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AI has Added Value in Insurance Underwriting Process, Recent Pilot Project Between Lunit and Cathay Financial Innovation Lab Reveals

October 14, 20201 min read

SEOUL, South Korea, Oct. 14, 2020 /PRNewswire/ — A recent pilot project conducted by a South Korean medical AI company, Lunit, and one of the largest Taiwanese insurance companies, Cathay Life Insurance, reveals that AI can help the current underwriting process to be more accurate and efficient.

The insurance company, which reviews 30,000 chest x-ray images accepted annually as part of the requirements of new insurance contracts, deployed Lunit INSIGHT CXR to assess the impact of AI in the review process. Lunit INSIGHT CXR is an AI software developed by Lunit which detects abnormal findings via chest x-ray images.

For the assessment, nearly 200 chest x-ray images were used as samples to verify the performance of AI. These cases were internally reviewed by Cathay Life’s doctors to validate the accuracy of the algorithm. The results showed that the AI’s detection rate for positive cases (sensitivity) was 83% and

money

If you’re lucky and have the money you need during Covid-19, ask yourself this key question

October 14, 20201 min read

More than 22 million American jobs were lost in the past six months; stock markets have been up and down; and people are generally anxious about what’s in their bank accounts right now.

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If you’re lucky enough to have the funds you need despite all the recent economic turbulence, ask yourself one key question, says Bradley T. Klontz, an associate professor of financial psychology at Creighton University: “Why is it OK for you to have money when other people don’t?”

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Answering this question is not about comparing your finances to anyone else’s, he told The New York Times. It’s about seeing money as a tool, rather than as a measuring stick.

More from Grow:4 money moves to make in your 30s to be richer in your 40s

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Having

insurance

Vast Majority of Americans Say Protecting Their Loved Ones Financially is Important Right Now, But Less Than Half Have Life Insurance

October 14, 20201 min read

Global Atlantic Study Highlights Shifting Financial Priorities and the Need for Planning Amid Pandemic

New research from Global Atlantic Financial Group found that more than eight out of ten Americans (83%) say making sure their loved ones are financially protected is important to them right now, yet two in five (43%) have no life insurance and only one third (33%) believe they have enough life insurance or other assets to protect their family in the event of their own death.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201014005264/en/

(Photo: Business Wire)

The “Perceptions of Life Insurance During a Pandemic” study was conducted in August by Artemis Strategy Group on behalf of Global Atlantic, among 1,065 American adults to examine their views on life insurance, estate planning and shifting financial priorities.

Aside from contracting Covid-19 personally or having a family member or close friend contract the virus, the

money

5 Best Stories on Real Money: Beating Covid, Market Bubble

October 14, 20201 min read

Quiz: What’s one advantage the president has that the market does not?

Answer: He can get a doctor’s note telling you everything is wonderful.

But investors? They’re left on their own, left trying to forecast when a stimulus bill will land, left watching every vaccine trial to spot a winner, left waiting up at night for earnings reports, and left tracking technical indicators for clues about what’s churning underneath the surface.

Fortunately, investors do, however, have experts who can guide them. Helping us get through this messy, mucky October are Real Money and Real Money Pro writers Jim Cramer, Paul Price, Maleeha Bengali, Alex Frew McMillan, and Jim Collins.

Jim Cramer: Let’s Beat Covid-19

Cramer lays out what is happening right now to get the pandemic under control and what it will look like not that long from now — even before a vaccine is available.

Here’s the tests and

insurance

Americans are ‘panic buying’ life insurance due to coronavirus pandemic

October 14, 20201 min read

Many firms have noted double-digit increases in the number of life insurance policies they’ve sold during the Covid-19 pandemic relative to last year.
The increase is largely due to a fear of death and greater awareness of financial risks associated with mortality, experts said.
Insurance sales have been dwindling for years. In 2020, just over half of American adults reported having a life insurance policy, down from 63% a decade earlier.

Life insurance is enjoying something of a renaissance as a result of the coronavirus pandemic.

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Consumers, especially younger adults, have been buying insurance in elevated numbers since the spring, when thousands of Americans began getting ill and dying from Covid-19.

That result is logical, experts said, given the core use of life insurance: as a financial backstop in the event of death.

More from Smart Tax Planning:

12 million people asked the IRS

money

seven things you need to know

October 14, 20201 min read

Surprised Black girl holding teddy bear toy on Christmas — ‘Create a gift giving culture that allows you to spend less on each other, yet still appreciate the thought and effort put into getting the gifts,’ say moeny saving experts. Photo: Getty

Christmas can be an expensive time of the year, with the cost of food, drink, and presents mounting up — especially for those who may have lost their jobs or are financially struggling due to the coronavirus pandemic.

The money saving experts at online price tracking website Alertr.co.uk have compiled a list of tips to help you save money and get ready for Christmas without a lasting impact on your savings.

Start prepping early in the year

Starting to get prepared earlier on in the year allows you to slowly get all the things you need for Christmas without feeling such a big effect on your monthly income.

Putting a small amount of money towards Christmas plans each

insurance

Economical Insurance Selects Docebo to Transform the Learning Experience for Employees and Brokers

October 14, 20201 min read

Economical Insurance has selected Docebo (TSX: DCBO), a leading artificial intelligence (AI)-powered learning platform, to enhance and personalize learning experiences for employees and broker partners. Docebo was chosen to help Economical modernize traditional insurance company training through cutting-edge learning experience technology.

Economical Insurance is a rapidly evolving Canadian insurer. After nearly 150 years in business, they are now on the path to becoming a public company. Docebo offers Economical a modern, learner-centric platform to support their rapid growth and learning culture. Economical Insurance has been transforming its business model to keep pace with evolving customer expectations.

“This is such a dynamic time for Economical on so many fronts, and our ability to attract and develop some of the best talent in our industry is a top priority,” said Brigid Pelino, SVP and Chief Human Resources Officer, Economical Insurance. “With Docebo, we continue our focus on operational efficiency knowing that our

insurance

Life insurance sales increase due to coronavirus pandemic

October 14, 20201 min read

shapecharge | E+ | Getty Images

Life insurance is enjoying something of a renaissance as a result of the coronavirus pandemic.

Consumers, especially younger adults, have been buying insurance in elevated numbers since the spring, when thousands of Americans began getting ill and dying from Covid-19.

That result is logical, experts said, given the core use of life insurance: as a financial backstop in the event of death.

More from Smart Tax Planning:
12 million people asked the IRS for more time to file
Got a subsidy to buy health insurance? It could bite you at tax time
Closing a business? Avoid these tax surprises

For example, what if the breadwinner of a family dies unexpectedly from Covid-19? Insurance is meant to plug that immediate gap in household income.

“It’s forced the idea of financial protection and mortality to the top of mind for consumers in a way very few

insurance

Dovel Subsidiary, AceInfo, Awarded USDA Crop Insurance Software Delivery Support Services Task Order

October 14, 20201 min read

MCLEAN, Va., Oct. 14, 2020 /PRNewswire/ — Dovel Technologies announced today that Ace Info Solutions, LLC (AceInfo) has been awarded a Task Order from the U.S. Department of Agriculture (USDA), Farm Production and Conservation (FPAC) Risk Management Agency (RMA) for Crop Insurance Software Development Delivery Services. The RMA’s mission is to serve America’s agricultural producers through effective, market-based risk management tools and solutions to strengthen the economic stability of agricultural producers and rural communities. In 2019, RMA managed nearly $115 billion worth of insurance liability.

The USDA Crop Insurance Software Delivery Support Services task order, awarded through the USDA FS DAITSS BPA contract vehicle, has a base year plus three option years and an estimated value of $59M. Under this Task Order, AceInfo will provide a full range of software development services to support the development and delivery of new crop insurance products, sustain and modernize current

insurance

Intact introduces North American specialty insurance brand

October 14, 20201 min read

TORONTO, Oct. 14, 2020 /PRNewswire/ — Intact Financial Corporation (TSX: IFC) officially brings together its Canadian and U.S. specialty capabilities under a single brand: Intact Insurance Specialty Solutions. Unifying its specialty operations under one brand represents the full integration of this growing segment of Intact’s portfolio and its commitment to being a leader in the specialty lines marketplace.

“Our commitment to building a world-class specialty insurance provider takes an important step forward today as we bring the Intact brand to the U.S.,” said Charles Brindamour, Chief Executive Officer, Intact Financial Corporation. “We see strong future growth potential in our specialty lines business given our team’s expertise and our robust solutions for Canadian, cross-border and U.S. customers and brokers.”

The U.S. businesses had previously operated under the OneBeacon Insurance Group and The Guarantee Company of North America brands in the U.S., following the 2017 and 2019 acquisitions of these

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AI has Added Value in Insurance Underwriting Process, Recent Pilot Project Between Lunit and Cathay Financial Innovation Lab Reveals

If you’re lucky and have the money you need during Covid-19, ask yourself this key question

Vast Majority of Americans Say Protecting Their Loved Ones Financially is Important Right Now, But Less Than Half Have Life Insurance

5 Best Stories on Real Money: Beating Covid, Market Bubble

Jim Cramer: Let’s Beat Covid-19

Americans are ‘panic buying’ life insurance due to coronavirus pandemic

seven things you need to know

Economical Insurance Selects Docebo to Transform the Learning Experience for Employees and Brokers

Life insurance sales increase due to coronavirus pandemic

Dovel Subsidiary, AceInfo, Awarded USDA Crop Insurance Software Delivery Support Services Task Order

Intact introduces North American specialty insurance brand