Corinium

FEBRUARY 3, 2020

Unfortunately for the insurance industry’s data leaders, many data sources are riddled with inaccuracies. Data is the lifeblood of the insurance industry. Using data to inform business decisions only works when the data is correct.

Insurance 221

Insurance Data Quality Risk Management 221

Corinium

FEBRUARY 28, 2020

With customers increasingly demanding fast, convenient insurance quotes, the industry’s data leaders are feeling the pressure to develop products, services and experiences fit for the modern age. AI-driven insurance app Lemonade is the latest in a long line of financial services innovations designed to put customer experiences first.

Insurance 221

Insurance Data-driven Management 221

Corinium

JULY 10, 2020

After a slow start, the insurance industry is embracing digital transformation – and this digital event highlighted how the sector’s data and analytics executives are leading the charge. Spurred on in part by InsureTechs intent on disrupting the industry, insurance companies have finally begun accelerating their digital transformations.

Digital Transformation 221

Digital Transformation Insurance Analytics Strategy 221

Corinium

JANUARY 16, 2020

AI is coming to the disrupt the insurance industry. From Ping An in China to Lemonade in the US, companies across the globe are harnessing AI technologies to drag the sector into the 21st century.

Insurance 243

Insurance Technology Machine Learning 243

TDAN

NOVEMBER 20, 2024

Mastering data governance has become a critical challenge for insurers in today’s rapidly evolving insurance landscape. This blog post will explore the complexities of insurance data governance, highlighting the pitfalls and best practices.

Insurance 52

Insurance Data Governance Data Quality Management 52

DataKitchen

JUNE 27, 2022

The post DataOps Risk Insurance & Mission Control first appeared on DataKitchen. Chris Bergh shares how to manage data quality and pipeline risk through implementing a 'Mission Control' center for DataOps.

Insurance 130

Insurance Risk Data Quality Management 130

Smart Data Collective

JANUARY 30, 2024

The insurance sector is no exception. Using data efficiently in the insurance industry is crucial. Data analytics technology has been invaluable for businesses in all sectors in recent years. In a fast-paced world where data is everything, it is imperative to manage it tactfully to get the best results when required.

Insurance 101

Insurance Management Analytics Analytics Technologies 101

TDAN

OCTOBER 16, 2024

Data literacy has become a critical skill for insurance professionals at all levels. As chief data officers (CDOs) in the insurance industry, one of the most crucial challenges is fostering a data-literate workforce capable of leveraging data for better decision-making and innovation.

Insurance 52

Insurance Strategy Data Strategy Data Governance 52

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

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.

Insurance 85

Insurance Forecasting Risk Risk Management 85

TDAN

NOVEMBER 6, 2024

Climate change is no longer a distant threat, but a present reality that’s reshaping the insurance landscape across the United States. home insurance market is far more severe and widespread than previously thought, potentially affecting every homeowner in the […]

Insurance 52

Insurance Data-driven Risk Marketing 52

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

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

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. However, insurance companies aren’t the only ones affected by big data. The Role of Using Data Analytics in Choosing Business Insurance. Always Read the Fine Print.

Insurance 127

Insurance Analytics Big Data Data mining 127

CIO Business Intelligence

JULY 31, 2023

Natural disasters have been increasing in frequency, severity, and diversity in recent years, pressuring insurers to be more efficient and to anticipate event and claim fallout. Second, RDA addresses post-NatCat planning to help insurers’ prioritize property inspections. trillion. “If

Insurance 98

Insurance Strategy Data-driven Modeling 98

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 IT Big Data 133

Smart Data Collective

DECEMBER 21, 2020

We previously talked about the benefits of data analytics in the insurance industry. billion from the insurance industry. However, major advances in AI have arguably affected the insurance industry even more. The insurance industry is evolving with new changes in AI. How is AI changing the future of insurance claims?

Insurance 137

Insurance Cost-Benefit Big Data Unstructured Data 137

CIO Business Intelligence

MARCH 27, 2024

When the leadership team at Erie Insurance planned a large-scale transformation, they knew it couldn’t be an IT-only effort. Finally, the way Erie Insurance drives transformation is by leveraging enterprise business agility. Change Management, CIO, Digital Transformation, Innovation, Insurance Industry, IT Leadership, IT Strategy

Insurance 95

Insurance Scorecard Digital Transformation Strategy 95

Smart Data Collective

SEPTEMBER 19, 2021

You might be surprised to hear that AI is becoming more important in the field of insurance than ever. Insurance companies have been using AI and big data for underwriting and other functions for years. AI Provides Better Accessibility for Insurance Customers. Artificial Intelligence Means it Takes Less Paperwork to Get Insured.

Insurance 110

Insurance Cost-Benefit Big Data Data-driven 110

Smart Data Collective

OCTOBER 13, 2021

Cyber insurance may be the best solution for SMBs to protect themselves if and when they fall victim to a cyber-attack. Most cyber insurance policies for SMBs will cover up to one million dollars of damages, which includes coverage for profit losses, liabilities, and lawsuits.

Insurance 128

Insurance Cost-Benefit Measurement Management 128

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

Dataiku

JANUARY 25, 2024

Insurance companies had a relatively more stable year, but there were pockets of tension, including rapid repricing of flood and home insurance in some net migration areas. Asset management firms also weathered a tough year, with many funds outside of pod funds and private credit underperforming benchmarks.

Insurance 75

Insurance Management 75

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 99

Insurance Machine Learning Cost-Benefit ROI 99

CIO Business Intelligence

DECEMBER 1, 2022

For over 130 years, Hastings Mutual Insurance Company has served and protected its clients throughout the Midwest. In its push to modernize, the regional insurance provider also believed updating its client viewing system to provide a more intuitive, user-friendly experience would benefit its customers and employees alike.

Insurance 111

Insurance Management Cost-Benefit Digital Transformation 111

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 87

Insurance IoT Risk Data Processing 87

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 103

Insurance ROI Marketing Machine Learning 103

CIO Business Intelligence

JUNE 19, 2023

million people, with more than 400 sites of care, including six hospitals, and as the organization struggled with these issues, it quickly became apparent that insurance authorization for imaging and radiology services — a foundational diagnostic step before almost any care can begin — was a bottleneck.

Insurance 105

Insurance Technology Interactive Enterprise 105

Smart Data Collective

APRIL 28, 2024

AI is helping insurance companies better deal with DUIs when writing policies.

Insurance 75

Insurance Finance 75

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 117

Insurance Machine Learning Risk IoT 117

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

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

Smart Data Collective

MARCH 27, 2020

The auto insurance industry has always relied on data analysis to inform their policies and determine individual rates. The good news is that this new data can help lower your insurance rate. Here is the type of data insurance companies use to measure a client’s potential risk and determine rates. Marital status. Occupation.

Insurance 109

Insurance Measurement Risk Cost-Benefit 109

Dataiku

DECEMBER 6, 2022

When it comes to the use of AI in insurance, a Dataiku-sponsored survey of executives revealed that insurers still have room to grow — only 7% of insurance companies surveyed are considered leaders.

Insurance 52

Insurance Risk IT 52

Dataiku

APRIL 1, 2024

Innovation is difficult to achieve within insurance firms as evidenced by excessive levels of paperwork and processes customers are required to complete to make a claim or sign up for a new policy.

Insurance 59

Insurance Experimentation Testing 59

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

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 99

Insurance Risk Unstructured Data Data-driven 99

Smart Data Collective

JUNE 26, 2019

The insurance industry is based on the idea of managing risk. The journal Risk Management and Insurance Review mentions that historically, in the latter half of the twentieth century, the analysis of trends was the primary driver in determining risk in the insurance business. Advanced Analytical Processes in Insurance.

Insurance 97

Insurance Data Analytics Analytics IoT 97