Remove Government Remove Insurance Remove Tools
article thumbnail

Insurance and Ransomware

Schneier on Security

Here’s one more contribution to that issue: a research paper that the insurance industry is hurting more than it’s helping. Although it is a societal problem, cyber insurers have received considerable criticism for facilitating ransom payments to cybercriminals.

Insurance 119
article thumbnail

NYDFS issues significant guidance on insurers using AI or external data

Data Protection Report

On January 17, 2024 the New York Department of Financial Services (“NYDFS”) published a Proposed Insurance Circular Letter (“Proposed Circular”) regarding the use of artificial intelligence systems (“AIS”) and external consumer data and information sources (“ECDIS”) in insurance underwriting and pricing. Actual Actuarial Validity.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Life insurance policy administration system migrations: keys for staying on course

CGI

Why do so many life insurance carriers continue to live with outdated legacy administration platforms? The answer is that migrations are difficult and can go off course without the right people, governance, methodology and tools in place.

article thumbnail

Collibra AI Governance and de-risking unstructured data at Ohalo

Collibra

But as most businesses recognize, innovation is nothing without the right governance to ensure that risks don’t get out of hand. Enter the unstructured data experts from Ohalo , who recently showcased their unstructured data management and classification tool, Data X-Ray with Collibra at the Data Citizens 2024 conference.

article thumbnail

The risks and limitations of AI in insurance

IBM Big Data Hub

In my previous post , I described the different capabilities of both discriminative and generative AI, and sketched a world of opportunities where AI changes the way that insurers and insured would interact. Usage risk—inaccuracy The performance of an AI system heavily depends on the data from which it learns.

article thumbnail

Lloyd’s Will No Longer Include Nation-State Attacks in its Cyber Insurance Policies

IT Governance

Lloyd’s of London has announced that its insurance policies will no longer cover losses resulting from certain nation-state cyber attacks or acts of war. In a memo sent to the organisation’s insurance syndicates , Underwriting Director Tony Chaudhry said that Lloyd’s remains “strongly supportive” of policies that cover cyber attacks.

Insurance 100
article thumbnail

Is Artificial Intelligence relevant to insurance?

IBM Big Data Hub

In this first of two posts, I investigate the anatomy of artificial intelligence and its impact on insurance. Academia is in an uproar over originality of authorship, and governments have even started to outlaw its general use. It offers customers and the insurer’s system to interact in a human-like manner.