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New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance

Data Matters

On February 4, 2021, the New York Department of Financial Services (NYDFS) issued Circular Letter No. 2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers. Insurers should: Establish a Formal Cyber Insurance Risk Strategy.

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New York Regulators Call on Insurers to Strengthen the Cyber Underwriting Process

Hunton Privacy

As reported on the Hunton Insurance Recovery blog , on February 4, 2021, the New York Department of Financial Services (“NYDFS”), which regulates the business of insurance in New York, has issued guidelines, in the Insurance Circular Letter No. sought coverage for expenses under its property insurance policy.

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Unlocking the power of chatbots: Key benefits for businesses and customers

IBM Big Data Hub

Interact when and where customers are Conversational marketing can be deployed across a wide variety of platforms and tools to meet your customers where and how they prefer. Your potential market is worldwide. Offer self-service options Customers often prefer to complete simple tasks independently.

Sales 93
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The most valuable AI use cases for business

IBM Big Data Hub

Not only will this help scale the AOT tech across markets, but it will also help tackle integrations including additional languages, dialects and menu variations. Education In education and training , AI can tailor educational materials to each individual student’s needs.

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Conversational AI use cases for enterprises

IBM Big Data Hub

In conversational AI, this translates to organizations’ ability to make data-driven decisions aligning with customer expectations and the state of the market. The value of conversational AI According to Allied market research (link resides outside IBM.com), the conversational AI market is projected to reach USD 32.6

Analytics 103
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Getting ready for artificial general intelligence with examples

IBM Big Data Hub

Also, applications that don’t just rely on an LLM for text generation but integrate it with other technologies to create a complete solution and significantly rethink enterprise workflows and proprietary data use are seeing strong performance in the market. Example: A hedge fund uses an AGI system to analyze financial markets.

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Regulatory Update: NAIC Summer 2019 National Meeting

Data Matters

The National Association of Insurance Commissioners (NAIC) held its Summer 2019 National Meeting (Summer Meeting) in New York City from August 3 to 6, 2019. The amended regulation took effect on August 1, 2019, for annuity products and will become effective on February 1, 2020, for life insurance products.