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Managing Premium Leakage and Underwriting Fraud In P&C Insurance

Posted by Max Kanaskar on Jun 1, 2020 11:04:51 AM

The problem of premium leakage is widespread in the P&C insurance industry. Verisk Analytics estimates that personal lines automobile insurers incur $29 billion in annual losses due to premium leakage, and that 8% commercial P&C policies have some sort of ownership misrepresentation resulting in a loss ratio that is double that of other policies studied.

Premium leakage is premium and/or revenue lost due to misclassification, missed exposures, exposure changes, fraud or the failure to recognize and address other material facts related to premium. Basically, premium leakage results from misapplying or missing any premium- affecting factor.

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Topics: AI, Insurance

Intelligent Intervention AI Use Cases for COVID-19 and Beyond

Posted by Jeffrey Eyestone on May 5, 2020 1:01:19 PM


These pieces all begin to describe where AI is being leveraged to help with the current public health crisis.  This post and the next couple (in short order) elaborate on what we at CognitiveScale call Intelligent Interventions - a set of AI use cases that cover Care Management, Service Experience, and more.  These are AI use cases and solutions where we have experience with large health insurance companies (payers) and healthcare systems (providers).

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Topics: AI, CognitiveScale, Healthcare, augmented intelligence, trust, certifai

PPP Distribution Inequities: How AI Solutions Can Eliminate Bias

Posted by admin on May 1, 2020 10:37:58 AM

COVID-19 Hits Small Businesses- Hard

No doubt, given the COVID-19 pandemic, there are tough times for everyone, both personally and professionally. Enough said. Those businesses deemed non-essential and already operating on a fiscal shoestring remain in more dire straits than ever. Establishment closures hit hardest are in the small business ecosystem, where they are experiencing the greatest impact for employers and employees alike. These mom and pop and mid-sized establishments, without customers, have little recourse to help them stay afloat, let alone to assist their workforce via continued paychecks, medical coverage, and the ability to feed their kids, maintain their homes, and hopefully get back to work. 

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Topics: Fintech, augmented intelligence, trust, certifai

Insurers: Leveraging AI to Handle COVID-19 Impacts in the Short and Medium Term

Posted by Max Kanaskar on Apr 9, 2020 12:43:00 PM

There are several strategic and operational challenges insurers will face as a result of the COVID-19 pandemic. Social distancing has forced in person interactions to come to a standstill, making insurance sales, marketing and business development efforts more challenging. Insurers are being forced to interface with their insureds virtually, servicing them through 100% home based call centers. Increased instances of fraud and malfeasance in business dealings are a threat to the bottom line. While insurers have launched business continuity planning and crisis management efforts to negotiate the short term, they will also need to pull in their cost structures and start laying the groundwork for when the economic conditions rebound.

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COVID-19 Use Cases, Goals, Challenges, Impact

Posted by Jeffrey Eyestone on Apr 8, 2020 7:48:09 AM

AI Use Cases to Address the COVID-19 Pandemic 

First of all, we want to take a moment to thank all of the Healthcare workers on the front line of this pandemic.  You are the real heroes and we appreciate everything you are doing.  

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Accelerate AI/ML Workflows in Hybrid Cloud with Red Hat and CogScale

Posted by admin on Apr 1, 2020 8:48:27 AM

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Preparing for Long Term Impacts of the COVID-19 Pandemic: How Insurers Should Leverage AI

Posted by Max Kanaskar on Mar 23, 2020 11:23:05 PM

The COVID-19 pandemic has brought the global economy to a screeching halt; wide swaths of the economy have already started feeling the pain, including airlines, commodities and even banks. Insurers are facing the double-edged sword of decreasing market demand on one hand and increased market volatility on the other. Life insurers are particularly exposed due to higher interest rate risk and mortality exposure resulting from the pandemic. And P&C insurers can only go so far holding their pricing amid escalating customer stress and rising government pressure to pay out policies even in the absence of a pandemic risk rider. As a group, S&P 500
P&C insurers are down 29% since the start of the year, with a more than 51% decline for life insurers.

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Topics: Insurance

Trusted AI in Healthcare: Avoiding the Risks of Black Box AI Solutions

Posted by Jeffrey Eyestone on Mar 3, 2020 1:01:38 PM

AI in Healthcare is Powerful but Skepticism Abounds

Artificial Intelligence (AI) is delivering tremendous value in Healthcare.  For example, recent news out of GoogleHealth and DeepMind, as reported in the journal Nature (“International evaluation of an AI system for breast cancer screening”) details how their AI solution potentially spots cancer earlier and more accurately than radiologists in the United States and United Kingdom.  But skepticism abounds. 

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Topics: AI, machine learning, trust

Consumer Lending and Credit: Tackle Business Risks from AI

Posted by Max Kanaskar on Feb 6, 2020 1:08:38 PM

Executive Summary

The key regulatory issues in consumer lending and credit – fair lending, consumer notification and reporting, and unfair, discriminatory or abusive acts or practices – have implications for various AI business risks.  Institutions should get ahead of the issue and tackle AI business risks head-on.

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Topics: AI, CognitiveScale, Fintech, certifai

Jun 1, 2020 11:04:51 AM

Managing Premium Leakage and Underwriting Fraud In P&C Insurance

The problem of premium leakage is widespread in the P&C insurance industry. Verisk Analytics...

May 5, 2020 1:01:19 PM

Intelligent Intervention AI Use Cases for COVID-19 and Beyond

May 1, 2020 10:37:58 AM

PPP Distribution Inequities: How AI Solutions Can Eliminate Bias

COVID-19 Hits Small Businesses- Hard

No doubt, given the COVID-19 pandemic, there are tough...

Apr 9, 2020 12:43:00 PM

Insurers: Leveraging AI to Handle COVID-19 Impacts in the Short and Medium Term

There are several strategic and operational challenges insurers will face as a result of the...

Apr 8, 2020 7:48:09 AM

COVID-19 Use Cases, Goals, Challenges, Impact

AI Use Cases to Address the COVID-19 Pandemic 

First of all, we want to take a moment to thank...

Apr 1, 2020 8:48:27 AM

Accelerate AI/ML Workflows in Hybrid Cloud with Red Hat and CogScale

Mar 23, 2020 11:23:05 PM

Preparing for Long Term Impacts of the COVID-19 Pandemic: How Insurers Should Leverage AI

The COVID-19 pandemic has brought the global economy to a screeching halt; wide swaths of the...

Mar 3, 2020 1:01:38 PM

Trusted AI in Healthcare: Avoiding the Risks of Black Box AI Solutions

AI in Healthcare is Powerful but Skepticism Abounds

Artificial Intelligence (AI) is delivering...

Feb 6, 2020 1:08:38 PM

Consumer Lending and Credit: Tackle Business Risks from AI

Executive Summary

The key regulatory issues in consumer lending and credit – fair lending,...