Solving the Insurance Industry’s Data Quality Problem
Corinium
FEBRUARY 3, 2020
Unfortunately for the insurance industry’s data leaders, many data sources are riddled with inaccuracies. Data is the lifeblood of the insurance industry.
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Corinium
FEBRUARY 3, 2020
Unfortunately for the insurance industry’s data leaders, many data sources are riddled with inaccuracies. Data is the lifeblood of the insurance industry.
DataKitchen
JUNE 27, 2022
Chris Bergh shares how to manage data quality and pipeline risk through implementing a 'Mission Control' center for DataOps. The post DataOps Risk Insurance & Mission Control first appeared on DataKitchen.
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CIO Business Intelligence
OCTOBER 30, 2024
Whether it’s a financial services firm looking to build a personalized virtual assistant or an insurance company in need of ML models capable of identifying potential fraud, artificial intelligence (AI) is primed to transform nearly every industry. But adoption isn’t always straightforward.
datapine
MAY 31, 2022
Like many other branches of technology, security is a pressing concern in the world of cloud-based computing, as you are unable to see the exact location where your data is stored or being processed. This increases the risks that can arise during the implementation or management process. Cost management and containment. Compliance.
CIO Business Intelligence
JANUARY 5, 2025
Research from Gartner, for example, shows that approximately 30% of generative AI (GenAI) will not make it past the proof-of-concept phase by the end of 2025, due to factors including poor data quality, inadequate risk controls, and escalating costs. [1] Reliability and security is paramount.
IBM Big Data Hub
MAY 8, 2023
In my previous post , I described the different capabilities of both discriminative and generative AI, and sketched a world of opportunities where AI changes the way that insurers and insured would interact. Technological risk—data confidentiality The chief technological risk is the matter of data confidentiality.
Cloudera
JULY 15, 2021
We recently hosted a roundtable focused on o ptimizing risk and exposure management with data insights. For financial institutions and insurers, risk and exposure management has always been a fundamental tenet of the business. Now, risk management has become exponentially complicated in multiple dimensions. .
Alation
APRIL 13, 2021
Much of his work focuses on democratising data and breaking down data silos to drive better business outcomes. In this blog, Chris shows how Snowflake and Alation together accelerate data culture. He shows how Texas Mutual Insurance Company has embraced data governance to build trust in data.
DataKitchen
OCTOBER 20, 2023
While this is a technically demanding task, the advent of ‘Payload’ Data Journeys (DJs) offers a targeted approach to meet the increasingly specific demands of Data Consumers. Deploying a Data Journey Instance unique to each customer’s payload is vital to fill this gap.
Cloudera
SEPTEMBER 7, 2023
With AI, financial institutions and insurance companies now have the ability to automate or augment complex decision-making processes, deliver highly personalized client experiences, create individualized customer education materials, and match the appropriate financial and investment products to each customer’s needs.
Smart Data Collective
SEPTEMBER 28, 2022
One of the most important is that it helps to increase the reliability of your data. Data quality issues can arise from a variety of sources, including: Duplicate records Missing records Incorrect data. The proper use of data management solutions can help you identify these problems and correct them quickly and easily.
CIO Business Intelligence
APRIL 29, 2022
Preparing for an artificial intelligence (AI)-fueled future, one where we can enjoy the clear benefits the technology brings while also the mitigating risks, requires more than one article. This first article emphasizes data as the ‘foundation-stone’ of AI-based initiatives. Establishing a Data Foundation. era is upon us.
erwin
MARCH 30, 2020
This data will be collected from organizations such as, the World Health Organization (WHO), the Centers for Disease Control (CDC), and state and local governments across the globe. Privately it will come from hospitals, labs, pharmaceutical companies, doctors and private health insurers. Data lineage to support impact analysis.
CIO Business Intelligence
SEPTEMBER 30, 2024
-based research firm is proud of its mission to deliver accurate data to ensure goods and services are distributed with equity and precision in a socially just manner.
erwin
DECEMBER 9, 2024
And do you have the transparency and data observability built into your data strategy to adequately support the AI teams building them? Will the new creative, diverse and scalable data pipelines you are building also incorporate the AI governance guardrails needed to manage and limit your organizational risk?
erwin
FEBRUARY 19, 2021
A strong data management strategy and supporting technology enables the data quality the business requires, including data cataloging (integration of data sets from various sources), mapping, versioning, business rules and glossaries maintenance and metadata management (associations and lineage). Harvest data.
Cloudera
MARCH 3, 2022
It’s believed the source of the breach was Marriott’s Starwood subsidiary and Marriott might not have done due diligence when merging its newly acquired subsidiary’s data into its own databases. In 2017, Anthem reported a data breach that exposed thousands of its Medicare members. From Bad to Worse.
CIO Business Intelligence
JANUARY 31, 2023
Being able to look at the mix of applications as a whole, and trying to understand how that creates value or risk, enables you to make the case for change, or even maintain the status quo,” says enterprise architect Jonathan Gregory, currently at the UK’s Houses of Parliament.
erwin
APRIL 11, 2019
Some industries, such as healthcare and financial services, have been subject to stringent data regulations for years: GDPR now joins the Health Insurance Portability and Accountability Act (HIPAA), the Payment Card Industry Data Security Standard (PCI DSS) and the Basel Committee on Banking Supervision (BCBS).
CIO Business Intelligence
APRIL 28, 2022
Right from the start, auxmoney leveraged cloud-enabled analytics for its unique risk models and digital processes to further its mission. Particularly in Asia Pacific , revenues for big data and analytics solutions providers hit US$22.6bn in 2020 , with financial services companies ranking among their biggest clients.
Alation
SEPTEMBER 7, 2021
In this blog we will discuss how Alation helps minimize risk with active data governance. Now that you have empowered data scientists and analysts to access the Snowflake Data Cloud and speed their modeling and analysis, you need to bolster the effectiveness of your governance models. Find Trusted Data.
CIO Business Intelligence
JUNE 7, 2022
billion in cost savings for the insurance industry as well during the same period. . For banks, brokerages, insurance companies, fintech firms, and other financial services organizations, NLP is increasingly being seen as a solution to too much data and too few employees. The same study estimated that chatbots would lead to $1.3
Smart Data Collective
FEBRUARY 28, 2023
Data analytics technology has had a profound impact on the state of the financial industry. A growing number of financial institutions are using analytics tools to make better investing decisions and insurers are using analytics technology to improve their underwriting processes.
DataRobot Blog
JULY 21, 2022
Inquire whether there is sufficient data to support machine learning. Document assumptions and risks to develop a risk management strategy. For a credit risk model, the target could be defined as “fully repays loan” or “payments in first 2 years are current” or or “collateral is repossessed.”. Define project scope.
Cloudera
JULY 20, 2021
Risk models for financial institutions and insurers are exponentially more complicated . So relying upon the past for future insights with data that is outdated due to changing customer preferences, the hyper-competitive world and emphasis on environment, society and governance produces non-relevant insights and sub-optimized returns.
Alation
JUNE 17, 2021
Joint Success with Texas Mutual Insurance. Our most influential customers frequently highlight the importance of data governance when attempting to mobilize data across their organizations,” says Chris Atkinson, Global Partner CTO, Snowflake. Texas Mutual Insurance Company (TXM) is one joint customer of Snowflake and Alation.
CIO Business Intelligence
MAY 27, 2024
Business leaders 10 years ago mostly focused on automation since the main objective of technology investment then was to drive down costs, decrease risk, and boost efficiency. These capabilities will need to be able to react to changing outcomes with predictable risk/reward scenarios. It’s a different world today.
IBM Big Data Hub
MAY 9, 2024
Healthcare organizations need a strong data governance framework to help ensure compliance with regulations like the Health Insurance Portability and Accountability Act of 1996 (HIPAA) in the US and the General Data Protection Regulation (GDPR) in the EU. All this relies on reliable data and requires data lineage for governance.
Decision Management Solutions
NOVEMBER 13, 2018
80% of data and analytics leaders with global life insurance and property & casualty carriers surveyed by McKinsey reported that their analytics investments are not delivering high impact. This was the leading obstacle to high impact analytics, outscoring even poor data quality or a lack of strategic support or alignment.
Octopai
JUNE 26, 2020
Steve, the Head of Business Intelligence at a leading insurance company, pushed back in his office chair and stood up, waving his fists at the screen. We’re dealing with data day in and day out, but if isn’t accurate then it’s all for nothing!” Without metadata, the organization is at risk of making decisions based on the wrong data.”.
IBM Big Data Hub
JANUARY 15, 2024
How do organizations avoid the digital risks of ‘technology misuse’ and achieve efficient innovation that ‘technology promotes production’? As an insurance company integrating technology into the new development landscape, BoB-Cardif Life Insurance Co.,
Smart Data Collective
SEPTEMBER 25, 2019
million penalty for violating the Health Insurance Portability and Accountability Act, more commonly known as HIPAA. However, according to a 2018 North American report published by Shred-It, the majority of business leaders believe data breach risks are higher when people work remotely.
AWS Big Data
AUGUST 14, 2023
At the same time, unstructured approaches to data mesh management that don’t have a vision for what types of products should exist and how to ensure they are developed are at high risk of creating the same effect through simple neglect. When do new data products get created, and who is allowed to create them?
CIO Business Intelligence
APRIL 6, 2022
Real-Time nature of data: The window of opportunity continues to shrink in our digital world. The risks of a breach are greater as well, from interrupted operations to stiff financial penalties for failing to adhere to industry regulations such as General Data Protection Regulation (GDPR). Just starting out with analytics?
Timo Elliott
JANUARY 5, 2022
The first one is: companies should invest more in improving their data quality before doing anything else. To make a big step forward with data science, you first need to do that painful work. They are already impacting industries such as agriculture and insurance. That’s an awful waste of resources.
Cloudera
AUGUST 31, 2021
Supports both Data Warehouse Experience & Data Warehouse with Data Hub Clusters on Cloudera Data Platform. Case Study: Accenture’s Experience on Legacy Data Warehouse Migration into Cloudera with a Health Insurance Company . Business Problem & Background. Value Achieved.
DataRobot
JUNE 1, 2021
In an earlier post, I shared the four foundations of trusted performance in AI : data quality, accuracy, robustness and stability, and speed. Industries such as banking and credit, insurance, healthcare and biomedicine, hiring and employment, and housing are often tightly regulated. Meeting Regulatory Expectations.
CIO Business Intelligence
MARCH 7, 2024
Public LLMs in the sandbox: Safely test publicly available Large Language Models (LLMs) in a sandbox environment, separate from the production setting, to assess their impact without risking operational disruptions. There is also the concern about using data. This happens more frequently than we like to admit.
IBM Big Data Hub
OCTOBER 12, 2023
Accounting for the complexities of the AI lifecycle Unfortunately, typical data storage and data governance tools fall short in the AI arena when it comes to helping an organization perform the tasks that underline efficient and responsible AI lifecycle management.
Peter James Thomas
AUGUST 12, 2018
However, often the biggest stumbling block is a human one, getting people to buy in to the idea that the care and attention they pay to data capture will pay dividends later in the process. These and other areas are covered in greater detail in an older article, Using BI to drive improvements in data quality.
Alation
OCTOBER 28, 2021
Leaders are asking how they might use data to drive smarter decision making to support this new model and improve medical treatments that lead to better outcomes. Yet this is not without risks. To make good on this potential, healthcare organizations need to understand their data and how they can use it.
Alation
AUGUST 26, 2021
Data intelligence has thus evolved to answer these questions, and today supports a range of use cases. Examples of Data Intelligence use cases include: Data governance. Cloud Data Migration. Privacy, Risk and Compliance. Let’s take a closer look at the role of DI in the use case of data governance.
CIO Business Intelligence
JULY 3, 2023
Interoperability within CareSource is achieved through a variety of ways: Health Information Exchange (HIE), direct connections to provider EHR systems, and partnerships with multiple companies to deliver critical information in the areas of clinical, claims, social determinant, and formulary data to our patients through secure means.
Peter James Thomas
JUNE 3, 2019
Such arrangements can generate business risk as well. In particular, in highly regulated industries heterogeneous treatment of the same data tends to be frowned upon in external reviews. Oxbow Partners are an advisory firm for the insurance industry covering Strategy, Digital and M&A.
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