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

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

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

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

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 65

Insurance Scorecard Digital Transformation Strategy 65

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 87

Insurance Predictive Modeling Cost-Benefit Statistics 87

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

CIO Business Intelligence

FEBRUARY 6, 2023

The insurance industry is undergoing a sea change, with IT playing a crucial role in rolling out digital customer experiences for policyholders and agents, as in-person meetings all but vanish in the post-pandemic era. IT as industry differentiator Insurers and financial services firms like MassMutual, of Springfield, Mass.,

Insurance 110

Insurance IT Digital Transformation Machine Learning 110

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 77

Insurance Risk Testing Data Quality 77

CIO Business Intelligence

MARCH 4, 2024

In this way, data may just be the ultimate disruptor – a fact that the insurance industry knows all too well. As data volumes continue to increase alongside a correlating number of business requests, modern insurance data leaders face a nuanced set of challenges. To learn more, visit us here.

Insurance 77

Insurance Strategy Data Governance Data Integration 77

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

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 115

Insurance Analytics Big Data Data mining 115

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 131

Insurance Cost-Benefit Big Data Unstructured Data 131

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 126

Insurance Modeling IT Big Data 126

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 76

Insurance Strategy Modeling Data-driven 76

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 101

Insurance Cost-Benefit Big Data Data-driven 101

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 58

Insurance Digital Transformation Risk Management Interactive 58

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 97

Insurance Machine Learning Cost-Benefit Risk 97

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 63

Insurance Cost-Benefit Digital Transformation Modeling 63

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 81

Insurance IoT Risk Data Processing 81

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 91

Insurance Technology Interactive Enterprise 91

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

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 87

Insurance Management Cost-Benefit Digital Transformation 87

Cloudera

FEBRUARY 18, 2021

We’ve written about the changes forced on the traditionally risk-averse insurance industry by COVID-19. In 2021, with the crisis hopefully fading, insurance will have time to evaluate the changes made in 2020, assessing what worked and what didn’t, and planning a new way forward rather than reacting in real time. .

Insurance 105

Insurance Digital Transformation Risk Data-driven 105

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 97

Insurance ROI Marketing Machine Learning 97

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 Risk Marketing 98

Domino Data Lab

DECEMBER 15, 2022

This week we announce a new slate of innovators in the Financial Services and Insurance edition of the Data Science Innovator’s Playbook, available now as a free download. Last week Domino celebrated data science innovators driving breakthroughs in health and life sciences.

Insurance 52

Insurance Data Science IT Finance 52

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 106

Insurance Measurement Risk Cost-Benefit 106

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 94

Insurance Unstructured Data Risk Data-driven 94

Teradata

JANUARY 20, 2023

The dwindling personal auto insurance market is a harbinger of a lot more change to come. Find out more.

Insurance 98

Insurance Marketing 98

Dataiku

MAY 12, 2022

Estimating risk is the essential ingredient to determine the price of an insurance policy. The estimated risk of an insurance policy is the minimum price an insurer should quote to be breakeven, therefore evaluating this risk with precision and confidence is the foundation of a robust quoting system.

Insurance 59

Insurance Breakeven Modeling Statistics 59

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 92

Insurance Data Analytics Analytics IoT 92

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

IBM Big Data Hub

JUNE 24, 2020

Max Jaiswal is the enterprise data team lead at AIA Australia , a pan-Asian life insurance company with presence in 18 markets across the Asia-Pacific region. The 100-year-old firm is the largest life insurer in the world, and the largest company on the Hong Kong stock exchange , with assets of USD $230 billion.

Insurance 107

Insurance Management Marketing Enterprise 107

Data Virtualization

MAY 26, 2022

Reading Time: 3 minutes Insurers are constantly challenged with compliance requirements changes, most of which heavily rely on excellent data management. It is crucial for insurers to examine their current data management practices with a critical eye and assess if they are setup to.

Insurance 52

Insurance Data Integration Management IT 52

CIO Business Intelligence

APRIL 12, 2022

For today’s consumers, shopping and interacting with businesses online has mostly become easier and more convenient than ever — but not when it comes to dealing with insurance companies. In stark contrast to experiences with large consumer-goods websites, people often struggle to find the information and forms they need on insurance sites.

Insurance 52

Insurance Testing Interactive Analytics Technologies 52

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 57

Insurance Digital Transformation Internet of Things IoT 57