The missing step

Article Abstract:

Developing expert systems for insurance underwriting and claims processing is a difficult task because these disciplines are data-oriented. That is, procedures tend to be as variable as the data that insurance professionals are likely to encounter. There are, however, always recurring themes, which can be used as the basis for constructing mental models. Underwriters combine diverse data to produce abstractions - recurring themes - with the aid of experts, and these abstractions then become the basis for more complex abstractions.

Computer integrated systems design, Software, Design and construction, Expert systems

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Ways to manage diversity

Article Abstract:

The concept of the diversified financial services company, so popular in the 1980s, is applicable to insurance companies, since core insurance businesses have reached a level of maturity that affords limited growth. Insurers who choose to diversify will be forced to look differently at capital allocation and management. The key is to transfer skills and assets between different business lines, to offset the cost of diversification. A conceptual framework for achieving this is described.

Management, Financial services industry, Financial services, Investments

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