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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.

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The Financial Service and Insurance Industries Need Intelligent Document Processing; Here’s Why

Rocket Software

Analyst firm IDC recently published a Vendor Spotlight report featuring ASG Mobius Content Services (Mobius) and its applications in the financial service and insurance industries. IDP Trends in the Financial and Insurance Industries. Challenges to Effective IDP.

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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. It represents AI that can sift through data and divide them into classes (of attributes) by learning the boundaries. It offers customers and the insurer’s system to interact in a human-like manner.

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Many Public Salesforce Sites are Leaking Private Data

Krebs on Security

The data exposures all stem from a misconfiguration in Salesforce Community that allows an unauthenticated user to access records that should only be available after logging in. A researcher found DC Health had five Salesforce Community sites exposing data. Unfortunately, I did not receive any responses from government organizations.”

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Examples of IBM assisting insurance companies in implementing generative AI-based solutions  

IBM Big Data Hub

IBM can help insurance companies insert generative AI into their business processes IBM is one of a few companies globally that can bring together the range of capabilities needed to completely transform the way insurance is marketed, sold, underwritten, serviced and paid for.

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Privacy in an open-data world: Why government agencies need to be proactive

Collibra

Government agencies — from DC to Duluth, NYC to LA — are struggling. The ever-growing digitalization of our world has raised significant concerns about data privacy and security, particularly for agencies that manage and process sensitive and confidential information. There’s no going back.

Privacy 97
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Data privacy examples

IBM Big Data Hub

An online retailer always gets users’ explicit consent before sharing customer data with its partners. A navigation app anonymizes activity data before analyzing it for travel trends. One cannot overstate the importance of data privacy for businesses today. The user can accept or reject each use of their data individually.