketing and Communication Unit