Impact of Machine Learning and AI in an Insurance Organization

Running head: IMPACT OF MACHINE LEARNING AND AI IN AN INSURANCE ORGANIZATION
Impact of machine learning and AI in motor vehicle insurance industry
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Author Note

IMPACT OF MACHINE LEARNING AND AI IN AN INSURANCE ORGANIZATION 1
Executive Summary
The incorporation of the machine learning techniques and artificial intelligence can be very
much useful in a motor vehicle insurance organization. All the usage-based insurances can be
covered up well using AI technology. This paper will be having numerous segments, it will
be introducing with the detailed description of the customer journey mapping. The following
section will highlight the Information Architecture and the Technology Architecture with
proper justifications. The steps of project governance and the selected project management
methodology will be discussed in the paper as well. The feasibility of the plan will be
provided in this business report in terms of the time frame of each of the sub-activities, work
break down structure and the work package decomposition. A list of recommendations will
be concluding this business report.

IMPACT OF MACHINE LEARNING AND AI IN AN INSURANCE ORGANIZATION 2
Table of Contents
Introduction................................................................................................................................3
Customer journey.......................................................................................................................3
Information Architecture............................................................................................................5
Justification............................................................................................................................6
Technology architecture.............................................................................................................6
Justification............................................................................................................................6
Governance and methodologies.................................................................................................7
Justification............................................................................................................................7
Cost Benefit Analysis.................................................................................................................8
Time frame of the project...........................................................................................................9
Work Breakdown Structure......................................................................................................10
work package decomposition...................................................................................................10
Recommendation:....................................................................................................................12
Conclusion:..............................................................................................................................13
References................................................................................................................................14

IMPACT OF MACHINE LEARNING AND AI IN AN INSURANCE ORGANIZATION 3
Introduction
The notable determination of the paper is to focus on the role of machine learning and
artificial intelligence in a major motor vehicle insurance organization from the perspective of
an ICT specialist. The needs and expectations of the consumers of this industry keep on
changing due to the wide application of the disruptive technologies (Jha et al. 2018). It can be
said that the incorporation of the machine learning techniques and artificial intelligence can
help this insurance organization to enhance their business reach and attract most of the
potential clients of the organization.
Customer journey
The customer journey map can be very much useful before the incorporation of AI
and machine learning techniques in this major insurance organization both the internal
stakeholders of this organization such as the top-level management team as well as for the
external stakeholders of this organization such as the consumers who needs and requirements
are always changing during to the enactment of numerous disruptive technologies by most of
the major insurance organizations (Kelley et al. 2018). The gap between the channels and the
different categories of departments of this organization can be successfully minimized using
the customer journey map (Hengstler, Enkel and Duelli 2016). The improvement initiative of
this organization can also be enhanced using this mapping technique. The expectations of the
customers can also be known using customer journey mapping (Kumar 2018). The
experience of the consumers of this organization which can be capitalized in the future
ventures can also be decided using the customer journey mapping (Hanna 2017). The
complaints of the customers of this organization can be addressed using the customer journey
map as well, thus it can be said that the customer retention policy of this organization can be
maintained using the3 customer journey map.