INSURTECH INNOVATION

bigdata

Big Data and Data Science: Importance and Benefits


By Jovan Varga

Next Generation Analysis: Data Science

While Big Data focuses on providing tools and techniques for managing and processing large and diverse quantities of data, it is not as focused on interpreting the data processing results to support decision making. This is where the area of Data Science continues and focuses on using advanced statistical techniques to analyze Big Data and interpret the results in a domain-specific context. Thus, Data Science implies an intersection of various areas including:dvanced Computing

    • (Big Data) Engineering
    • Advanced Computing
    • Statistics
    • Visualization
    • Domain Expertise and others

In this context, it requires tools and frameworks for:

    • Statistical programming
    • Databases
    • Importing and Cleaning of Data
    • Exploratory Data Analysis
    • Machine Learning
    • Deep Learning
    • Text Mining
    • Natural Language Understanding
    • Recommender Systems, etc.

Overall, Data Science focuses on providing an end-to-end solution for gaining valuable insights to support decision making in this fast and heterogeneous context of modern data management and analytics.

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RiskBlock, LIMRA select blockchain life insurance app

By, Nicky Norris

The Institutes RiskBlock Alliance launched their Canopy 2 blockchain framework. To date, RiskBlock’s planned use cases have focused on Property and Casualty, predominantly personal lines. Yesterday RiskBlock announced the first LIMRA / life insurance use case, Mortality Monitor. The application will use Social Security data, data sources and policyholder records for death notification.

In the past year, RiskBlock and LIMRA ran several labs to identify life insurance and annuity use cases. The Mortality Monitor is one of five applications. Continue reading at Ledger Insights.

 


 

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Digitize Handwritten Apps

PaperClip Mojo is a new Platform as a Service born in Microsoft Azure Cloud combining leading-edge Artificial Intelligent with Crowd Sourcing for Big Data processing. The ability to transcribe, translate and the interpretation of Big Data faster and more accurate than ever before is a “Game Changer”.

 

The capability to transform Big Data into usable data like handwriting from paper to usable data, translate audio to text or tap human responses provides new opportunity to reduce cost or add new information sources to provide a competitive edge.


 

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Making AI Responsible and Effective

To bring AI into the business mainstream, companies need to

complement their technology advances with a focus
on governance that drives ethics and trust. If they don’t,
their AI efforts will fall short of their expectations and
lag the business results delivered by competitors that
responsibly embrace machine intelligence, our latest research
findings suggest.


 


 

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Ebix Artificial Intelligence

Ebix launches GeniEbix – A new generation Artificial Intelligence and Machine Learning solution to power its insurance exchanges and enterprise platforms.


 


 

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NAIC INSURTECH and the Innovation Task Force

Issue: The very nature of the business of insurance is transforming, driven by technological advancements and socio-economic trends. Emerging technologies—like big data, the Internet of Things (IoT), mobile technology, artificial intelligence (AI)wearable devicesand blockchain—are revolutionizing the insurance industry and changing consumer expectations and preferences. Consumer habits are also evolving rapidly. According to the U.S. Census Bureau, millennials (ages 18-34) now outnumber baby boomers (ages 51-69) as the largest living generation. The millennials are well versed in new technologies and looking to take a more hands-on approach when it comes to managing their finances and purchasing insurance products.