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.
Data & Technology
On Wednesday, Jan. 19, AAIS hosted a webinar with AAIS VP of Data Solutions Ruturaj Waghmode and BizDynamics SVP of Partnerships Neil Pravin Dias. They took a comprehensive look at what the power of data democratization means for insurance carriers, regulators, agents, and policyholders – and how to make it a reality.
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.
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.”
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).
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.
The National Association of Insurance Commissioners (NAIC) recently wrapped up its fall meeting in San Diego, Ca., where it celebrated its 150th Anniversary. It was a hybrid event with an estimated 1,200 people attending in person and another 1,800 virtually. AAIS Views caught up with our Manager Government Affairs and Compliance, Lori Dreaver Munn and AAIS VP of Memberships & Solutions Truman Esmond, who both attended in person to hear about some of the key themes and takeaways from the meeting.
With the holidays and the end of the year upon us, it is the time to reflect upon the past year. And it is the time of year we tend to think about coming together, as a community, to share our experiences. In our case, I’m referring to AAIS’s product-focused advisory councils.
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:
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: