Colossus: Ancient Software That Determines Insurance Claims | Corporate Casket
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The History of Colossus
The insurance industry version of Colossus was born in the 1980s in Australia. The government chartered and sure had financial trouble since their claim costs were growing at an annual rate of 14 percent. To reduce these disparities insurer worked with a software company on a novel idea. Embed the experience and knowledge of their best adjusters in a computer program. Even similar claims can end up with different payouts. In Australia payments varied by more than 80 percent.
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