Similar to other industries, the insurance industry is subjected to a wide array of changes driven by both business and technological forces fueled by innovation. This wave of change and innovation in the insurance industry, commonly cited as InsurTech, refers to the use of technology to squeeze out cost savings and effi ciency from the current insurance industry business model.
Machine Learning for Financial Institutions Terms like big data, machine learning and data science are used in many fields of business. In recent years, also financial institutions have shown increasing interest in these subjects. The expectations are that the machine learning can assist with things such as compliance, credit underwriting, client communication and risk analysis. […]
Data availability and computational power limitations have long constrained risk management in financial institutions. As data becomes ever more abundantly available and easier to process, a realm of new opportunities is opening up. However, wielding these technologies in a useful manner is not straightforward. In this article we take a look at what these developments could mean for risk management in banking.