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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. Actual Actuarial Validity.

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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. 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.

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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. As more of our interactions and transactions occur online, the need for robust data protection measures becomes increasingly critical to safeguard personal data and maintain public trust in government institutions. There’s no going back.

Privacy 106
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First American Financial Pays Farcical $500K Fine

Krebs on Security

NYSE:FAF ] was leaking more than 800 million documents — many containing sensitive financial data — related to real estate transactions dating back 16 years. If you bought or sold a property in the last two decades or so, chances are decent that you also gave loads of personal and financial documents to First American.

Insurance 265
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Cyberattack shuts down La Porte County government systems

Security Affairs

Government computer systems at La Porte County, Indiana, were shut down after a cyber attack hit them on July 6. On July 6, a cyber attack brought down government computer systems atLa Porte County, Indiana. The post Cyberattack shuts down La Porte County government systems appeared first on Security Affairs.