The next big thing in data analytics within the insurance sector

insurancebusinessmag.com | March 30, 2020

As a data-heavy industry, how insurance can process documents and extract the valuable data insights which these documents hold has been a significant consideration for a number of years. Across the globe, data and software companies are rising to the challenge, helping to mitigate this critical problem organisations face.Nay Odutola (pictured), area vice president EMEA at Hyperscience has been involved with the ‘software as a service’ (SaaS) industry for about 15 years, and with the AI and machine learning segments of this sector for the last six to seven years.He has always seen this sector as a kind of eternal university, Odutola said, where the demand to stay ahead of the curve is imperative and can only be achieved through continuous education and re-education. If companies and individuals do not evolve, they will get left behind, he said, and the focus on ‘continuous improvement’ is what has led him to the AI and machine learning industries.If you look at insurance or financial services, or just at the time we’re in right now,” he said, “it’s a very fast-paced evolving environment. In a year’s time, there’s going be another technology released, and because we’re dealing with software, things are moving very quickly and it’s about having the foundational tools to keep up and to evolve.

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This infographic presents Forrester survey findings that correlate overall company success with adoption of innovative BI, analytics, and big data tools. It also provides a comprehensive list of benefits that advanced BI tools bring to the business and IT sides of any operation…


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BIG DATA MANAGEMENT

NV5 Acquires AT Advanced Technologies, Strengthening Data Center Commissioning and Mission Critical Services

NV5 | December 28, 2021

NV5 Global, Inc. , a provider of compliance, technology, engineering, and environmental consulting solutions, announced today that it has acquired AT Advanced Technologies Asia Pacific Pte. Ltd. (AT), an international consulting firm providing commissioning management and engineering services for high tech facilities and data centers. AT’s clients include large international technology and financial companies that depend on the efficiency and reliability of mission-critical data centers for their day-to-day operations. The acquisition was made with a combination of cash and stock and will be immediately accretive to NV5’s earnings. “Data center commissioning and mission critical engineering is a high-margin, high-growth sector that NV5 entered in early 2021 with the successful acquisition of Industrial Design Associates International. Singapore is one of the largest and fastest growing data center markets in the world, and AT Advanced Technologies’ give us a competitive edge in capitalizing on data center market growth in Singapore and throughout Southeast Asia.” Dickerson Wright, PE, Chairman & CEO of NV5 Founded in 1999, AT has completed more than 350 projects in Asia and Australia and operates out of three offices in Singapore, Hong Kong, and India. “We are excited to join NV5 and the acquisition strengthens our existing platform for further expansion,” said Victor John Carey, CEO and Founder at AT Advanced Technologies. “AT Advanced Technologies complements our energy efficiency and building analytics services and expands our international commissioning capabilities. We look forward to presenting our combined capabilities to existing customers and new client pursuits,” said Gary Hui, PE, Vice President of NV5 Energy Efficiency and Mission Critical Services. About AT Advanced Technologies AT Advanced Technologies is a building services engineering, commissioning management, and energy management consulting firm providing clients with integrated skills and expertise to match the expectation of blue chip multi-national companies. With a unique blend of qualified technical staff from the UK, Australia, Singapore, and various countries in South East Asia, AT Advanced Technologies delivers world class services to clients in the financial and technology markets. AT Advanced Technologies is a member of the USGBC (LEED), the Commissioning Specialists Association (CSA) and is bizSAFE Star certified. About NV5 NV5 Global, Inc. is a provider of compliance, technology, engineering, and environmental consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company focuses on multiple verticals: testing, inspection & consulting, infrastructure, utility services, buildings & program management, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. NV5 operates out of more than 100 offices nationwide and abroad.

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DATA ARCHITECTURE

Alluxio Expands Data Access and Security for Data-driven Applications in Heterogeneous Environments with v2.8 Release

Alluxio | May 05, 2022

Alluxio, the developer of the open source data orchestration platform for data driven workloads such as large-scale analytics and AI/ML, today announced the immediate availability of version 2.8 of its Data Orchestration Platform. This new release features enhanced interface support for the Amazon S3 REST API; security improvements for sensitive applications with strict encryption compliance and regulatory requirements; and strengthened automated data movement functionality across heterogeneous storage systems without the need to manually move or copy the data. Alluxio 2.8 enhances S3 API compatibility, so onboarding and managing Alluxio on existing large data pipelines becomes much easier. As a major enhancement to enterprise-grade security, Alluxio 2.8 adds features to support server-side encryption capabilities for securing and governing data. Data migration is a major challenge for organizations having data stored cross-vendors, cross-clouds, or cross-regions. Alluxio 2.8 improves reliability of data movement across heterogeneous storage systems with enhanced usability of policy-based data management and high availability. “At Uber, we run Alluxio to accelerate all sorts of business-critical analytics queries at a large scale,” said Chen Liang, Senior Software Engineer, Uber’s interactive analytics team. “Alluxio provides consistent performance in our big data processing use cases. As compute-storage separation continues to be the trend along with containerization in big data, we believe a unified layer that bridges the compute and storage like Alluxio will continue to play a key role.” “The support for S3 API is significant, making Alluxio much more accessible to a huge number of customers. Together, our rich set of S3, HDFS and POSIX APIs enables true storage-agnostic and multi-cloud deployments. The data migration capabilities further eliminate vendor lock-in and provide organizations with the flexibility to choose whatever they want to run their applications or store their data.” Adit Madan, Director of Product Management, Alluxio Alluxio 2.8 Community and Enterprise Edition features new capabilities, including: Enhanced S3 API with Metadata Tagging Alluxio 2.8 enhances the support for the S3 RESTful API with metadata tagging capabilities. With S3 API, applications can communicate with Alluxio without a custom driver or any additional configuration. By using S3 API, data-driven applications, end-users, and admins can seamlessly and rapidly onboard Alluxio for new uses. Metadata operations can be achieved through the S3 object and bucket tagging APIs. Data Encryption for Enterprise-grade Security The Enterprise Edition of Alluxio 2.8 supports encryption of data in Alluxio managed storage at REST as an essential security feature. In conjunction with SSL, this new feature supports server-side encryption, ensuring data security. Alluxio now offers multiple encryption zones for data it manages to meet the demands of security. Data stored on the Alluxio worker is protected, and decrypted on the server before being sent to a client. Data Movement Across Heterogeneous Storage Systems Alluxio 2.8 Enterprise Edition also improves the policy-based data management features, which facilitate data access and movement between heterogeneous storage systems for better performance and lower cost. Alluxio manages data placement between the different storage systems with predefined policies. With transparent storage options, organizations can choose whichever storage best suits their needs without undergoing complex manual data migrations. About Alluxio Proven at global web scale in production for modern data services, Alluxio is the developer of open source data orchestration software for the cloud. Alluxio moves data closer to data analytics and machine learning compute frameworks in any cloud across clusters, regions, and clouds, providing memory-speed data access to files and objects. Intelligent data tiering and caching deliver greater performance and reliability to customers in financial services, high tech, retail and telecommunications. Alluxio is in production use today at eight out of the top ten internet companies. Venture-backed by Andreessen Horowitz, Seven Seas Partners, Volcanic Ventures, and Hillhouse Capital. Alluxio was founded at UC Berkeley’s AMPLab by the creators of the Tachyon open source project.

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BUSINESS STRATEGY

Revenue Growth and Increased Profitability mark Subex’s Q2FY21 Results

subex | November 09, 2020

Subex, a pioneer in the space of Digital Trust, today announced its consolidated financial results for the quarter ended September 30, 2020. Performance Highlights for the quarter ended September 30, 2020: Revenue for the quarter at INR 933 million as against INR 857 million in Q2FY20 EBITDA for the quarter at INR 254 million as against INR 207 million in Q2FY20 EBITDA excluding Forex gains/losses for the quarter at INR 298 million as against INR ­­­178 million in Q2FY20 Profit after Tax (PAT) for the quarter at INR 123 million as against INR 63 million in Q2FY20 Vinod Kumar, Managing Director & CEO, Subex, said, “During a period where the industry as a whole is continuing to come to grips with the ‘new normal’, we are very pleased to report both revenue and profit growth for the second quarter of FY21. Market traction, along with our singular focus on Digital Trust, is slowly building the growth momentum. Despite the challenges of remote working, we are performing well on delivery and operations. With the recent appointment of our new CTO, we have augmented the management bandwidth required to drive an exciting product roadmap intended to expand our digital trust portfolio. We will also be strengthening our engagement with global strategic partners around our new solutions and technology areas such as blockchain, AI/ML to drive wider market adoption.“ Commenting on the results, Anil Singhvi, Chairman of the board, said, “Despite business challenges globally due to Pandemic, Subex has done very well. Continued good performance on all fronts, cleaned up balance sheet and improved free cash flows, are enabling us to invest in newer businesses and service our reduced capital base well” Highlights of the Quarter Launched Partner Ecosystem Management which will allow CSPs to accelerate their digital services portfolio expansion Listed as a Sample Provider for Augmented Analytics in Gartner’s Emerging Technologies and Trends Impact Radar for Artificial Intelligence in Telecom report Selected by a Tier-I Middle East operator for ROC Revenue Assurance and ROC Fraud Management Secured a new deal with a regulatory body in Africa to validate the revenues reported by operators in the region and the associated license fees Update on Capital Reduction Completed the capital reduction process Trading of new Subex shares commenced w.e.f. 5th November, 2020 About Subex Subex is a pioneer in enabling Digital Trust for businesses across the globe. Founded in 1994, Subex has spent over 25 years in helping global Communications Service Providers maximize their revenues and profitability. With a legacy of having served the market through its world-class solutions for business optimization and analytics, Subex is now leading the way by enabling all-round Digital Trust in the business ecosystems of its customers. Focusing on privacy, security, risk mitigation, predictability, and confidence in data, Subex helps businesses embrace the disruptive changes in the business landscape and succeed with Digital Trust. Subex leverages its award-winning product portfolio in areas such as Revenue Assurance, Fraud Management, Network Analytics, and Partner Management, and complements them through its digital solutions such as IoT Security and Insights. Subex also offers scalable Managed Services and Business Consulting services. Subex has more than 300 installations across 90+ countries.

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BIG DATA MANAGEMENT

Palantir Technologies Extends Partnership with Ferrari to Bring Data Driven Performance Decisions to Race Operations

Palantir Technologies | February 14, 2022

Palantir Technologies Inc. , a leading builder of operating systems for the modern enterprise, today announced a new one year extended partnership with Ferrari to bring its world class data and analytics technology to Scuderia Ferrari. In addition to Scuderia Ferrari continuing to use Palantir’s Foundry platform to propel data driven performance decisions across the team’s Power Unit, Palantir will become an official Team Partner of Scuderia Ferrari, significantly expanding its past relationship. Specifically, Scuderia Ferrari’s Power Unit department ensures that the race cars deliver optimal performance without exceeding their structural capabilities. Foundry will enable power unit engineers on the racetrack and in the Maranello Factory to optimize performance, and rapidly analyze data from sources such as Grand Prix data, test bench results, and part information. Since 2016, Scuderia Ferrari has used the Foundry platform to help their technical teams make faster, data driven decisions around car performance, development, and reliability. In this new, expanded agreement, Scuderia Ferrari Power Unit engineers will use the Foundry platform to rapidly integrate and analyze large volumes of information from a wide array of sources to allow team members to swiftly make critical decisions and instantly share their analyses across the organization. “We are pleased to be extending and expanding our partnership with Palantir, with whom we share common values of relentlessly pursuing technological innovation and the desire to continually improve,” said Mattia Binotto, Team Principal and Managing Director for Scuderia Ferrari. “Data analysis plays a vital role in Formula 1 and being able to count on an excellent partner such as Palantir can make all the difference. Tasks that just a few years ago would take several minutes of calculation can now be carried out in a few seconds, thanks to solutions that have been in use through this partnership.” A typical Formula 1 race season can often generate as much as 1.5 trillion data points. This information needs to be quickly integrated and tested to confirm hypotheses for the team to make adjustments during the race itself in response to component performance, track conditions, weather, maintenance requirements, and potential part failures. “Scuderia Ferrari and Palantir share a commitment to operational excellence. What they have accomplished as a company and a team is legendary,” said Palantir Executive Josh Harris. “We look forward to continuing to work alongside Scuderia Ferrari, one of the most successful teams in the history of Formula 1 racing.” As part of the partnership, the Palantir brand will be featured on the Scuderia Ferrari Formula 1 race cars and on Charles Leclerc and Carlos Sainz’s driver racesuits. About Palantir Technologies Palantir Technologies is a technology company that builds enterprise data platforms for use by organizations with complex and sensitive data environments. From building safer cars and planes, to discovering new drugs and combating terrorism, Palantir helps customers across the public, private, and nonprofit sectors transform the way they use their data.

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Spotlight

This infographic presents Forrester survey findings that correlate overall company success with adoption of innovative BI, analytics, and big data tools. It also provides a comprehensive list of benefits that advanced BI tools bring to the business and IT sides of any operation…

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