Data/Tech

AAIS’s Role in Data Democratization

Jan 26, 2022 / by Ruturaj Waghmode posted in openIDL, Community, Data & Technology, Data Management/Distributed Ledger, Events, Tech News, AAIS News & Views, AAIS Insights, AAIS Webinar Series, Data/Tech

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Recently, AAIS hosted a webinar on the “Democratization of Data.” Defined simply, this is allowing open, free-flowing access to data with decentralized gatekeepers, smart contracts which require explicit consent, and a reduction in barriers to entry or exit. During the webinar, Neil Pravin Dias from BizDynamics presented the ways that data democratization can ultimately benefit a company’s results – whether that’s relationships, revenue, or other key metrics – and how to breakdown data to get to your desired target. Here, AAIS VP of Data Solutions Ruturaj Waghmode provides additional color on ways AAIS facilitates and leads the way on democratization of data.

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Artificial Intelligence is Modernizing Regulatory Compliance

Jan 18, 2022 / by Robin Westcott posted in Community, Machine Learning/AI, Issues & Trends, Data & Technology, Tech News, Regulatory/Compliance, Legislation & Regulation, AAIS News & Views, AAIS Insights, Data/Tech

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Risks are continually evolving and emerging, requiring updates to insurance policies in order for carriers to keep pace with market need. Whether you’re a regulator or an underwriter, reviewing new policy language in a timely fashion can be a challenge, and can negatively impact speed-to-market.

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Ransomware – The Other Epidemic

Jan 13, 2022 / by Linda Jancik posted in Issues & Trends, Data & Technology, Tech News, Homeowners, New/Emerging Risks, P&C Insurers, AAIS News & Views, AAIS Insights, Data/Tech, Insurance Line of Business, cyber risk, cyber insurnace, ransomware

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Ransomware is a type of malicious software designed to block access to a computer system until a sum of money is paid and can target both individuals and businesses. The U.S. House Committee on Oversight and Reform shared that “in 2020, ransomware attacks on both public and private institutions in the U.S cost an estimated $19.5 billion. … in the first six months of 2021, financial institutions reported $590 million in ransomware-related transactions. Current trends indicate that ransomware transactions in 2021 alone will exceed the previous 10 years combined.”

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Shifting the Data Sharing Paradigm with openIDL

Jan 10, 2022 / by Matt Hinds-Aldrich posted in openIDL, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Modeling/Predictive Analytics, AAIS Insights, Data/Tech, Modeling/Actuarial

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Clive Humby said it best with his oft-cited quote – “data is the new oil.” It is true that the value of data is in its refinement and synthesis into useful insights, tools, and products, all predicated on the existence of a complex infrastructure to share and transport data from where it is found (those with the data) to where the analysis occurs (those with the questions).

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Increasing the Value of Data

Jan 4, 2022 / by Ruturaj Waghmode posted in Community, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Tech News, AAIS News & Views, AAIS Insights, Data/Tech

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Everyone has probably heard the cliché “Data is an Asset.” But how do we break it down pragmatically into an actionable backlog and apply some “data-driven metrics” toward attributing and increasing the value of data.

It’s a fascinating and challenging paradigm – to increase the value of data. Like many other assets, the value is typically not intrinsic; it must be harnessed. It requires a process of extraction, enrichment, polishing, and packaging. Even then, the value realization is not obvious or guaranteed, until the consumer engages with it. Think of diamonds. They go through an extensive process from rock to finished product, and still only possess value once purchased by a consumer at a defined market rate.

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COVID-19 Continues to Impact Auto Insurance Market

Dec 17, 2021 / by Meg Lech posted in Data & Technology, Tech News, IoT, P&C Insurers, Commercial Auto, AAIS Insights, Personal Auto, Data/Tech, Insurance Line of Business

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As the pandemic rolls on, with the omicron variant providing the latest wrinkle, the auto market continues to be reshaped by COVID-19. Aside from the overall financial impact, now increasing claims, severity of claims and higher losses, and worsening consumer behavior are all leaving a mark. Here is the latest from around the industry:

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CT Commissioner / AAIS VP Talk openIDL, Blockchain, & Democratization of Data

Dec 13, 2021 / by AAIS posted in Community, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Insurance News/Current Events, Tech News, Regulatory/Compliance, Blockchain, Legislation & Regulation, Data/Tech

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Connecticut Insurance Commissioner Andrew Mais and AAIS VP of Government Affairs, Legal and Compliance, Robin Westcott, recently appeared on AM Best TV to discuss our successful openIDL Proof of Concept (POC) surrounding a COVID-19 Data Call, and how this revolutionary blockchain platform is paving the path for better regulatory reporting across the insurance industry. Watch the replay in full here:

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Open Source Benefits are Coming to Insurance

Dec 6, 2021 / by Joan Zerkovich posted in openIDL, Machine Learning/AI, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Robotics/Drones, Open Source, Tech News, IoT, Telematics, Modeling/Predictive Analytics, AAIS News & Views, AAIS Insights, Data/Tech

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In 2002, Amazon eliminated millions of dollars from its technology costs by switching to the Linux operating system, an open source technology platform from the Linux Foundation. In a filing with the Securities and Exchange Commission, Amazon stated it was able to cut technology expenses by about 25%, from $71 million to $54 million, primarily through “migration to a Linux-based technology platform that utilizes a less-costly technology infrastructure, as well as general price reductions for data and telecommunication services due to market overcapacity[1]. Amazon continues its open source technology strategy today, as do thousands of other companies. Today, 96.3% of the world's top one million servers run on Linux[2].

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Update from The Farm…Farmowners Product Expanding

Nov 30, 2021 / by Hope King posted in Issues & Trends, Data & Technology, Robotics/Drones, Tech News, Farm & Ag, P&C Insurers, AAIS News & Views, AAIS Insights, Data/Tech, Insurance Line of Business

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The farm industry continues to transform. While smaller family farming operations maintain a strong presence and make up a large percentage of the market, we’re seeing growth of large commercial farms that include a variety of operations and layered revenue streams. It is an ultra-competitive market with each company searching for an edge over their competitors.

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Managing Cyber Risk…Securing the Future

Nov 19, 2021 / by AAIS posted in Data & Technology, Tech News, Homeowners, P&C Insurers, AAIS Pulse, Data/Tech, Insurance Line of Business

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Cyber security is a pressing issue. With daily advancements in technology comes the need for a game of rapid catch-up in the security sector. Every day there are new products and solutions to help protect us from this growing threat. The challenge within the insurance industry is how to underwrite this constantly evolving risk.

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