Tag: natural language processing

The power of pricing transformation in the digital journey of insurance companies cannot be overstated. A pivot towards this aspect can lead to an impressive array of benefits, ranging from competitive edge to talent retention, regulatory adherence and even improvement in loss ratio.

The role of AI has ballooned in recent years, and the recent introduction of GenAI platform ChatGPT has seen the sector soar further.

The UK's Financial Conduct Authority (FCA) recently released a ten-point checklist for companies in anticipation of the new Consumer Duty regulation set to be enforced on July 31, 2023. This regulation marks a pivotal shift in the regulatory landscape, impacting both new and existing services and products available for sale or renewal.

Digital transformations have spurred exponential profitability across various sectors including ridesharing, retail, banking, and travel. However, according to hyperexponential, despite being a data-rich sector, the insurance industry has been slower in achieving this level of growth.

Aveni CEO Joseph Twigg and lead NLP engineer Iria Del Rio recently discussed the meteoric rise of ChatGPT and other large language models, the forces that have led us to this point, and what it signifies for the world of financial advice and services.

Ascent Technologies, a RegTech platform helping to build, manage, and automate compliance programs, has raised $6m.