Try : Insurtech, Application Development

AgriTech(1)

Augmented Reality(20)

Clean Tech(7)

Customer Journey(17)

Design(42)

Solar Industry(7)

User Experience(65)

Edtech(10)

Events(34)

HR Tech(3)

Interviews(10)

Life@mantra(11)

Logistics(5)

Strategy(18)

Testing(9)

Android(48)

Backend(32)

Dev Ops(10)

Enterprise Solution(28)

Technology Modernization(7)

Frontend(29)

iOS(43)

Javascript(15)

AI in Insurance(38)

Insurtech(66)

Product Innovation(57)

Solutions(22)

E-health(12)

HealthTech(24)

mHealth(5)

Telehealth Care(4)

Telemedicine(5)

Artificial Intelligence(143)

Bitcoin(8)

Blockchain(19)

Cognitive Computing(7)

Computer Vision(8)

Data Science(19)

FinTech(51)

Banking(7)

Intelligent Automation(27)

Machine Learning(47)

Natural Language Processing(14)

expand Menu Filters

Cognitive Automation and Its Importance for Enterprises

One of Japan’s leading insurance firms — Fukoku Mutual Life Insurance claims to have replaced 34 human tasks with IBM Watson (AI technology).

Cognitive automation is a subset of artificial intelligence that uses advanced technologies like natural language processing, emotion recognition, data mining, and cognitive reasoning to emulate human intelligence. In simple words, cognitive automation uses technology to solve problems with human intelligence.

Cognitive automation vs Robotic Process Automation

The main pillars of cognitive automation

Consider an automated home security system programmed to function based on millions of decisions. It may still encounter situations when it does not know what to do. Machines can make logical decisions in many unforeseen situations using cognitive neuroscience. 

The technologies to make cognition-based decisions possible include natural language processing, text analytics, data mining, machine learning, semantic analytics, and more. The following table gives an overview of the technologies used in cognitive automation.

TECHNOLOGYDESCRIPTION
Machine LearningIt involves improving a system’s performance by learning through real-time interactions and without the need for explicitly programmed instructions.
Data MiningIt is the process of finding meaningful correlations, patterns, and trends from data warehouses/repositories using statistical and mathematical techniques.
Natural Language ProcessingNLP is a computer’s ability to communicate with humans in native languages. 
Cognitive ReasoningIt is the process of imitating human reasoning by engaging in complex content and natural dialogues with people.
Voice RecognitionIt is transcribing human voice and speech and translating it into text or commands.
Optical Character RecognitionIt uses pattern matching to convert scanned documents into corresponding computer text in real-time.
Emotion RecognitionIt is the understanding of a person’s emotional state during voice and text-based interactions.
Recommendation EngineIt is a framework for providing insights/recommendations based on different data components and analytics. For instance, Amazon was one of the first sites to use recommendation engines to make suggestions based on past browsing history and purchases.

Why is cognitive process automation important for enterprises?

Cognitive automation improves the efficiency and quality of computer-generated responses. In fact, cognitive processes are overtaking nearly 20% of service desk interactions. The following factors make cognitive automation next big enhancement for enterprise-level operations –

  1. Cost-effective: Cognitive automation can help companies to save up to 50% of their total spending for FTE, and other related costs.
  2. Operational Efficiency: Automation can enhance employee productivity, leading to better operational efficiency.
  3. Increased accuracy: Such systems are able to derive meaningful predictions from a vast repository of structured and unstructured data with impeccable accuracy. 
  4. Facts-based decision making: Strategic business decisions drill down to facts and experiences. Combining both, cognitive systems offer next level competencies for strategic decision making.
4 benefits of cognitive automation for enterprises

Also read – Cognitive approach vs digital approach in Insurance

Applications of cognitive automation

End-to-end customer service

Enterprises can understand their customer journey and identify the interactions where automation can help. For example, Religare — a leading health insurance company incorporated NLP-powered chatbot into their operations and automated their customer-support and achieved almost 80% FTE savings. Processes like policy renewal, customer query ticket management, handling general customer queries at scale, etc. are possible for the company through chatbots.

Processing transactions

Reconciliation is a tedious yet crucial transaction process. Banking and financial institutions spend enormous time and resources on the process. Paper-based transactions, different time zones, etc. add to the complicacy of settling transactions. With human-like decision-making capabilities, cognitive automation holds a huge prospect of simplifying the transaction-related processes.

Claims processing

In insurance, claims settlement is a huge challenge as it involves reviewing policy documents, coverage, the validity of insured components, fraud analytics, and more. Cognitive systems allow making automated decisions in seconds by analyzing all the claims parameters in real-time.

Also read – How intelligent systems can settle claims in less than 5 minutes

Requirements

Deloitte’s report on how robotics and cognitive automation will transform the insurance industry states that soon, automation will replace 22.7 million jobs and create 13.6 million new jobs. However, not all operations can be automated. The following are the requirements for successfully automating processes.

  1. Input sources: The input sources should be machine-readable, or needs to be converted into one. Also, there’s a limitation to the number of sources that the system can process for decision making. For instance, in an email management process, you cannot automate the resolution of every individual email. 
  2. Availability of the technology: Cognitive automation combines several technologies like machine learning, natural language processing, analytics, etc. Thus, all the technologies should be available to make automated processes functional. 
  3. Data availability: For the cognitive system to make accurate decisions, there should be sufficient data for modeling purposes.
  4. Risk factor: Processes like underwriting and data reconciliation are good prospects of cognitive automation. However, based on the risk value and practical aspects, human intervention may be required to make the final decision.
  5. Transparency & control: Cognitive automation is still in a nascent stage and humans may overturn machine-made decisions. Therefore, the system design needs to adhere to transparency and control guidelines.

Wrapping up

Cognitive systems are great for deriving meaningful conclusions from unstructured data. Many back and front office operations can be automated for improving efficiency, especially in consumer-facing functions to understand requirements and feedback. For instance, cognitive automation comes with powerful emotion recognition capabilities. It can help with making sense of customer tweets, social updates, through face recognition and analyzing texts. 

Since cognitive automation solutions help enterprises to adapt quickly and respond to new information and insights, it is becoming crucial for customer-centric businesses. The following graph shows how important cognitive technology adoption is for businesses that focus on consumer centricity.

Customer centricity and cognitive technology adoption
Source: Deloitte

Also read – 5 Front office operations you can improve with AI

Cancel

Knowledge thats worth delivered in your inbox

When Data Meets the Heart: A Tale of Sentiments and Science

By :

Do you think technology will advance to a point where people rely on it for deeper emotional connections, perhaps even finding companionship? Just like in the movie Her, where a man falls for an AI, we all thought it was science fiction. But it seems we’re closer to that reality than we might have imagined. Now, it’s not just about crunching numbers. Technology is evolving every day, becoming so advanced that it’s learning to interpret human emotions and reactions. This is the core of sentiment analysis, where data meets emotions, and technology helps us make sense of human feelings in ways that were once only imaginable.

Is Data Science the Key to Unlocking Sentiment Analysis?

Sentiment analysis is more than just gauging emotions in text; it’s a powerful application of data science that transforms chaotic data into actionable insights. Data science deciphers human feelings hidden in reviews, tweets, and comments, enabling AI to capture not just whether sentiments are positive or negative but also the nuances of emotional expression. With the ongoing evolution in data science, sentiment analysis is moving beyond basic detection to uncover deeper emotional insights, allowing businesses to truly understand their customer’s sentiments. This capability empowers organizations to anticipate customer behavior and make informed decisions in a data-driven world.

According to Forbes, 80% of the world’s data is unstructured, like blog posts, reviews, and customer feedback. Sentiment analysis helps companies make sense of this unorganized heap using data analytics, turning it into actionable insights. Tools like Python libraries for sentiment analysis and AI models help refine this process further, offering businesses more profound insights into customer behavior.

How Does Sentiment Analysis Work?

Imagine you’ve just posted a review online: “This phone has a great camera, but the battery life is terrible.” While a human can quickly spot that you love the camera but hate the battery, AI needs to go a step further by:

  1. Text Preprocessing: Breaking the sentence down into words (tokens), removing stop words (like “the” and “has”), and normalizing the text.
  2. Natural Language Processing (NLP): This is where the AI engine learns the context of each word. It identifies if the sentiment is positive (great camera) or negative (terrible battery life).
  1. Machine Learning Models: These models classify the sentiment of the text. With more data science applications, the models become better at predicting human emotions.

Why Does Sentiment Analysis Matter?

In a world where emotions drive decisions, sentiment analysis helps businesses, governments, and even individuals make better decisions. Whether it’s reading reviews, understanding customer feedback, or gauging public opinion on social media, sentiment analysis tells us how people feel.

Beyond the Text: How Data Science Decodes Emotional Intelligence

What if Data science could detect more than just positive or negative feelings? What if it could understand sarcasm, context, and complex emotions like nostalgia or regret? The future of sentiment analysis is heading towards these intricate feelings, making it possible to “read between the lines”. With advancements in data science and machine learning, sentiment analysis is set to dive deeper into human emotions, potentially offering an unprecedented understanding of how we feel.

Real-World Applications

  • Customer Service: Have you ever left a review or complaint on a company’s Twitter? Chances are AI detected your dissatisfaction before a human even read it.
  • Healthcare: Doctors and mental health professionals are using sentiment analysis to detect early signs of depression or anxiety based on patient communication.
  • Politics: Predicting election outcomes? Analyzing public sentiment towards political candidates can be more accurate than traditional polls.

The Road Ahead: Can Data Science Fully Understand Us?

While today’s data science techniques are great at reading general sentiment from text, we’re not yet at the stage where machines can truly “understand” emotions. However, advancements in data science continue to refine how we interpret human sentiment. Techniques like sentiment mining and sentiment classifier are being used to recognize the subtle emotional cues. Perhaps one day, the power of data science will allow us to decode human emotions with such precision that it fundamentally changes the way we interact with data, bringing emotional insights into our daily lives.

Feeling curious? Explore how Mantra Labs is shaping the future with cutting-edge data science techniques and solutions that can read the world’s emotions—literally.

Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...
Go Top
ml floating chatbot