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

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 123

Insurance Management Cost-Benefit Optimization 123

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

CIO Business Intelligence

AUGUST 21, 2024

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.” When it comes to security, though, agentic AI is a double-edged sword with too many risks to count, he says. “We That means the projects are evaluated for the amount of risk they involve.

Risk 136

Risk Insurance Cost-Benefit Software 136

CIO Business Intelligence

MARCH 19, 2025

In October, Microsoft announced that 100,000 organizations including Standard Bank, Thomson Reuters, Virgin Money, and Zurich Insurance are using Copilot Studio, double the number just months earlier. There are risks around hallucinations and bias, says Arnab Chakraborty, chief responsible AI officer at Accenture.

Software 143

Software Risk Enterprise Cost-Benefit 143

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

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

CIO Business Intelligence

SEPTEMBER 9, 2024

As IT landscapes and software delivery processes evolve, the risk of inadvertently creating new vulnerabilities increases. These risks are particularly critical for financial services institutions, which are now under greater scrutiny with the Digital Operational Resilience Act ( DORA ).

Risk Management 115

Risk Management Risk Management IT 115

Cloudera

OCTOBER 28, 2021

I’ve had the pleasure to participate in a few Commercial Lines insurance industry events recently and as a prior Commercial Lines insurer myself, I am thrilled with the progress the industry is making using data and analytics. Another historic example is crop and livestock insurance in Germany in the 1700s.

Insurance 97

Insurance Risk Unstructured Data Data-driven 97

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

JULY 22, 2024

He worked with one insurance company that in 2023 made such a move, driven specifically by the desire to have a firm hold on its regulated data, for example. As a result, organizations were unprepared to successfully optimize or even adequately run their cloud deployments and manage costs, prompting their move back to on-prem.

Optimization 128

Optimization Strategy IT Cost-Benefit 128

Smart Data Collective

SEPTEMBER 15, 2019

One of the biggest ways that it is disrupting the industry is by creating new engagement strategies and optimizing relationships. Insure your business. If you want to become successful in the music industry, it’s essential that you insure your business. Big data is having a number of impacts on the industry.

Big Data 101

Big Data Optimization Insurance Predictive Analytics 101

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.

Insurance 83

Insurance Risk Data-driven Data Quality 83

CIO Business Intelligence

MAY 28, 2022

As the Boston-based insurance company’s journey to the cloud has unfolded, it has also maintained a select set of datacenters from which to run legacy applications more economically than they would on the cloud, as well as software from vendors that make licensing on the cloud less attractive. “It

Insurance 145

Insurance Machine Learning Digital Transformation Cost-Benefit 145

Cloudera

FEBRUARY 4, 2021

Financial services institutions need the ability to analyze and act on massive volumes of data from diverse sources in order to monitor, model, and manage risk across the enterprise. They need a comprehensive data and analytics platform to model risk exposures on-demand. Cloudera is that platform. End-to-end Data Lifecycle.

Risk 88

Risk Marketing Technology Management 88

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

Smart Data Collective

MAY 10, 2022

For example, banks now apply AI to assess credit risks with high accuracy. They include; Credit risk assessment. Credit risk assessment entails estimating the probability of a prospective borrower failing to repay a loan. The analysis helps them execute trades at the most optimal prices. AI in fintech is here to stay.

Marketing 128

Marketing Technology Insurance Machine Learning 128

CIO Business Intelligence

OCTOBER 20, 2023

But home and automobile insurance company Allstate is taking a different approach. based insurer has rebuilt its core application for claims processing, sales, and support, and plans to overhaul its entire portfolio of business processes, all with the aim to enhance and accelerate the customer experience.

Digital Transformation 136

Digital Transformation Insurance Recreation/Entertainment Machine Learning 136

O'Reilly on Data

SEPTEMBER 19, 2023

“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? Both situations benefit from a technique that optimizes the search through a large and daunting solution space. The NASA ST5 antenna is another example.

Machine Learning 339

Machine Learning Testing Modeling Cost-Benefit 339

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

datapine

AUGUST 19, 2020

In our cutthroat digital economy, massive amounts of data are gathered, stored, analyzed, and optimized to deliver the best possible experience to customers and partners. At the same time, inventory metrics are needed to help managers and professionals in reaching established goals, optimizing processes, and increasing business value.

Metrics 286

Metrics KPI Cost-Benefit Dashboards 286

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. Less time spent on menial scheduling, optimization, and editing means experts get to focus on high-value tasks, which equals cost savings down the line.”

Insurance 144

Insurance Machine Learning Interactive Finance 144

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

bridgei2i

NOVEMBER 25, 2020

Automated Sales & Underwriting Strategies can Transform Insurance. One of the major repercussions of the COVID-19 pandemic in financial sectors has been the increase in awareness about insurable risks across categories and markets. Images 1: Challenges before insurance industry in the post-Corona world.

Insurance 52

Insurance Sales Strategy Digital Transformation 52

CIO Business Intelligence

MAY 8, 2024

Process automation and improvement is a perennial CIO agenda item, and the call for business process optimization is only getting louder — especially for those processes directly tied to the bottom line. We take the financial risk for this, which means that if there is anything that’s misrepresented, the money comes from our pocket.”

Insurance 111

Insurance IT Cost-Benefit Unstructured Data 111

Smart Data Collective

AUGUST 29, 2022

Today, there are many advanced ML approaches that you can use to enhance your analytics and gain valuable insights on how to optimize business processes, improve decision-making, build the right customer relationships, and leverage your market proposition. Top ML approaches to improve your analytics. Times are changing — for the better!

Analytics 132

Analytics Predictive Analytics Machine Learning Insurance 132

bridgei2i

OCTOBER 7, 2020

Adoption of Automated Sales & Underwriting Strategies can Transform Insurance. The insurance industry—which, in the US alone, stands at $1.2 trillion, is seeing the volume of insurance transactions growing every year. Images 1: Challenges before insurance in the post-Corona world. click here.

Insurance 52

Insurance Sales Strategy Digital Transformation 52

John Wheeler

OCTOBER 21, 2019

Over the past month, I’ve been speaking to various groups to help them prepare for the onslaught of digital risks in their organizations. A common theme is the need for greater risk quantification beyond the realm of traditional, qualitative governance, risk and compliance (GRC) approaches.

Risk 53

Risk Risk Management Digital Transformation Insurance 53

CIO Business Intelligence

FEBRUARY 27, 2023

Italian insurer Reale Group found itself with four cloud providers running around 15% of its workloads, and no clear strategy to manage them. “It The two most frequently cited motivations for using multiple cloud providers were data sovereignty or locality (cited by 41% of respondents) and cost optimization (40%). Multi Cloud

Cost-Benefit 143

Cost-Benefit Insurance Enterprise Optimization 143

Alation

OCTOBER 4, 2022

The foundation of insurance is data and analytics. Actuaries and their mathematical models enable insurers to calculate risk to determine premiums. Today, the rise of digital insurance companies and the changing risk landscape together drive the industry’s digital transformation. Why is it Important?

Insurance 52

Insurance Data Governance Risk Strategy 52

Smart Data Collective

MAY 31, 2019

Whether it is identity authentication, increasing the speed of cross-border payments , supply chain optimization or transportation logistics, blockchain technology has been providing solutions to a variety of industries. move within the insurance and banking chain through documents and forms. in productivity gain. Unlike the U.S.,

Insurance 90

Insurance Risk Marketing Technology 90

bridgei2i

JUNE 23, 2021

6 Ways AI Is Taking The Insurance Industry Into The Future. For example, the insurance industry is witnessing a strong acceleration in the adoption and growth of AI for task automation, improvement of service quality, and data-driven decision making. Insurance is a resource-intensive field. Claim Handling. Fraud Detection.

Insurance 52

Insurance Deep Learning Risk Data-driven 52

IBM Big Data Hub

DECEMBER 4, 2023

IBM can help insurance companies insert generative AI into their business processes IBM is one of a few companies globally that can bring together the range of capabilities needed to completely transform the way insurance is marketed, sold, underwritten, serviced and paid for.

Insurance 53

Insurance Digital Transformation Risk Management Interactive 53

O'Reilly on Data

MARCH 23, 2023

What is it, how does it work, what can it do, and what are the risks of using it? Many of these go slightly (but not very far) beyond your initial expectations: you can ask it to generate a list of terms for search engine optimization, you can ask it to generate a reading list on topics that you’re interested in. What Are the Risks?

IT 348

IT Modeling Testing Risk 348

Cloudera

AUGUST 12, 2021

However, the important role data occupies extends beyond customer experience and revenue, as it becomes increasingly central in optimizing internal processes for the long-term growth of an organization. Risk Management. One of the more obvious use cases of data’s role in reducing risk is insurance policies. Conclusion.

Data-driven 111

Data-driven Manufacturing Insurance Risk Management 111

Octopai

APRIL 18, 2022

Regulatory standards for the insurance industry are almost as old as the insurance industry itself. Insurance in the ancient world tended to revolve around merchants shipping cargo. Insurance for your personal valuables, your pets or your fantasy football players was a thing of the future. . Let’s see how.

Insurance 52

Insurance Risk Cost-Benefit Reporting 52

bridgei2i

JULY 8, 2020

They discuss the impact of the pandemic on enterprises and the need to adopt parallel windows – a short term window to get an enterprise’s operational system up and running as effectively as possible, and a medium-term outlook to mitigate the supply chain shocks and risks. Tune in, and don’t forget to subscribe!

Digital Transformation 132

Digital Transformation Enterprise Insurance Risk 132