article thumbnail

Commercial Lines Insurance- the End of the Line for All Data

Cloudera

I’ve had the pleasure to participate in a few Commercial Lines insurance industry events recently and as a prior Commercial Lines insurer myself, I am thrilled with the progress the industry is making using data and analytics. Another historic example is crop and livestock insurance in Germany in the 1700s.

article thumbnail

Top 5 Data + AI Predictions for Financial Services in 2024

Snowflake

Increasingly, financial institutions will monetize their data through apps and data marketplaces. But traditional data management systems struggle to store and process vast troves of unstructured data — ranging from emails and social media posts to scanned documents, video and audio recordings.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Claims Processing with Generative AI: Making Sense of the Data

Precisely

Insurance industry leaders are just beginning to understand the value that generative AI can bring to the claims management process. As insurers begin to integrate these advanced technologies into their operations, the entire landscape of claims management is being reshaped, leading to faster, more customer-friendly service.

article thumbnail

Re-thinking The Insurance Industry In Real-Time To Cope With Pandemic-scale Disruption

Cloudera

The Insurance industry is in uncharted waters and COVID-19 has taken us where no algorithm has gone before. Today’s models, norms, and averages are being re-written on the fly, with insurers forced to cope with the inevitable conflict between old standards and the new normal. . Insurers are thinking on their feet.

article thumbnail

Covid Data: An anomalous blip, or the new normal?

Cloudera

These include the use of more data sources to gain insights and how cloud technologies can assist with digital transformation goals to be more agile and achieve objectives more quickly. Data Variety. Insurance and finance are two industries that rely on measuring risk with historical data models. Insurance .

article thumbnail

How Healthcare and Life Sciences Can Unlock the Potential of Generative AI

Snowflake

Gen AI can also analyze unstructured data sets, such as clinical notes, diagnostic imaging and recordings and provide evidence-based recommendations. If the model uses ungoverned data to generate content, there is a risk of exposing sensitive data to unauthorized data consumers.

article thumbnail

Is Your Financial Services Organization Ready to Leverage Generative AI?

Snowflake

Insurance agents can use LLMs to analyze administrative data and accelerate claims processing. Additionally, the use of synthetic data generated by AI can speed up stress testing and the evaluation and prediction of exposure risks, including those related to fluctuating interest rates and potential defaults.