Income Insurance: Data, Analytics, and AI Organization Strategy

A new data and analytics strategy was established in 2023 to align and unite the organization, with the inclusion of ethical and responsible AI based on the Fairness, Ethics, Accountability, Transparency (FEAT) principles as stipulated by the local regulator, Monetary Authority of Singapore (MAS), as well as Generative AI for risk management policy development. Income Insurance modernized their AI/ML framework with an enterprise AI/ML feature set, which enables a standardized, modularized, and automated AI/ML workflow on the cloud. This resulted in enhanced data science process governance and maintenance. The key highlight of the Income Insurance initiative is the ability to utilize data, analytics, and AI tools and techniques to achieve greater transformation goals within the organization. This winning case study demonstrates how an insurer can implement a data business strategy in alignment with regulators’ concerns and with the appropriate technical methodology and tools to provide positive and cohesive change for an organization.