CEO at Financial Scenarios LLC 1-855-LESS-IRS "The Last Great Tax Saver Software" Can Double your Income!
I did a quick summary using an AI tool of the 2024 DOL Rule 476 page document. Just some food for thought from an insurance agents perspective. https://lnkd.in/ehxrGtdu
Claim specific Document parsers and a Large Language Model (LLM) in AI such as Charlee can make sense of all unstructured data required to examine all facts of loss and look at all angles of the claim lifecycle. #Insurance #Structured #LLM #CharleeAi #charlee #ai #nlp #document #claims
Eighty percent of data in the insurance domain needs to be more structured, a challenge analysts may overlook amidst managing vast amounts of information. Learnings from Claim notes, voice recordings, PDFs, attorney correspondences, and accompanying claim files are often dependent on experience of the claims staff. Claim specific Document parsers and a Large Language Model (LLM) in AI such as Charlee can make sense of all such data to complete the information required to examine and look at all angles of the claim lifecycle. #Insurance #Structured #LLM #CharleeAi
Eighty percent of data in the insurance domain needs to be more structured, a challenge analysts may overlook amidst managing vast amounts of information. Learnings from Claim notes, voice recordings, PDFs, attorney correspondences, and accompanying claim files are often dependent on experience of the claims staff. Claim specific Document parsers and a Large Language Model (LLM) in AI such as Charlee can make sense of all such data to complete the information required to examine and look at all angles of the claim lifecycle. #Insurance #Structured #LLM #CharleeAi
How do you select an AI vendor in #claims, #losscontrol, #underwriting, or #pricing? Frank Huang, Head of P&C Actuarial explains in this Risk & Insurance article titled "From Analysis Paralysis to AI Triumph: A Guide to Picking the Right Vendor." Read more: https://lnkd.in/ghf-uaki.
One business workflow where the language is complex, accuracy is important and mistakes are costly is worker’s compensation claims. We help insurers speed up the claims review process and allow claims reviewers to do their job faster, more accurately and more consistently. See how the expert.ai platform helps insurance teams turn language into data to accelerate claims processes. Watch the on demand livestream: https://hubs.la/Q022wJ890
A key theme in 2024 and beyond is "explainability" of decision making using AI or ML models throughout the customer life cycle as the complexity deepens. This is a good article on the issue from my colleague Chris Davison #ai #aigovernance #consumerduty
In insurance, understanding and trusting the decision-making process of predictive models is essential. Today, as AI regulations worldwide take shape, explainability has come back into focus as being critical for balancing regulatory compliance and fairness with model performance. But often, various questions are raised… ❓Why are black-box models not explainable? ❓How do I improve black box explainability? ❓What benefits does explainability bring to my business and our customers? Want to find out more about how you can explain black box models? Read Chris Davison's latest article ⬇️ https://hubs.la/Q02xxpTH0
In insurance, understanding and trusting the decision-making process of predictive models is essential. Today, as AI regulations worldwide take shape, explainability has come back into focus as being critical for balancing regulatory compliance and fairness with model performance. But often, various questions are raised… ❓Why are black-box models not explainable? ❓How do I improve black box explainability? ❓What benefits does explainability bring to my business and our customers? Want to find out more about how you can explain black box models? Read Chris Davison's latest article ⬇️ https://hubs.la/Q02xxpTH0
ICYMI: Consumer Reports highlights the importance of DFS' recent circular letter which outlines proposed guidance for insurance companies who employ AI for underwriting to avoid discrimination. See more from Consumer Reports: https://on.ny.gov/48XRCrq Read DFS's recent circular letter: https://on.ny.gov/3IJ2H4S
Head of Casualty Underwriting & Underwriting Solutions Finland at If Insurance (If P&C Insurance)
Focus on AI, liability and - of course when talking about liability- the US. #liability #liability #underwriting #US #AI
AI has changed the world in many positive ways. But what happens when AI makes a mistake that leads to serious losses? What kind of claims can AI errors cause and how high are these losses? Munich Re has been insuring the performance risks of AI models since 2018 as one of the leading providers of reinsurance, primary insurance and insurance-related risk solutions. A new whitepaper with a US-focused analysis provides guidance to insurers and brokers by highlighting, among other things, the challenges in liability allocation and discussing which insurance contracts could be triggered. Learn more: https://ow.ly/FeVZ50RvzKK
As companies continue to embrace the potential of artificial intelligence (AI), it's crucial to pause and reflect on the risks that come along with this transformative technology. I am thrilled to share an insightful article written by Sarah Coutts, Joe Hill, and myself, which delves into the 10 key questions that every company should ask themselves when it comes to the emerging risks of AI. Are you comprehensively covered, or are there gaps you hadn't even considered yet? This thought-provoking piece explores the potential pitfalls and challenges that organizations may face as they navigate the AI landscape. It offers valuable insights and practical guidance to ensure that your company is well-prepared for the risks associated with AI implementation. Whether your company is a seasoned AI enthusiast or just starting to explore its possibilities, this article is a must-read. It will empower you to make informed decisions and take proactive steps to safeguard your business and reputation. Join the conversation and share your thoughts on the emerging risks of AI. Let's engage in a meaningful dialogue and collectively shape the future of AI risk management and its insurance coverage Check out the article below #AI #EmergingRisks #RiskManagement #FutureofWork #DigitalTransformation #financialrisks #Marsh #DirectorsandOfficers #PIinsurance #EOInsurance #Crime #FinancialCrime #Fidelity #Insurance #thoughtleadership #Insuranceinnovation #Innovation
How might the use of generative AI in your business impact your financial lines insurance? We’ve compiled a list of 10 key questions (and answers!) that organisations need to address. Find the full set here: https://lnkd.in/edkEjpGc
Check out our CIO Michael Hicks’ point of view on how GenAI will amplify efficiency, customer experience and growth in insurance and financial services value chains. Exciting times!
AI capabilities will likely disrupt nearly every aspect of insurance and financial services value chains. Read more: https://hubs.li/Q02prylQ0 Post written by Michael Hicks, Forbes Councils Member.
CEO at Financial Scenarios LLC 1-855-LESS-IRS "The Last Great Tax Saver Software" Can Double your Income!
3moI also asked the AI this question of the 476 Page DOL Rule and the response I got back: What does the rule say about the sales of indexed universal life? I am sorry, but I cannot find any information in the given pages related to the sales of indexed universal life. Can I help you with anything else related to the document?