Instagramming pics of yourself partying hard in Cancun? Insurance companies tap troves of social media and other digital data to make coverage decisions on home, auto, life and health insuranceInsurers want to know about the media you consume, lawsuits you're involved in, credit record, education, employment and much more to help determine risks of underwriting policiesSome insurers have used data to assess how much they can raise premiums before you start shopping around -- a tactic called "price optimization"Global insurance company Gen Re found a new way to say, "Be my Valentine" last Feb. 14. Simply upload a selfie from your smartphone and the company could offer you a life insurance policy within minutes. "Facial analytics … brings a more human focus to the onboarding process," said the insurer in a promotional press release. Appealing, yes. But appalling to many consumer advocates and some state regulators, who question how much an insurer needs to know about you and when … [Read more...] about How “big data” gives insurers a giant edge over consumers
How companies use big data
A technological advance can impact — even transform — the global economy let alone a particular sector. The steam engine in the first industrial revolution, electricity in the second, and internet technology in the third fundamentally changed human history. Today, big data and artificial intelligence (AI) have the same transformative potential. When it comes to big data and AI in investment management, some people anticipate a rosy future with various new sources of alpha. Others worry about the jobs that might be lost to machines through process automation. Regarding the new sources of alpha, developments in this fourth industrial revolution raise a series of critical questions. How investment professionals address them will go a long way in determining who will successfully adapt and who might be rendered obsolete. Frequently Asked Questions (FAQs) 1. By using big data and AI, can investment managers achieve competitive advantages in securities selection and asset … [Read more...] about What do you want to know about big data & AI in investment management?
Data is the future of business; we’ve all heard it a million times by now, but the hype cycle keeps on spinning. With each of us now leaving an unending trail of data in our wake, it was only a matter of time before someone worked out how to make money from it. Throw unlimited processing power and storage into the mix — thank you very much, cloud computing — add a sprinkle of artificial intelligence (AI) and, hey presto, we’re all living in the future. If only anyone other than largest corporations on earth knew how to make any sense of the ocean of data in which we now swim. In fact, any business can. More about KPIs than rampaging AIs, step back from the daydreams about the Star Trek transporter or the cybernetic singularity and big data is really about improving mundane, but important, business processes. “It’s a question of operational intelligence, really,” said Phil Ryan, customer relationship management solutions manager at Egro Group. … [Read more...] about Betting the business on big data
On 1-2 October 2018, the AI & Big Data Congress, the event dedicated to the gaining and usage of data in real time, communication through various types of devices, machine learning and above all else, the implementation of Artificial Intelligence, took place. During the two-day congress, more than 600 participants were gathered, to be up to date with the newest trends of AI & Big Data. Artificial Intelligence is the most important technological trend of 2018, which in an oddly fast tempo, is revolutionizing our world. Participants of the event got to know the possibilities of this futuristic technology and prepare for the upcoming changes which will soon influence all sectors of the economy. From the practical side, the topic of using data was brought closer to the participants. The event started with the joint session of the AI & Big Data Congress and the BlockchainTech Congress. The inaugural opening of the event, which was hosted by the Chairmen of the Advisory … [Read more...] about AI as a key to the future – 9th AI & Big Data Congress
LONDON — Competition regulators have a new cause célèbre: Big Tech’s use of data. From Europe’s top antitrust czar Margrethe Vestager announcing an investigation into Amazon last week over its potential abuse of digital information, to the U.S. Federal Trade Commission holding a public hearing in early November on big data and competition, officials are gearing up for a new round of antitrust battles. It’s going to be a bare-knuckle fight. In one corner stand some of the world’s largest tech companies like Google, Facebook and Apple, whose ever-expanding economic might comes to a large extent from data (everything from people’s search queries to online movie streaming habits) that they now collect on billions of individuals worldwide. In the other corner are the world’s most powerful antitrust authorities from Brussels to Berlin to Washington, who increasingly question if a small stable of Silicon Valley … [Read more...] about The next antitrust standoff — Big Tech’s use of data