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 73

Insurance Risk Testing Data Quality 73

bridgei2i

NOVEMBER 25, 2020

Automated Sales & Underwriting Strategies can Transform Insurance. One of the major repercussions of the COVID-19 pandemic in financial sectors has been the increase in awareness about insurable risks across categories and markets. Images 1: Challenges before insurance industry in the post-Corona world.

Insurance 52

Insurance Sales Strategy Digital Transformation 52

IBM Big Data Hub

NOVEMBER 30, 2023

This situation increases the need for businesses to adapt their sustainability strategies to address climate change issues. In Florida and California, where hurricanes and wildfires respectively have become more rampant, some insurance providers are choosing to stop servicing these regions entirely.

Strategy 95

Strategy Insurance Risk Management 95

Rocket-Powered Data Science

OCTOBER 16, 2020

While there has been accelerating interest in implementing AI as a technology, there has been concurrent growth in interest in implementing successful AI strategies. senior executives across eight industries: agriculture, banking, exhibitions, government, healthcare, insurance, legal, and science/medical. organizations. (e)

Strategy 198

Strategy Insurance Snapshot Digital Transformation 198

CIO Business Intelligence

MAY 17, 2023

While formulating their IT modernization strategies, they’d do well to regard data assets with business opportunities in mind. An older bank, grown through acquisition, with one custom-built system supporting its real estate business, while another supports its insurance business.

Data-driven 110

Data-driven Strategy IT Insurance 110

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

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 82

Insurance IoT Risk Data Processing 82

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.

Insurance 52

Insurance Sales Strategy Digital Transformation 52

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 60

Insurance Cost-Benefit Digital Transformation Marketing 60

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

IBM Big Data Hub

DECEMBER 8, 2023

The only way for effective risk reduction is for an organization to use a step-by-step risk mitigation strategy to sort and manage risk, ensuring the organization has a business continuity plan in place for unexpected events. Building a strong risk mitigation strategy can set up an organization to have a strong response in the face of risk.

Risk 73

Risk Strategy Risk Management Insurance 73

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

CIO Business Intelligence

NOVEMBER 2, 2023

Yet, controlling cloud costs remains the top challenge IT leaders face in making the most of their cloud strategies, with about one third — 35% — of respondents citing these expenses as the No. 1 barrier to moving forward in the cloud. The CIO says he signed a contract with a cloud provider that gives him an out if he needs.

Strategy 140

Strategy Data Processing Experimentation Optimization 140

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

bridgei2i

JANUARY 18, 2021

Case study: Underwriting Process Automation for M&A Insurance. The client, a leading commercial insurer in North America, was looking to reduce the deal processing time of policies by automating the retrieval of specific information from various documents and boost conversions. Business Context. How BRIDGEi2i Delivered Value?

Insurance 52

Insurance Interactive Enterprise Strategy 52

bridgei2i

JANUARY 17, 2021

Case study: Emerging Risk Identification for Personal Lines Insurance. The client, a global insurance leader, wanted to identify emerging risks, associated drivers & trends by analyzing various external data sources including medical journals, legal opinion blogs, newsfeed & social media. Business Context.

Insurance 52

Insurance Risk Interactive Enterprise 52

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!

Insurance 52

Insurance Deep Learning Risk Enterprise 52

bridgei2i

JANUARY 18, 2021

Case study: Subrogation Prediction Using Machine Learning for Property Insurance. The client, a leading P&C insurer, wanted to identify property damage claims that have the potential for subrogation & recovery. Learn how the right AI strategy can take your business to its pinnacle. Business Context.

Insurance 52

Insurance Machine Learning Enterprise Strategy 52

bridgei2i

APRIL 16, 2020

Insurance firm Swiss Re faced a $250m (approximately £215m) loss if the event was canceled instead of being delayed. This is just a tip of the iceberg of the massive losses the Insurance sector is staring at due to COVID-19’s onset. The insurance industry —which, in the US alone, accounts for $1.2

Insurance 71

Insurance Sales Digital Transformation Machine Learning 71

CIO Business Intelligence

APRIL 12, 2022

When the COVID-19 pandemic hit, it shook every industry to the core, but especially and dramatically affected health insurers. Deluged with calls and questions about rapidly changing health guidelines and coverage, insurers had to quickly revamp their systems to provide updated information.

Insurance 52

Insurance Technology Management Cost-Benefit 52

bridgei2i

OCTOBER 12, 2020

Case study: Demand Elasticity Estimation and Price Optimization for an Insurance Major. The client is a P&C insurance leader in Asia wanted to optimize their price & demand elasticity estimation. Learn how the right AI strategy can take your business to its pinnacle. Business Context. How BRIDGEi2i Delivered Value?

Insurance 52

Insurance Optimization Enterprise Strategy 52

bridgei2i

JANUARY 18, 2021

Case study: Sales Growth with Ai-Driven Product Recommendation Framework for a P&C Insurer. The client, a leading North American P&C commercial insurer, wanted to develop and implement an AI-driven product recommendation solution for cross-selling to existing customers. Business Context. How BRIDGEi2i Delivered Value?

Insurance 52

Insurance Sales Machine Learning Strategy 52

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

APRIL 23, 2024

The steps you need to take to deal with ransomware risks include all four risk/response strategies: They prevent (reduce the odds), mitigate (reduce the damage), and insure you from the worst outcomes (insurance is about sharing the costs). Insurance: You know how this plays out.

Risk 114

Risk IT Insurance Risk Management 114

bridgei2i

OCTOBER 12, 2020

Case study: Automatic Detection of Trend Variations in Loss Ratio for a Global Insurance Major. The client is leading global insurer wanted to Automatic detection of trend variations in loss ratio. Learn how the right AI strategy can take your business to its pinnacle. Business Context. How BRIDGEi2i Delivered Value?

Insurance 52

Insurance Risk Enterprise Strategy 52

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

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.

Insurance 75

Insurance Data Science Testing Modeling 75

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. Sell More , 2. Cost Less to Operate.

Insurance 75

Insurance Technology Predictive Analytics Risk 75

Cloudera

MARCH 25, 2021

The protection and controls around data become increasingly complex when used in the context of banking and insurance activities. Personal and confidential information carries heightened sensitivity in the light of financial, health and insurance activities. Financial institutions and insurers understand the benefits of more data.

Data Strategy 65

Data Strategy Strategy Enterprise Insurance 65

Decision Management Solutions

APRIL 15, 2019

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

Insurance 63

Insurance Technology Predictive Analytics Sales 63

Smart Data Collective

NOVEMBER 1, 2022

In addition, even an insurance agency must ensure that the taxes are paid before the deadline to avoid penalties from government agencies. Availing of all the tax deductions is also necessary, and professional insurance accounting services can help you in this regard. Plan for Tax Season Before it Gets Started.

Strategy 81

Strategy Insurance Software Reporting 81

CIO Business Intelligence

MARCH 12, 2022

A well-establish, well-executed employee retention strategy is a key competitive differentiator, as a company’s ability to hold on to its talent — especially in tight hiring markets — has profound ramifications for its ability to operate at a high level, without the disruptions that employee turnover bring. “We

Strategy 128

Strategy Cost-Benefit Management Enterprise 128

CIO Business Intelligence

OCTOBER 20, 2023

But home and automobile insurance company Allstate is taking a different approach. The result, Jeevanjee says, is a technology-driven business strategy “that’s a very empowering thing.” Allstate expects to be up and running in 10 states this year for automobile policies and 19 states for rental insurance. “We

Digital Transformation 136

Digital Transformation Insurance Recreation/Entertainment Machine Learning 136

Ontotext

JANUARY 29, 2024

The generative AI buzz and interest in cloud migration shouldn’t be ignored, but as with any technology that requires data strategy, it’s critical that data and analytics professionals be crystal clear about their priorities and confident in the projects that will positively impact their business and goals.

Strategy 52

Strategy Management Metadata Data-driven 52

CIO Business Intelligence

JANUARY 3, 2024

AI First in the Contact Center IBM Consulting and Amazon Web Services (AWS) are working together to bring an AI-first strategy to contact center transformation. One of the solutions aimed to improve customer experience and agent efficiency in insurance company contact centers by creating an automated summary of customer-agent calls and chats.

B2B 126

B2B Insurance Consulting Cost-Benefit 126

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 128

Digital Transformation Insurance Interactive Sales 128

Peter James Thomas

MARCH 23, 2020

In my last article, Data Strategy Creation – A Roadmap , I hopefully gave some sense of the complexities involved in developing a commercially focussed Data Strategy. I had successfully developed and then executed a Data Strategy for the European operations of a leading Global General Insurer. Business Interviews and 1.5

Data Strategy 89

Data Strategy Strategy Insurance Interactive 89