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 99

Risk Optimization Management Insurance 99

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 57

Insurance Cost-Benefit Digital Transformation Marketing 57

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 114

Insurance Machine Learning Risk IoT 114

Decision Management Solutions

MAY 1, 2019

In February, we published a blog post on “Using Technology to Add Value in Insurance”. That post, referenced Matt Josefowticz’s article – Technology May be the Answer for Insurers, but What Was the Question? , in which he states that there are only three levers of value in insurance: 1. Manage Risk Better , and 3.

Insurance 75

Insurance Technology Predictive Analytics Risk 75

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 58

Insurance Digital Transformation Internet of Things IoT 58

erwin

MAY 2, 2022

How to create a solid foundation for data modeling of OLTP systems. As you undertake a cloud database migration , a best practice is to perform data modeling as the foundation for well-designed OLTP databases. This makes mastering basic data modeling techniques and avoiding common pitfalls imperative. Data modeling basics.

Modeling 98

Modeling Insurance Cost-Benefit Data Warehouse 98

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

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. Digitization vs tradition Although the insurance sector has a traditional image, that stopped being the case years ago, says Vaquero.

Digital Transformation 113

Digital Transformation Insurance Interactive Sales 113

DataRobot

SEPTEMBER 16, 2021

Accurate pricing is essential to protecting an insurance company’s bottom line. Pricing directly impacts the near-term profitability and long-term health of an insurer’s book of business. The later introduction of Generalized Linear Models (GLM) significantly expanded the pricing actuary’s toolbox. Claim Count.

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Modeling Insurance Cost-Benefit Machine Learning 52

CIO Business Intelligence

APRIL 5, 2024

California and Connecticut lead the pack One state to watch is California, partly because of its large population that interacts with businesses across the US, and partly because the state legislature there tends to be ahead of the pack on consumer protection issues. “There’s obviously going to be heightened scrutiny here across the board.”

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Risk Interactive Insurance Strategy 111

CIO Business Intelligence

MAY 27, 2024

Business leaders 10 years ago mostly focused on automation since the main objective of technology investment then was to drive down costs, decrease risk, and boost efficiency. So healthcare companies are now faced with having to get to grips with a new industry, new business models, and potentially new threats to their emerging business.

IT 94

IT Strategy Risk Technology 94

IBM Big Data Hub

AUGUST 16, 2023

Nevertheless, I also understand the criticality of evaluating the inherent risks before embarking on its direct adoption within our organizations. In this discussion, I explore the risks and challenges associated with ChatGPT in an enterprise context, necessitating a careful approach to its implementation.

Risk 54

Risk Modeling Enterprise Interactive 54

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. As past data isn’t relevant anymore, current models aren’t going to work. Now, the first of those areas is definitely risk and portfolio management. Management.

Risk Management 128

Risk Management Risk Enterprise Management 128

CIO Business Intelligence

SEPTEMBER 20, 2023

Most commonly, organizations developing plans for generative AI are opting to fine-tune third-party models like OpenAI’s GPT 4.0, Both options make generative AI much quicker and far less expensive to implement than building your own foundation models from scratch. Which means that no model will have the power to make decisions.

Insurance 123

Insurance Unstructured Data Cost-Benefit Interactive 123

CIO Business Intelligence

MARCH 8, 2023

“I was doing some work in a trust in the English NHS and we gave everybody tools, laptops and mobile solutions, and redesigned the operating model and how we worked together. People will be more risk-averse than they were during the pandemic, so let’s not allow those big public processes to push us back into traditional ways of working.

Insurance 94

Insurance Digital Transformation Interactive Risk 94

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

O'Reilly on Data

SEPTEMBER 19, 2023

” Each step has been a twist on “what if we could write code to interact with a tamper-resistant ledger in real-time?” Stage 2: Machine learning models Hadoop could kind of do ML, thanks to third-party tools. ” Most recently, I’ve been thinking about this in terms of the space we currently call “AI.”

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Machine Learning Testing Modeling Cost-Benefit 243

Corinium

APRIL 25, 2019

Ahead of the Chief Data Analytics Officers & Influencers, Insurance event we caught up with Dominic Sartorio, Senior Vice President for Products & Development, Protegrity to discuss how the industry is evolving. Are you seeing any specific issues around the insurance industry at the moment that should concern CDAOs?

Insurance 150

Insurance Risk IoT Cost-Benefit 150

Cloudera

DECEMBER 11, 2020

A recent McKinsey survey, cited in CRN , shows that worldwide, 58 percent of customer interactions were digital as of July 2020. That compares to only 36 percent of customer interactions as of December 2019, which was before the pandemic impacted business, and only 20 percent in May 2018. Insurance . Data Variety.

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Insurance Digital Transformation Unstructured Data Machine Learning 94

CIO Business Intelligence

MAY 1, 2024

Gen AI takes us from single-use models of machine learning (ML) to AI tools that promise to be a platform with uses in many areas, but you still need to validate they’re appropriate for the problems you want solved, and that your users know how to use gen AI effectively.

Cost-Benefit 139

Cost-Benefit Metrics Insurance Measurement 139

Domino Data Lab

AUGUST 1, 2021

In this article we cover explainability for black-box models and show how to use different methods from the Skater framework to provide insights into the inner workings of a simple credit scoring neural network model. The interest in interpretation of machine learning has been rapidly accelerating in the last decade.

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Modeling Deep Learning Machine Learning Knowledge Discovery 139

IBM Big Data Hub

FEBRUARY 13, 2024

The compact design and touch-based interactivity seemed like a leap into the future. This data is fed into generational models, and there are a few to choose from, each developed to excel at a specific task. Generative adversarial networks (GANs) or variational autoencoders (VAEs) are used for images, videos, 3D models and music.

Enterprise 120

Enterprise Modeling Testing Data-driven 120

Decision Management Solutions

FEBRUARY 25, 2019

To keep processing costs low, many insurance carriers have a goal to increase the percentage of their claims that can be processed and decisioned with no human decision-making involved. Perhaps surprisingly, there remains a fair amount of human intervention involved in processing insurance claims. Design and build a decision model.

Insurance 40

Insurance Management Machine Learning Modeling 40

Jet Global

APRIL 5, 2021

Enterprises actively use financial modeling to guide their financial planning and strategic decision-making. Financial models offer data-driven, quantitative analysis that tells you where your company stands and where it’s heading. That being said, one model can’t do it all. What Is Financial Modeling? Risk management.

Modeling 98

Modeling Forecasting Metrics Finance 98

IBM Big Data Hub

JANUARY 16, 2024

One example of this is in insurance. Since AI has an ability to find trends in data, AI helps insurers create personalized products which could lead to more accurate risk assessments and ease insurance costs for individuals.

Risk Management 49

Risk Management Insurance Cost-Benefit Risk 49

datapine

OCTOBER 21, 2020

Now that we live longer, treatment models have changed and many of these changes are namely driven by data. By utilizing key performance indicators in healthcare and healthcare data analytics, prevention is better than cure, and managing to draw a comprehensive picture of a patient will let insurance provide a tailored package.

Big Data 364

Big Data Data Analytics Analytics Cost-Benefit 364

IBM Big Data Hub

JANUARY 18, 2024

The latest artificial intelligence (AI) chatbots , also known as intelligent virtual assistants or virtual agents, not only understand natural conversations thanks to advanced language models but also proactively automate various tasks using conversational AI technology. ” The advantages of chatbots surround us.

Cost-Benefit 88

Cost-Benefit Interactive Sales Insurance 88

CIO Business Intelligence

APRIL 15, 2022

Derek Driggs, a machine learning researcher at the University of Cambridge, together with his colleagues, published a paper in Nature Machine Intelligence that explored the use of deep learning models for diagnosing the virus. The algorithm learned to identify children, not high-risk patients.

Analytics 144

Analytics Machine Learning Insurance Testing 144

IBM Big Data Hub

APRIL 18, 2024

While these large language model (LLM) technologies might seem like it sometimes, it’s important to understand that they are not the thinking machines promised by science fiction. Most experts categorize it as a powerful, but narrow AI model. A key trend is the adoption of multiple models in production.

Cost-Benefit 91

Cost-Benefit Modeling Manufacturing Interactive 91

CIO Business Intelligence

AUGUST 14, 2023

Typically quicker, micro transformations are more adaptable — and lower risk — than large-scale projects, helping organizations achieve tangible improvements faster. The way people want to interact with the college system has changed drastically since the pandemic. That means if a class can be online, students want that option.

IT 81

IT Insurance Digital Transformation Broadcasting 81

Smart Data Collective

NOVEMBER 3, 2021

We have talked extensively about the role of AI in investment management and insurance. 2020 became the year when a lot of customers first experienced their remote interaction with banks and enjoyed it. Loan approval, as one of the biggest bottlenecks due to inconsistency of information between teams, may increase business risks.

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Software Data-driven Interactive Insurance 120

Smart Data Collective

JULY 8, 2021

However, they should not be passive about waiting for their bank, insurance company or other financial institution to advise them about new technology that can assist them. You might have access to a number of websites that use AI technology to help save money, get new financing opportunities and avoid serious financial risks.

Machine Learning 143

Machine Learning Management Finance Cost-Benefit 143

CIO Business Intelligence

MAY 9, 2022

The pandemic changed the way banks interact with customers. Risk management practices such as in-person meetings for underwriting, determining creditworthiness, and signing loan documents shifted to online channels. Business leaders must be aware of this disruption and how it might impact business models and customers.

Digital Transformation 97

Digital Transformation Insurance Interactive Risk Management 97

DataRobot Blog

JULY 21, 2022

Document assumptions and risks to develop a risk management strategy. Machine learning models created in silos are rarely implemented. The infrastructure team may want models deployed on a major cloud platform (such as Amazon Web Services, Google Cloud Platform, and Microsoft Azure), in your on-premises data center, or both.

Machine Learning 98

Machine Learning Metrics Modeling Testing 98

Decision Management Solutions

JULY 24, 2023

Operational AI generally makes a high-volume transaction or interaction a little more precise, a little more automated. It shaves some fraud loss or tightens the risk assessment or focuses the marketing offer just a little better. These can almost always be replaced with ML/AI models.

Insurance 52

Insurance Visualization Modeling Interactive 52

CIO Business Intelligence

JUNE 7, 2022

Those numbers represent the projected growth of chatbot interactions among banking customers between 2019 to 2023 and the cost savings from 862 hours less of work by support personnel, according to research by Juniper Research. billion in cost savings for the insurance industry as well during the same period. .

Unstructured Data 87

Unstructured Data Deep Learning Insurance Interactive 87

O'Reilly on Data

FEBRUARY 20, 2024

Interest and usage have increased as OpenAI has released more capable versions of its language model: GPT-3.5 Google’s Bard/Gemini, Anthropic’s Claude, and other models have made similar improvements. Customers fear even worse interactions with customer service, but look forward to new kinds of products.

Insurance 180

Insurance Modeling Technology Reporting 180