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Mitigating the impact of climate change in insurance and other financial services  

IBM Big Data Hub

According to Berenberg analysts , individual insurance companies faced total claims estimates of up to approximately USD 300 million. For other financial services firms outside of the insurance sector, property accepted as loan security might face climate-related risks as well.

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6 climate change adaptation strategies every organization needs today

IBM Big Data Hub

This situation increases the need for businesses to adapt their sustainability strategies to address climate change issues. In Florida and California, where hurricanes and wildfires respectively have become more rampant, some insurance providers are choosing to stop servicing these regions entirely.

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How to build a successful risk mitigation strategy

IBM Big Data Hub

The only way for effective risk reduction is for an organization to use a step-by-step risk mitigation strategy to sort and manage risk, ensuring the organization has a business continuity plan in place for unexpected events. Building a strong risk mitigation strategy can set up an organization to have a strong response in the face of risk.

Risk 74
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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.

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Digital Preservation -- High Stakes for Finance and Insurance Companies

AIIM

In a recent AIIM survey, 85% of finance and insurance executives said that digital preservation was “important” or “very important” to their organizations – even higher than the 77% reported in other industries. Why is it particularly important in finance and insurance?

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The business value of operating core insurance solutions on the cloud

IBM Big Data Hub

Although interest rates have increased at an unprecedented rate over the past year due to efforts by central banks to curb inflation, insurers are locked into low-yielding investments, and it will take several years for their investment yields to improve. Core modernization (processes and technology) is a top priority for every insurer.

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Insurers need to formalize IoT strategy

Information Management Resources

Four out of five carriers don't have a plan for collecting, analyzing or securing the flood of data from connected devices, according to LexisNexis survey.