Smart Data Collective

NOVEMBER 10, 2021

Big data technology has been a huge gamechanger in the insurance sector. More insurance are using big data to assist with the underwriting process. They are getting a better understanding of risk and choosing rates for their policyholders. However, insurance companies aren’t the only ones affected by big data.

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Insurance Analytics Big Data Data mining 133

datapine

MAY 31, 2022

This increases the risks that can arise during the implementation or management process. The risks of cloud computing have become a reality for every organization, be it small or large. The next part of our cloud computing risks list involves costs. One of the risks of cloud computing is facing today is compliance.

Risk 237

Risk Cost-Benefit Business Intelligence Data-driven 237

Corinium

NOVEMBER 18, 2019

Disasters drive innovation in the insurance industry.

Risk 170

Risk Insurance Business Intelligence 170

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 123

Insurance Machine Learning Cost-Benefit Risk 123

Smart Data Collective

JUNE 29, 2021

One of the industries most affected by data technology has been the insurance sector. In order to appreciate the role of big data in insurance, it is necessary to look at its historical context. Insurance may sound like a boring business, but in reality, it is the most interesting part of the economy. Insurance and data.

Insurance 133

Insurance Modeling Big Data IT 133

CIO Business Intelligence

OCTOBER 16, 2024

>To help insurance brokerages tie in disparate systems to manage their operations and increase employee productivity, CRM software provider Salesforce has introduced a new offering in preview, the Financial Services Cloud. In addition, Financial Services Cloud can be used to service property and casualty insurance clients as well.

Insurance 120

Insurance Unstructured Data Finance Machine Learning 120

O'Reilly on Data

JANUARY 15, 2020

Should insurance policies be personalized in a webpage using reinforcement learning, and what are the attributes that should drive that? Or is an algorithm trying to find out better ways that are not goaled toward the purpose of insurance, which is a long-term financial pool of risk and social safety net.

Insurance 342

Insurance Measurement Risk IT 342

CIO Business Intelligence

APRIL 23, 2024

As CIO, you’re in the risk business. Or rather, every part of your responsibilities entails risk, whether you’re paying attention to it or not. There are, for example, those in leadership roles who, while promoting the value of risk-taking, also insist on “holding people accountable.” You can’t lose.

Risk 116

Risk IT Insurance Risk Management 116

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.

Enterprise 139

Enterprise Data Architecture Unstructured Data Insurance 139

CIO Business Intelligence

DECEMBER 19, 2024

The insurance company decided to migrate from on-premises BMC Remedy to cloud-based BMC Helix ITSM and Discovery. The insurance company decided to migrate from on-premises BMC Remedy to cloud-based BMC Helix ITSM and Discovery.

IT 98

IT Insurance Cost-Benefit Optimization 98

CIO Business Intelligence

NOVEMBER 11, 2024

For the global risk advisor and insurance broker that includes use cases for drafting emails and documents, coding, translation, and client research. CIOs need to be aware of the changing tides in this space and meter investment to align with the risk tolerance of their company,” Melby says. “It

ROI 137

ROI Cost-Benefit Risk Experimentation 137

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

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 130

Insurance Management Cost-Benefit Optimization 130

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

Dataiku

FEBRUARY 16, 2021

Insurance is one of the many industries that has been tremendously shaken by the events of 2020. These unprecedented happenings are significantly reshaping the insurance market, pushing insurers to review their approach to numerous sectors and risks.

Insurance 98

Insurance Marketing Risk 98

CIO Business Intelligence

JULY 18, 2024

Mainframe security is critical to IT infrastructure, especially in industries like banking, insurance, healthcare, and government, where mainframes often store vast amounts of sensitive data. What steps can be taken to minimize the risk of hackers penetrating the mainframe? Mainframes are under more pressure than ever before.

Risk 125

Risk Software Insurance Cost-Benefit 125

Corinium

JUNE 6, 2019

I am the Chief Practice Officer for Insurance, Healthcare, and Hi-Tech verticals at Fractal. The Insurance practice is currently engaged with several top 10 P&C insurers in the US, across the Insurance value chain through AI, Engineering, Design & Behavioural Sciences programs.

Insurance 250

Insurance Analytics Forecasting Deep Learning 250

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. The risks and opportunities of AI AI is opening a new front in this cyberwar. It’s little wonder that data theft is increasingly common in the healthcare sector.

Risk 122

Risk Insurance Measurement Strategy 122

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

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 141

Software Risk Enterprise Cost-Benefit 141

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

CIO Business Intelligence

MARCH 4, 2025

The takeaway is clear: embrace deep tech now, or risk being left behind by those who do. No wonder nearly every CEO is talking about AI: those who lag in AI adoption risk falling behind competitors capabilities. Today, that timeline is shrinking dramatically. Thats a remarkably short horizon for ROI.

Technology 118

Technology ROI Cost-Benefit Manufacturing 118

Cloudera

JANUARY 27, 2022

Insurers are increasingly adopting data from smart devices and related technologies to support and service their customers better. I have been researching more about how we can use the new data from those devices to design more innovative insurance products while being aware that these should all be contingent upon customer opt-in.

Insurance 85

Insurance IoT Risk Data Processing 85

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

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

CIO Business Intelligence

AUGUST 20, 2024

A constellation of AIs AI-as-a-service may be another model for SMBs, says Matthew Marolda, chief innovation officer at Acrisure, a large insurance broker and financial services company. One of Acrisure’s goals with its AI initiatives is to help its small-business customers find matches for their insurance needs, he says.

Risk 131

Risk Cost-Benefit Insurance ROI 131

IBM Big Data Hub

MARCH 25, 2024

According to Berenberg analysts , individual insurance companies faced total claims estimates of up to approximately USD 300 million. For other financial services firms outside of the insurance sector, property accepted as loan security might face climate-related risks as well. As a result, their market would shrink.

Insurance 85

Insurance Forecasting Risk Risk Management 85

Domino Data Lab

JULY 14, 2022

So the spotlight is on model risk management (MRM) and governance (MRG), two related critical processes for financial services and insurance companies, and the importance of these two disciplines is only expected to grow.

Insurance 98

Insurance Modeling Management Risk Management 98

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

CIO Business Intelligence

MARCH 16, 2022

Insurance companies are no longer only there for their customers in times of disaster. Modern approaches to insurance and changes in customer expectations mean that the insurance business model looks very different than it used to. For many insurers, this means investing in cloud.

Insurance 105

Insurance Cost-Benefit Data Processing Strategy 105

DataRobot Blog

APRIL 29, 2022

This provides a great amount of benefit, but it also exposes institutions to greater risk and consequent exposure to operational losses. The stakes in managing model risk are at an all-time high, but luckily automated machine learning provides an effective way to reduce these risks.

Risk 111

Risk Modeling IT Risk Management 111

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 125

Enterprise Cost-Benefit Unstructured Data Data Quality 125

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

Alation

APRIL 13, 2021

He shows how Texas Mutual Insurance Company has embraced data governance to build trust in data. Through the Snowcase program, we highlighted how Snowflake and Alation help joint customers with data governance in the insurance industry. In this blog, Chris shows how Snowflake and Alation together accelerate data culture.

Insurance 98

Insurance Data Governance Data-driven Data Quality 98

bridgei2i

JUNE 2, 2020

Episode 7: The Impact of COVID-19 on Financial Services & Risk. The Impact of COVID-19 on Financial Services & Risk Management. Now, the first of those areas is definitely risk and portfolio management. So, both data and algorithms become important as we look to assess risk and portfolio management. Management.

Risk Management 128

Risk Management Risk Enterprise Management 128

O'Reilly on Data

JANUARY 28, 2019

Almost everyone who reads this article has consented to some kind of medical procedure; did any of us have a real understanding of what the procedure was and what the risks were? The outcome might not be what you want, but you've agreed to take the risk. But what about the insurance companies? Which data flows should be allowed?

Insurance 242

Insurance Metadata Data Collection Marketing 242