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

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

Smart Data Collective

OCTOBER 3, 2023

One study found that 56% of hospitals do not have any data analytics or governance strategies. Hospitals that want to develop data strategies need to improve decision-making need to use the right technology. In reports, these codes are used to streamline processes like billing and processing health insurance claims.

Data Strategy 120

Data Strategy Strategy Insurance Data-driven 120

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. As AI technologies continues to mature and use cases expand, insurers should not shy from the technology.

Insurance 68

Insurance Risk Testing Data Quality 68

Rocket-Powered Data Science

OCTOBER 16, 2020

While there has been accelerating interest in implementing AI as a technology, there has been concurrent growth in interest in implementing successful AI strategies. senior executives across eight industries: agriculture, banking, exhibitions, government, healthcare, insurance, legal, and science/medical. organizations. (e)

Strategy 198

Strategy Insurance Snapshot Digital Transformation 198

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

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 84

Insurance IoT Risk Data Processing 84

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

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

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

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. Moreover, these repatriations show how CIOs have a shrewder, more fluid cloud strategy today to ensure they don’t settle for less than what they want.

Optimization 128

Optimization Strategy IT Cost-Benefit 128

IBM Big Data Hub

NOVEMBER 30, 2023

This situation increases the need for businesses to adapt their sustainability strategies to address climate change issues. In Florida and California, where hurricanes and wildfires respectively have become more rampant, some insurance providers are choosing to stop servicing these regions entirely.

Strategy 85

Strategy Insurance Risk Management 85

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. We didn’t. Who did you involve and why?

Insurance 105

Insurance Cost-Benefit Data Processing Strategy 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. First , there’s the challenge of protecting one’s business-critical IP—e.g., Supercharge communication.

Insurance 82

Insurance Risk Data-driven Finance 82

IBM Big Data Hub

JUNE 23, 2023

Although interest rates have increased at an unprecedented rate over the past year due to efforts by central banks to curb inflation, insurers are locked into low-yielding investments, and it will take several years for their investment yields to improve. Core modernization (processes and technology) is a top priority for every insurer.

Insurance 56

Insurance Cost-Benefit Digital Transformation Marketing 56

CIO Business Intelligence

DECEMBER 20, 2022

But succeeding in the cloud can be complex, and CIOs have continued to fumble their cloud strategies in 2022 in a variety of ways, industry observers say. We have continued to evolve our cloud strategy as we gain more insight into the leverage we can gain in engineering, resilience, scaling, security, and market testing.”

Strategy 119

Strategy Insurance Digital Transformation Consulting 119

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 122

IT Insurance Consulting Risk 122

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

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

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

CIO Business Intelligence

JUNE 6, 2024

From 2011 to 2023, Perkins led technology in various senior-level roles for global property and casualty group Zurich Insurance. In striking this balance, digital and technology leaders have long optimized for cost, but so rapidly is business evolving that many of them are reconsidering that approach. Among such leaders is Barry Perkins.

Strategy 122

Strategy IT Cost-Benefit Digital Transformation 122

bridgei2i

JANUARY 18, 2021

Case study: Underwriting Process Automation for M&A Insurance. The client, a leading commercial insurer in North America, was looking to reduce the deal processing time of policies by automating the retrieval of specific information from various documents and boost conversions. Business Context. How BRIDGEi2i Delivered Value?

Insurance 52

Insurance Interactive Enterprise Strategy 52

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

AWS Big Data

JANUARY 16, 2024

This makes it difficult to implement a comprehensive DR strategy. In the following sections, we discuss two Amazon MWAA DR strategy solutions and their architecture. This strategy provides a low-cost and low-complexity solution that is also suitable for mitigating against data loss or corruption within your primary Region.

Strategy 106

Strategy Metadata Metrics Dashboards 106

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. Learn how the right AI strategy can take your business to its pinnacle. Business Context.

Insurance 52

Insurance Machine Learning Enterprise Strategy 52

bridgei2i

DECEMBER 16, 2021

Case study: Reimagining Catastrophe Underwriting with AI for a Fortune 500 Commercial Insurance leader. The client is a Fortune 500 commercial insurer dealing in traditional and specialty insurance products, industry-leading claims, and risk engineering services. Business Context. Download the case study!

Insurance 52

Insurance Deep Learning Risk Enterprise 52

CIO Business Intelligence

NOVEMBER 2, 2023

Yet, controlling cloud costs remains the top challenge IT leaders face in making the most of their cloud strategies, with about one third — 35% — of respondents citing these expenses as the No. 1 barrier to moving forward in the cloud. The CIO says he signed a contract with a cloud provider that gives him an out if he needs.

Strategy 140

Strategy Data Processing Experimentation Optimization 140

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

bridgei2i

OCTOBER 12, 2020

Case study: Demand Elasticity Estimation and Price Optimization for an Insurance Major. The client is a P&C insurance leader in Asia wanted to optimize their price & demand elasticity estimation. Learn how the right AI strategy can take your business to its pinnacle. Business Context. How BRIDGEi2i Delivered Value?

Insurance 52

Insurance Optimization Enterprise Strategy 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

bridgei2i

JANUARY 18, 2021

Case study: Sales Growth with Ai-Driven Product Recommendation Framework for a P&C Insurer. The client, a leading North American P&C commercial insurer, wanted to develop and implement an AI-driven product recommendation solution for cross-selling to existing customers. Business Context. How BRIDGEi2i Delivered Value?

Insurance 52

Insurance Sales Machine Learning Strategy 52

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

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

CIO Business Intelligence

OCTOBER 17, 2024

Liberty Dental Plan insures about 7 million people in the United States as a dental insurance company. And over time I have been given more responsibility on the operations side: claims processing and utilization management, for instance, both of which are the key to any health insurance company (or any insurance company, really).

Management 111

Management Insurance ROI Cost-Benefit 111

Decision Management Solutions

APRIL 23, 2019

In February, we published a blog post on “Using Technology to Add Value in Insurance”. In that post, I referenced Matt Josefowticz’s article – Technology May be the Answer for Insurers, but What Was the Question? , Insurers can also manage risk more effectively through continuous improvement.

Insurance 69

Insurance Risk Technology Management 69

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.

Insurance 75

Insurance Data Science Testing Modeling 75