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In these uncertain times, where health concerns are our most pressing challenge, there still must remain a focus on business-related concerns. Travel restrictions caused by the health crisis are affecting the performance of a business, with remote technologies required at a level never previously anticipated.
While these technologies support the ability of many of us to work and collaborate remotely, legal departments, law firms, and government agencies must ensure continued compliance with records retention requirements, data privacy laws (like CCPA – California Consumer Privacy Act and GDPR), and other operational regulations. Also, remote technologies used to share business information could be subject to discovery requests in civil litigation, requiring legal professionals to maintain easy access to their data.
Read full article at www.knovos.com/experts-weigh-in-on-the-new-normal-of-work...
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Pharma IPR Conference 2019 - Mumbai
The full-packed venue on the second day. Team Knovos received an amazing response at the booth where we showcased our technologies and solutions.
conference, audience, speaker, delegate, exhibitor, trade, Glasgow, University of Strathclyde, GDPR, Technology and Innovation Centre, podium, data, legislation, privacy, Holyrood
The use of artificial intelligence (AI) in the insurance industry has gained considerable momentum in recent years, revolutionizing various aspects of insurance operations and customer experience. AI technologies, such as machine learning, natural language processing, and predictive analytics, are being employed to streamline processes, enhance risk assessment, automate claims processing, detect fraud, and personalize policies, among other applications. By leveraging AI, insurance companies can make data-driven decisions, improve operational efficiency, mitigate risks, and deliver more tailored products and services to policyholders also utilizing AI in these insurance processes can enhance precision and result in cost savings.
However, there are some obstacles that currently make it difficult to fully integrate AI into existing insurance systems.
Challenges to incorporate AI into the insurance industry
Managing Data Quality and Availability: ML models and algorithms heavily rely on high-quality and diverse data. However, insurance companies may encounter challenges in ensuring the accuracy, completeness, and accessibility of data. Inconsistent or fragmented data sources can hinder models' effectiveness.
Data Privacy and Security: Data privacy and security pose concerns in the insurance industry due to the sensitive customer information involved. Integrating AI requires robust measures to protect data and comply with regulatory requirements, such as HIPAA and GDPR, to maintain trust and confidentiality.
Domain Expertise: Insurance-specific knowledge and expertise are required to label insurance-related documents and data correctly. It can be challenging to find labeling resources with deep understanding of insurance terminology, policies, and regulations.
Scalability and Volume: Insurance companies handle large volumes of data and documents that need to be labelled. Scaling labeling operations to handle such volumes while maintaining accuracy and efficiency can be a significant challenge.
Adapting to Evolving Insurance Requirements: Insurance practices, regulations, and products continuously evolve. Keeping the practices up to date and adaptable to changing insurance requirements can be a challenge. Continuous monitoring, feedback loops, and iterative improvements are essential to address evolving needs.
Managing the cost: Building infrastructure and technology costs, data acquisition and management expenses, talent acquisition, training and model development costs (the time and costs of labeling data, and slow iteration cycles)
Ethical and Bias Concerns: A growing challenge is the ethical considerations surrounding AI. The effectiveness of AI algorithms heavily relies on the quality of the data used for training, as biased data can result in biased outcomes that perpetuate discrimination and can impact the lives and financial security of people and their businesses.
Best practices to manage insurance AI projects
To overcome these challenges requires a combination of industry and domain expertise, quality control measures, and optimizing labeling processes to strike a balance between accuracy, cost-efficiency, and scalability of datasets
At Objectways we follow the Best Practices in labeling which include
Adherence to precise guidelines: We establish well-defined guidelines that outline the criteria and instructions for labeling data. Clearly communicate the labeling process, including the types of labels required, the context in which labels should be applied, and any specific rules or conventions to follow.
Executing KPT (Knowledge, Process, Test): Firstly, we establish a deep understanding of the insurance domain and its terminology to our team. Next, we define a standardized labeling process with clear guidelines for consistent and accurate labeling. Then there is regular testing and quality assurance to ensure the effectiveness of the process, allowing for continuous improvement and adaptation to changing insurance requirements.
Strong Team Organization: Our team has implemented a well-organized structure consisting of labeling personnel, spot Quality Assurance (QA) reviewers, and dedicated QA professionals. This framework promotes responsibility, streamlined workflow, and unwavering quality.
Performance Measures: We have established suitable quality indicators, including precision, recall, and F1 score, to evaluate the accuracy of labeling. We consistently monitor and analyse these measures to identify areas for enhancement and uphold exceptional quality standards.
Continuous Feedback Loop: We have implemented a system for providing consistent feedback to labeling teams regarding their performance. This facilitates the resolution of any discrepancies, clarifies guidelines, and enhances the overall accuracy of labeling.
Quality Control and Spot QA: By implementing robust quality control measures, including periodic spot QA reviews by experienced reviewers, helps identify and rectify any labeling errors, ensures adherence to guidelines, and maintains high labeling quality.
Data Security and Privacy: Data security and privacy are of paramount importance in the insurance industry, necessitating stringent measures to safeguard sensitive information and protect customer confidentiality. Therefore, to validate our commitment to security and privacy controls, we have obtained the following formal certifications SOC2 Type2, ISO 27001, HIPAA, and GDPR. These certifications affirm our dedication to safeguarding customer data and they continue to expand, adhering to Privacy by Design principles and incorporating industry standards and customer requirements from various sectors.
Below are some of the representative use cases for our clients:
Expediting and streamlining claims processing: Developing AI-powered claims processing and adjustment systems for insurance companies face challenges such as establishing human in the loop system, dealing with the time and cost-intensive process of labeling data, and facing slow iteration cycles. At Objectways we offer comprehensive support for all aspects of claims adjustment AI projects, offering solutions that enhance model performance and accelerate time to market, thereby helping insurers overcome these obstacles.
Accelerating insurance documents faster with AI and human in the loop: Expediting the processing of insurance documents by utilizing AI in combination with human expertise. AI technologies like OCR and NER enable efficient information retrieval, document understanding, and automated decision-making. Objectways human-in-the-loop workflows ensures accuracy, quality control, in the above cases, enabling faster processing while maintaining precision and compliance.
Fast and Precise Underwriting: By training computer vision models on geospatial data, underwriters can assess risks and property values without the need for human inspection. At Objectways we offer comprehensive support for geospatial data within all its products, enabling teams to visualize raw data, annotate information, and curate location data for spatial analysis. This native support empowers teams to leverage geospatial data effectively and make informed decisions based on accurate insights.
Driving language and text AI development: At Objectways we offer cutting-edge text labeling services to insurers, enabling them to harness the power of large language models for enhancing recommendations, chatbots (Providing automated customer service, answering frequently asked questions with personalization and empathy. Enabling multi-lingual customer service by translating customers queries and responding in the customers preferred language), risk assessments, and other applications. With our services, insurers can accelerate and optimize the development of NLP-based AI, propelling advancements in language and text processing.
Summary
At Objectways, our team consists of over 1000 experts specializing in Computer Vision, Natural Language Processing (NLP), and prompt engineering. They bring extensive experience in tasks like object detection, such as image segmentation and classification, as well as common language tasks like named entity recognition (NER), optical character recognition (OCR), and LLM prompt engineering.
In summary while there are challenges to fully integrating AI into the insurance industry, Objectways follows best practices in labeling to overcome these obstacles and ensure accuracy, cost-efficiency, and scalability of datasets. To learn more about how Objectways can revolutionize your insurance processes with AI, contact sales@objectways.com to provide feedback or have any questions.
Up next is the Head of Legal for Microsoft Ireland @reanders to discuss the impending GDPR #AgileEdge
[Photo: Rose Gowan]
conference, audience, speaker, delegate, exhibitor, trade, Glasgow, University of Strathclyde, GDPR, Technology and Innovation Centre, podium, data, legislation, privacy, Holyrood
conference, audience, speaker, delegate, exhibitor, trade, Glasgow, University of Strathclyde, GDPR, Technology and Innovation Centre, podium, data, legislation, privacy, Holyrood
A European Approach to Data Protection and Artificial Intelligence: Discussing the EU’s General Data Protection Regulation (GDPR) and Its Impacts featuring Fanny Hidvegi, Estelle Masse, and Etienne Maury.
Photo credit: Yuri Kazakov for the European Institute, March 28, 2019.
Get your top GDPR consultants in delhi ncr to reduce threat surface and IT costs, boost operational efficiencies, and done GDPR audit in delhi ncr, ISO audit, SOC2 audit, PCI audit to ensure ongoing regulatory compliance. Top GDPR consultants in delhi helps you in Information security audit in delhi ncr. ISO audit in delhi ncr, SOC2 audit in delhi ncr, PCI audit in delhi ncr, Privacy expert in delhi ncr.
conference, audience, speaker, delegate, exhibitor, trade, Glasgow, University of Strathclyde, GDPR, Technology and Innovation Centre, podium, data, legislation, privacy, Holyrood
Desde hoy, la GDPR o RGPD (Reglamento General de Protección de Datos de la Unión Europea) pasa a ser de obligado cumplimiento. Y, es justamente por esa razón que tu bandeja de entrada se ha llenado en las últimas semanas, y especialmente en los últimos dÃas, de una avalancha de correos que parec...
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Acronym GDPR - General Data Protection Regulation. Internet conceptual image. Cyber security and privacy. 3D rendering. Neon bulb illumination
In today's digital age, businesses face an increasing number of cybersecurity threats, ranging from ransomware attacks to data breaches. These threats can cause significant financial and reputational damage to organizations of all sizes, making it crucial for businesses to take proactive steps to secure their assets.
ISO and regulatory standards play a critical role in helping businesses protect their sensitive data and mitigate cybersecurity risks. In this article, we will discuss the importance of ISO and regulatory standards in securing your business against cyber threats and data breaches.
The Role of ISO Standards
The International Organization for Standardization (ISO) is an independent, non-governmental organization that develops and publishes international standards for various industries, including information security. ISO standards provide a framework for organizations to establish and maintain an Information Security Management System (ISMS) to ensure the confidentiality, integrity, and availability of their information assets.
ISO 27001 is the most well-known standard in the ISO 27000 series and outlines the requirements for an ISMS. It provides a systematic approach for managing information security risks, including the development of policies, procedures, and controls to protect sensitive data from unauthorized access, theft, or damage.
Implementing ISO 27001 helps organizations to:
Identify and assess information security risks
Develop and implement policies, procedures, and controls to mitigate these risks
Continually monitor and improve the effectiveness of their ISMS
Achieve compliance with relevant regulations and industry best practices.
The Role of Regulatory Standards
Regulatory standards are a set of rules and guidelines that businesses must comply with to protect sensitive data and ensure cybersecurity. Compliance with regulatory standards is mandatory and enforced by regulatory bodies, such as government agencies and industry associations.
Some of the most common regulatory standards related to information security include:
Payment Card Industry Data Security Standard (PCI-DSS): PCI-DSS is a set of security standards established by major credit card companies. It outlines the requirements for protecting sensitive payment card data and ensuring secure payment transactions.
General Data Protection Regulation (GDPR): GDPR is a regulation established by the European Union (EU) that outlines the requirements for protecting the privacy of personal data of EU citizens.
Health Insurance Portability and Accountability Act (HIPAA): HIPAA is a regulation established by the US Department of Health and Human Services that outlines the requirements for protecting sensitive healthcare information.
Federal Risk and Authorization Management Program (FedRAMP): FedRAMP is a government-wide program established by the US federal government that outlines the requirements for securing cloud computing services used by federal agencies.
By complying with regulatory standards, organizations can:
Ensure the protection of sensitive data
Avoid fines and penalties for non-compliance
Maintain the trust of their customers and stakeholders
Improve their cybersecurity posture.
Beyond Compliance
While compliance with ISO and regulatory standards is crucial, organizations must go beyond these requirements to ensure effective cybersecurity. Best practices for cybersecurity include:
Conducting regular risk assessments to identify potential threats and vulnerabilities
Developing and implementing policies and procedures to manage these risks
Providing regular training to employees to reduce the risk of human error
Conducting regular security audits to identify areas for improvement and ensure ongoing effectiveness.
Conclusion
Securing your business against cyber threats and data breaches is a critical component of your overall risk management strategy. ISO and regulatory standards provide a framework for organizations to establish and maintain effective information security programs, and compliance with these standards is essential.
By going beyond compliance and adopting best practices for cybersecurity, organizations can protect their valuable assets and maintain the trust of their customers and stakeholders.
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