As cyber security becomes even more crucial amidst Covid19 pandemic, artificial intelligence and machine learning backed solutions are helping several insurance companies tackle these threats, an EY report said. In a recent case, EY had helped an insurance company tackle the cybersecurity threat and this could be replicated throughout the industry. An Indian insurance company was looking to augment its internal security to protect its data, systems, and infrastructure from potential cyber security threats. In addition, the company determined that it needed a 24 7 security log monitoring system that could operate 365 days a year along with the capability to conduct analytics, threat profiling, correlation and alerting, EY report said. The company is now not only able to prevent active threats, but also conduct analysis on potential vulnerabilities.

As cyber security becomes even more crucial amidst Covid19 pandemic, artificial intelligence and machine learning backed solutions are helping several insurance companies tackle these threats, an EY report said. In a recent case, EY had helped an insurance company tackle the cybersecurity threat and this could be replicated throughout the industry. An Indian insurance company was looking to augment its internal security to protect its data, systems, and infrastructure from potential cyber security threats. In addition, the company determined that it needed a 24 7 security log monitoring system that could operate 365 days a year along with the capability to conduct analytics, threat profiling, correlation and alerting, EY report said. The company is now not only able to prevent active threats, but also conduct analysis on potential vulnerabilities.

Life insurance isn't as popular as it once was, despite the fact that a majority of people consider it to be important. Over 80% of consumers agreed in a recent survey that people need a life insurance policy, yet just 62% say they have one themselves. In fact, only 44% of U.S. households held individual life insurance as of 2010 -- a 50-year low -- compared with the 72% of Americans who owned life insurance in 1960. A New York- and Hartford, Connecticut-based startup hopes to reverse the trend with a novel service that rewards policyholders for making smart lifestyle choices. Dubbed Sproutt Insurance, it's the brainchild of insurance tech company Akitbo CEO Yoav Shaham, who nearly two years ago set out to blend analytics and health insights with AI to match people with life insurance providers.

In India the insurance industry has undergone several structural changes including embracing more advanced technologies like artificial intelligence/machine learning, together with bots, the Internet of Things and big data analytics. These digital transformation initiatives have been adopted by established insurance companies like Oriental, New India Assurance, LIC Of India, IFFCO TOKIO and ICICI Prudential. However, these firms remain vulnerable to losing some of the competitive space to startups. According to analysis by Brink Asia, these changes have been aided by a shifting economic landscape and government policies that have liberalized the insurance sector and encourage technological innovation. For example the National Health Protection Scheme under Ayushman Bharat has provided coverage to more than 100 million vulnerable families; the crop insurance scheme Pradhan Mantri Fasal Bima Yojana, which aided 47.9 million farmers in 2017-18; and the Pradhan Mantri Jeevan Jyoti Bima Yojana, a life insurance policy initiated by the central government to offer a life insurance policy to those who previously had no access to such services.

The U.S. life insurance industry is beginning to understand the vast potential benefits of robotic process automation (RPA) and artificial intelligence (AI). These two related breakthrough technological innovations leverage the power of machine learning to increase productivity and reduce the risks associated with human error. Of course, many professionals in our industry find the names of these technologies unappealing, prompting skepticism from the outset. These reactions are often rooted in fear of the unknown, apprehension that is unnecessary once we understand the essence of the technologies. RPA and AI are often used in tandem to complete a transaction and are currently utilized in many customer servicer interactions we encounter daily.

Nine questions deep into a life insurance questionnaire, with no end in sight, the will to continue is waning and your favourite social media feed is waiting in the tab next door. This is the big problem facing the life insurance industry, or should we say, the big problem that was facing the life insurance industry. That's because OnePath Life Insurance, owned and operated by ANZ, yesterday revealed a new streamlined set of life insurance questions developed using machine learning models that have revolutionised the underwriting process. As reported by ComputerWorld, the new life insurance questionnaire is the brainchild of a collaboration between OnePath and researchers from the University of Technology, Sydney, reducing a section of the application process from 32 questions to just seven. RELATED: 7 financial trends you won't want to miss in 2018 And while technology might be enabling these new changes, the driving force behind it is consumer behaviours. "Today's society has expectations, especially millennials, in terms of fulfilment: they don't want to wait," said OnePath's Chief Underwriter, Peter Tilocca.