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AI has exacerbated racial bias in housing. Could it help eliminate it instead?

#artificialintelligence

Our upcoming magazine issue is devoted to long-term problems. Few problems are longer-term or more intractable than America's systemic racial inequality. And a particularly entrenched form of it is housing discrimination. A long history of policies by banks, insurance companies, and real estate brokers has denied people of color a fair shot at homeownership, concentrated wealth and property in the hands of white people and communities, and perpetuated de facto segregation. Though these policies--with names like redlining, blockbusting, racial zoning, restrictive covenants, and racial steering--are no longer legal, their consequences persist, and they are sometimes still practiced covertly or inadvertently.


Opportunities for Group Insurance Innovation during the Pandemic - Global IQX

#artificialintelligence

Insurers who invested heavily in innovative technologies like artificial intelligence before the pandemic are now reaping the greatest benefits – but there remains plenty of room to grow. Over the months since the COVID-19 pandemic was declared, the group insurance industry has moved from putting out fires towards a new "business as usual," with remote work, redesigned business processes, and limited face to face meetings or business travel. While most insurers are doing their best to ensure business continuity and maintain pre-pandemic customer-service standards, many were exposed to a sudden shockwave of evolved customer expectations and challenges in transitioning employees to a virtual work environment. Group insurance providers were particularly exposed to the unknown, including a possible reduction in revenues due to business closures, layoffs, and group plan cancellations. On the other hand, there were fewer claims as many insured employees stopped seeing their dentists, doctors, chiropractors, physiotherapists, and so on. While the pandemic has propelled the economic conditions for serious disruption in the group benefits industry, many established insurers have discovered the benefits of innovative technologies in this "new normal."


Are commercial insurers doing AI right?

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Artificial Intelligence (AI) has been in almost every technology-based headline over the past 24 months. If an incumbent technology provider or a newly emerging InsurTech organization wants to grab attention – well, just insert AI in the first few lines of the description. Or, better yet, insert AI in the product or organization name. In fact, AI does hold exceptional business promise, and there are numerous proven use cases. But AI is a complicated topic.


Your AI May Be Ethical, But Is It Prudent?

#artificialintelligence

Do you remember a story about an irate father who marched into a Target to complain that his teenage daughter received maternity coupons, only to find out a few days later that she was pregnant? The story came from a 2012 New York times article and it signaled the arrival of predictive analytics. Despite reasonable skepticism over whether the story was real, it helped initiate an ethical debate over consumer privacy that has only intensified. Today, we live in a world with more powerful predictive capabilities and more personal data to be leveraged. We've reached an era in which AI can do more than out a teenage pregnancy.


Japan Post closer to scrapping Saturday mail deliveries

The Japan Times

Saturday deliveries of ordinary mail from Japan Post may soon be a thing of past. During a Diet session set to begin on Oct. 26, the government plans to submit a bill scrapping such deliveries, sources have said. If the bill is enacted during the session, Saturday deliveries are expected to be abolished as early as autumn next year, the sources said. The government has been refraining from submitting the bill to revise the postal law in order to prioritize responses to sales irregularities involving postal life insurance products. The postal law currently requires Japan Post Co. to deliver ordinary mail six days a week or more.


9 AI Insurance Applications/ Use Cases in 2020: In-depth guide

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The insurance industry includes numerous manual tasks that can be automated with AI and machine learning. With the advances in AI, insurance companies can provide faster services, ensuring customer satisfaction. As a result, the interest in AI insurance has tripled since 2012, according to Google Trends. Insurance providers can leverage a wide range of AI technologies like document processing, chatbots, and affective computing. They can implement these technologies in tasks, including claims and appeals processing, personalized insurance pricing, and fraud detection to achieve reduced costs, improved customer experience.


AI inevitability - can we separate bias from AI innovation?

#artificialintelligence

We've been led to believe that A.I. is going to solve all of our problems - economically, socially, environmentally. It stretches credulity that it can do that when all it does is find patterns in numbers. But what it is capable of - in that limited role - is dangerous. Nevertheless, A.I.'s inevitability, predicted by industry, academics, and industry analysts, goes without question. That the issues of bias, exclusion, and disinformation are social problems that cannot be addressed with pattern-matching and curve fitting, and cannot satisfactorily be dealt with by technology is a strength, not a weakness of the inevitability narrative.


Japan Post closer to scrapping Saturday mail deliveries

The Japan Times

Saturday deliveries of ordinary mail from Japan Post may soon be a thing of past. During a Diet session set to begin on Oct. 26, the government plans to submit a bill scrapping such deliveries, sources have said. If the bill is enacted during the session, Saturday deliveries are expected to be abolished as early as autumn next year, the sources said. The government has been refraining from submitting the bill to revise the postal law in order to prioritize responses to sales irregularities involving postal life insurance products. The postal law currently requires Japan Post Co. to deliver ordinary mail six days a week or more.


Innovation Trailblazers Webinar Mini Series - Big Data, Analytics & The Future of Insurance - Silicon Valley Insurance Accelerator

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In this Webinar Series leading innovators from Startups, solution providers and insurance business lines share their vision for how data and analytics will shape the future of insurance. This includes the on product and business models, customer engagement, distribution, underwriting and claims. Thought leaders and innovators share their vision and examples of the emerging data sources and data, analytic, AI & Machine Learning models and capabilities and how those will shape the future of insurance within and across business lines. Thought leaders and innovators discuss how the use of data and analytics is enabling the new insurance business models and shifting the insurance paradigm to value added personalized services that help customers better achieve life and business objectives. Thought leaders and innovators discuss the data driven future of customer engagement and distribution and how it will change insurance.


Travelers Offers Artificial Intelligence for Companies to Assess Worker Safety

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The Travelers Companies said it has started using artificial intelligence to offer business customers virtual and onsite ergonomic assessments. Travelers claims to be the first insurance carrier to provide the service. According to the insurer, the new offering combines AI-based technology and ergonomic research to quickly analyze a smartphone video of a worker performing a task and identify movements and postures that could cause injuries. Then, the software quantifies the risk and produces a report that helps a Travelers ergonomics professional develop a plan that is safer for the worker. Marty Henry, senior vice president of Risk Control at Travelers, said in prepared remarks that the AI can help reduce the time spent assessing problems "from days to hours, enabling our specialists to focus their attention on developing tailored workplace improvements for our customers."