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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. Continued advancement in AI development has resulted today in a definition of AI which has several categories and characteristics. The early versions of AI were capable of predictive modelling (e.g.,

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Top 8 Cyber Insurance Companies for 2022

eSecurity Planet

That’s where cyber insurance may be able to help. And costs can be much higher for some industries and geographic locations (including the United States). But there’s a catch: Insurers are going to carefully assess your cybersecurity controls before writing any policy, and there are limits to coverage. That’s a 29.1%

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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. One example of this is facial recognition being used for the illegal tracking of people’s movement.

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Record Retention Policy for Businesses: A Strategic Guide to Compliance and Efficiency

Armstrong Archives

Also, their policies must be tailored to their specific industry requirements and business size. Each category will have different legal and operational retention requirements. Next, consult legal and industry-specific guidelines to determine the minimum retention periods. financial, personnel, customer-related).

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A guide to the GDPR for insurance companies

IT Governance

The EU General Data Protection Regulation (GDPR) is designed to harmonise data protection laws across the EU, but certain industries will have to respond differently in order to achieve compliance. A report published by research and consultancy company Celent highlights the challenges that the GDPR presents to insurers.

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CCPA Marches On: California Attorney General Proposes Further Revisions to CCPA Regulations, Industry Pleads for Enforcement Delay Amid COVID-19 Crisis

Data Matters

Among other disclosure requirements, privacy policies must identify (i) the categories of sources from which personal information is collected from consumers, and (ii) the business or commercial purpose for collecting or selling personal information. However, the current framing does support a more simplified disclosure structure.

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Regulatory Update: NAIC Summer 2022 National Meeting

Data Matters

The National Association of Insurance Commissioners (NAIC) held its Summer 2022 National Meeting (Summer Meeting) August 9–13, 2022. The Privacy Working Group has been reviewing state insurance privacy protections regarding the collection, ownership, use, and disclosure of information gathered in connection with insurance transactions.