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

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.

Insurance 72

Insurance Unstructured Data Digital Transformation Cost-Benefit 72

CIO Business Intelligence

NOVEMBER 22, 2023

As a connected car data company focusing on the motor insurance sector, UK-based ThingCo is dedicated to developing next gen telematics built with the latest technology. But now these new models allow us to do a lot more. Then suddenly they’re testing out new features for us and coming up with ideas. We’re not experts.

Insurance 105

Insurance B2B Modeling Technology 105

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. When business decisions are made based on bad models, the consequences can be severe. As machine learning advances globally, we can only expect the focus on model risk to continue to increase.

Risk 111

Risk Modeling IT Risk Management 111

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

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. The context tests us and it’s necessary to reinvent ourselves every day.”

Digital Transformation 128

Digital Transformation Insurance Interactive Sales 128

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.

Modeling 52

Modeling Experimentation Visualization Risk 52

CIO Business Intelligence

DECEMBER 11, 2023

We promote innovation through regulatory sandboxes, real-world testing and open sources [excluding open source AI systems from transparency requirement]. Restrictions on GPAIS The growing popularity and adoption of GPAIS, such as ChatGPT, has pushed the authorities to accelerate the introduction of the governance model.

Risk 127

Risk Testing Insurance Cost-Benefit 127

IBM Big Data Hub

FEBRUARY 13, 2024

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. Autoregressive models or large language models (LLMs) are used for text and language.

Enterprise 122

Enterprise Modeling Testing Data-driven 122

IBM Big Data Hub

SEPTEMBER 28, 2023

An AI and data platform, such as watsonx, can help empower businesses to leverage foundation models and accelerate the pace of generative AI adoption across their organization. Business-targeted, IBM-developed foundation models built from sound data Business leaders charged with adopting generative AI need model flexibility and choice.

Testing 91

Testing Finance Enterprise Modeling 91

Domino Data Lab

JANUARY 18, 2023

For the world of AI and model building, the famous motto, “Move fast and break things” by Facebook founder Mark Zuckerberg is a sure path to destruction. Stakes are now higher than ever for AI, and model-driven businesses must be careful to test and confirm the safety and fairness of technology touching nearly everyone’s life.

Insurance 52

Insurance Data-driven Data Science Testing 52

Cloudera

JULY 15, 2021

For financial institutions and insurers, risk and exposure management has always been a fundamental tenet of the business. Attendees included senior risk managers and analytics experts from financial institutions and insurance companies. Pandemic “Pressure” Testing. Area such as: . Low Probability, High Impact Events Readiness.

Risk 99

Risk Optimization Management Insurance 99

CIO Business Intelligence

JUNE 7, 2022

To ensure robust analysis, data analytics teams leverage a range of data management techniques, including data mining, data cleansing, data transformation, data modeling, and more. What are the four types of data analytics? In business, predictive analytics uses machine learning, business rules, and algorithms.

Data Analytics 135

Data Analytics Diagnostic Analytics Management Analytics 135

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.

Risk 130

Risk Interactive Insurance Strategy 130

Smart Data Collective

MAY 10, 2022

If the AI model detects any, it can flag them for further investigation or automatically halt them. You can train a machine learning model for fraud detection by feeding it with many transactions and assigning them to “fraud” or “non-fraud” categories. Customer Support.

Marketing 109

Marketing Technology Insurance Machine Learning 109

Cloudera

DECEMBER 11, 2020

Insurance and finance are two industries that rely on measuring risk with historical data models. To facilitate risk modeling in this new normal, agility and flexibility is required. Insurance . Data Variety. This will only become more important as we move into 2021 and a post-pandemic new normal.

Insurance 94

Insurance Digital Transformation Unstructured Data Machine Learning 94

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

Risk 357

Risk Modeling Data Processing Software 357

Cloudera

JUNE 13, 2023

The bank offerings include standard deposit and lending services, credit cards, wealth management, agribusiness finance and insurance, and foreign exchange services for other financial institutions. The approach offered lower risks and allowed for comprehensive platform and application testing.

Data-driven 77

Data-driven Analytics Insurance Big Data 77

Domino Data Lab

MARCH 11, 2021

Machine learning (ML) frameworks are interfaces that allow data scientists and developers to build and deploy machine learning models faster and easier. Machine learning is used in almost every industry, notably finance , insurance , healthcare , and marketing. What hardware, software, and cloud services are used for scaling?

Machine Learning 143

Machine Learning Deep Learning Insurance Modeling 143

Smarten

JUNE 26, 2018

This article describes chi square test of association and hypothesis testing. What is the Chi Square Test of Association Method of Hypothesis Testing? Let’s conduct the Chi square test of independence using two variables: Gender and Product category. Use Case – 1. About Smarten.

Testing 40

Testing Statistics IT Business Intelligence 40

CIO Business Intelligence

MARCH 13, 2024

We did side-by-side testing,” he says. AI models are able to present best practice code systems to help junior developers learn and hone their skills.” In testing, gen AI was also particularly good at generating test cases and creating dummy data for testing.

IT 128

IT Consulting Testing Cost-Benefit 128

CIO Business Intelligence

FEBRUARY 23, 2024

Honda has plans to roll out Microsoft’s ChatGPT Enterprise, also called Copilot, for its Office 365 workers using Outlook or PowerPoint, for example, and is actively piloting a GitHub AI model to gain efficiencies in application development, application maintenance, and IT service processes that are primarily internal.

IT 122

IT Manufacturing Unstructured Data Strategy 122

IBM Big Data Hub

OCTOBER 2, 2023

Ovum Health’s platform provides medical software, clinical decision support, advanced lab testing and analytics to deliver a personalized approach to a healthy pregnancy. IBM assisted Ovum Health in the creation of a no-code platform for an AI assistant that leverages natural language models—which became the FertilityAnswers Bot.

Insurance 91

Insurance ROI Interactive Testing 91

IBM Big Data Hub

FEBRUARY 14, 2024

Other uses include Netflix offering viewing recommendations powered by models that process data sets collected from viewing history; LinkedIn uses ML to filter items in a newsfeed, making employment recommendations and suggestions on who to connect with; and Spotify uses ML models to generate its song recommendations.

Cost-Benefit 86

Cost-Benefit Insurance Unstructured Data Machine Learning 86

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 90

Cost-Benefit Interactive Sales Insurance 90

O'Reilly on Data

OCTOBER 22, 2020

Taking the time to work this out is like building a mathematical model: if you understand what a company truly does, you don’t just get a better understanding of the present, but you can also predict the future. Since I work in the AI space, people sometimes have a preconceived notion that I’ll only talk about data and models.

Consulting 292

Consulting Risk Cost-Benefit Modeling 292

CIO Business Intelligence

JANUARY 19, 2023

The research, conducted by International Data Corporation (IDC) and commissioned by SUSE surveyed 838 respondents in 11 Asia/Pacific countries across a range of industries such as financial services and insurance, telecommunications, and government.

Software 136

Software Enterprise Digital Transformation Insurance 136

AWS Big Data

JANUARY 30, 2023

We examine a hypothetical insurance organization that issues commercial policies to small- and medium-scale businesses. The insurance prices vary based on several criteria, such as where the business is located, business type, earthquake or flood coverage, and so on. getOrCreate() #Define the table schema schema = StructType().add("policy_id",IntegerType(),True).add("expiry_date",DateType(),True).add("location_name",StringType(),True).add("state_code",StringType(),True).add("region

Insurance 83

Insurance Data Lake Data-driven Management 83

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. Risk management and models in a COVID-19 world.

Risk 88

Risk Marketing Technology Management 88

IBM Big Data Hub

JULY 11, 2023

Implementing AI can help recognize unusual or suspicious patterns in insurance claims, such as billing for costly services or procedures not performed, unbundling (which is billing for the individual steps of a procedure as though they were separate procedures), and performing unnecessary tests to take advantage of insurance payments.

Deep Learning 57

Deep Learning Cost-Benefit Insurance Machine Learning 57

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 93

Cost-Benefit Modeling Manufacturing Interactive 93

CIO Business Intelligence

MARCH 7, 2024

Public LLMs in the sandbox: Safely test publicly available Large Language Models (LLMs) in a sandbox environment, separate from the production setting, to assess their impact without risking operational disruptions. Many businesses are in the exploratory phases, creating unique business cases and testing their theory on uses.

Digital Transformation 72

Digital Transformation Machine Learning Risk Testing 72

DataRobot

AUGUST 9, 2021

However, many organizations don’t implement any feedback loop to monitor and control their models after they’re out in production. General Data Protection Regulation, California Consumer Privacy Act, SR 11-7 Guidance on Model Risk Management, etc). DataRobot MLOps solution is ideal in this journey of fairness and trustworthy AI.

Machine Learning 52

Machine Learning Risk Testing Insurance 52

Domino Data Lab

JULY 28, 2021

There are many software packages that allow anyone to build a predictive model, but without expertise in math and statistics, a practitioner runs the risk of creating a faulty, unethical, and even possibly illegal data science application. All models are not made equal. After cleaning, the data is now ready for processing.

Data Science 110

Data Science Statistics Recreation/Entertainment Predictive Analytics 110

Smart Data Collective

JANUARY 19, 2023

The DevOps model of software development has revolutionized the way we create, distribute, and deploy software. It’s a model that merges development and operations teams and allows for continuous delivery of complex applications.

Optimization 113

Optimization Cost-Benefit Software Measurement 113

Smart Data Collective

MARCH 8, 2021

Thanks to the availability of comparative data for practically every type/model of a vehicle, fleet managers can plan maintenance activities based on certain knowledge. Direct costs include depreciation, interest, repair and maintenance costs, tire changes, insurance, fuel, taxes, and fees.

Big Data 143

Big Data Management Predictive Analytics Statistics 143

Jen Stirrup

FEBRUARY 1, 2023

The effects of AI will be magnified in the coming decade as manufacturing, retailing, transportation, finance, health care, law, advertising, insurance, entertainment, education, and virtually every other industry transform their core processes and business models to take advantage of machine learning.

Recreation/Entertainment 63

Recreation/Entertainment Testing Advertising Insurance 63