AI Implementation in Insurance: A Comprehensive Report

Desklib provides past papers and solved assignments. This report details AI implementation in insurance.

Executive Summary
The insurance company wants to implement Artificial Intelligence in their services to meet the
customer requirements and the market strategies for getting stronger. In this document the
Customer Journey will be defined using their reviews and effectiveness. After that Information
and Technology architecture will be defined for the new system. All the ethics policies are
identified for the AI implementation. WBS will be created for the project and discuss the success
factors of project. The change management strategies will be defined here.

Table of Contents
Executive Summary.........................................................................................................................1
Introduction......................................................................................................................................3
Customer Journey............................................................................................................................4
Information Architecture.................................................................................................................7
Technology Architecture.................................................................................................................8
Governance for AI implementation in Insurance Industry..............................................................9
Methodologies to implement the governance and ethics.................................................................9
Work Break Down Structure.........................................................................................................10
Work Package Decomposition......................................................................................................11
Critical Success Factors of the Project..........................................................................................12
Impact on the Organization...........................................................................................................14
Change Management.....................................................................................................................15
Conclusion.....................................................................................................................................16
References......................................................................................................................................17

Table of Figures
Figure 1: Customer Journey.............................................................................................................6
Figure 2: Customer's Persona (Empathy Map)................................................................................7
Figure 3: Information Architecture..................................................................................................8
Figure 4: Information Architecture..................................................................................................9
Figure 5: Work Break Down Structure..........................................................................................11

Introduction
This report is about an insurance company which is providing insurance to the customers and
mainly it has grip on motor vehicle insurance. This company wants to implement Artificial
Intelligence applications in their system so all the benefits and risks are identified in last
assessment so after approval now this company wants implementation of all the technologies. So
all the activities will be defined which comes under implementation of project with AI.

Customer Journey
When a customer interacts with a company, every time he gains some experience with the
company. On quality of experience it can be decided that the impression of organization is
negative, positive or neutral. If an organization is failed in giving the quality of service which
they promised, then the gap between customer and organization takes place.
Customers journey and experience during their engagement with the organization creates a
difference in the organization and it shows the importance. By understanding the customer’s
interactions and actions the organization can gain the ability to design the effective and
interactive ways for communication with the customer (Yuzdepski, 2019).
Website/Application
Technology Provider
Website/Application
Sales
There are basically five phases of customer journey which plays an important role for the
organization. The company wants to implement AI in its services so they can provide best
services to the customers of the organization. Although there are five phases of customer
journey:
1. Raising Awareness in Customer: This term directly belongs to the advertisement of the
company services. Here the organization wants to implement AI then it has to be advertise
their products which are enhanced through AI techniques and implementation.
Development Software Sales and
Promotion
Service
1
2
3
4
5

2. Findability for the customers: The customers journey includes findability because the
business which is setup online has the wide range chances to attract the customers and their
interest. Which business has popularity on internet is the most findable business.
3. Maintain the Reputation: If a business and its services are online then it has to be maintain
the reputation over the internet as it can be considered through the online customer reviews,
Range of social media coverage etc.
Figure 1: Customer Journey
4. Conversion of currency: If a customer liked the products of organization then he will take
decision of buying the services. In this case the insurance will be provided by the
organization so the organization officers should provide the proper information the
customers.
5. Advocacy: If a customer used the services and been a consumer of the services then he will
gain the experience for the company and then his positive or negative experience will leave
an impact on the internet customers through his feedback or comment (SearchCIO, 2019).
Project Stakeholders:
 Project Manager
 Operational Manager
 Investor
 Tester
 Insurance Guider
 AI Developer

Persona of a customer which interacts with the organization as external stakeholder and affected
by the services of the organization directly.
Figure 2: Customer's Persona (Empathy Map)


Information Architecture
Information Architecture is the flow or structure design which depicts the shared information. It
is the practice to decide the arrangement of an information so that can be understandable. All
modules like website, applications and software have Information Architecture. Information
Architecture helps in understanding the surroundings on internet and as well as in real world. If
an organization wants to implement some new technology, then it should go for information
architecture to make things better and simple (Iainstitute, 2019).
Requirements Constraints Assumptions
and Gaps
Techniques
Data Application
 Claim Services
 Insurance Services
 AI chat Bot
 Marketing and Advertising
 Services Provided by Insurance Companies
 Automatic Detection
 Fraud Detection
 Computer Solutions
 Customer Data
 Stakeholders
 Architecture
 Automatic Reply
 Outputs analyzing
 Giving Results
 Data of Insurance  Alerts for Premium
Standards Specifications Guidelines Architecture
Figure 3: Information Architecture

Technology Architecture
It is a chart which shows the interaction structure of the services of platform with their logical
and physical components. It basically deals with the application or system deployment with the
components of it. It represents the servers, workstations and networks as technology components
so it is the way to define the working of an application implementation. In insurance industry AI
can take several opportunities to grow so the technology components will depend on the
functionality of the industry (Sciencedirect, 2019).
Figure 4: Information Architecture

Governance for AI implementation in Insurance Industry
Development of AI based software are growing very rapidly and with increasing the use of
Artificial Intelligence, the governance and ethics implementation are being negligible.
 Accountability: One of the most important ethics of the organization stakeholders is
accountability. By adopting the accountability as per the responsibility of the stakeholders,
the growth of organization will increase and the decision will take place.
 Social Discrimination: The models which are based on AI and machine learning are being
more biased than humans. That is why the industries are suffering from more diversities.
 Innovation: Innovation will be useful it is implemented at a good level. The industries are
implementing AI as weapons to increase their growth.
 Transparency: Transparency is the key of success. Implementing some new technologies
but work with them accordingly and with all the stakeholders is the best approach
(Houseofbots, 2019).
Methodologies to implement the governance and ethics
 The owner of insurance industry should be well known about the AI technology because if it
will create any different impact to the customer then he can be accountable for all the things.
All the stakeholders who are working on this project should be accountable for their
responsibility and workings.
 Implementation of Artificial Intelligence in chat bots and improving the claim services are
good but this decision should be cross checked.
 Chat bots are implementing for the automated customer services and this chat bot will work
as experienced and self-learning AI robot. This can help in improving the insurance services
but this should not leave a negative impact on the customers.
 The system should be transparent. The stakeholders should be well known about the
technologies and implementation of the services which are introducing for the insurance
company.

Work Break Down Structure
Figure 5: Work Break Down Structure
WBS
Code
Activity Name Stakeholders Duration
1 Identifying Problems  Project Manager
 Investor
 Insurance Guider
5 days
1.1 Analysis of system  Project Manager
 Operational Manager
 Investor
 Insurance Guider
3 days
1.2 Analysis of patterns  Project Manager
 Insurance Guider
 AI Developer
2 days
1.3 Milestone-1
2 Requirement Gathering  Project Manager
 Operational Manager
 Investor
 Insurance Guider
6 days
2.1 Interview sessions  Project Manager
 Investor
 Insurance Guider
2 days
2.2 Meetings with AI developers  Project Manager
 Investor
 AI Developer
4 days
2.3 Milestone-2

3 Feasibility Analysis  Project Manager
 Operational Manager
 AI Developer
6 days
3.1 Identification of Requirements  Project Manager
 Operational Manager
3 days
3.2 Analyzing the new system  Project Manager
 Operational Manager
 Investor
 AI Developer
3 days
3.3 Milestone-3
4 Designing new AI based
System
 Project Manager
 AI Developer
8 days
4.1 Prototype designing  Operational Manager
 AI Developer
4 days
4.2 Identifying Modules  Project Manager
 Operational Manager
 AI Developer
4 days
4.3 Milestone-4
5 Implementation  AI Developer 23 days
5.1 Coding for system  Operational Manager
 Tester
 AI Developer
13 days
5.2 Integrating modules  Tester
 AI Developer
10 days
5.3 Milestone-5
6 Maintenance and Closing  Project Manager
 Operational Manager
 AI Developer
10 days
6.1 Rectifying Errors  Tester
 Insurance Guider
 AI Developer
4 days
6.2 Remove Bugs  Tester
 AI Developer
5 days
6.3 Identify Updates  Project Manager
 Operational Manager
 Tester
 AI Developer
1 days
6.4 Milestone-6
Work Package Decomposition
WBS
Code
Activity Name Stakeholders Duration
1 Identifying Problems  Project Manager 5 days