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Stay ahead of the curve with insights into how digital technology is transforming corrections operations. Learn more about how innovations like NoteActive are shaping the future of the corrections industry. #CorrectionsTrends #DigitalTransformation #NoteActive

Hong Kong is a great place for trail running and open water swimming. And I'm back here for the Asian Actuarial Conference, at the Marriot Ocean Park hotel. As I went for a short run this morning I came by Deep Water Beach - this brought back memories of a 15km open water swim ("Clean/Cold Half") from Stanley Beach to Deep Water Beach I did thrice in my younger years. Last year I was meant to run the 298km four trails challenge but my back wanted nothing to do with it. So, 2025 it hopefully will be. On the plane from Singapore to HK I read the white paper "Generative Artificial Intelligence in the Financial Services Space" by the HK Monetary Authority and highlighted two paragraphs I could very much relate to: "To gauge the current adoption efforts of GenA.I., the HKMA conducted an industry-wide survey [...] findings reveal that most financial institutions are currently focusing on internal applications that drive employee productivity. These include innovations aimed at automating routine tasks, improving workflow efficiencies, and enhancing knowledge sharing. The adoption of GenA.I. for customer-facing applications remains nascent. Concerns around regulatory compliance, operational deployment, and the resource-intensive nature of GenA.I. solutions are cited as key barriers to more widespread adoption." KPMG stated a similar finding in their recent paper on "Advancing AI across insurance", I cite: "Insurance organizations are increasingly investing in this space, but projects are taking too long to get into production: Despite the natural risk-adverse approach, insurance businesses are ahead of the global average when it comes to investing in AI use cases across the business. However, the slow pace of implementation is creating significant delays in progress compared to other industries." Innovation/transformation in the insurance sector is challenging as risk management and compliance is an additional hurdle to tackle carefully. Releasing new AI solutions for underwriting and claims related use cases requires an in-depth understanding of the inherent risks as it can have material financial consequences. Be wary of celebrating 5% operational cost savings after introduction of a new AI model when false model predictions could result in significantly higher uw or claims losses. Munich Re Singapore has deployed predictive underwriting models at the point of sale in Asia for over five years now at scale and finetuned our AI and risk-management methodology to balance these conflicting objectives. Happy to welcome you at the Munich Re booth at the AAC2024 to discuss this further, or check out the publications in the link below. #AAC2024

Harnessing Technology to Create Efficiency 🚀 Unlock the power of technology with host Kim Dondo and panellists Bradley Booth, Madeleine Debney, Andy Kirby & Martin McKenna! Learn how to leverage tech to streamline operations and offer even more value to your clients #MMInteractive24

Read CapTech's latest article to learn how technology modernization is driving efficiency in the financial sector.

Technology is taking a revolutionary turn becoming more human, essentially granting unprecedented capabilities and it's a game-changer Dive into the future with our latest insights in the Technology Vision 2024. The future is here. Read more: https://accntu.re/4a4uwQB

Tech businesses thrive on innovation and the latest technology. Learn how equipment finance can help you stay ahead of the curve and drive growth. Read our latest blog post now! #TechFinance #Innovation #NationalLegacyCapitalGroup https://hubs.la/Q02Cg59t0

Technology, if facilitated correctly can improve ones capabilities and capacity.

💡Jonathan Raymond emphasizes the importance of knowledge and expertise in driving technological innovation, suggesting that they are more valuable than financial resources. Let's recognize the critical role of skills and expertise in advancing technology and shaping our digital future. 🚀💻 #TechnologyInnovation #KnowledgeIsPower #ExpertiseMatters #JonathanRaymondWisdom

Building a business from anywhere is much easier than before. Learn how the rise of technology can help you to do so in Ken Fisher’s latest insight in The Telegraph: https://lnkd.in/gnzpsF2K

Read CapTech's latest article to learn how technology modernization is driving efficiency in the financial sector.