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Jubilee Life Insurance signs MOA with Malaysian company

Jubilee Life Insurance Company Limited, the country's leading life insurance provider in the private sector, recently signed a Memorandum of Agreement with AETINS SDN BHD for the 'Implementation of JLPISF TAKAFUL System' in Islamabad. This system will enhance the Takaful base in the country and support towards streamlining its operations.

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UNDERSTANDING THE RISKS OF ARTIFICIAL INTELLIGENCE.

  • TOday's ANI innovation is tomarrow's standard product feature that consumers.
  • Risk professionals should consider impacts to data related to risk domains such as security, privacy and resiliency.
  • AI developed, operated or otherwise influenced by third parties working on your behalf needs to be consistent with your organization's core values.

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'Forward thinking 2019' list!

Highlighting major industry trends employers and risk management professionals should watch this year.

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Jubilee Life Insurance signs MOA with Malaysian company


Jubilee Life Insurance Company Limited, the country's leading life insurance provider in the private sector, recently signed a Memorandum of Agreement with AETINS SDN BHD for the 'Implementation of JLPISF TAKAFUL System' in Islamabad. This system will enhance the Takaful base in the country and support towards streamlining its operations.

JLPISF Takaful System is a core business application for Takaful, it works as a cross functional ERP system and facilitates in the day-to-day business activities. This application's unique feature includes having Shariah compliant accounting procedures that are integrated at transactions level and are characterized by fully automated processes with lesser user intervention. As a result, Jubilee Life will be able to profile the personal needs of customers and serve them better, be able to craft contemporary products, introduce new products into the market, gain insights into business intelligence and analytics for a quick response system, mitigate risks, and eventually drive new package offerings.

At the occasion, Mr. Zahid Barki - Group Head Risk Management, Compliance and Quality Assurance - Jubilee Life Insurance said "This collaboration with AETINS is a momentous step taken in the Takaful industry. Jubilee Life being a leader in the industry has always been at the forefront of bringing premium products and services to its customers through innovation."

This exchange of MOA between the two companies took place in the presence of Malaysia External Trade Development Corporation (MATRADE) officials who came with the honourable Prime Minister of Malaysia, Dr. Mahatir Bin Mohammad on the invitation of the honourable Prime Minister of Pakistan, Mr. Imran Khan.

Understanding the risks of AI

A report released by RIMS, 'Making sense of artificial intelligence and its impact on risk management' broke down AI into two broad types - artificial general intelligence (AGI) and artificial narrow intelligence (ANI).

AGI is a 'thinking machine' that applies intelligence to a wide range of cognitive functions and continue to improve their reasoning abilities automatically. For many of us, "the best examples are the well-known machines from science fiction classics, such as HAL in 2001: A Space Odyssey, R2D2 and C3PO in Star Wars, or SkyNet in The Terminator," said the report. AGI represents tremendous opportunities, as well as risks, but the likelihood of it becoming a reality within the next 20 years is slim.

The second is the type of AI is focused on narrower tasks, such as image recognition, credit card fraud detection and speech recognition. "ANI should be a major concern for risk professionals as it has impacted many aspects of everyday life, and will continue to have growing, and potentially unexpected, impacts," said the report. "The market for narrow solutions is much bigger: Gartner estimates that AI-derived business value will be worth $3.9tn by 2022."

Common implementation scenarios of ANI include advanced process implementation, cognitive engagement such as intelligent agents, chatbots or virtual assistants, using machine to aid in data analysis such as in deep learning algorithms.

The exposures that risk managers must consider, the report said, include:

• Today's ANI innovation is tomorrow's standard product feature that consumers

• Changes introduced by AI innovations can

• Product and service differentiation is not necessarily driven by a computational algorithm. Rather, it is data-driven. Risk professionals should consider impacts to data related to risk domains such as security, privacy and resiliency.

• Distribution systems that rely on third-party developers, partner/agent sales models or other customer contact points can extend your risk beyond the traditional corporate boundaries. AI developed, operated or otherwise influenced by third parties working on your behalf needs to be consistent with your organization's core values.

"Essentially, if you understand the organization's strategy and how it can enhance its operations with ANI or the context around data, then you have something to offer," the report said.

Highlighting major industry trends employers and risk management professionals should watch this year.

Preparing for emerging risks

 Planning for the unexpected

 Understanding the impact of the sharing economy on the workforce

 Adapting to generational changes

Embracing next-level technology

 Ensuring data security

 Elevating the consumer experience

 Improving loss adjusting with technology

Moving forward with new healthcare strategies

 Tailoring the recovery journey

 Advancing value-based care

 Addressing mental health in the workplace

Broadening claims expertise as needs change

 Managing product liability and recall risks

 Building skilled claims teams

 Understanding the benefits of integrated disability programs

For more details on the trends, click here https://www.sedgwick.com/news/forward-thinking-2019

 

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