Decision Management Solutions

FEBRUARY 27, 2019

Matt Josefowticz wrote a great piece recently – Technology May be the Answer for Insurers, but What Was the Question? In this he argues that there are only three levers of value in insurance: 1. Manage Risk Better (aka underwriting and adjusting). Sell More. Cost Less to Operate. Sure, when that makes sense.

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Cloudera

SEPTEMBER 22, 2022

Insurance carriers are always looking to improve operational efficiency. In this post, I’ll explore opportunities to enhance risk assessment and underwriting, especially in personal lines and small and medium-sized enterprises. Utilizing a variety of data sources creates a more accurate picture of risks.

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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.

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Smarten

JULY 30, 2018

How Can Predictive Analysis Tools Help My Hospital or Healthcare Organization? Hospitals and healthcare systems are turning to predictive analytics tools to plan and forecast and understand what, when and how to support patients.

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CIO Business Intelligence

JUNE 7, 2022

Diagnostic analytics uses data (often generated via descriptive analytics) to discover the factors or reasons for past performance. Predictive analytics applies techniques such as statistical modeling, forecasting, and machine learning to the output of descriptive and diagnostic analytics to make predictions about future outcomes.

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IBM Big Data Hub

OCTOBER 30, 2023

A leading insurance player in Japan leverages this technology to infuse AI into their operations. Real-time analytics on customer data — made possible by DB2’s high-speed processing on AWS — allows the company to offer personalized insurance packages.

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Smart Data Collective

DECEMBER 9, 2020

Consumers are also looking for new machine learning tools to help mitigate their daily risks and solve some of their most perplexing challenges. Data from these accidents is used to train machine learning algorithms to identify correlating risk factors with car accidents. How nuanced can these machine learning risk analyses really be?

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Smart Data Collective

JANUARY 17, 2020

From predicting risk factors to helping cure disease, Big Data in healthcare is multi-faceted. Through the use of Big Data, opioid usage can easily be tracked and any risk factors for the potential misuse of opioids can be flagged before they happen. The market for big data in healthcare is growing 22% a year.

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FineReport

APRIL 9, 2024

The implementation of robust healthcare data management strategies is imperative to mitigate the risks associated with data breaches and non-compliance. The integration of clinical data analysis tools empowers healthcare providers to leverage predictive analytics for proactive decision-making.

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Smart Data Collective

MAY 21, 2019

There are several ways that predictive analytics is helping organizations prepare for these challenges: Predictive analytics models are helping organizations develop risk scoring algorithms. Insurance providers might require them to have adequate safeguards to get compensated for any damages.

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Big Data Cost-Benefit Predictive Analytics Insurance 76

IBM Big Data Hub

FEBRUARY 14, 2024

Clean up with predictive maintenance AI can be used for predictive maintenance by analyzing data directly from machinery to identify problems and flag required maintenance. Maintenance schedules can use AI-powered predictive analytics to create greater efficiencies. See what’s ahead AI can assist with forecasting.

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Smart Data Collective

SEPTEMBER 28, 2022

This reduces the risk that inaccurate information will be used in your organization’s decision-making, which could result in poor business outcomes. Information management mitigates the risk of errors. Errors can be costly and time-consuming, so the more you reduce the risk of errors, the better. Conclusion.

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Smart Data Collective

JANUARY 12, 2022

Specific Ways Small Businesses Can Use Data Analytics to Resolve Financial Problems. Fraud risks. Small businesses suffer the greatest risks of fraud. A growing number of businesses are using data analytics for fraud scoring. Data analytics tools can help you figure out how to improve your credit score.

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IBM Big Data Hub

JULY 11, 2023

AI-enabled robots can work around sensitive organs and tissues, reducing blood loss, infection risk and post-surgery pain. Census Bureau , 28 million Americans didn’t have health insurance in 2020, and even those with insurance don’t always have coverage for every type of screening they need.

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Smart Data Collective

SEPTEMBER 15, 2019

Choosing a niche with big data and predictive analytics. You can use big data and predictive analytics to gauge trends in the music industry and see what will be popular in the future. Insure your business. If you want to become successful in the music industry, it’s essential that you insure your business.

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bridgei2i

JULY 8, 2020

They discuss the impact of the pandemic on enterprises and the need to adopt parallel windows – a short term window to get an enterprise’s operational system up and running as effectively as possible, and a medium-term outlook to mitigate the supply chain shocks and risks. Tune in, and don’t forget to subscribe!

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Smart Data Collective

MARCH 3, 2021

But if they use predictive analytics, they can determine how much each case pays out, considering factors as the number of previous cases filled with the same judge. When the risk of recurrence for a malpractice case is high, for example, they can convince the judge to be more generous in rewarding the client.

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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. This almost always results in lack of adoption, and can also expose an organization to risk.

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Cloudera

SEPTEMBER 7, 2023

With AI, financial institutions and insurance companies now have the ability to automate or augment complex decision-making processes, deliver highly personalized client experiences, create individualized customer education materials, and match the appropriate financial and investment products to each customer’s needs.

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Smart Data Collective

NOVEMBER 12, 2021

While hiring outside your business’s home country does carry some added risk, you can minimize this through research of international hiring guides and investing in partnerships. Instead, your area of expertise could be selling books, providing insurance, or creating jewelry. Scale Operations According to Cyclical Activity.

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datapine

OCTOBER 21, 2020

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. If you put on too many workers, you run the risk of having unnecessary labor costs add up.

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Big Data Data Analytics Analytics Cost-Benefit 364

Sisense

MARCH 27, 2019

It also lets companies provide users with the data they need to complete their jobs more effectively, and even assists in predictive analytics. Risk analysts can take advantage of incoming data to continuously modify their risk models and make better calls on insurance, loans, and a variety of other financial decisions.

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Cloudera

JANUARY 5, 2023

This is especially so in industries like telecom, retail, healthcare, manufacturing, insurance, and financial services. What will determine the winners from the laggards will hinge on the speed at which predictive analytics can be executed, and the cost-benefit ratio related to these algorithmic paradigms.

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Decision Management Solutions

MARCH 12, 2020

Neal Silbert of DataRobot had an interesting post on the DataRobot blog last week – Outcome-Based Claims Assignment: The “New Grail” of Insurance. These review assignments are based on things like the complexity of the claim as well as various risk factors.

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datapine

OCTOBER 11, 2023

It allows for informed decision-making and efficient risk mitigation. As seen in the image above, these costs can include employee salaries, taxes, insurance, storage, and even the investment opportunities that the business might be losing due to having a lot of resources tight to inventory.

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Smart Data Collective

DECEMBER 5, 2019

They offer cheap prices for flight and focus on selling additional bags, meals, complete trip packages, and flight insurance as a way of making money. Predictive analytics will be used much more in airline marketing in the months to come. New machine learning technology is making things much easier.

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Machine Learning Cost-Benefit Strategy Marketing 63

Sisense

NOVEMBER 5, 2020

It will also give you access to advanced technologies like predictive analytics, which can help you get ahead of trends, alert you to staffing issues, skill gaps, and market fluctuations, and provide guidance in an uncertain world. The right analytics can show you how many employees are leaving and why.

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Domino Data Lab

JANUARY 24, 2019

In a similar vein, in 2018 Forrester split apart its “Wave” for predictive analytics products into two distinct Waves. For example, an insurance company could task a team of expert data scientists to work collaboratively in a code-first platform to develop their proprietary claims risk models.

Data Science 65

Data Science Marketing Data-driven Statistics 65

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?

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Insurance Risk IoT Cost-Benefit 150

DataRobot Blog

MAY 25, 2022

The DataRobot AI Cloud Platform can also help identify infrastructure and buildings at risk of damage from natural disasters. With DataRobot, professionals and organizations impacted by natural disasters can solve an array of difficult predictive analytics questions and rapidly gain value from their data. Learn more.

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Smart Data Collective

AUGUST 29, 2022

For example, insurance companies use cluster analysis to detect false claims, while banks use it to assess creditworthiness. Predictive analytics. Predictive analytics uses historical data to predict future trends and models , determine relationships, identify patterns, find associations, and more.

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Analytics Predictive Analytics Machine Learning Insurance 113

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.

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Cloudera

JUNE 23, 2021

Climate change is a challenge for insurers in some obvious ways, such as stronger and more frequent natural disasters. Yet there are also more subtle risks to monitor, including changes to insured assets, risks, and exposures. These kinds of nuanced risk assessments require comprehensive solutions.

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Insurance Risk Modeling Risk Management 52

CIO Business Intelligence

APRIL 15, 2022

The patients who were lying down were much more likely to be seriously ill, so the algorithm learned to identify COVID risk based on the position of the person in the scan. The algorithm learned to identify children, not high-risk patients. The study’s researchers suggested that a few factors may have contributed.

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Analytics Machine Learning Insurance Testing 145

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.

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Insurance Management Machine Learning Modeling 40

Domino Data Lab

JULY 22, 2019

You know, case in point, if you were to talk about predictive analytics 20 years ago, the main people in the field would have laughed you out of the room. Predictive analytics, yeah, not so much.” You know, companies like telecom and insurance, they don’t really need machine learning.”

Data Science 109

Data Science Machine Learning Data Governance Modeling 109

Cloudera

MARCH 18, 2021

The Fundamental Review of the Trading Book (FRTB), introduced by the Basel Committee on Banking Supervision (BCBS), will transform how banks measure risk. In order to help make banks more resilient to drastic market changes, it will impose capital requirements that are more closely aligned with the market’s actual risk factors.

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