3 ways AI is transforming the insurance industry

thenextweb.com | February 24, 2020

As AI, big data, and the internet of things (IoT) find their way into every aspect of our lives, many industries are undergoing a transformation. “Insurance executives believe that artificial intelligence (AI) will significantly transform their industry in the next three years, with insurers investing in AI to empower agents, brokers and employees to enhance the customer experience with automated personalized services, faster claims handling and individual risk-based underwriting processes,” consulting firm Accenture forecasted in 2017.Three years later, AI algorithms have made great inroads in different sectors of the insurance industry and are lowering costs while driving efficiency and improving the customer experience. Slowly but surely, the industry is transforming. There are some kinks that need to be ironed out, but for the most part, the changes have been for the better, and there’s more down the road. Thanks to advances in edge hardware, cloud technology, and the internet of things, more and more information about objects, people, and organizations are being digitized. Telematics, wearables, and smart home sensors are just some of the technologies that are enabling us to collect detailed information about the physical world. And ubiquitous connectivity enables us to aggregate that data in cloud servers for further processing by machine learning algorithms.

Spotlight

Hospitals and health systems are pursuing predictive analytics to transform patient care, but face di culty predicting future outcomes due to challenges with interoperability and talent. That’s according to a 2018 survey of health care business and IT leaders conducted by HIMSS Media for the Center for Connected Medicine. HERE’S WHERE THEY STAND: DATA ANALYTICS USE. 69% More effective using data to describe past health events.


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BIG DATA MANAGEMENT

RBC and Envestnet Data and Analytics announce agreement to provide clients with greater control over their financial data

RBC | June 14, 2022

RBC is pleased to announce a data access agreement with Envestnet | Yodlee, a leading data aggregation and analytics platform, to address the needs of an increasingly digital customer base. The agreement allows RBC clients to better manage their finances and build wealth by connecting to and sharing their RBC financial information with more than 1,500 third-party applications powered by the Envestnet | Yodlee platform. RBC becomes one of the largest banks in Canada to sign a data access agreement with Envestnet | Yodlee. The implementation of this agreement will empower RBC clients with the option to share their financial data, safely and securely with Envestnet | Yodlee through a direct application program interface (API) connection. This eliminates the need for them to share their RBC credentials, improves the accuracy of the data, and significantly accelerates financial data access. "RBC is committed to providing Canadians with industry-leading digital solutions that deliver more value, without compromising the security of their information. "This agreement is a great example of that commitment in action, and how the industry can come together to build new standards that better protect Canadians' data privacy." Peter Tilton, Chief Digital Officer, Personal & Commercial Banking, RBC This move to a direct API connection significantly reduces reliance on RBC client credentials for sharing financial information in Canada, and offers clients a better method to control the release of their account information, greater reliability, and higher speeds in accessing their account information. "Our relationship with RBC is vital for empowering their customers to make intelligent financial decisions," said Farouk Ferchichi, Group President, Envestnet Data and Analytics. "Through our agreement with RBC, we are giving their customers improved access to and control of their financial data, ultimately helping them grow, protect, and manage their wealth." Consumers often use mobile apps and tools to consolidate financial information and to assist with budgeting and managing their money. The implementation of this data access agreement with Envestnet | Yodlee will improve that customer experience. Additionally, RBC clients can now experience improved control and access when sharing their financial data with applications outside the bank. "Our clients want their primary banking relationship to be anchored with RBC, but they also want to be empowered to access, use and share their financial data with other applications," added Tilton. "As we deliver this added client value, it is more important than ever that we do so in a safe and secure manner. This agreement with Envestnet | Yodlee does just that. Not only do RBC clients gain secure access to the broad suite of apps and services Envestnet | Yodlee has to offer, but they also now have more confidence and control over the data that is shared." This new, industry partnership is a demonstration of both companies' long-standing commitment to add value, prioritize security and create peace of mind for clients as they manage their finances digitally. RBC clients also benefit from a wide range of RBC's digital security tools like PIN on Mobile, ID Verification, 2-Step Verification, Card Lock, two-way fraud alerts and fraud monitoring, in addition to the RBC Digital Banking Security Guarantee. These tools and this additional layer of protection through the data access agreement is timely, as privacy is a high priority right now with the rise of fraud attempts during the pandemic. According to RBC's 2022 Fraud Prevention Month Poll, 48% of respondents say fraudsters have increasingly targeted them since the start of the pandemic, compared to 22% in 2021. And Canadians aren't just feeling the increase in fraud attempts—the Canadian Anti-Fraud Centre has reported that incidents of ID fraud targeting financial credentials nearly doubled between 2019 and 2020, from about 9,000 to more than 17,000, and final numbers for 2021 are expected to double again. About RBC Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 89,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries.

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BIG DATA MANAGEMENT

Micro Focus' CyberRes Partners with Google Cloud to Enable High-Scale Secure Cloud Analytics with Data Privacy

CyberRes | August 08, 2022

CyberRes, a Micro Focus line of business, today announced a partnership with Google Cloud to support the upcoming release of BigQuery remote functions. The partnership will see CyberRes' end-to-end enterprise data protection solution, Voltage SecureData, integrate with Google's BigQuery data warehouse to accelerate and expand organizations' data science initiatives and help companies comply with ever-evolving privacy regulations. The integration will enable CyberRes Voltage customers to persistently protect data in use, in motion, and at rest in Google BigQuery. The support for remote functions also enables Google Cloud's BigQuery customers to take advantage of Voltage's privacy-enabling technologies. Mutual customers can use Voltage's format-preserving encryption, hashing, and tokenization services within BigQuery in conjunction with Google BigQuery's native security to address strict privacy compliance controls. Voltage's cloud-agnostic and consistent data protection allows all customers to safely use regulated data for analytics across hybrid clouds. "The availability of remote functions from BigQuery is an exciting and critical evolution of Google Cloud's platform for our customers. "The integration with Voltage SecureData means BigQuery will allow customers to utilize and support the Voltage data-centric protection approach for secure analytics, enabling enterprises to accelerate and expand their data science initiatives with privacy by default." Tony de la Lama, Vice President of Product Management, CyberRes BigQuery, Google Cloud's highly scalable multi-cloud data warehouse, is designed for business agility and allows customers to gain insights with real-time and predictive analytics, access data and securely share insights with ease. This new partnership adds to Voltage SecureData's deep capabilities in securing analytics across data warehouses, databases and data lakes and enables customers to shift workloads seamlessly and securely to BigQuery. "Emerging threats and evolving technology needs are at the forefront of challenges in cyber security. By making its Voltage SecureData solution available to Google Cloud customers from within their BigQuery data warehouse, CyberRes is enabling customers with the technologies needed to protect their sensitive data while addressing and adhering to current data privacy regulations," said Ritika Suri, Director, Technology Partnerships, Google Cloud. The CyberRes Voltage portfolio helps secure organizations with continuous data discovery, insight, and protection to reduce risk and enable privacy by design. Organizations can work with high-value, sensitive customer data in its protected state to derive business intelligence without the risk of data exposure in Google BigQuery. The data protection technologies in Voltage SecureData provide flexible implementation and data-centric protection for a virtually unlimited number of structured data types in any language, and in any region, with proven performance, reliability, and scalability. About CyberRes CyberRes is a Micro Focus line of business. We bring the expertise of one of the world's largest security portfolios to help our customers navigate the changing threat landscape by building both cyber and business resiliency within their teams and organizations. CyberRes is part of a larger set of digital transformation solutions that fight adverse conditions so businesses can continue to run today, keep the lights on, and transform to grow and take advantage of tomorrow's opportunities.

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BIG DATA MANAGEMENT

Tamr Introduces Tamr Enrich to Simplify and Improve the Data Mastering Process

Tamr, Inc. | May 21, 2022

Tamr, the leading cloud-native data mastering solution, today announced the introduction of Tamr Enrich, a set of enrichment services built natively into the data mastering process. Using Tamr’s patented human-guided machine learning, Tamr Enrich curates and actively manages external datasets and services, enabling customers to seamlessly embed trusted, high-quality external data insights to their data mastering pipelines for richer business. “Companies go to great lengths, spending millions of dollars to attempt to derive business value from disparate data sources,” said Anthony Deighton, Tamr’s chief product officer. “We’re excited to offer a built-in solution that provides one-click simplicity and makes customers’ data cleaner and more complete.” For example, when a business wants to integrate an application programming interface (API) for address validation and standardization, it requires significant investment to implement the capability, including hiring a vendor to find the source, build the integration, maintain the integration, manage the vendor and make updates. Tamr Enrich eliminates many of these obstacles, enabling clean, trusted data without complexity. Customers also benefit from Tamr’s unique ability to continuously add new enrichment sources versus existing solutions in the market today that offer a static set of services. Tamr Enrich allows customers to unlock more value from mastered data faster to: Improve match rates. Customers can realize a potential 2x improvement. Automate more. Customers see model confidence improved by 20+%. Simplify data enrichment. Services are fully managed by Tamr and delivered in one click. Eliminate broken data. Tamr Enrich allows customers to identify contacts or companies with no valid contact information and accelerate time-to-insight. Standardize values. Data is ready for use in analytics tools. Expand insights. New attributes unlock new uses for existing data. “We previously needed to manage multiple vendors, which was expensive operationally and added significant complexity to our data operations,” said Harveer Singh, Chief Data Architect at Western Union, “Tamr Enrich is a game-changer. It gives us a complete, integrated solution that enables Western Union to deliver a seamless digital experience to our customers. Tamr’s made it easier to maintain clean, curated data across the customer journey.” About Tamr, Inc. Tamr is a leading data mastering company, accelerating the business outcomes of the world’s largest organizations by powering analytic insights, boosting operational efficiency, and enhancing data operations. Tamr’s cloud-native solutions offer an effective alternative to traditional Master Data Management (MDM) tools, using machine learning to do the heavy lifting to consolidate, cleanse, and categorize data. Tamr is the foundation for modern DataOps at large organizations, including industry leaders like Toyota, Santander, and GSK. Backed by investors including NEA and Google Ventures, Tamr transforms how companies get value from their data.

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DATA SCIENCE

KNIME Accelerates Data Science Democratization Through Snowflake Collaboration

KNIME | June 10, 2022

KNIME, the open source data science company, today announced a strategic partnership with Snowflake, the Data Cloud company, to democratize access to data analytics across all roles and departments. Understanding data is critical for creating business value. With the global data analytics market worth more than $200 billion, it’s necessary for as many people as possible across roles, departments and industries to have access to analytics in their daily jobs for overall better productivity. “Many of our customers rely on Snowflake to power virtually any data workload at scale, while utilizing KNIME to gain value from that data.” Paul Treichler, VP of global partnerships at KNIME Tarik Dwiek, Snowflake’s head of technology partnerships, added, “In partnership with KNIME, we look to enrich the Snowflake ecosystem with tools that can enable an even greater share of enterprises and both technical and non-technical users of data.” The joint offering means that users can access and manipulate data in Snowflake with a low-/no-code platform at no cost. KNIME Analytics Platform is a fully featured analytics workflow “designer” that can be used in conjunction with Snowflake’s Data Cloud to perform a broad range of analytics tasks from data prep to data science. Users can leverage the drag-and-drop interface to prepare and explore data, rapidly build analytical models, create data apps, and present results in BI tools such as Tableau or Power BI. KNIME is flexible and extensible, giving data experts the freedom to work in their preferred environment. Users can build sophisticated analytic models in its low-code/no-code environment or script custom algorithms in a language of their choice with built-in integrations with R, Python, Java and more. KNIME has a vibrant open source community of users who share their knowledge and expertise in specialized forums. Technical and non-technical teams can make use of this community to leverage pre-built components and workflows to accelerate their time to value and also upskill themselves through comprehensive free training and learning content available from KNIME. Upskilling non-technical teams to use data science and analytics leaves technical teams with greater bandwidth and freedom to concentrate on more complex tasks. Across industries, enterprises can also take advantage of KNIME’s commercial offering. KNIME Server offers a suite of features for automation, governance, production deployment and MLOps. Snowflake working in concert with KNIME Server enables organizations to move beyond pilot projects and build enterprise-scale data solutions that are compliant and accessible across the organization. Lastly, KNIME extends the deployment flexibility of Snowflake to the analytics layer, allowing enterprises to utilize the right resources for a given workload or scenario. “We are excited about the partnership between Snowflake and KNIME," said Ryan Bosshart, CEO of phData, the Snowflake 2021 RSI Partner of the Year and KNIME Elite Partner. “We've been building with both Snowflake and KNIME because we believe in platforms and technology that make it easier for people to build data products, in both business and technical roles. I’m excited to see what new use cases are possible with this combination.” About KNIME KNIME helps individuals and organizations make sense of data. KNIME software bridges the worlds of dashboards and advanced analytics through an intuitive interface, appropriate for anybody working with data. It empowers more business experts to be self-sufficient and more data experts to push the business to the bleeding edge of modern data science, integrating the latest AI and machine learning techniques. KNIME is distinct in its open approach, which ensures easy adoption and future-proof access to new technologies.

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Spotlight

Hospitals and health systems are pursuing predictive analytics to transform patient care, but face di culty predicting future outcomes due to challenges with interoperability and talent. That’s according to a 2018 survey of health care business and IT leaders conducted by HIMSS Media for the Center for Connected Medicine. HERE’S WHERE THEY STAND: DATA ANALYTICS USE. 69% More effective using data to describe past health events.

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