AI

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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“Technology and the Future of Work” at Distribution Conference for Financial Services

The term shifting sands is usually used to emphasize that something changes frequently, making it difficult to deal with and thus make plans. But the need for change also can lead to great opportunity. The theme for this year’s 2019 Distribution Conference for Financial Services – “Shifting Sands: Find Your Footing” seems perfect for conveying […]

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Doing more with data means doing more with storage in the insurance industry

Despite the notion of insurance as a stodgy business, today’s insurance industry is arguably in the process of reinvention.  The insurance industry is hitting a developmental milestone—triggered by rapid technology and cultural changes including: Chips (e.g., GPUs) Smartphones Social media Public cloud Artificial Intelligence (AI)/Deep Learning (DL) Sensors and IoT devices, including bots, drones and […]

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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 cognitive underwriting to work

Underwriting is at the very core of insurance. Depending upon the line of business, and the guidelines established by the carrier, the process can be very involved.   The process requires a spectrum of skills, including a balance of art and science, along with lots of information, including structured—traditional quantified data—and increasingly unstructured—video voice, text, images, […]

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Perfecting the insurance user experience journey with AI

In recent years, there has been great progress in advancing user experience, online buying capabilities and omnichannel coherence. Yet, despite these advances in user experience (UX) design, user experience in the insurance industry has yet to be fully understood and perfected. Some recent trends in user interface (UI)  thinking involve incorporating “persona” and “customer journey” […]

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Streamlining insurance with platforms and artificial intelligence: IBM at LIMRA 2018

From October 28-30, 2018, leaders in the life insurance industry will convene in New York City for the annual LIMRA conference to answer questions related to this year’s theme: “Reclaiming Relevance: Now Is The Time!” Speakers will discuss how financial services companies can convey their relevance given today’s “flood” of data and how they can […]

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Making sense of big data in insurance

As InsureTech Connect 2018 continues, there are some common themes that continue to be raised during discussions of this 3-day event. Points like: “disruption is a good thing,” “blockchain is a game changer,” and “big data is only getting bigger.’ With that in mind, it was a pleasure to sit in on a session titled […]

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Four technology changes help insurers become true risk partners

Mark McLaughlin, Global Insurance Director at IBM, was interviewed by A.M. BestTV at the Meeting of Reinsurance Officials 2018 in Montreal. A.M. BestTV delivers A.M. Best’s coverage of the insurance industry in a television-quality format. In this interview with John Weber of Best TV, Mark describes how insurers and insureds benefit from four main changes […]

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