This interview is part of our new AI in Insurance series, where we interview the world's top thought leaders on the front lines of the intersections between AI and insurance.
In this interview, we speak with Manoj Madhusudhanan, Global Head of Cognitive Technologies at Wipro. to understand how his company is using AI to transform insurance, and what the future of the insurance industry holds.
1. What's the story behind Wipro? Why and how did you begin?
MM: Wipro Limited (NYSE: WIT) is a leading global information technology, consulting and business process services company. Wipro has a specific interest in enterprise IT, sparked by a study which found that the key cognitive capabilities required are Perception, Learning, Reasoning, Representation, and Language. If we could implement these functions in a software stack, we could then have an ‘Applied AI Platform' — AI simply being a computational realization of cognition. This became the theoretical basis of the definition of Wipro's HOLMES platform capabilities.
Wipro began its AI journey in 2014 and as continued to scale its capabilities in the years since through Wipro HOLMES. We see another age coming our way in the future, driven primarily by what is called strong AI or natural general intelligence. While we foresee it to take a long time to materialize, the exponential growth of computing technologies could possibly bring this amidst us earlier than we expect.
Wipro initially started its journey in AI focusing on cost savings to the customer by applying AI in automating various processes for efficiency. Today Wipro Digital has a group on Advanced AI, which focuses primarily on revenue enhancements for its customers using advanced AI IPs.
2. Please describe your use case and how your company uses artificial intelligence:
MM: Wipro’s proprietary AI and cognition platform, Wipro HOLMES, is able to drive process accuracy using cognitive computing and AI to enable operational costs reduction for its insurance industry clients. Wipro HOLMES enables this transformation through the five core business applications: self-learning and predictive systems, cognitive process automation, visual computing applications, and knowledge virtualization and diagnostics.
The platform brings together comprehensive sets of capabilities such as language understanding, vision, learning, prediction, reasoning, and inferences to enable businesses to build and deploy cognitive solutions for the digital age. The platform has the ability to process structured and unstructured data in different formats. It analyzes and understands the content. It can also interact with the users and ask questions through natural language processing (NLP).
The advanced AI group in Wipro Digital focuses on themes like “Outcome Shaping,” “Behaviour Inference” and “Design for Behavior Change,” with lots of IP’s in these themes helping customers enhance their revenue/business.
3. Could you share a specific customer/user that benefits from what you offer? What has Wipro done for them?
MM: Global insurance clients have adopted cognition and AI solutions to drive transformation using automation across various processing like claims, new business, contract validation, customer onboarding, self-servicing, etc. AI can unlock an estimated 10-15 percent improvement in underwriting, 30-35 percent efficiency in new business processing and policy servicing, 20-25 percent improvement in claims first notice of loss (FNOL) process, 10-15 percent improvement in claims assessment and 2-4 percent improvement in claims payout with fraud prediction.