Predictive analytics

Insurers can gain deeper insight into risks.

Alongside extreme weather events, issues like affordability and risk perception contribute to the lack of insurance protection.

How do you maximize efficiency in the application, quoting, and claims process and not invite new or additional fraudulent activity?

Current actuarial techniques are good at quantifying in the aggregate – but less so in the detail.

Research shows rapid adoption of predictive algorithms and digital identity technology will stem the pandemic-driven fraud deluge. Insurance fraud causes more than $80 billion in losses annually in the U.S. alone, according to the report.

COVID-19 has shown us that technology can rapidly evolve to meet customer needs, in areas from contactless payments to digital banking to mobile wallets. However, we still see great disparities when it comes to the use of contactless and digital banking by low- to moderate-income (LMI) workers. The question is, will emerging tech in the post-COVID economy provide an opportunity to include new people in the financial system-- or leave them even further behind?

Artificial intelligence (AI) is increasingly gaining ground in a number of areas of banking and financial services. It’s deployed to identify fraud, make trading decisions, recommend banking and financial products, and evaluate loan applications. This helps to reduce the costs of financial products and improve their efficiency and efficacy. However, there is growing evidence that AI systems are biased. Join American Banker’s Executive Technology Editor, Penny Crosman as she explores key AI-bias issues for the banking and financial services industry with Sonja Kelly, Director of Research and Advocacy at Women’s World Banking and Wisam Dakka, Co-Founder of Meemo.

To understand how the idea of dynamic risk assessment works, we first need to unlearn certain assumptions.

Predictive analytics also on the rise in the line of business, Milliman finds.

More than 1,000 customers in the line of business have taken advantage of the new program.