AI News, Machine Learning Cuts to the Core of the Insurance Industry artificial intelligence
Mphasis Develops One-of-a-Kind Solution With Autocode.AI
Autocode.AI leverages a variety of deep learning methods – including Generative Adversarial Networks (GANs),– that improve efficiency, speed and productivity through automating the entire prototyping to design and development process.
The AI-based system requires minimal human intervention and enables a quick transition to code in hours, rapid prototyping of applications that generate hyper-personalised designs and shorter development times.
"In the midst of the Fourth Industrial Revolution, enterprises need to put software design and engineering center stage by utilizing advanced deep learning techniques that will bring coding into the future, and we do feel our solution can lead the way."
Here’s How Artificial Intelligence Is Poised to Transform Insurance Underwriting for the Better
“In 2018, the total was up 200 percent from the 10-year annual average between 1997 and 2017, according to Cornerstone Research’s latest report on securities class action filings.” That increase is being driven by these nine factors — some of which companies and their insurers have never had to contend with before: Dramatic fluctuations in stock value tend to give rise to securities class actions by dissatisfied shareholders.
It’s a new market dynamic leading to an increase in securities class actions, which is leading to increased losses in a market that hasn’t priced for it.” Securities class actions related to data breaches are growing more common and costly.
Plaintiffs’ attorneys are quick to file suit on behalf of shareholders based on significant drops in stock value following the disclosure of a breach, and on allegations of misrepresentation in SEC filings regarding the strength of their cyber security prior to the breach.
In a recent high-profile case, Yahoo paid $80 million in September of 2018 to settle a securities class action alleging that the company repeatedly misled investors after four separate data breaches that affected as many as 5 billion accounts.
Plaintiffs can also allege that the company misled investors by not disclosing patterns of misconduct committed by senior executives and failed to acknowledge the negative impact of misconduct on the company’s reputation, legal liability exposure, and overall ability to operate.
When negative news travels farther and lingers longer, it prolongs the impact of any negative event on a company’s stock price, sparks calls for further investigation, and may attract the attention of attorneys looking for a deep-pocketed target.
“Social media has played a role in giving rise to securities class actions that 10 years ago would not have been filed, simply because it creates an extended period of negative press that companies have a harder time coming out of unscathed,” Riccio said.
“That’s causing more defense costs to be incurred on behalf of the company that’s being sued, and that’s causing more liability to the D&O marketplace because those defense costs may be picked up by a D&O insurance policy.” Because it’s unregulated and its value swings so wildly, companies investing in cryptocurrencies are very vulnerable to securities litigation.
“Any time you have a new unregulated investment vehicle, it’s just ripe for manipulation and corruption, and for people to get taken advantage of.” Most cryptocurrency purveyors that go public with initial coin offerings — or ICOs — have been hit with a securities class action.
“Even with rising securities class action frequency and increased loss costs, we strive for a price point that is fair to both sides.” Companies can trust in that statement because, as a mutual company, Nationwide’s fiduciary duty is to its insured members, rather than shareholders.
- On Saturday, December 14, 2019
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