big data News

Viewpoint: Regulatory Interest in Big Data, AI More Than a Carrier Problem

The California Insurance Commissioner and the California Department of Insurance (CDI) recently issued a bulletin regarding industry bias and discrimination. The bulletin acknowledged allegations of bias and discrimination in the industry and gave notice to insurance players that the CDI …

Re/Insurers Need a Data Strategy to Build Underwriting Transformation Programs

Years of low interest rates and burgeoning catastrophe losses have accelerated the hardening of the reinsurance market, as the January 2021 renewals clearly demonstrated, and moreover, the COVID-19 pandemic has worsened the “lower for longer” interest rate environment. Considering suboptimal …

P/C Insurers Plan to Boost Their Use of Automation: Willis Towers Watson

Property/casualty insurers plan to accelerate their use of automation for actuarial work, a new Willis Towers Watson survey found. What’s more, COVID-19 has been a major factor in the trend. The sector’s overall aspirational score (toward wanting more automation) was …

Canadian Fintech Company Ratehub Launches Insurance Brokerage

Canadian fintech company Ratehub Inc. has launched a property/casualty (P/C) brokerage called RH Insurance. Toronto-based Ratehub, which operates the financial product comparison site Ratehub.ca, said the launch brings the company one step closer towards achieving its goal of “being Canada’s …

Connecticut Reminds Insurers to Avoid Discriminatory Practices with Big Data

Connecticut Insurance Department (CID) Commissioner Andrew N. Mais issued a formal notice to insurers licensed by the department that their use of technology and big data must be in full compliance with federal and state anti-discrimination laws. The notice, issued …

How Big Data Can Help Finance Big Infrastructure Plans

It’s no secret that the roads, bridges, water and sewer systems that have shaped how our communities developed over the last century are, in too many cases, operating on borrowed time. Infrastructure is — after all — the collective of …

How Data-Dependent Federal Reserve Is Growing to Like Private Company Big Data

About a year ago, Federal Reserve officials were nervous. Markets were cratering. Fear about a trade war was rising. The officials needed to know if the turmoil was chilling consumer spending. Problem was, a partial shutdown of the government had …

Shift Technology Raises $60M to Expand Use of AI for Fraudulent Claims Detection

Shift Technology has raised $60 million in new venture financing, money that will help grow the reach of its artificial intelligence and big data technology designed to help carriers detect fraud during the claims process. Plans call for using the …

Softbank Plans Big Push into Insurance Investments

Softbank’s Vision Fund plans to pump more money into insurance, a sector it sees as both ripe for disruption and a potential booster for its bigger bets in cars, health and financial services, a Vision Fund executive told Reuters. In …

Global Insurers Realize Innovation Is Critical for Future Success: A.M. Best Survey

A significant majority of global insurers understand that innovation is increasingly becoming a competitive differentiator in the global marketplace, according to the results of an A.M. Best survey of its rated entities. More than 80 percent of survey respondents said …