Using AI to standardise insurance contracts and boost efficiency

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Throughout the pandemic, insurance companies worldwide have started to understand the need to standardise contracts and remove grey areas around unexpected phenomenon, like COVID-19. They’ve realised the benefits of AI and natural language processing in translating and standardising unstructured documents.

According to expert.ai, a global provider of such solutions for the insurance industry, more than 80% of the industry’s entire value chain is represented by unstructured documents, including claims, policies and contracts. In augmenting the capacity of the human workforce by having technology analyse documents and structure data in a uniform manner, insurers can speed up their processes and reduce

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Aviva Singapore to cover side effects of COVID-19 vaccinations

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Aviva Singapore has announced that its health insurance products will automatically cover side effects arising from the COVID-19 vaccination, at no additional premium.

In a statement, the insurer said the coverage for vaccine side effects will be incorporated into its Integrated Shield Plan, MyShield, and group health insurance plans. This includes medical bills incurred by policyholders should they suffer side effects that require hospitalisation or inpatient treatment, such as a severe allergic reaction.

However, the vaccine must be authorised by the Health Sciences Authority (HSA) and the individual must be medically eligible to receive it for the coverage to be

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A regulator with no teeth? Ant Group forced to break up by PBoC

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China’s central banking regulator, the People’s Bank of China, is reported to be accelerating plans to bring Ant Group closely under its control as part of a “rectification” drive that would make it difficult for one of China’s richest men to fully rebuild his online empire.

A regulator with no teeth? Ant Group forced to break up

In a clear lesson from PBoC, who PCM believe are responding to a speech by Ma on 24 October, in which he said China’s financial system was outdated, stifling innovation and needed to be reformed.

Ant’s consumer lending unit and other fast-growing parts

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The global state of Neobanks ranking

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In 2018, there were 60 worldwide digital challenger banks, the so called Neobanks, that had launched up to that date.

Now, only three years later, that number has increased by more than four times to an astonishing 256 live Neobanks, with many more in the process of being launched.

At this time of accelerated growth there is, however, another side of the story, as the COVID-19 health crisis puts a lens on the still fragile economics of the segment, according to Exton Consulting.

For anyone following the evolution of digital start-ups in Financial Services, it has likely been a

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