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Generative AI could boost bank revenues by 6 pc in next three years: Accenture
The report also delved into the transformational effect of...
Self-driving trucks could become reality despite doubts from safety advocates
Within three or four years, Aurora and its competitors expect to...
Lloyd’s to create single governing body, merging Council and Franchise Board
The news follows five months of consultation across the Lloyd’s market, with more than 90% supporting the proposal to merge the board into the council and create a single governing body for the Corporation of Lloyd’s and the Lloyd’s marketplace, said Lloyd’s in a statement.
Tencent buys 10% of Policybazaar, enters India insurance market
The Chinese technology giant bought 10% of Policybazaar, half of Tiger Global Management LLC’s stake in the company, the person said, asking not be identified as the matter was not public. The $150 million deal was signed earlier this week, the person added.
Life insurance sector catching up in terms of innovation
“Improvements in customer and agent interfaces, automated underwriting, data mining and other techniques are starting to create changes in the life insurance industry,” said Terence Martin, a Director, Insurance Research at Conning
Facebook employing user data as a weapon against rivals: Report
Some 7,000 pages of documents reveal how Facebook chief Mark Zuckerberg and his team harnessed users’ personal information to reward partners by giving them preferential data, while depriving rivals of the same sort of information, it reported.
Any attempt to create monopoly on data will not be acceptable: Govt
Prasad emphasised that any data protection law must be technology agnostic, based upon element of free consent, no abuse of consent beyond the permissible limits, requisite data protection authorities and a fair mechanism for data processing.
Suit against Facebook alleges age, gender bias in financial services ads
According to the complaint filed in San Francisco federal court, Facebook persists in its willingness to let financial services advertisers “target” prospective customers by age and gender, despite a recent overhaul covering other kinds of ads.
Draft law proposes compensation for faulty medical devices, implants
“…any person who has suffered harm or injury as a result of any violation of any provision of this Act, rules or regulations, such person shall have the right to seek compensation from the manufacturer or other economic operator committing a violation in respect of that device,” the proposed law reads.
Google to buy Fitbit for $2.1 billion to enter wearable technology space
Rick Osterloh, Google senior vice president for devices and services, said the deal for the wearable tech pioneer is one “bringing together the best hardware, software and AI, to build wearables to help even more people around the world.”
Global insurers face quiet strain from hacker ransom demands
Cyber experts say the criminals launching ransomware against companies are organised gangs in Russia and eastern Europe, or hackers sponsored by foreign governments. Insurers sometimes have restrictions in their policies to avoid covering attacks by nations, but it can be difficult to know for sure what type of criminal is launching an attack.
$4.36 bn deployed in InsurTech cos across 239 transactions in first 3 qtrs
Dr Andrew Johnston, Global Head of InsurTech at Willis Re, says: “The continuing rise in InsurTech investment acknowledges the enormous role technology has to play in our industry, but we need to avoid becoming a sector jaded and frustrated by it. Today’s InsurTech is as much about hype and entrepreneurial culture as it is about appropriate technology for the (re)insurance industry.