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Insurers Urged to Safeguard Data Amid Rising AI Adoption and Privacy Risks, Says Info-Tech Research Group

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In its recently released blueprint, Info-Tech Research Group is providing insurers with a comprehensive framework to tackle the growing challenges of data privacy in the age of AI. In the resource, the global research and advisory firm recommends AI training, strong data governance, and proactive risk management to help insurers safeguard personally identifiable information (PII) while using AI for underwriting, claims processing, and customer engagement.

TORONTO, Dec. 13, 2024 /PRNewswire/ – As AI adoption continues to accelerate, the insurance industry is under increasing pressure to safeguard personally identifiable information (PII) against sophisticated data privacy risks. Global research and advisory firm Info-Tech Research Group explains in a newly published industry resource that traditional system safeguards and outdated legacy systems are proving insufficient to address the complexities of modern AI-driven processes, leaving insurers exposed to regulatory and technological vulnerabilities. To help insurers tackle these pressing challenges, Info-Tech Research Group’s blueprint, Safeguard Your Data When Deploying AI in Your Insurance Systems, offers a strategic framework for integrating privacy-preserving AI solutions. The firm’s resource features research insights and tools that will equip IT leaders in the insurance sector to strengthen compliance, mitigate risks, and protect PII while maintaining system performance.

“Insurers handle vast amounts of data, from health records to financial histories, fed into AI systems that promise accuracy and efficiency but pose privacy concerns,” says Arzoo Wadhvaniya, research analyst at Info-Tech Research Group. “A single breach could compromise thousands of customers’ personal information, causing severe reputational and financial damage. It is not just about what AI can do; it is about ensuring it is done securely and ethically.”

In the blueprint, Info-Tech explains that traditional data safeguarding methods in the insurance industry are increasingly ineffective, as legacy systems often lack the flexibility to meet modern demands. The firm’s research findings suggest that unfamiliarity with integrated AI technologies can lead to confusion among employees when assessing risks and determining appropriate applications. Complex regulatory requirements, which may not align with AI-driven processes, further heighten compliance challenges. To address these issues, Info-Tech recommends AI training programs to help employees understand associated risks and foster a culture of security and compliance.

“Regulatory frameworks demand strict compliance, yet AI introduces complexities that make this harder. Insurers must ensure AI respects customer consent, limits data usage, and mitigates bias. Otherwise, the consequences could be costly in terms of both fines and lost trust,” explains Wadhvaniya.

Info-Tech’s new resource provides IT leaders in the insurance industry with actionable strategies to address critical risks associated with generative AI. The firm emphasizes the importance of identifying insurance-specific risks and adopting a continuous improvement approach supported by metrics and a risk-based strategy aligned with a privacy framework tailored to organizational needs.

The research highlights three key risks tied to generative AI:

Data Breaches of PII: AI systems within insurance companies handle vast amounts of sensitive customer data, including health records, financial details, and personal identifiers. These systems, if not adequately secured, can become targets for cyberattacks, leading to unauthorized access to sensitive information.

Noncompliance With Regulations: Privacy regulations like the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA) impose strict requirements on how customer data is collected, processed, and stored. AI systems in insurance, which often require large datasets to function effectively, may unintentionally violate these regulations if not properly designed and monitored.

Insider Threats: Employees or third-party contractors with authorized access to AI systems and sensitive customer data may exploit their privileges, either intentionally or through negligence. This can lead to data theft, manipulation of critical AI models, or tampering with claims and pricing algorithms.

The firm advises the industry to take a proactive stance, implementing robust data governance practices, ensuring transparency, and fostering customer trust in the responsible use of AI. By leveraging insights from this blueprint, insurance companies can effectively address growing data privacy challenges while adopting advanced AI technologies for underwriting, claims processing, and customer engagement.

For exclusive and timely commentary from Arzoo Wadhvaniya, an expert in IT strategies, and access to the complete Safeguard Your Data When Deploying AI in Your Insurance Systems blueprint, please contact pr@infotech.com.

About Info-Tech Research Group
Info-Tech Research Group is one of the world’s leading research and advisory firms, proudly serving over 30,000 IT and HR professionals. The company produces unbiased, highly relevant research and provides advisory services to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

To learn more about Info-Tech’s divisions, visit McLean & Company for HR research and advisory services and SoftwareReviews for software buying insights.

Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact pr@infotech.com.

For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.

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SOURCE Info-Tech Research Group

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IBSAT 2024 application deadline extended to December 23rd

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Step into a future of management excellence with ICFAI Business School

HYDERABAD, India, Dec. 19, 2024 /PRNewswire/ — ICFAI Business School (IBS) has extended the application deadline for IBSAT 2024 to December 23, 2024. This extension offers an opportunity for all management aspirants who couldn’t complete their applications by the previous deadline due to technical or personal reasons.

 

The IBSAT 2024 test, a gateway to IBS’s MBA/PGPM programmes at 9 campuses, is designed to assess a candidate’s verbal ability, reading comprehension, quantitative aptitude, and data interpretation skills. Key highlights include:

CAT-like Syllabus: A familiar format for aspirants already preparing for management entrance exams.Remote Proctored Test: Conducted online, allowing candidates to take the exam from the comfort of their homes.No Negative Marking: Encourages students to attempt all questions without fear of penalty.Scholarships Worth Rs 2 Lakh Each: Awarded to the top 500 rankers, recognizing academic excellence.

Additionally, IBS hosts a free mock test on ibsindia.org to help aspirants gauge their preparation levels.

IBS’s Industry-Relevant Curriculum

In today’s rapidly evolving global economy, management education must bridge the gap between theory and practice, and IBS excels in doing so. With an industry-relevant curriculum aligned to modern business demands, IBS, with its Case Based Teaching and Bloomberg/SAP Labs, provides students with the skills needed to navigate complex business scenarios. The curriculum also includes internships, industry interactions, and live projects that help students build a solid foundation for their careers.

Multiple Admission Pathways

Aspirants seeking a transformative management education with practical insights are encouraged to apply for the MBA/PGPM 2025-27 programs at IBS. In addition to IBSAT test scores, IBS also accepts CAT, NMAT, XAT, and GMAT scores, offering multiple pathways for admission. This flexibility allows candidates to choose the best route to enter IBS, making it easier for them to apply based on their strengths and available scores.

Holistic Learning Experience at IBS Campuses

IBS campuses provide a holistic learning experience, fostering personality development through vibrant club activities and practical exposure. Students engage in co-curricular and extracurricular activities ranging from domain-specific clubs focused on marketing, finance, and operations, to multidisciplinary clubs that involve live industry projects and practical learning opportunities. These activities help students develop leadership skills, team collaboration, and strategic thinking, which are critical to success in the business world.

Exceptional Placement Record

IBS has a strong commitment to career development, as evidenced by its over 95% placement rate for the class of 2024. The highest international package reached Rs 36.76 LPA, demonstrating the effectiveness of IBS’s industry connections and its ability to prepare students for lucrative global career opportunities.

Accreditations and Recognitions

IBS stands out as an AACSB-accredited institution, showcasing its academic excellence. It is ranked 39th by NIRF, holds a NAAC A++ accreditation, and is ranked 22nd by Business Today. IBS’s Case Research Center is a global leader, with award-winning case studies that are used by over 900 business schools worldwide.

IBS Alumni Network

IBS boasts a robust alumni network of over 70,000 individuals, with nearly 40% in senior management positions and 10% in international roles.

Apply Now for IBSAT 2024

Apply for IBSAT 2024 today and embark on a transformative journey toward becoming an industry-ready professional. For more information, visit www.ibsindia.org.

 

Contact Information:
IBS Admission Office
Plot No. 65, Nagarjuna Hills
Punjagutta, Hyderabad – 500082
Telangana
Ph: 040 – 23440963 (5 lines)
E-mail: ibsat@ibsindia.org

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GienTech transforms enterprise software testing with the launch of a powerful AI-driven end-to-end solution

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Next-generation Testing Center of Excellence (TCoE 3.0) integrates AI, ML, and automation to make enterprise software testing faster, more responsive and efficient

HONG KONG, Dec. 19, 2024 /PRNewswire/ — Digital transformation specialist GienTech is revolutionizing the way enterprises approach software testing with the launch of a powerful new Testing Center of Excellence (TCoE 3.0) solution. Built on a platform of artificial intelligence (AI) and incorporating machine learning (ML), automation, and agile testing methodologies, TCoE 3.0 will support organizations to rapidly and efficiently develop mission-critical software for reliable and stable real-world use.

Enterprise software testing is extremely complex and time-consuming. According to Gartner*, product-testing teams will continue to face increasing complexity in applications and architecture, as well as shorter development cycles, in coming years. This pressure will be made more acute by the ongoing shortage of skilled engineers and the need to meet compliance regulations for data privacy and accessibility. At the same time, teams need to continue to automate an ever-growing backlog of manual tests. GienTech is empowering organizations to overcome these obstacles with an end-to-end solution that uses Generative AI to substantially streamline and enhance enterprise software testing.

William Wong, Senior Vice President of GienTech, said: “We are on a mission to make software testing more intelligent, agile, and efficient, while also reducing costs and labour intensity. TCoE 3.0 is a comprehensive end-to-end solution designed to standardize, centralize, and optimize enterprise software testing using AI, ML, and automation. It augments your software quality assurance team and is ideal for demanding environments, like the banking and finance sector, where complex system architectures, custom-built legacy systems, and highly sensitive data are the norm.”

Key features of TCoE 3.0 include:

AI-powered test case generation: TCoE 3.0 leverages large language models (LLMs) to analyse business requirements and automatically generate test cases. This approach ensures that the test cases are aligned with business objectives throughout the end-to-end testing. By automating test case preparation and enhancing agility, TCoE 3.0 enables testing teams to achieve broader coverage with minimal additional effort.

AI-powered script creation and auto-execution: TCoE 3.0 converts natural language descriptions of test scenarios into executable test scripts and automates the execution of these scripts for end-to-end coverage. This innovation simplifies testing for dynamic user interfaces and custom workflows, empowering non-technical users to create test scripts. It effectively covers a wide range of scenarios across complex architectures, reduces manual tasks, and significantly streamlines testing efforts. 

Smart and scalable adaptive testing: TCoE 3.0 incorporates self-adapting capabilities to manage changes in application flows as well as self-healing capabilities to automatically adjust to user interface changes. By seamlessly adapting to continuous software updates, TCoE 3.0 minimizes the need for frequent script maintenance due to minor changes, significantly reducing the time, effort, and costs involved in test script upkeep.

The launch of TCoE 3.0 caps off a year of great strides in AI by GienTech. In 2024, GienTech launched the “ORIGIEN AI+” initiative to spearhead breakthroughs in AI-related product innovation, dataset construction, and model training. It has already introduced intelligent solutions to enterprises across various industries, including finance, energy, and manufacturing. In April, GienTech signed a strategic cooperation agreement with Hong Kong Applied Science and Technology Research Institute (ASTRI). The first fruit of this collaboration is the newly released Financial Intelligent Assistant, a comprehensive toolkit built on GienTech’s AI agent technology framework and ASTRI’s RAG framework to help financial sector enterprises accelerate AI application development and digital employee adoption. Earlier this month, GienTech unveiled the ORIGIEN Financial Large Language Model, which is tailored exclusively for the financial sector. The model enhances financial insights and applications through targeted training and tuning with 700GB of financial data, focusing on banking scenarios to ensure precise alignment with industry needs.

“With the explosive growth of technology, the application of AI is becoming increasingly practical, particularly in the highly digitized financial sector, where AI is experiencing large-scale adoption. The industry requires not merely AI products or models, but a true realization of enterprise intelligence that transforms business models through AI. Centred around the application and scenarios, we are committed to unlocking the value of AI application. Combining advances in AI technology with our strengths in infrastructure, consulting, software, data governance, and large-scale customized services, GienTech can help enterprises achieve intelligent digitalization, enhance productivity, and improve profitability,” Wong continued.

* Gartner, “Market Guide for AI-Augmented Software Testing Tools” (13 February, 2024)

About GienTech

Founded in 1995, GienTech is an expert in intelligent digitalization strategies and software solutions, specializing in the financial and other key industries. GienTech has more than 40,000 employees across China and in overseas markets, serving over 800 financial institutions and more than 160 Fortune 500 companies. GienTech has ranked first in the IDC China banking IT solution market for seven consecutive years and has been selected in the global top 100 in the IDC Financial Insights FinTech ranking for nine consecutive years. Its strict quality and management principles have passed CMMIL5, ISO27001, ISO9001, ISO20000 and many other international certifications.

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SOURCE GienTech

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Montrose Environmental Group Selected by Sydney Water to Install PFAS Treatment System

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LITTLE ROCK, Ark., Dec. 18, 2024 /PRNewswire/ — Montrose Environmental Group, Inc. (NYSE: MEG), a global environmental solutions company, was selected to install its per- and polyfluorinated substances (PFAS) mobile treatment system at Sydney Water’s Cascade Water Filtration Plant (WFP) outside of Sydney, Australia to address PFAS in drinking water.

In June 2024, perfluorooctane sulfonate (PFOS) and PFHxS, two forms of PFAS, were detected in the outlet of the Cascade WFP. Sydney Water took prompt action to find a solution that would quickly begin removing PFAS compounds from drinking water. 

As a leading provider of water treatment solutions in Australia and a pioneer in treating PFAS-impacted water in the country, Montrose was engaged by Sydney Water, Australia’s largest water utility, to implement a mobile solution for the immediate treatment of drinking water while Sydney Water pursues long-term upgrades to the Cascade WFP. Installing Montrose’s system at the WFP will help reduce PFAS to below the limits proposed in the draft Australian Drinking Water Guidelines, which are set to be finalized in April 2025.

Roch Cheroux, Managing Director of Sydney Water, commented: “We are committed to leading the way with new ideas to ensure the continued delivery of world-class drinking water to our communities. This initiative to install a rapid treatment system reflects our commitment to deliver safe and reliable water to all our customers.” 

Montrose is proud to be working with Sydney Water, which has a shared commitment to providing communities with safe drinking water,” said Vijay Manthripragada, president and chief executive officer of Montrose Environmental Group. “The installation of these multi-million-dollar systems underscores our commitment to the Australian market and achieves our organic growth goals in the region. By deepening our relationship with the broader Australian environmental services sector, we are confident in our prospects for 2025 and beyond.”

Contacts

Investor Relations:
Adrianne Griffin
(949) 988-3383
ir@montrose-env.com

Media Relations:
Lauren Dowling
(214)-514-9809
pr@montrose-env.com

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SOURCE Montrose Environmental Group, Inc.

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