Tag: Insurance

Feed: R-bloggers. Author: R on Stats and R. [This article was first published on R on Stats and R, and kindly contributed to R-bloggers]. (You can report issue about the content on this page here) Want to share your content on R-bloggers? click here if you have a blog, or here if you don't. I am happy to announce that our paper entitled “Semi-Markov modeling for cancer insurance” has been accepted for publication in the European Actuarial Journal. Advancements in medicine and biostatistics have already resulted in a better access to insurance for people diagnosed with cancer. This materializes into ... Read More

Feed: Cloudwards. Author: Aleksander Hougen; With the growth of the internet in the past two decades, cyber risks like social engineering attacks, data breaches and cyber extortion (i.e. ransomware) have also grown exponentially. Because of this, many insurance carriers now offer dedicated cyber coverage policies. Keep reading to learn everything you need to know about cyber insurance. Key Takeaways: Cyber insurance is crucial for any business, especially those that handle confidential or sensitive data.Private individuals generally don’t need a dedicated cyber insurance policy, though individuals with a specific cyber risk might want to consider getting a policy.Cyber insurance covers things ... Read More

Feed: AWS Partner Network (APN) Blog. Author: Diego Colombatto. By Diego Colombatto, Partner Solutions Architect – AWSBy Luca Guerrieri, Sr. Managing Consultant, Insurance – IBMBy Simone Romano, Technical Solution Architect, Complex Cloud Platform Architecture – IBM IBM It’s well known that insurance companies use telematics solutions to monitor and manage the vehicles and fleets of their customers. This is critical for immediately detecting crash events, providing prompt help to customers, and handling crash claims quickly and efficiently. Given the value they provide, the list of telematics solutions currently available on the market is long and diverse. Many telematic services providers ... Read More

Feed: Cloudera Blog. Author: Monique Hesseling. Posted in Business | January 27, 2022 5 min read Insurers are increasingly adopting data from smart devices and related technologies to support and service their customers better. According to Statista, the projected installed base of IOT devices is expected to increase to 30.9 billion units by 2025, a huge jump from the 13.8 billion units that exist today. I have been researching more about how we can use the new data from those devices to design more innovative insurance products while being aware that these should all be contingent upon customer opt-in.  I ... Read More

Feed: AWS Architecture Blog. The ability to analyze your Internet of Things (IoT) data can help you prevent loss, improve safety, boost productivity, and even develop an entirely new business model. This data is even more valuable, with the ever-increasing number of connected devices. Companies use Amazon Web Services (AWS) IoT services to build innovative solutions, including secure edge device connectivity, ingestion, storage, and IoT data analytics. This post describes Meshify’s IoT sensor solution, built on AWS, that helps businesses and organizations prevent property damage and avoid loss for the property-casualty insurance industry. The solution uses real-time data insights, which ... Read More

Feed: SAS Blogs. Author: Marta Prus-Wojciuk. The relationship between insurance companies and their clients has always been tricky due to several factors. But just like any other sector today, insurance organizations are transforming with digital technologies – and these solutions are customer-centric. What’s in store for customer relationships in the insurance industry? Keep on reading to learn more. Insurers have historically struggled to form close relationships Due to the specificity of an industry that consists of relatively rare contact with the client, insurers often didn’t have the opportunity to develop a relationship with their customers. Most of the time, clients ... Read More

Feed: SAS Blogs. Author: Zuzanna Karolak. The pandemic has definitely left its mark on the scale of the fraud we’re witnessing in the insurance industry. The key reason behind this is the economic recession. Whenever we observed a decline in a country’s GDP, an increase in fraud rates followed. When GDP fell by an average of around 2% during the 2008 financial crisis, fraud increased by more than 7%. During the COVID-19 pandemic, the decline in GDP was much greater, so crime growth expectations are also higher. Who commits fraud in the insurance sector? In the insurance industry, we are ... Read More

Feed: SAS Blogs. Author: Marta Prus-Wojciuk. The process changes that are taking place in the insurance world are massive. More and more insurance companies allow for remote sales of life products and entire sales processes have been simplified for the benefit of the customer. However, opportunities for abuse arose with them as well. A simpler process may result in the omission of certain elements of the procedures. What's more, the importance of selling via digital channels has also increased, and the digitization of all the organization's work and operation has grown - remote work is one example of that. How ... Read More

Feed: Cloudera Blog. Author: Monique Hesseling. Posted in Business | October 28, 2021 4 min read 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. However, I do not think Commercial Lines insurance gets the credit it deserves for the industry-leading role it has played in analytics. Commercial Lines truly is an “uber industry” with respect to data. The past and present use of data in commercial lines has set the foundation ... Read More

Feed: Redis. Author: Redis Growth Team. In the face of climate change, crop insurers are faced with a whole new range of problems. A lack of data to assess cultivable land and yield has always been an issue, but accurately estimating crop damage has also proven to be almost an impossible task.  To compound this even further, the remote location of crops can prevent insurers from finding specialists to carry out inspections and risk assessments. These all have implications on cost and time to insurers.  But the capabilities of drones are fast being recognized as the solution to these problems.  ... Read More