Life insurance is one of the oldest industries in existence, but today it is undergoing a transformation thanks to AI and data science.
The big picture: With a business model built on predicting the future of its customers, the life insurance industry seems well-positioned to take advantage of the prognosticative powers of machine learning, but it will have to overcome an ingrained conservatism — and fears of AI bias.
By the numbers: A report published this week from the analytics company GlobalData forecasts that AI platform revenues in the insurance sector will grow by 23% a year between 2019 and
It was about five years ago when Tiffany Vaughn, an audit and assurance director from a Big Four firm on maternity leave with her first child, decided to devote more time to another money-related passion of hers, personal finance.
Given her recent life change, Vaughn was evaluating her family’s own finances when she began sharing her strategies online, via her blog and social media. Her expert tips, which became the foundation for Cents Savvy — recently relaunched as a full website and online shop — covered everything from budgeting to student loan management, to building credit and tools to get
Over the next year, a small, relatively obscure bureau of the U.S. Treasury Department will take a lead role in plugging what many experts consider the biggest hole in the U.S.’s anti-money-laundering protections.
It won’t be easy for the Financial Crimes Enforcement Network, say experts and almost a dozen former Treasury officials and veterans of the bureau. Sweeping anti-money-laundering legislation, approved this year, requires the agency to build a state-of-the-art corporate ownership registry meant to help authorities unmask the beneficial owners of anonymous shell companies and track the flow of illicit money.
FinCEN—whose roughly 300 employees account for less than
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