Cloudera

NOVEMBER 16, 2020

The insurance industry has a long and intimate relationship with fraud in many different ways. Insurance fraud can take place at a process or business function level, most notably in claims or underwriting. The different venues to commit fraud against an insurer are mind-boggling, with serious financial consequences.

Insurance 101

Insurance ROI Marketing Machine Learning 101

Smart Data Collective

JUNE 3, 2021

The insurance industry is among those that has found new opportunities to take advantage of machine learning technology. Life insurance companies in particular are discovering the wondrous opportunities that AI provides, since this sector faces some unique challenges relative to other insurance offerings.

Insurance 98

Insurance Machine Learning Cost-Benefit ROI 98

CIO Business Intelligence

MAY 17, 2023

While formulating their IT modernization strategies, they’d do well to regard data assets with business opportunities in mind. An older bank, grown through acquisition, with one custom-built system supporting its real estate business, while another supports its insurance business.

Data-driven 109

Data-driven Strategy IT Insurance 109

CIO Business Intelligence

NOVEMBER 1, 2024

One of the world’s largest risk advisors and insurance brokers launched a digital transformation five years ago to better enable its clients to navigate the political, social, and economic waves rising in the digital information age.

IT 122

IT Insurance Consulting Risk 122

IBM Big Data Hub

MAY 28, 2024

While every data protection strategy is unique, below are several key components and best practices to consider when building one for your organization. What is a data protection strategy? Why it’s important for your security strategy Data powers much of the world economy—and unfortunately, cybercriminals know its value.

Strategy 81

Strategy Measurement Risk Cost-Benefit 81

CIO Business Intelligence

NOVEMBER 1, 2024

One of the world’s largest risk advisors and insurance brokers launched a digital transformation five years ago to better enable its clients to navigate the political, social, and economic waves rising in the digital information age.

IT 105

IT Insurance Consulting Risk 105

Cloudera

SEPTEMBER 7, 2023

The Danger of Black-Box AI Solutions We believe the best, most pragmatic solution for AI in financial services and insurance is what we call–“Trusted AI.” proprietary data, business strategies, methodologies, etc. Enable reporting to internal teams about the statuses of AI projects. Supercharge communication.

Insurance 82

Insurance Risk Data-driven Finance 82

CIO Business Intelligence

NOVEMBER 2, 2023

To be sure, enterprise cloud budgets continue to increase, with IT decision-makers reporting that 31% of their overall technology budget will go toward cloud computing and two-thirds expecting their cloud budget to increase in the next 12 months, according to the Foundry Cloud Computing Study 2023. 1 barrier to moving forward in the cloud.

Strategy 140

Strategy Data Processing Experimentation Optimization 140

CIO Business Intelligence

NOVEMBER 18, 2024

Traditionally viewed as rock-solid and steady, the insurance industry is not exactly associated with taking big risks. Gray Nester, CIO, Brown & Brown Insurance Gray Nester / Brown & Brown Some, like BBNI’s Technology Solutions Group, are being renamed and restructured to orchestrate greater immersion in the business.

IT 116

IT Insurance Strategy Technology 116

bridgei2i

JANUARY 18, 2021

Case study: Subrogation Prediction Using Machine Learning for Property Insurance. The client, a leading P&C insurer, wanted to identify property damage claims that have the potential for subrogation & recovery. They also wanted to generate automated referral reports on a weekly basis for further investigation.

Insurance 52

Insurance Machine Learning Enterprise Strategy 52

IBM Big Data Hub

DECEMBER 8, 2023

The only way for effective risk reduction is for an organization to use a step-by-step risk mitigation strategy to sort and manage risk, ensuring the organization has a business continuity plan in place for unexpected events. Building a strong risk mitigation strategy can set up an organization to have a strong response in the face of risk.

Risk 67

Risk Strategy Risk Management Insurance 67

bridgei2i

APRIL 16, 2020

Insurance firm Swiss Re faced a $250m (approximately £215m) loss if the event was canceled instead of being delayed. This is just a tip of the iceberg of the massive losses the Insurance sector is staring at due to COVID-19’s onset. The insurance industry —which, in the US alone, accounts for $1.2

Insurance 71

Insurance Sales Digital Transformation Machine Learning 71

CIO Business Intelligence

APRIL 12, 2022

When the COVID-19 pandemic hit, it shook every industry to the core, but especially and dramatically affected health insurers. Deluged with calls and questions about rapidly changing health guidelines and coverage, insurers had to quickly revamp their systems to provide updated information.

Insurance 52

Insurance Technology Management Cost-Benefit 52

Smart Data Collective

NOVEMBER 1, 2022

In addition, even an insurance agency must ensure that the taxes are paid before the deadline to avoid penalties from government agencies. Availing of all the tax deductions is also necessary, and professional insurance accounting services can help you in this regard. Plan for Tax Season Before it Gets Started.

Strategy 89

Strategy Insurance Software Reporting 89

Cloudera

MARCH 25, 2021

The protection and controls around data become increasingly complex when used in the context of banking and insurance activities. Personal and confidential information carries heightened sensitivity in the light of financial, health and insurance activities. Financial institutions and insurers understand the benefits of more data.

Data Strategy 65

Data Strategy Strategy Enterprise Insurance 65

CIO Business Intelligence

OCTOBER 20, 2023

But home and automobile insurance company Allstate is taking a different approach. The result, Jeevanjee says, is a technology-driven business strategy “that’s a very empowering thing.” Allstate expects to be up and running in 10 states this year for automobile policies and 19 states for rental insurance. “We

Digital Transformation 136

Digital Transformation Insurance Recreation/Entertainment Machine Learning 136

Occam's Razor

JANUARY 4, 2021

Like you, I consume a whole lot of reports every day – company data, public data. Just yesterday I was quietly seething because none of visuals included in the report contained any context to understand if the performance I was looking at was good or bad. Even if the report has hidden gold. Sometimes repeatedly.

Reporting 113

Reporting Analytics Metrics Visualization 113

Smart Data Collective

FEBRUARY 28, 2022

A growing number of banks, insurance companies, investment management firms and other financial institutions are finding creative ways to leverage big data technology. In this article, we highlight the benefits of ACH payments and strategies that involve using big data to combat ACH fraud. Data-Driven Strategies to prevent ACH Fraud.

Data-driven 99

Data-driven Strategy Big Data Cost-Benefit 99

Cloudera

FEBRUARY 15, 2024

While there are clear reasons SVB collapsed, which can be reviewed here , my purpose in this post isn’t to rehash the past but to present some of the regulatory and compliance challenges financial (and to some degree insurance) institutions face and how data plays a role in mitigating and managing risk. It’s a future state worth investing in.

Insurance 88

Insurance Data Architecture Risk Management Risk 88

CIO Business Intelligence

SEPTEMBER 9, 2024

To achieve compliance, financial institutions must implement robust controls, submit detailed reports, conduct regular penetration tests, and establish effective third-party risk management strategies, all while adhering to data privacy regulations and other requirements.

Risk Management 115

Risk Management Risk Management IT 115

Decision Management Solutions

SEPTEMBER 5, 2019

McKinsey recently reported that “Most carriers are struggling to meet their cost of capital, and productivity has barely moved over the past decade” and that “The insurance industry is facing a serious structural challenge … the majority of carriers are not making their cost of capital.”

Insurance 40

Insurance Machine Learning Marketing Management 40

Jet Global

APRIL 9, 2021

The reality check is that the need for remote working and secure collaboration highlighted a data gap in most CFOs’ digital transformation strategies. How do you ensure data consistency across finance, sustainability, and investor relations for your reporting cycle? As a finance leader, joining the data is very challenging.

Reporting 52

Reporting Digital Transformation Finance Sales 52

CIO Business Intelligence

MAY 17, 2024

Following is a look at some of the biggest trends in the IT talent market, from hiring practices to salary outlooks to emerging skills — and how they are impacting IT leaders’ talent strategies and IT pros’ career aspirations. For companies looking to hire new talent, salary transparency can help attract candidates.

IT 136

IT Insurance Reporting Manufacturing 136

Jet Global

JANUARY 8, 2021

These operations KPIs help management identify which operational strategies are effective, and those that inhibit the company. Whitepaper: How to Compare Reporting & BI Solutions. How an Operations Dashboard Can Streamline Your Reporting. Why Your Company Should Be Using Operational Metrics to Stay Competitive. Download Now.

Metrics 131

Metrics Manufacturing Reporting KPI 131

CIO Business Intelligence

MARCH 18, 2024

Reporting of major ICT-related incidents : Regulation defines how organizations will need to classify and report ICT-related security incidents moving forward. Digital operational resilience testing : Sets out guidance for testing of existing recovery strategies to identify potential vulnerabilities.

Risk Management 120

Risk Management Insurance Risk Testing 120

CIO Business Intelligence

FEBRUARY 20, 2024

Sensitive personal and medical information can be used in multiple ways, from identity theft and insurance fraud to ransomware attacks. Are you ready to put AI at the heart of your data protection strategy? Patient data represents a treasure trove for hackers. Take a Security Copilot readiness assessment today. Generative AI

Risk 121

Risk Insurance Measurement Strategy 121

Cloudera

MAY 6, 2021

In this article, I will be focusing on the contribution that a multi-cloud strategy has towards these value drivers, and address a question that I regularly get from clients: Is there a quantifiable benefit to a multi-cloud deployment? Risk Mitigation.

Strategy 91

Strategy Cost-Benefit Optimization Risk 91

CIO Business Intelligence

JULY 9, 2024

One of the cornerstone initiatives is the e.oman strategy, which focuses on developing a robust ICT infrastructure, promoting e-government services, and enhancing cybersecurity measures. The strategy is designed to facilitate the integration of digital technologies across various sectors, including healthcare, education, and commerce.

Digital Transformation 105

Digital Transformation Insurance Statistics Finance 105

CIO Business Intelligence

OCTOBER 3, 2024

CIOs of many of the largest banks, financial firms, and insurance giants will likely continue to rely on big iron for the foreseeable future — especially if additional AI capabilities on the mainframe reduce their inclination to re-platform on the cloud. “If billion in 2015 to less than $6.5

Machine Learning 140

Machine Learning Experimentation Insurance Modeling 140

CIO Business Intelligence

JULY 16, 2024

In the meantime, IT decision-makers across the globe are finding it challenging to determine exactly how the technology fits into their companies’ overall business strategy. This is compared to China’s 19% and the UK’s 11%. That could explain why almost 40% of those surveyed still don’t have a genAI usage policy in place for their staff.

Insurance 122

Insurance Strategy Manufacturing Technology 122

CIO Business Intelligence

AUGUST 14, 2024

But the key is to support the services we offer across our business and drive population health outcomes by providing better data reporting and insights, not just internally and to members, but to external organizations that might require the aggregated data to see trends.” “So the team’s responsibilities are in a number of different areas.

Digital Transformation 115

Digital Transformation Strategy Advertising Technology 115

CIO Business Intelligence

JUNE 22, 2023

Here are the 10 industries with the highest tech salaries, and how much they’ve increased in value since 2021, according to the 2023 Dice Tech Salary Report. Consulting firms are increasingly turning to tech talent to help build in-house platforms, according to the report from Dice. Average salary: US$131,995 Increase since 2021: 0% 2.

IT 122

IT Insurance Recreation/Entertainment Consulting 122

CIO Business Intelligence

JULY 27, 2023

With the ability to instantaneously ingest reams of data using large language models (LLMs), generative AI technologies such as OpenAI’s ChatGPT and Google’s Bard can produce reports, contracts, and application code far surpassing earlier technologies in speed, accuracy, and thoroughness. Other CIOs have adopted similar strategies.

IT 98

IT Insurance Strategy Risk 98

Rocket-Powered Data Science

FEBRUARY 12, 2021

Repetition implies that the same steps are repeated many times, for example claims processing or business form completion or invoice processing or invoice submission or more data-specific activities, such as data extraction from documents (such as PDFs), data entry, data validation, and report preparation.

ROI 234

ROI Digital Transformation Reporting Machine Learning 234

CIO Business Intelligence

MARCH 12, 2024

And 2024 looks to be that kind of year, with John-David Lovelock, distinguished VP analyst, reporting that “IT spending will be driven by more traditional forces, such as profitability, labor, and dragged down by a continued wave of change fatigue.” Here are three strategies for getting it done. The average cost of a data breach is $4.64

ROI 122

ROI IT Manufacturing Metrics 122

CIO Business Intelligence

APRIL 20, 2023

Food and water insecurity will increase, and energy systems, housing stock, insurance, and currency markets will all become more volatile—a worrying set of scenarios for business leaders and boards. CIOs in organizations already with ESG maturity adopt data management, ESG reporting, and risk tools.

Consulting 105

Consulting Insurance Cost-Benefit Finance 105

CIO Business Intelligence

MARCH 31, 2022

To date, many of those appointments have been concentrated in the insurance, banking, media and entertainment, retail, and IT/technology verticals. Strategy& defines a CDO as “a single person at C-suite level or one level below, with responsibility for the company’s strategic approach to data.” Chief data officer job description.

Consulting 134

Consulting Data Strategy Strategy Data Governance 134