Much of the discussion around how to manage the advanced forms of artificial intelligence—machine learning, generative AI, large language models—deals with them only as technologies. This is a mistake. Like any employee, AI must be onboarded to learn "how we do things around here." Advanced forms of AI have characteristics
Have you ever been in a meeting and heard, “We should leave that to the IT department to figure out. That’s a system thing”? I have observed this attitude among insurance professionals my whole career. It was almost as if anything that had to do with IT systems was radioactive!
What if, 12 months ago, someone bet you that a technology was coming in the next year that would cause great excitement and great fear in all businesses, industries and geographies? Would you have taken that bet? Of course, now we know that the technology is generative AI. Popularized by
SAS Hackathon team, Data Hack Freaks, created an artificial intelligence (AI) and machine learning (ML) based dynamic pricing approach that allows insurance providers to adjust pricing based on the changing nature of the risk behavior of their customers. This solution has three major components: The loss ratio score, telematics score
Insurers are embracing digital to meet the demands of modern consumers. And, of course, there are obvious benefits to them from less costly, more streamlined interactions with their customers. The trouble is that digitisation comes with a major health warning: Unless insurers put suitable measures in place, they're at risk
“All for one and one for all” is best known as the motto from “The Three Musketeers”, but this phrase could easily sum up the growing trend in social brokers. With advanced analytical techniques like generalized linear modeling insurance companies have created more granular pricing structures. But despite the assertions
Over the years I have written many blogs about insurance fraud including those on anti-money laundering, data quality in fraud, anti-fraud technology, life insurance fraud and even ghost broking. It’s clear that insurance fraud comes in many shapes and sizes and as losses continue to grow, detecting and preventing fraud
Insurance is a tough marketplace, but in many respects reinsurance is tougher! Today, the reinsurance industry is faced with an unprecedented number of challenges especially with what appears to be an increasing frequency and severity of man-made and natural catastrophes. To combat these challenges, reinsurers are turning to technology for
One of my colleagues often asks me “What’s new in insurance”. For an industry that is risk adverse, change does not come easily. In the past we have discussed innovations concerning telematics, drones, wearables devices and even weather data. However when he asked me last week and I responded that
How many of us have used the phrases… It’s a piece of cake Anyone can do it It’s as easy as ABC I could do it with my eyes shut When it comes to business intelligence it should be “easy peasy” but for many organization it can still be a
