DataRobot Blog

APRIL 29, 2022

With the big data revolution of recent years, predictive models are being rapidly integrated into more and more business processes. This provides a great amount of benefit, but it also exposes institutions to greater risk and consequent exposure to operational losses. What is a model?

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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.,

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IBM Big Data Hub

MARCH 27, 2024

As businesses make plans to mitigate climate risks such as extreme weather events, they have an opportunity to innovate with new business models and demonstrate leadership by implementing more sustainable practices. What is climate risk? Substantial repair costs might arise, particularly impacting insurance companies.

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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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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? , Let’s dive into greater detail on the second lever – Manage Risk Better.

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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.

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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. .

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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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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.

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CIO Business Intelligence

MAY 8, 2024

On behalf of insurance carriers, pharmacy benefit managers, and other healthcare payers, Expion negotiates prices with pharmacies and medical practices based on volume discounts and other factors. We take the financial risk for this, which means that if there is anything that’s misrepresented, the money comes from our pocket.”

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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!

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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.

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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.

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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.

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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.

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bridgei2i

JUNE 23, 2021

6 Ways AI Is Taking The Insurance Industry Into The Future. For example, the insurance industry is witnessing a strong acceleration in the adoption and growth of AI for task automation, improvement of service quality, and data-driven decision making. Insurance is a resource-intensive field. Claim Handling. Fraud Detection.

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Alation

JANUARY 9, 2023

Alation joined with Ortecha , a data management consultancy, to publish a white paper providing insights and guidance to stakeholders and decision-makers charged with implementing or modernising data risk management functions. The Increasing Focus On Data Risk Management. Download the complete white paper now.

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Cloudera

OCTOBER 21, 2020

The Insurance industry is in uncharted waters and COVID-19 has taken us where no algorithm has gone before. Today’s models, norms, and averages are being re-written on the fly, with insurers forced to cope with the inevitable conflict between old standards and the new normal. . Insurers are thinking on their feet.

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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.

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CIO Business Intelligence

JUNE 6, 2023

While there is endless talk about the benefits of using ChatGPT, there is not as much focus on the significant security risks surrounding it for organisations. In one example , a doctor uploaded their patient’s name and medical condition in order to generate a prior authorisation letter to the patient’s insurance company.

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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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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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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.

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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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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.

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IBM Big Data Hub

NOVEMBER 30, 2023

Risks from wildfires, floods, heat, drought and wind have always been a concern, but climate change has intensified these risks, making them more frequent and unpredictable for organizations. For instance, proactively identify high-risk assets and develop a contingency plan. What can organizations do about climate change?

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John Wheeler

OCTOBER 21, 2019

Over the past month, I’ve been speaking to various groups to help them prepare for the onslaught of digital risks in their organizations. A common theme is the need for greater risk quantification beyond the realm of traditional, qualitative governance, risk and compliance (GRC) approaches.

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Decision Management Solutions

DECEMBER 17, 2021

In the recent McKinsey article discussing designing next-generation credit-decisioning models they outlined four best practices for automated credit-decisioning models for banks as they continue their digital transformations. Digital lending based on high-performance credit-decisioning models, says McKinsey, lead to: Increased revenue.

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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.

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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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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.

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CIO Business Intelligence

MAY 10, 2024

The legislation requires companies that conduct business in Colorado to disclose to the state’s attorney general “any known or reasonably foreseeable risk of algorithmic discrimination, within 90 days after the discovery or receipt of a credible report.” Devil in the details Consequential decisions aren’t the only areas coming under scrutiny.

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O'Reilly on Data

MAY 18, 2020

This article answers these questions, based on our combined experience as both a lawyer and a data scientist responding to cybersecurity incidents, crafting legal frameworks to manage the risks of AI, and building sophisticated interpretable models to mitigate risk. All predictive models are wrong at times?—just

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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. If the AI model detects any, it can flag them for further investigation or automatically halt them.

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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.

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CIO Business Intelligence

DECEMBER 27, 2023

Those same characteristics, however, reveal the risks AI pose to this sector. It’s really good at summarising, filling in blanks, and connecting dots, so generative AI is fit for purpose,” says Brian Baral, global head of risk at Genpact. So business technology leaders in financial services are carefully navigating a path toward AI.

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Decision Management Solutions

MARCH 25, 2021

How Decision Modeling Reduces Complexity in Regulated Industries. Organizations in highly regulated industries like healthcare, finance, insurance, and energy are constantly wrestling with how to balance risk and profitability. Decision Modeler, Decision Management Solutions. More about the host: Charlotte DeKeyrel.

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