More Insurance Companies Turn to Machine Learning to Leverage Analytics

This Week in Analytics: News

Machine Learning to Leverage Analytics, Data Job Gains More Than Wiped Out, 5 ‘Big Decisions’ Driving Global Data and Analytics, The Insurance Renaissance

 

Insurance Networking News: More Companies Turn to Machine Learning to Leverage Analytics

As companies increasingly adopt Internet of Things (IoT)-based technologies, more businesses are leveraging machine learning technologies for data analytics, according to ABI Research.

With major cloud-infrastructure providers such as Amazon, Google, IBM and Microsoft heavily investing in the technologies, ABI estimates machine learning-based data analytics tools and services revenues to hit nearly $20 billion in 2021 as machine-learning-as-a-service (MlaaS) models take off.

“The emergence of the [MlaaS] model is good news for the market, as it cuts down the complexity and time required to implement machine learning and thus opens the doors to an increase in its adoption level, especially in the small-to-medium business sector,” said Eugenio Pasqua, research analyst at ABI Research. “Most companies also offer a free trial period to allow customers to test the functionalities before fully committing.” Read the full article now…

 

Insurance Networking News: Data Job Gains More Than Wiped Out In Latest Report

The latest jobs report from the Bureau of Labor Statistics for July shows that all gains made by data professionals in June were more than wiped out, with a net loss of 2,300 data related jobs for the month.

The July report shows that data professionals are clearly on a roller-coaster ride in 2016. Three of the seven months reported so far were for losses in this jobs category, with February and June being the only solid months of gains. February saw 900 new data jobs added to payrolls, and June saw a dramatic rise to 2,200 jobs.

March saw the addition of 200 data-related jobs, and May accounted for 100. But those months were offset by a loss of 100 data jobs in January, a loss of 600 in April, and the latest number of 2300 losses in July. The monthly average for the first six months of the year was for 450 data related jobs added.

The July BLS report was a mixed bag, though information technology overall saw a net increase of 11,200 jobs. Leading the way in new job growth were computer systems design and related services. According to the BLS, computer systems design added 8,200 new jobs in July, significantly exceeding the 4,677 monthly average for the first six months of the year. Read the full article now…

 

Insurance Networking News: 5 ‘Big Decisions’ Driving Global Data and Analytics

PwC recently released its 2016 Big Decisions Survey, focused on how enterprises around the world are limiting risk and leveraging data to make the big decisions that will give them a competitive edge. With insights across 15 industries, the survey of more than 2,100 company decision-makers and leaders found these five facts. This story originally appeared on INN sister brand Information Management. View the full slideshow now…

 

PropertyCasualty360: The Insurance Renaissance

Today’s Insurance Renaissance shares one very clear trait with the Renaissance of the 1400’s — in both cultures we find the thirst for reality.

If you look at the paintings of Jan Van Eyck or the sculptures of Donatello, you see a cultural wave influenced by the desire to see and know reality and portray it. Leonardo Da Vinci wrote about the change.

When he described the art of Giotto di Bondone, his predecessor, he said, “Giotto appeared, and drew what he saw.” That was the beginning of a shift toward “real” pictures of people painted in the right perspectives, colors and tones.

Craving for reality

The insurance industry has always understood this craving for reality. In order to know and understand, they must first see clearly. The concept hasn’t changed much, but the tools and dimensions of perception have certainly changed. Read the full article now…

 

photo credit: Exercise Plays Vital Role Maintaining Brain Health via photopin (license)