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

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

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Alllworth Financial Private Equity Sale Expected Soon


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The sale of Allworth Financial is heating up with a winning bidder expected soon, according to four banking and private-equity executives.

The auction has narrowed to three private equity firms; final bids were due last week, Oct. 6, two of the sources said.

Raymond James

(ticker: RJF) and

Moelis

(MC) are advising on the process, people said.

Allworth, which is owned by Parthenon Capital, is expected to sell for roughly $750 million to $800 million, one of the people said.

Allworth is an RIA aggregator that buys up smaller wealth managers. The Sacramento firm scooped up Capstone Capital in May, Houston Asset Management in April and, in October, it bought Retirement Advisors of America. Allworth, in May, had roughly $8 billion of assets under management, according to a statement.

Parthenon invested in Allworth in 2017 when the firm was known as Hanson McClain Advisors. Parthenon, of

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Ripple’s Larsen Says US Risks Losing Stewardship of Global Financial System to China, Disses SEC

Ripple Executive Chairman Chris Larsen

Chris Larsen, Ripple co-founder and chairman of the payments technology company’s board of directors, said China’s “itching” to be the one that designs the next financial system and that the U.S. is “woefully behind.”

  • Speaking at the LA Blockchain Summit last week, Larsen said the U.S. needs to face up to that it’s in a tech cold war with China with the fate of control of the world’s financial system at stake. Right now, China’s winning, he said.
  • “China is just itching to be the one that designs this next system,” Larsen said. “They’ve committed $1.4 trillion to a variety of technologies and blockchain is right at the top of their list.” 
  • It’s not just that China’s pumping money into technology, the regulatory environment in the U.S. is actively discouraging financial innovation, he said.
  • “I just have to say it, in the U.S., all things blockchain, digital currency, they start
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Ripple’s Larsen Says US Risks Losing Stewardship of Global Financial System to China, Dissing SEC

Ripple Executive Chairman Chris Larsen

Chris Larsen, Ripple co-founder and chairman of the payments technology company’s board of directors, said China’s “itching” to be the one that designs the next financial system and that the U.S. is “woefully behind.”

  • Speaking at the LA Blockchain Summit last week, Larsen said the U.S. needs to face up to that it’s in a tech cold war with China with the fate of control of the world’s financial system at stake. Right now, China’s winning, he said.
  • “China is just itching to be the one that designs this next system,” Larsen said. “They’ve committed $1.4 trillion to a variety of technologies and blockchain is right at the top of their list.” 
  • It’s not just that China’s pumping money into technology, the regulatory environment in the U.S. is actively discouraging financial innovation, he said.
  • “I just have to say it, in the U.S., all things blockchain, digital currency, they start
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NCB Buying Samba Financial Group: Latest News on 2020 Big Takeover

A National Commercial Bank (NCB) in Riyadh. 

Photographer: Fayez Nureldine/AFP via Getty Images

Follow us @middleeast for more news on the region.

National Commercial Bank, Saudi Arabia’s largest lender by assets, agreed to buy rival Samba Financial Group for $15 billion in one of the biggest banking takeovers this year.

NCB agreed to pay 28.45 riyals ($7.58) for each Samba share on Sunday, valuing it at about 55.7 billion riyals. NCB will offer 0.739 new shares for each Samba share, at the lower end of the 0.736-0.787 per share ratio agreed when the banks signed an initial framework agreement in June.

The offer price is a 3.5% premium to Samba’s Oct. 8 closing price of 27.50 riyals and about 24% higher than the price the shares traded at before the talks were made public in June. The combined bank will have total assets of

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Warren Buffett phoned Treasury Secretary Hank Paulson with a stimulus idea when the financial crisis erupted. It may have saved the US economy

U.S. Treasury Secretary Henry Paulson (L) shares a laugh with financier Warren Buffett, Chairman and CEO of Berkshire Hathaway, at the Conference on U.S. Capital Market Competitiveness in Washington March 13, 2007.

  • Warren Buffett phoned Treasury Secretary Hank Paulson at the height of the 2008 financial crisis with a suggestion that likely saved the US economy from an even deeper recession.
  • The famed investor and Berkshire Hathaway CEO proposed the government plow capital directly into banks instead of only buying their distressed assets.
  • Paulson quickly gathered the bosses of the nation’s biggest banks and convinced them to accept billions of dollars in investment.
  • The Treasury demanded preferred stock paying chunky dividends, as well as stock warrants in return, emulating Buffett’s bailout of Goldman Sachs in September 2008.
  • Former President George W. Bush called it “probably the greatest financial bailout ever” and said it “probably saved a depression.”
  • Visit
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Financial markets have waited patiently for fiscal stimulus. That might change soon

The headlines make the situation seem like a curiosity.

For investors, Wall Street analysts, and even some financial journalists, the reality of the damage to the economy, several weeks after the initial round of fiscal support expired, may indeed seem like a spectacle.

But it’s not that way for millions of Americans out of work or struggling to pay the rent or buy food in the wake of this year’s coronavirus pandemic.

It may not need saying that the longer the economy goes without another financial aid package, the worse the situation may become. But some analysts increasingly think it will also soon start to make an impact where it cannot be ignored: in the financial markets.

“Stimulus is the wrong word for this,” said David Rosenberg, a long-time strategist now running his own firm, Rosenberg Research. “This not classic Keynesian stimulus. It’s a lifeline to get us through. The

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Feeling anxious about money? Increasing your financial knowledge can help

Taking steps to sort out your finances, including increasing your financial knowledge, can help alleviate money stress in times of uncertainty.



a man and a woman looking at the camera


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Financial stress is nothing new for many Americans, and the coronavirus pandemic has exacerbated anxiety for a lot of people. As many as 84% said in September that the Covid-19 crisis is causing stress in their personal finances, according to a survey released Thursday from the National Endowment for Financial Education.

That stress has only slightly improved over the course of the pandemic – in an April survey, 88% of Americans cited the crisis as causing stress in their personal finances.

“Even in the best of circumstances, few home budgets can withstand significant financial strain that goes on this long,” said Billy Hensley, PhD, president and CEO of NEFE, in a statement.



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To help combat financial stress, experts recommend boosting financial

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Get financial, insurance documents in order before a disaster strikes

Thousands of people who have lost homes in the California wildfires discovered too late that their insurance coverage had not kept up with the rising cost of lumber, labor and other rebuilding materials. Talk to your insurer to make sure you have enough coverage but, for a quick reality check, ask a local contractor how much it costs to build per square foot and multiply that by your home’s size.

One of the most painful post-disaster tasks is compiling an inventory of possessions so you can seek reimbursement for the contents coverage. It’s far easier to put the list together beforehand.

Here are tips for shoring up your finances:

Safeguard your documents: Keep a copy of your will, trust, birth and marriage certificates, Social Security cards, insurance papers, medical information, most recent tax return, receipts for high-ticket items and other important documents in a safe deposit box. You can also

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UMB Financial: A Compressed Valuation Should Grind Higher Over The Medium Term (NASDAQ:UMBF)

Investment Thesis

Headquartered in Kansas City, Missouri, UMB Financial Corporation (UMBF) is the $29.7 billion asset holding company for UMB Bank. Formally known as United Missouri Bank, UMBF is a commercial-oriented Midwestern bank. While its runs a fairly branch-lite model, UMBF has 95 branches located throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas.

UMB Financial, along with its sibling bank, Commerce Bancshares (OTC:CBSH), both have a storied century-long history of being run by the Kemper family. With that being said, I have a lot of faith in Mariner Kemper, the current CEO, and his ability to lead the franchise. He has led the bank for more than 15 years and helped grow assets from $8.2 billion to where they are today.

Today, my bullish stance is predicated on a couple of factors. I think the valuation is too low for such a well-run franchise; however, valuation alone does

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