CIMCON for Insurance
In the insurance industry, EUCs & AI can be leveraged for a wide variety of critical use cases including underwriting algorithms, fraud detection, improving customer experience, claims outreach, and much more. Tracking these resources in spreadsheets or using disparate sets of AI validation tools are inefficient and prone to errors.
All of the Top 3 Insurers in the U.K. and 2 of the Top 3 Insurers as well as hundreds of others trust CIMCON to manage the risk from these assets. Through CIMCON’s integrated solution for EUC and AI governance, users can run 50+ analysis on EUCs, test data for Data Drift, Models for bias, as well as automatically Risk Assess all assets they enter the network, adding relevant ones to an Inventory, initiating Approval Workflows, and automatically setting up Controls, Monitoring, and Reporting for assets that are high risk.
Our Customers
Top 3 US Insurer
$940b in assets
Top 3 US Insurer
$800b in assets
Top 15 US Insurer
$296b in assets
Top 15 US Insurer
$275b in assets
Top 3 US Insurer
$200b in assets
Top 3 US Insurer
$200b in assets
Top 20 US Insurer
$165b in assets
F500 US Insurer
$70b in assets
Top 3 US Health Insurer
$45b in assets
Leading US Insurer
$13b in assets
Top 3 UK Insurer
$770b in assets
Top 3 UK Insurer
$650b in assets
Top 3 UK Insurer
$500b in assets
Top 5 UK Insurer
Leading UK Insurer
£16b in assets
Top 3 Canadian Insurer
$200b in assets
Top 3 German Insurer
$1.2t in assets
Top 3 German Insurer
€3t in assets
Leading French Insurer
€180b in assets
Leading French Insurer
€100b in assets
Top Dutch Insurer
€400b in assets
Top Dutch Insurer
$100b in assets
Top 3 S. African Insurer
R1t in assets
Regulatory Compliance
Compliance is a cornerstone in the insurance industry, necessitating rigorous management of both EUCs and AI systems to protect data and adhere to global regulations. CIMCON simplifies this complex landscape by ensuring compliance with key regulations that impact both traditional and advanced data processing methods:
Regulations
- Solvency II (Pillars 2 & 3)
- The EU AI Act
- HIPAA
- GDPR
- NAIC Model Laws
Key Features
AIValidator
Automated validation that ensures AI models perform reliably and ethically, with tools for testing data integrity, bias, and performance.
Standardized Risk Assessment & Shadow AI Monitoring
Automatic Risk Assessment of all assets with your network based on your EUC & AI Policy. Proactively detect unauthorized AI applications in 3rd party apps to prevent security breaches and ensure data integrity.
Centralized Model Inventory & Workflows
Comprehensively view all relevant EUC, AI, & GenAI information, custom to the asset type, in our centralized Model Inventory. Automate Approvals & Findings through our No Code Workflow Designer.
Monitoring & Regulatory Reporting
Monitor performance changes over time for all tests as well as generate reports effortlessly, aligning with internal policy & external regulations through intelligent automation.
Controls & Audit Trail
Set cell level permissions for EUCs as well as file level permissions for Python, monitor the Audit Trail for changes, manage different versions, as well as identify copies through CIMCON’s Change Management Controls Framework.
XL Audit
A robust Excel plugin designed to identify and correct errors in spreadsheets, crucial for financial and pharmaceutical companies.
Top 5 Insurer Customer Case Study
A leading global insurer leveraged CIMCON’s cutting-edge automation solutions to address critical data integrity challenges and meet stringent regulatory standards. By implementing tools for Error Diagnostics, Automated Risk Assessment, and robust Change Controls, the insurer effectively corrected miscalculations in policyholder premiums.
Resources
AI Risk Management Policy
Leveraging collective wisdom from experts in the domain, regulatory recommendations, and our 25+ years of experience, this policy outlines step by step recommendations for AI & GenAI Risk Assessment, Controls, Testing, Monitoring, Compliance Reporting and everything in between.
Why EUC Risk Matters
EUC risk, often seen as errors or confidential data loss, can have a material impact. Based on our experience with hundreds of customers, this white paper outlines how to understand your risk level, implement best practices, and align stakeholders on Why EUC Risk Matters?
