Smart contract insurance partnership launches between AIG and IBM

IBM Supercomputer - smart contract insurance

The insurer and tech giant will use blockchain for managing complex forms of international coverage. American International Group (AIG) and International Business Machines (IBM) are partnering to create a form of smart contract insurance policy. This coverage will employ blockchain for the management of highly complex forms of international insurance protection. The two companies recently completed the smart contract coverage policy pilot project. The smart contract insurance multi-national policy pilot provided Standard Chartered Bank PLC with coverage. The pilot used blockchain’s digital leader technology for what IBM and AIG called…

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Apple and IBM launch an app that could help the insurance industry

mhealth watch insurance industry

New application could be a valuable tool for insurance companies that want to engage mobile consumers The insurance industry may benefit from better mobile apps that can engage consumers that are becoming more reliant on mobile technology. As such, IBM and Apple have partnered to introduce their new Retention application, which may be the first of many apps that begin to emerge in the insurance sector. The partnership is meant to leverage the strengths of both IBM and Apple, providing the industry with better mobile solutions to engage consumers. Retention…

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New cyber security risk models may be needed for the insurance industry

cyber insurance policies coverage fraud

RMS and AIR Worldwide are working to build new risk models focused on the digital space Two risk modeling companies serving the insurance industry are beginning to focus more heavily on the digital world, hoping to form better cyber attack risk models. RMS and AIR Worldwide have seen the risks in the digital world escalate over the past several years. These risks are becoming more prominent and the majority of the insurance industry may not be able to tackle these risks appropriately with existing, outdated risk models. Recent cyber attacks…

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Supercomputer Watson to take on the health insurance industry

Health Insurance IBM Watson

Watson making an entry into health insurance The Watson supercomputer, one of the most advanced computers on the planet, has made an entry into the insurance industry. Since 2011, IBM, makers of the advanced artificial intelligence computer, has been using Watson to improve the health care industry. The supercomputers capabilities have drawn a great deal of acclaim in this field and has helped modernize many of the computer systems that govern health care. Now, Watson is graduating from the medical world to take on health insurance. Supercomputer will help assess…

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IBM supercomputer to recommend action on thousands of insurance claims for WellPoint Inc

IBM’s famed supercomputer, Watson, is taking on a new challenge, the results of which may have a sweeping impact on the nation’s insurance industry. The supercomputer has successfully overcome several challenges in the past, including a “Jeopardy!” competition in which the computer won a decisive victory against some of the brightest minds in trivia knowledge. Watson has shown that its computing power surpasses the capabilities of a human mind and, because it is a machine, is not prone to typical human error. For this reason, the computer is now being…

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