Risk & Analytics

Four ways to stem the growth of financial crime in insurance

Insurers have long understood that the ability to quickly detect fraudulent claims not only stems losses, but also minimizes the impact to legitimate customers as well. But as more complex financial crimes like money laundering, employee fraud, and corruption have gravitated toward insurers more recently, many don’t have the programs in place to combat these […]

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How digitalization of life insurance will transform a static industry

Life insurers have a big problem: Younger adults are not buying life insurance. Despite year-over-year population and GDP growth, the number of U.S. residents under 45 who applied for life insurance in 2018 fell 2.7 percent from the previous year, according to the nonprofit group MIB. Insurers have turned to emerging markets such as India […]

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IBM Solutions and Services for Insurance

Discover IBM insurance solutions that can help you make smart investments focusing on informed interactions, streamlined operations and enterprise resilience.

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How big data, AI, and automation impact insurance

Data is the new gold… Data is the new oil… Pick your metaphor, but for insurers, data is the asset their critical business processes require in order to run effectively and produce actionable results. Data is a critical component of marketing, underwriting, product development, claims, distribution and IT operations, to name a few, and insurers […]

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Putting insight to work with analytics and AI in insurance

When it comes to analytics, AI and even innovation – don’t be fooled – there are no magic solutions.  There’s no easy fix – especially for the insurance industry. Ah, so now you are wondering where I am going and why I initially sound pessimistic.  I am not negative.  In fact, I am excited.  I […]

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The top 3 financial crime trends insurers face today

Insurers are investing more in anti-fraud technology because the risks are growing. Terrorist groups, crime syndicates, and national and international gangs increasingly carry out large-scale financial offenses to create illegal profits and fund even worse activities.  And these crimes involve multiple industries – insurers say that 84% of fraud cases they investigate involve more than one […]

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Cognitive technologies are the solution for underwriting

The first known practices of “insurance” are from hundreds of years BC when neighbors would all come together to rebuild a farmer’s barn lost to fire.[1] Or when the community started to store grain so that they would have food in years of famine. Although this part is not documented, I am sure somewhere along […]

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Trust and transparency with GDPR

In case you have not heard, General Data Protection Regulation, commonly referred to as “GDPR,” is now in effect. That means that individuals residing in the EU will have more control over how their data are handled. Companies throughout the world have spent a considerable amount of time preparing their systems and procedures, preparing their […]

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Five lessons for CDAOs on successful data strategies

New technologies, changing demographics and channels, and increasing consumer expectations have opened the floodgates for new insurance entrants. Traditional business models are under strain as insurers look to increase customer interactions as trusted risk advisors and partners. All this, while legacy systems, operational inefficiency and complex regulations deter effective, timely transformation. This seems to be the […]

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Will driverless cars wreck auto insurance?

I live in Los Angeles where traffic is legendary.  At one point in my career, I had a downtown office 23 miles away from my suburban home.  That commute almost always took at least an hour and a half.  On brutal days, it took two hours.  Each way!  Three to four hours ofevery workday wasted […]

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Fighting insurance fraud with blockchain

From my work in the fraud space, I see that the bad guys are always one step ahead of the good guys by exploiting gaps in the system. Insurance companies are investing heavily in subscribing to fraud intelligence, but they continue not to share intelligence to their peers, providers and agents to expand the observation […]

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Blockchain-based insurance

As I pointed out in my last blog, blockchain technology is set to revolutionize the insurance industry. Yet the technology can be so complex that the applications can get lost. That complexity may be why I often hear my customers say, “I’ve heard a lot about blockchain technology. Tell me why I should care.” Here’s […]

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Weather, Risk, and Essential Problems

In the news recently is an announcement from IBM related to insurance… our expansion of The Weather Company’s weather prediction capabilities across the world:  http://www-03.ibm.com/press/us/en/pressrelease/50218.wss.  We believe this has long-term implications for the insurance industry. One of the principles behind the provision of insurance is an accurate view of the underlying peril to be insured […]

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