Data strategy

Rebuilding artificial intelligence algorithms to explicitly integrate transparency and overcome black box limitations.

Data scientist Cathy O'Neil warns that insurance companies need more risk pooling.

It can be hard to explain rationally why a digital insurance solution is trusted or not by customers, according to Burr, who is CEO of the iptiQ unit of the insurance company.

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

There is a clear business case for democratizing – or said more plainly, broadly sharing – data across an enterprise. If we responsibly open up data while working to mitigate the potential risks, there can be meaningful payoffs for our customers and companies.

Digital Insurance spoke with Claire Burns, chief marketing and communications officer at The Hartford about digital customer experience and plans for the future.

Also: Parametrix, Boxx, Denim Social in insurtech career notes.

COVID-19 has accelerated some trends that look certain to reshape the insurance industry. At the same time, some of the problems that have challenged the industry over the past decade have not gone away. In a new report, McKinsey examines actions insurers can take to address the challenges of this period of intense flux.

Insurers that are able to make the best use of data are already winning market share, improving key ratios and generating superior risk intelligence, according to a report from the Capgemini Research Institute.

By facilitating access to rich, unstructured data in real-time, technology is paving the way for insurers to employ greater personalization and become customer-centric. It can drive tremendous growth opportunities as well as cost and operational efficiencies by promoting wellbeing and prevention services.

The leap from thinking within a complex, ad hoc, ungoverned world to one of order and trust is hard for many carriers.

The data types that firms perceive as adding the most value to the business include pre-fill data from third-party vendors, images from cameras and smartphones, PDFs of all sorts of data, and customer segmentation.

It is an exciting time for IT. But also an exceptionally unsettled one, as rapid evolution is the norm and change that will shape a business's destiny is coming from all directions.

A new report shows that enterprises need to change their mindsets to achieve sophisticated levels of digital maturity.

Looking ahead into the new decade, we will begin to see an acceleration of AI adoption as the lines between data and AI begin to blur.

Decision makers oftentimes do not fully understand the technology and have not thought through the true costs of implementing artificial intelligence in their organization.

The use of algorithms in electronic markets has automated the jobs of tens of thousands of execution traders worldwide, and it’s also displaced people who model prices and risk or build investment portfolios

Decision makers highlight the ability to interact and collaborate across departments as the most valuable capability to help organizations successfully execute internal digital initiatives.

Most business leaders think digitization can help address growing customer expectations for rapid and personalized engagement, and are beginning this process by refining business operations.

The insurance provider is building a more modern and contemporary platform that is easy to use, seamless and allows it to create personalized experiences for the customer, says Ashley Pettit.