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 ).

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Risk Management Risk Management IT 115

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. .

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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.

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Insurance Management Cost-Benefit Optimization 123

CIO Business Intelligence

AUGUST 20, 2024

The window treatment company, with 17 direct employees and franchises in 35 states, is now beta testing a small language model created with Revscale AI. 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.

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Risk Cost-Benefit Insurance ROI 131

CIO Business Intelligence

NOVEMBER 7, 2024

Monica Caldas is an award-winning digital executive who leads a team of 5,000 technologists as the global CIO for Liberty Mutual Insurance. As a technology organization supporting a global insurance company, job No. We are also testing it with engineering. 1 is enabling secure, stable systems. That’s the defensive side.

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Insurance Experimentation Testing Technology 120

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.

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Risk Modeling IT Risk Management 111

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?

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Insurance Metadata Data Collection Marketing 242

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.

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Insurance Cost-Benefit Data Processing Strategy 105

O'Reilly on Data

SEPTEMBER 19, 2023

You can see a simulation as a temporary, synthetic environment in which to test an idea. Millions of tests, across as many parameters as will fit on the hardware. “Here’s our risk model. A number of scholars have tested this shuffle-and-recombine-till-we-find-a-winner approach on timetable scheduling.

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CIO Business Intelligence

DECEMBER 30, 2024

The company says it can achieve PhD-level performance in challenging benchmark tests in physics, chemistry, and biology. That means companies can use it on tough code problems, or large-scale project planning where risks have to be compared against each other. Nobody wants to be hired or fired by a machine that has no accountability.

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ROI Software Modeling Interactive 141

Smart Data Collective

APRIL 18, 2019

As AI begins to play a greater role in diagnosis and treatment for those with limited access to insurance and traditional healthcare, AI may also be able to help EHRs live up to their potential. Finally, AI-EHR partnerships may help solve one of the biggest issues with EHR software today – test submissions and results.

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Risk Testing Insurance Software 98

Decision Management Solutions

MARCH 25, 2019

Nancy Casbarro and Deb Zawisa of Novarico recently published a new paper on Data Science in Insurance: Expansion and Key Issues subscription required) that was summarized in this nice little article on Dig-in 3 challenges facing insurers in data science implementation. 1 – Getting business buy-in. 2 – Attracting talent.

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Insurance Data Science Testing Modeling 75

DataKitchen

OCTOBER 20, 2023

In this article, we explore the role of Payload DJs in addressing these complexities, illustrated with examples from industries like drug discovery and insurance. Payload DJs facilitate capturing metadata, lineage, and test results at each phase, enhancing tracking efficiency and reducing the risk of data loss.

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Insurance Metadata Data-driven Data Quality 169

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.

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Risk Marketing Technology Management 88

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.

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Insurance Risk Data-driven Finance 83

Smart Data Collective

JANUARY 17, 2020

From predicting risk factors to helping cure disease, Big Data in healthcare is multi-faceted. This can help keep allergies, history, test results, and any other essential information completely accessible. Better Security and Fraud Prevention : Health insurance fraud is more common than you might think.

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CIO Business Intelligence

MARCH 18, 2024

But while there’s plenty of excitement and change underway, security risks and vulnerabilities have continued to follow right alongside that innovation. Digital operational resilience testing : Sets out guidance for testing of existing recovery strategies to identify potential vulnerabilities.

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Risk Management Insurance Risk Testing 120

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.

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Insurance Technology Predictive Analytics Sales 63

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? It’s by far the most convincing example of a conversation with a machine; it has certainly passed the Turing test. The last time I had to deal with an insurance issue, I’m not sure I ever talked to a human, even after I asked to talk to a human.

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IT Modeling Testing Risk 346

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. Backtesting refers to testing trading models based on historical data. AI in fintech is here to stay.

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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.

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Digital Transformation Insurance Recreation/Entertainment Machine Learning 136

Smart Data Collective

MARCH 7, 2021

There are a lot of ways companies are using new advances in machine learning and other data technologies to mitigate the risks of cyberattacks. After educating the employees about cybersecurity & cyberattacks, your job is to test how they fare. Cybersecurity Insurance. Cybersecurity insurance can help you tremendously.

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Big Data Insurance Data Processing Software 136

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. The context tests us and it’s necessary to reinvent ourselves every day.”

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Insurance Digital Transformation Interactive Sales 128

Sisense

MARCH 3, 2021

This data comes from various sources: Hospital records Patient medical records Examination results Biomedical research Insurance records. This includes their medical diagnoses, prescriptions, allergies, and test results. Like many other industries, healthcare finds itself sitting on vast amounts of data.

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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.

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Risk Management Risk Insurance Reporting 52

CIO Business Intelligence

APRIL 15, 2022

MIT Technology Review has chronicled a number of failures, most of which stem from errors in the way the tools were trained or tested. 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. In a statement on Oct.

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Smart Data Collective

MARCH 31, 2022

As for what steps can be taken to maximize productivity and improve workflow management at an accounting with AI, consider the following tried and tested suggestions: Identify all business processes (the work) and rank them in accordance with their necessity and value to the firm. This will help reduce the risk of costly mistakes.

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Machine Learning Insurance Finance Cost-Benefit 131

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.

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Insurance Digital Transformation Risk Management Interactive 53

CIO Business Intelligence

MAY 1, 2024

Organic growth Some of Microsoft’s original test customers have already moved from pilot to broad deployment. And commercial insurance is a vertical Docugami CEO Jean Paoli says has been an early adopter, including statements of value, certificates of insurance, as well as policy documents with renewal dates, penalties, and liabilities.

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Cost-Benefit Metrics Insurance Measurement 143

CIO Business Intelligence

DECEMBER 11, 2023

“This regulation aims to ensure that fundamental rights, democracy, the rule of law and environmental sustainability are protected from high risk AI, while boosting innovation and making Europe a leader in the field,” said the press release issued by European Parliament. It is a myth that the AI Act will hamper innovation.

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Risk Insurance Testing Cost-Benefit 127

CIO Business Intelligence

AUGUST 6, 2024

The incident not only affected the availability of crucial cybersecurity defenses but also laid bare the broader operational risks associated with third-party service dependencies. Vendor risk management Assess vendor capabilities: Regularly evaluate the risk management and disaster recovery capabilities of key vendors.

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Risk Management Risk Testing Finance 111

CIO Business Intelligence

JULY 13, 2022

Across the globe, cloud concentration risk is coming under greater scrutiny. The proposal would grant authority to classify a third party as “critical” to the financial stability and welfare of the UK financial system, and then provide governance in order to minimize the potential systemic risk. We all know the drill. .

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Insurance Risk Marketing Data Processing 98

Cloudera

DECEMBER 11, 2020

Insurance and finance are two industries that rely on measuring risk with historical data models. To facilitate risk modeling in this new normal, agility and flexibility is required. Insurance . Data Variety. This will only become more important as we move into 2021 and a post-pandemic new normal.

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Insurance Digital Transformation Unstructured Data Machine Learning 95

CIO Business Intelligence

JUNE 19, 2024

Underpinning all this is data, the element that fuels AI but also threatens it if security and privacy of patient records are put at risk in any way. Some academic medical centers (AMCs) and healthcare organizations already have processes in place to test and approve AI algorithms.

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Uncertainty Insurance Cost-Benefit Data-driven 145

CIO Business Intelligence

JUNE 7, 2022

Prescriptive analytics is a type of advanced analytics that involves the application of testing and other techniques to recommend specific solutions that will deliver desired outcomes. It is frequently used for risk analysis. In business, predictive analytics uses machine learning, business rules, and algorithms.

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CIO Business Intelligence

MAY 11, 2022

Implement more disciplined validation and testing. A more disciplined methodology to validation and testing is essential to sidestepping shortfalls in meeting business expectations. Testing and validation that back up technology assertions depended upon by stakeholders are elemental. Collaboration is an all-way street.

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CIO Business Intelligence

APRIL 5, 2024

Senate Bill 1047 , introduced in the California State Legislature in February, would require safety testing of AI products before they’re released, and would require AI developers to prevent others from creating derivative models of their products that are used to cause critical harms.

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