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16 Ways Insurance Companies Can Use Data and AI

Snowflake

To learn more about insurance data trends, download the full ebook. In addition, these broad profiles can also be used as data prefill to streamline an organization’s quote process, reducing the number of questions the agent or customer needs to respond to, and creating an exceptional customer experience.

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Streamline Operations and Empower Business Teams to Unlock Unstructured Data with Document AI 

Snowflake

It is estimated that between 80% and 90% of the world’s data is unstructured 1 , with text files and documents making up a significant portion. Every day, countless text-based documents, like contracts and insurance claims, are stored for safekeeping. Learn more here about Snowflake Cortex AI and Snowflake Copilot.

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Commercial Lines Insurance- the End of the Line for All Data

Cloudera

I’ve had the pleasure to participate in a few Commercial Lines insurance industry events recently and as a prior Commercial Lines insurer myself, I am thrilled with the progress the industry is making using data and analytics. Another historic example is crop and livestock insurance in Germany in the 1700s.

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Top 5 Data + AI Predictions for Financial Services in 2024

Snowflake

And it’s no wonder — this new technology has the potential to revolutionize the industry by augmenting the value of employee work, driving organizational efficiencies, providing personalized customer experiences, and uncovering new insights from vast amounts of data. Here are just a few of their exciting predictions for the year ahead.

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How Banks are Using Technologies to Help Underserved Communities

Cloudera

billion adults around the world do not have access to formal financial services, meaning that they cannot open a bank account or access credit, insurance, or other financial products. Cloudera Data Platform (CDP) has also been instrumental in helping banks solve the issue of financial inclusion in underserved communities.

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Re-thinking The Insurance Industry In Real-Time To Cope With Pandemic-scale Disruption

Cloudera

The Insurance industry is in uncharted waters and COVID-19 has taken us where no algorithm has gone before. Today’s models, norms, and averages are being re-written on the fly, with insurers forced to cope with the inevitable conflict between old standards and the new normal. . Insurers are thinking on their feet.

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Claims Processing with Generative AI: Making Sense of the Data

Precisely

Insurance industry leaders are just beginning to understand the value that generative AI can bring to the claims management process. As insurers begin to integrate these advanced technologies into their operations, the entire landscape of claims management is being reshaped, leading to faster, more customer-friendly service.