SAS Software

SEPTEMBER 6, 2023

In 2022, insurers shouldered historic underwriting losses. Worsening results continued in Q1 of 2023 for the US property and casualty (P&C) industry, posting its first and largest net underwriting loss in the first quarter in 12 [.] Disaster and insurance have always shared a symbiotic relationship – one begets the other.

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Flipboard

APRIL 19, 2023

Artificial intelligence and machine learning have been used in the financial services industry for more than a decade, enabling enhancements that range from better underwriting to improved foundational fraud scores.

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Flipboard

FEBRUARY 7, 2023

Mortgage marketplaces and underwriting The single-family mortgage market is estimated to be worth more than $13 trillion in the United States alone. Mortgage search and underwriting have gotten better over the years, but there’s room for improvement. For one, the industry stands out for its abject lack of personalization.

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Hacker News

AUGUST 2, 2023

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IBM Journey to AI blog

DECEMBER 1, 2023

Role of generative AI in digital transformation and core modernization Whether used in routine IT infrastructure operations, customer-facing interactions, or back-office risk analysis, underwriting and claims processing, traditional AI and generative AI are key to core modernization and digital transformation initiatives.

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Dataconomy

DECEMBER 16, 2016

Whether you are working in marketing, risk management, product design, finance, actuarial science, underwriting, or claim management, The post The Rise of Insurtech in the Age of Algorithms appeared first on Dataconomy.

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Smart Data Collective

JUNE 23, 2022

We speak to two finance startup founders to get a better idea of how they use data effectively to do underwriting , grow and scale their businesses. For Underwriting and Funding. For underwriting and deciding who is going to be approved for a loan, the use of data is everything,” explains Richard Dent of Finger Finance.

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Dataversity

MAY 19, 2023

In the early days of business analysis and underwriting, data was managed with simply a pen and paper and, of course, Excel spreadsheets. As technology has advanced, databases, warehouses, and data lakes have enabled information to be collected, stored, and managed electronically.

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AWS Machine Learning Blog

FEBRUARY 7, 2024

In the first post of this three-part series, we presented a solution that demonstrates how you can automate detecting document tampering and fraud at scale using AWS AI and machine learning (ML) services for a mortgage underwriting use case.

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Dataversity

MAY 4, 2023

From underwriting to claims management, artificial intelligence (AI) and machine learning have paved the way for innovative solutions that improve efficiency, accuracy, and customer satisfaction.

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Dataconomy

DECEMBER 16, 2016

Whether you are working in marketing, risk management, product design, finance, actuarial science, underwriting, or claim management, The post The Rise of Insurtech in the Age of Algorithms appeared first on Dataconomy.

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Dataversity

APRIL 1, 2022

Many companies are already using it to assess underwriting risk, determine pricing, and evaluate claims. Artificial intelligence (AI) and machine learning (ML) are continuing to transform the insurance industry.

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Snorkel AI

FEBRUARY 6, 2024

We’re at this stage now where suddenly underwriters who have built a lifetime of experience have realized that this generation of AI—particularly large language models (LLMs) and related embedding models—can be taught in the same way that a junior underwriter is. An underwriter or any professional has to retrieve data.

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Snorkel AI

FEBRUARY 6, 2024

We’re at this stage now where suddenly underwriters who have built a lifetime of experience have realized that this generation of AI—particularly large language models (LLMs) and related embedding models—can be taught in the same way that a junior underwriter is. An underwriter or any professional has to retrieve data.

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Hacker News

APRIL 16, 2023

federal government mandate requiring that all products that incorporate lithium-ion batteries by approved by Underwriters Laboratories or an equivalent testing and certification organization. The Exploding Battery Nightmare “We can’t have cheap junk out there,” Whittingham says. He called for a U.S.

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IBM Journey to AI blog

DECEMBER 4, 2023

This enhancement involves extracting content and insights or classifying information to support decision-making, such as in underwriting and claims processing. These use cases already represent a quarter of AI workloads today, and there is a significant shift towards enhancing their functionality with generative AI.

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IBM Journey to AI blog

MAY 1, 2023

The insurance business model itself is predicated on the use of mathematical and statistical methods to process personal and non-personal data to underwrite risks and price insurance policies, to quantify losses, to pay customers’ claims, and to identify and prevent insurance fraud.

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Smart Data Collective

JULY 20, 2021

The process was recently introduced in the UK and many suggest that it could be the future of underwriting and eligibility for products such as credit cards, loans and mortgages. Open banking is the technical process that allows financial providers to dip in and see the banking history and activity of a customer before they apply.

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Data Science Dojo

SEPTEMBER 18, 2023

Financial analysts are witnessing the gradual erosion of their roles as AI systems prove adept at data analysis, underwriting processes, and routine customer inquiries. Finance and insurance: Finance and insurance are embracing the AI revolution, and human jobs are on the decline.

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Precisely

JANUARY 29, 2024

LANDFIRE was not designed for the kind of fine-grained analysis required by insurance underwriters. As a tool to improve underwriting, sophisticated wildfire risk datasets provide an important foundation for success. For these applications, Precisely offers our Wildfire Risk dataset.

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Smart Data Collective

NOVEMBER 3, 2021

From blockchain adoption to the use of AI scoring and digital underwriting – a lot of banking processes became paperless and online. It refers to underwriting, customer onboarding, document management, analysis, and statistics. They have found that AI has truly changed the lending process. Here is what they include now: 1.

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AWS Machine Learning Blog

MARCH 31, 2023

The insurance industry uses STP to streamline the underwriting and claims process. This manual approach is not only inefficient but can also lead to errors that can have a significant impact on the underwriting and claims process. This is where IDP on AWS comes in.

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Smart Data Collective

NOVEMBER 10, 2021

More insurance are using big data to assist with the underwriting process. They have discovered that data analytics has made the underwriting process a lot easier. Big data technology has been a huge gamechanger in the insurance sector. They are getting a better understanding of risk and choosing rates for their policyholders.

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AWS Machine Learning Blog

JANUARY 31, 2024

In the first part of this three-part series, we presented a solution that demonstrates how you can automate detecting document tampering and fraud at scale using AWS AI and machine learning (ML) services for a mortgage underwriting use case. This API will be integrated into business applications as a component of the underwriting workflow.

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Precisely

OCTOBER 5, 2023

And when you add this context to existing data – right within your business workflows – you drive better decisions around customer and market intelligence, resource allocation, site selection, risk management, property underwriting, and more. That’s what data enrichment is all about. Ready to Get Started with Data Enrichment?

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IBM Journey to AI blog

JUNE 23, 2023

It also helps improve underwriting decisions, reduce fraud and control costs. We leverage technology to promote automated processing for the majority of insurance transactions, we and use AI- and analytics-assisted decisioning by underwriters, claims adjusters and medical professionals for the more complex transactions.

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IBM Journey to AI blog

FEBRUARY 13, 2024

Underwriters and claims adjusters can use generative AI tools to scour policies and claims to optimize client outcomes. Generative AI can generate custom reports and summaries tailored to specific needs and provide relevant information directly to underwriters, adjusters and risk managers, saving time and simplifying decision-making.

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Tableau

JUNE 28, 2021

Underwriters can save significant time and resources, and product managers can recognize trends and strategies that lead to stronger performance. Marketers can provide timelier, more personalized messaging. Sales teams can deliver customized offerings. Analysts can provide better-informed risk measurement and scoring.

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Precisely

DECEMBER 27, 2022

Accurate, consistent, and contextualized data enables faster, more confident decisions when it comes to your underwriting, claims processing, risk assessments, and beyond. Read more > Best of Insurance In insurance, data is everything.

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Precisely

DECEMBER 21, 2022

Accurate, consistent, and contextualized data enables faster, more confident decisions when it comes to your underwriting, claims processing, risk assessments, and beyond. In insurance, data is everything. Let’s explore the impact of data in this industry as we count down the top 5 insurance blog posts of 2022. #5

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ODSC - Open Data Science

APRIL 28, 2023

Whether it’s an insurance company leveraging location for better underwriting or risk assessment, a financial services organization enriching transactions for validation and accurate merchant assignment, or a telecommunications company optimizing 5G rollouts and creating new services, there’s one essential commonality: location data.

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Smart Data Collective

OCTOBER 13, 2020

This is one of the reasons that insurance actuaries use big data to underwrite policies. By nipping the poor driving habits, the business manager is likely to save hundreds in fuel each year. These benefits can be shared with customers, offering lower rates than other companies providing the same services.

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Tableau

JUNE 28, 2021

Underwriters can save significant time and resources, and product managers can recognize trends and strategies that lead to stronger performance. Marketers can provide timelier, more personalized messaging. Sales teams can deliver customized offerings. Analysts can provide better-informed risk measurement and scoring.

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phData

FEBRUARY 14, 2023

This enables insurers to gain insights and better understanding in the following areas: Customer behavior Fraud detection Risk assessment Underwriting and pricing improvements What Are the Top Use Cases of Snowflake for Insurance Companies?

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Smart Data Collective

SEPTEMBER 19, 2021

Insurance companies have been using AI and big data for underwriting and other functions for years. You might be surprised to hear that AI is becoming more important in the field of insurance than ever.

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Hacker News

DECEMBER 6, 2023

The policy is underwritten by certain underwriters at Lloyd’s, the world’s leading insurance marketplace, and placed by Lloyd’s registered broker, Aon. Crime Insurance: We carry crime insurance that protects a portion of the assets held across our storage systems against losses from theft, including cybersecurity breaches.

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Smart Data Collective

JULY 25, 2019

Some big data AI companies assist underwriters with making risk assessment decisions. For example, besides assisting with commercial underwriting needs, it works for fraud prevention and financial forecasting. Similarly, there’s a business called Scienaptic that combines AI and big data while looking at other kinds of risks, too.

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