Cloudera

NOVEMBER 4, 2020

Insurance is no different. Insurance is not something the average consumer thinks about every day but when a life changing event happens, insurance becomes extremely important. It is in this “Moment of Truth” that insurers excel or fail. To provide the best price, the insurer needs to better understand their customer.

Insurance 116

Insurance Machine Learning Risk IoT 116

Cloudera

FEBRUARY 18, 2021

We’ve written about the changes forced on the traditionally risk-averse insurance industry by COVID-19. In 2021, with the crisis hopefully fading, insurance will have time to evaluate the changes made in 2020, assessing what worked and what didn’t, and planning a new way forward rather than reacting in real time. .

Insurance 105

Insurance Digital Transformation Data-driven Risk 105

CIO Business Intelligence

AUGUST 21, 2024

When multiple independent but interactive agents are combined, each capable of perceiving the environment and taking actions, you get a multiagent system. Adding smarter AI also adds risk, of course. “At The big risk is you take the humans out of the loop when you let these into the wild.” We do lose sleep on this,” he says.

Risk 136

Risk Insurance Cost-Benefit Software 136

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] AI in action The benefits of this approach are clear to see.

Enterprise 124

Enterprise Cost-Benefit Unstructured Data Data Quality 124

CIO Business Intelligence

JANUARY 21, 2025

For example, attackers recently used AI to pose as representatives of an insurance company. Theres also the risk of over-reliance on the new systems. The key with AI will be striking the right balanceleveraging its strengths while mitigating the risks and limitations. While AI is undoubtedly powerful, its not infallible.

Behavioral Analytics 122

Behavioral Analytics Data-driven Risk Insurance 122

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.

Insurance 68

Insurance Risk Testing Data Quality 68

AWS Big Data

JULY 16, 2024

This post is written in collaboration with Clarisa Tavolieri, Austin Rappeport and Samantha Gignac from Zurich Insurance Group. Zurich Insurance Group (Zurich) is a leading multi-line insurer providing property, casualty, and life insurance solutions globally.

Insurance 124

Insurance Management Cost-Benefit Optimization 124

CIO Business Intelligence

JANUARY 21, 2025

CIOs feeling the pressure will likely seek more pragmatic AI applications, platform simplifications, and risk management practices that have short-term benefits while becoming force multipliers to longer-term financial returns. CIOs should consider placing these five AI bets in 2025.

Cost-Benefit 142

Cost-Benefit Data-driven Strategy Marketing 142

IBM Big Data Hub

DECEMBER 1, 2023

Insurers struggle to manage profitability while trying to grow their businesses and retain clients. Large, well-established insurance companies have a reputation of being very conservative in their decision making, and they have been slow to adopt new technologies.

Insurance 96

Insurance Digital Transformation Unstructured Data Risk 96

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. .

Risk 100

Risk Optimization Management Insurance 100

Decision Management Solutions

MAY 1, 2019

In February, we published a blog post on “Using Technology to Add Value in Insurance”. That post, referenced Matt Josefowticz’s article – Technology May be the Answer for Insurers, but What Was the Question? , in which he states that there are only three levers of value in insurance: 1. Manage Risk Better , and 3.

Insurance 75

Insurance Technology Predictive Analytics Risk 75

CIO Business Intelligence

DECEMBER 30, 2024

Plus, they can be more easily trained on a companys own data, so Upwork is starting to embrace this shift, training its own small language models on more than 20 years of interactions and behaviors on its platform. We have to look at how we interact with colleagues and how we interact with AI, he adds.

ROI 141

ROI Software Modeling Interactive 141

bridgei2i

JANUARY 17, 2021

Case study: Emerging Risk Identification for Personal Lines Insurance. The client, a global insurance leader, wanted to identify emerging risks, associated drivers & trends by analyzing various external data sources including medical journals, legal opinion blogs, newsfeed & social media. Business Context.

Insurance 52

Insurance Risk Interactive Enterprise 52

bridgei2i

MAY 4, 2020

Episode 4: COVID-19 | Implications and Impact on Insurance Industry. COVID-19 | Implications and Impact on Insurance Industry. In this episode, Anirban Chaudhury talks about how insurers the world over are grappling with new and unprecedented challenges to balance high financial losses, increasing new premiums, and rising claims.

Insurance 95

Insurance Enterprise Sales Digital Transformation 95

CIO Business Intelligence

OCTOBER 13, 2022

Knowing your risk level as you navigate a large venue can help you avoid crowds and stay safely within your bubble – all of which empowers you to enjoy the experience all the more. Live at Eurovision: a Bluetooth App to Navigate Covid Risk. A New Normal: Bubble-Up for Safety at Live Events with Flockey. So, how does it work?

Risk 98

Risk Broadcasting Dashboards Recreation/Entertainment 98

IBM Big Data Hub

MAY 1, 2023

In this first of two posts, I investigate the anatomy of artificial intelligence and its impact on insurance. Artificial intelligence applied to insurance The insurance industry has always made extensive use of data and algorithms, such as in the calculation of insurance premiums.

Insurance 75

Insurance Predictive Modeling Cost-Benefit Statistics 75

Smart Data Collective

MAY 23, 2021

AI (Artificial Intelligence) and ML (Machine Learning) will bring improvement in Fintech in 2021 as the accuracy and personalization of payment, lending, and insurance services while also assisting in the discovery of new client pools. Client Risk Profile Categorization. Automated Customer Service & Chatbots.

Insurance 137

Insurance Machine Learning Cost-Benefit Data-driven 137

CIO Business Intelligence

JULY 30, 2024

The risk is very low if we accidentally go in and give away a meal when we should have denied somebody credit for a meal,” he says. In another example, Deutsche Telekom has used gen AI to improve its Frag Magenta AI assistant, and the company anticipates the chat assistant will be able to handle 38 million customer interactions each year.

Insurance 144

Insurance Machine Learning Interactive Finance 144

O'Reilly on Data

SEPTEMBER 19, 2023

” Each step has been a twist on “what if we could write code to interact with a tamper-resistant ledger in real-time?” “Here’s our risk model. Isn’t it nice to uncover that in a simulated environment, where we can map out our risk mitigation strategies with calm, level heads?

Machine Learning 339

Machine Learning Testing Modeling Cost-Benefit 339

Information Builders

MAY 12, 2015

Information Builders, a leader in business intelligence ( BI ) and analytics, information integrity, and integration solutions, announced during the Analytics for Insurance Conference and Expo in Toronto this week that its insurance solutions help facilitate claims, actuarial, financial, risk, marketing processes, and more for insurance providers across (..)

Insurance 53

Insurance Interactive Analytics Business Intelligence 53

CIO Business Intelligence

OCTOBER 18, 2023

Dutch insurance and asset management company Nationale-Nederlanden, part of the NN Group, has a presence in 19 countries and serves several million retail and corporate customers. Digitization vs tradition Although the insurance sector has a traditional image, that stopped being the case years ago, says Vaquero.

Insurance 128

Insurance Digital Transformation Interactive Sales 128

Decision Management Solutions

APRIL 15, 2019

In February, we published a blog post on “Using Technology to Add Value in Insurance.” In that post, I referenced Matt Josefowticz’s recent article – Technology May be the Answer for Insurers, but What Was the Question? , in which he argues that there are only three levers of value in insurance: 1. Sell More.

Insurance 63

Insurance Technology Predictive Analytics Sales 63

Cloudera

APRIL 20, 2022

As healthcare providers and insurers /payers worked through mass amounts of new data, our health insurance practice was there to help. One of our insurer customers in Africa collected and analyzed data on our platform to quickly focus on their members that were at a higher risk of serious illness from a COVID infection.

Insurance 101

Insurance Measurement Data Lake Risk 101

FineReport

AUGUST 13, 2021

Insurance companies provide risk management in the form of insurance contracts. Industry-specific, comprehensive, and reliable data management and presentation have become an issue of increasing concern in the insurance industry. The insurance dashboard is one of the most commonly used data display methods.

Insurance 52

Insurance Dashboards KPI Analytics 52

CIO Business Intelligence

SEPTEMBER 24, 2024

This is a significant change moment,” says Rich Wiedenbeck, CAIO of Ameritas, an insurance and financial services company headquartered in Lincoln, Nebraska. Organizationally, Wiedenbeck is a member of Ameritas’ AI steering committee, called the “mission team,” which includes the legal and risk officers, along with the CIO.

IT 130

IT Insurance Cost-Benefit Risk 130

Cloudera

APRIL 7, 2021

Insurance carriers have a unique opportunity: They have access to powerful technologies and a wealth of information that can help them to better understand their customers and provide an enhanced customer experience. . In a March 2021 poll by Celent , “improving customer experience” was identified as the top focus (63%) for insurers.

Insurance 59

Insurance Digital Transformation Internet of Things IoT 59

Cloudera

SEPTEMBER 22, 2022

Insurance carriers are always looking to improve operational efficiency. In this post, I’ll explore opportunities to enhance risk assessment and underwriting, especially in personal lines and small and medium-sized enterprises. Utilizing a variety of data sources creates a more accurate picture of risks.

Analytics 102

Analytics Insurance IoT Risk 102

CIO Business Intelligence

JANUARY 6, 2025

They protect customers, preserve systemic integrity, and help mitigate risks of financial crises. These regulations mandate strong risk management and incident response frameworks to safeguard financial operations against escalating technological threats.

Risk Management 52

Risk Management Risk Insurance Reporting 52

Cloudera

DECEMBER 11, 2020

A recent McKinsey survey, cited in CRN , shows that worldwide, 58 percent of customer interactions were digital as of July 2020. That compares to only 36 percent of customer interactions as of December 2019, which was before the pandemic impacted business, and only 20 percent in May 2018. Insurance . Data Variety.

Insurance 95

Insurance Digital Transformation Unstructured Data Machine Learning 95

Smart Data Collective

NOVEMBER 3, 2021

We have talked extensively about the role of AI in investment management and insurance. 2020 became the year when a lot of customers first experienced their remote interaction with banks and enjoyed it. Loan approval, as one of the biggest bottlenecks due to inconsistency of information between teams, may increase business risks.

Software 138

Software Data-driven Interactive Insurance 138

CIO Business Intelligence

APRIL 15, 2022

The patients who were lying down were much more likely to be seriously ill, so the algorithm learned to identify COVID risk based on the position of the person in the scan. The algorithm learned to identify children, not high-risk patients. The study’s researchers suggested that a few factors may have contributed.

Analytics 145

Analytics Machine Learning Insurance Testing 145

IBM Big Data Hub

DECEMBER 4, 2023

This approach can accelerate speed-to-market by providing enhanced capabilities for developing innovative products and services, facilitating business growth and improving the overall customer experience in their interactions with the company. Customer engagement Providing insurance coverage involves working with numerous documents.

Insurance 53

Insurance Digital Transformation Risk Management Interactive 53

CIO Business Intelligence

SEPTEMBER 20, 2023

Naturally, what you’re able to do – and how much risk that involves – depends at least as much on the state of your own enterprise data platform. And they won’t be able to interact with customers. And in insurance, according to Alex Cook, Head of Strategic Capabilities at New York Life Insurance Co. For now, at least.

Unstructured Data 131

Unstructured Data Insurance Cost-Benefit Interactive 131

Smart Data Collective

JULY 8, 2021

However, they should not be passive about waiting for their bank, insurance company or other financial institution to advise them about new technology that can assist them. You might have access to a number of websites that use AI technology to help save money, get new financing opportunities and avoid serious financial risks.

Machine Learning 143

Machine Learning Management Finance Cost-Benefit 143

CIO Business Intelligence

OCTOBER 25, 2022

Improve risk, governance, and compliance with a comprehensive view of data contained in processes and interactions so it can be secured and protected to meet these regimes. Perhaps the most visible of these efforts is in personal auto insurance. Drivers can choose coverages based on price or needs.

Insurance 119

Insurance Data Architecture Data-driven Interactive 119

CIO Business Intelligence

MARCH 8, 2023

There was resistance, though, where people felt they still needed an office, but there was an exponential increase in the use of virtual tools and capabilities to how we interacted with each other as professionals, and with our patients. All of those things really changed the paradigm. That’s not sustainable for us, as a society.

Insurance 98

Insurance Digital Transformation Interactive Risk 98

CIO Business Intelligence

APRIL 5, 2024

California and Connecticut lead the pack One state to watch is California, partly because of its large population that interacts with businesses across the US, and partly because the state legislature there tends to be ahead of the pack on consumer protection issues. “There’s obviously going to be heightened scrutiny here across the board.”

Risk 132

Risk Insurance Interactive Strategy 132