Meet us at the NY FIA Forum: Treasury Clearing 2024
Iris New York City-based financial services professionals are attending the Forum, where clearing capabilities and new regulatory mandates are the focus.
The FIA (Futures Industry Association) is hosting a forum on treasury clearing on October 15, 2024 at the BNP Paribas Tower in New York City. The theme is The Evolution of Agency Clearing and a major focus is on clearing model development and new regulatory mandates. Attendees can have beneficial discussions on these topics with experienced financial services professionals from our New York City office who are attending: Jatin Shah and Ryan Fagan, Senior Client Partners, and Jesse Regina, Account Manager.
According to its website, FIA is the leading global trade organization for the futures, options and centrally-cleared derivatives markets, which are key to the global economy as they allow for price discovery and risk management. FIA represents various market participants, including exchanges and clearinghouses, executing brokers, proprietary trading firms and others. The U.S. SEC (Securities and Exchange Commission) has mandated the clearing of certain treasuries and repos (repurchase agreements) by 2026, and many participants in the cleared derivatives markets are impacted and making plans for their operations, technology, compliance, compliance.
Session topics will include: the benefits of expanding central clearing and considerations for implementing the SEC’s central clearing rule; how clearing reduces counterparty risk, settlement flows, fails, and establishes consistent and robust risk management practices for clearing; client clearing access models, margin practices, and the possibility of multiple central counterparty entrants to the U.S. treasury market, which pertain to the new mandate; bank capacity and structural needs for clearing success; and the challenges and opportunities seen by buy-side participants.
Iris is a key provider of technology services to leading global banks, wealth management, brokerage and financial services companies operating in the capital markets and related sectors and as counterparties. Per the FIA, asset managers, hedge funds and principal trading firms will all be affected by the clearing mandate, but each type of market participant will have different needs and operational challenges as they comply. Learn how these entities can and do apply Iris’ deep domain knowledge and experience and our advanced technology solutions - in AI / Gen AI / ML, Application Development, Automation, Cloud, DevOps, Data Science, Enterprise Analytics, Integrations, and Quality Engineering - to enhance security, scalability, cost-efficiency, and compliance in myriad platforms, processes and systems supporting clearing, settlement, currency and major transactions.
Contact Jatin, Ryan, Jesse and our entire team of experts and obtain more information here: Iris Software Banking and Financial Services. You can also read our pertinent, insightful perspective papers, including: Navigating Distributed Ledger Technologies; Real-world Asset Tokenization and Productionizing Generative AI Pilots.
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Get in touchITC Vegas – The Frontier of Insurance Innovation
ITC Vegas - the Frontier of Insurance Innovation
Meet Venkat Laksh, Global Insurance Lead, and Glenn DeGeorge, Client Partner, at InsureTech Connect 2024 to discuss advanced technology services and transformation for insurers.
Meet Venkat Laksh, Global Insurance Lead, and Glenn DeGeorge, Client Partner, at the Frontier of Insurance Innovation - the Mandalay Bay in Las Vegas, Nevada, from October 15-17, 2024. That’s the theme, place and date of this year’s InsureTech Connect (ITC) annual conference, billed as the industry's largest, with 9,000+ attendees - insurers, reinsurers, brokers, risk managers, investors, and technology solution providers, such as Iris Software.
Technology and innovation topics, mainly related to AI/Generative AI and Data, again dominate the agenda as they continue to be pivotal to the insurance industry. Here are examples of the sessions each day:
- Insurance in the AI Age
- 100x your Underwriting & Claims Performance with AI
- Driving Profitability with AI-Powered Externalized Rating and Underwriting
- Insurdata Revolution: Unleashing the Power of Analytics for Innovation
- The Role of AI and Data Analytics in Commercial Insurance: Driving Efficiency and Accuracy
- Building the Future: Responsible AI and Gen AI in Property Insurance
- Beyond the Hype - The Real Potential of Gen AI for Individuals, Insurers and Our Industry
- How Insurance Firms Drive Award-Winning Customer Experiences with Data and AI
- Insuring for Cyber Losses for SME's: An AI-led Approach to Estimating Loss Coverages
- Claim Smarter: Leveraging AI for Precision, Speed and Sustainability
Insurers can ensure their enterprises are future-ready, scalable, secure, cost-efficient, and compliant, by smartly employing next-generation, emerging technology through a highly-experienced insuretech services provider. Talk about your digital priorities with Venkat Laksh, Global Insurance Lead, and Glenn DeGeorge, Client Partner, at ITC Vegas 2024, and learn how leading insurers are applying Iris solutions in AI/Generative AI/Machine Learning, Application Modernization, Automation, Cloud, Data Science, Enterprise Analytics, and Integrations, to advance their digital transformation goals.
You can also contact Venkat and Glenn to learn more about our InsurTech Services that help future-proof insurance enterprises here: Insurance Technology Services | Iris Software and read a few of our Gen AI success stories and insightful perspective papers, including Gen AI – powered summarization boosts underwriting policies and compliance workflow and How Gen AI can transform software engineering.
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Get in touchGen AI interface enhances API productivity and UX
Integrating Generative AI technology and developer portal reduces logistics provider’s API onboarding to 1-2 days.
Client
Leading logistics services provider
Goal
Improve API functionality and developer team’s productivity and user experience
Tools and Technologies
Open AI (GPT-3.5 & 4 Turbo LLM), AWS Lambda, Streamlit, Python, Apigee
Business Challenge
A leading logistics provider offers an API Developer Portal as a central hub for managing APIs, enabling collaboration, documentation, and integration efforts, but faces limitations, including:
- Challenges to comprehend schemas, necessitating continued reliance on developers
- No means to individually search for API operations on the API Developer Portal
- Difficulties keeping track of changes in newly-released API versions
- Potential week-long delays as business analysts or product owners must engage developers to check if existing APIs can support new website functionalities
Solution
Integrating Gen AI technology with API, we provided a user-friendly chat interface for business users. Features include:
- Conversational interface for API interaction, eliminating the need for technical expertise to interact directly with APIs
- Search mechanism for API operations, query parameters, and request attributes
- Version comparison and tailored response generation
- Backend API execution according to user query needs
Outcomes
- Business users are now empowered with a chat-based interface for querying API details
- Users can seamlessly explore APIs, streamlining collaboration with the API team and reducing onboarding time to one or two days, ultimately enhancing the customer experience for all stakeholders
- Developer productivity improved with the AI-powered tools in the API Developer Portal
- Functionality is enhanced from the version comparison, individual API operation search, and tailored responses
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Gen AI summarization solution aids lending app users
Conversational agent built with Gen AI eases commercial lenders’ access to information, use of complex applications, and integration of new users.
Client
Commercial banking unit of a large Canadian bank
Goal
Help lenders access information for complex lending applications on more timely basis and simplify onboarding of new users
Tools and Technologies
PyPDF2, MetaBusiness Challenge
As a part of the credit adjudication process for a transaction, commercial bankers use an application to create summaries, memos and rating alerts as needed, which are instrumental for ongoing Capital at Risk (CaR) monitoring, Risk Profiling, Risk Adjusted Return on Capital (RAROC) computations, etc.
There is a significant amount of complexity involved in understanding this application due to the diversity in types of borrowers / loans, nature of collaterals, etc., e.g., How to create a transaction report for my deal? How to update an existing deal?
All of this information is spread across multiple user guides and FAQ documents that may run into hundreds of pages.
Solution
- Ringfenced a knowledge base comprised of the user guides of various functionalities (e.g., facility creation, borrower information, etc.)
- Built a custom-developed, React-based front-end for the conversational assistant to interact with the users
- Parsed, formatted and extracted text chunks from these documents using libraries such as PDF Miner, PyPDF2
- Created vector embeddings using sentence transformer embedding model (all-MiniLM-L6-v2) and stored as indices in the Facebook AI Similarity Search (FAISS) vector database
- Broke down the user query into vector embeddings, searched against the vector database and leveraged local LLM (Llama-2-7B-chat) to generate summarized responses based on the context passed to it by the similarity search
Outcomes
Our custom solution was a conversational agent built using Generative AI, which summarizes relevant information from multiple documents.
It significantly:
- Improved existing users’ ability to access relevant information on a timely basis
- Simplified the migration of bankers and integrations of lending applications resulting from merger or acquisition
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Meet us at the Open Banking Expo in Toronto
Meet us at the Open Banking Expo in Toronto
Learn from client partners, Suneela Katikala and Pallavi Bhargava, how our tech solutions advance the digital transformation of banks, financial services and payments providers.
Meet Suneela Katikala and Pallavi Bhargava, our experienced client partners in the banking, financial services and payments technology space, at the Open Banking Expo on June 11, 2024 at the Metro Toronto Convention Centre in Ontario, Canada.
As financial institutions strive to rapidly implement the open banking initiative in Canada - more collaborative, secure, and efficient banking and payment systems - it is imperative that they work with technology providers with demonstrated agility, knowledge and IT expertise in these areas. For decades, Iris has accelerated the digital transformation journeys of major global and Canadian banks and financial services and payments enterprises.
Learn from Suneela and Pallavi how our solutions in AI / ML, Application Modernization, Automation, Cloud, Data Science, DevOps, Enterprise Analytics, Integrations, and Quality Engineering improved clients’ data quality, reliability and scalability; platform and systems efficiency; user interfaces and experiences; insight extraction and decision-making; and regulatory compliance. Also note that Iris is PCIDSS 4.0-certified to ensure robust cyber security and compliance for clients involved in payment card processing or that store, process, or transmit cardholder data and/or sensitive authentication data.
For more information on the benefits of our future-ready solutions, visit Iris Software Banking and Financial Services. Read our Perspective Papers on navigating Digital Ledger Technology and the state of Central Bank Digital Currency for more insights.
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Get in touchJoin us at Reuters Future of Insurance USA 2024
Join us at Reuters Future of Insurance USA 2024
Leap ahead in Insurtech innovation and tech transformation; meet Venkat Laksh, Iris’ insurance expert, at #FOIUSA 2024.
Reuters Events hosts its annual Future of Insurance USA Conference on May 15-16, 2024, in Chicago, Illinois. The theme is Reset Strategy, Harness AI, Outsmart Disruption. Each thematic directive is a highly relevant priority for the 500+ strategic leaders and technology experts that are expected to attend the event. Venkat Laksh, Iris Software’s Global Lead – Insurance, will be one of the attendees.
With ongoing cost, regulatory and competitive pressures affecting insurance companies, the focus on innovation and technology, particularly AI, is unrelenting. It is the basis of near- and long-term strategies to enhance insurance product offerings, customer experience, operational efficiency, risk reduction and business growth. These concepts comprise the vast majority of the agenda topics for the Conference’s 100+ speakers, and will no doubt be at the forefront of peer networking conversations.
They are also the focus of the Insurtech services and solutions that Iris successfully provides to top property, casualty and life insurance carriers.
- Revolutionizing insurance enterprises with technology
- Implementing Generative AI
- Reimagining insurance product design
- Transforming with Data & AI
- Transitioning from legacy systems to cloud
- Elevating customer experience with innovation
- Ensuring flexible data foundations for AI success
- Linking and winning in digital transformation and innovation
Talk about your Insurtech priorities with Venkat Laksh, Iris’ insurance expert, at Reuters Future of Insurance USA 2024 and learn how insurers are applying Iris solutions in AI/ML, Application Modernization, Automation, Cloud, Data Science, Enterprise Analytics, and Integrations to leap ahead in their digital transformation goals.
You can also contact Venkat and learn more about our InsurTech Services and Solutions that help future-proof insurance enterprises here: Insurance Technology Services | Iris Software.
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Get in touchConversational assistant boosts AML product assurance
Gen AI-powered responses improve the turnaround time to provide technical support for recurring issues, resulting in a highly efficient product assurance process.
Client
A large global bank
Goal
Improve turnaround time to provide technical support for the application support and global product assurance teams
Tools and Technologies
React, Sentence–Bidirectional Encoder Representations from Transformers (S-BERT), Facebook AI Similarity Search (FAISS), and Llama-2-7B-chatBusiness Challenge
The application support and global product assurance teams of a large global bank faced numerous challenges in delivering efficient and timely technical support as they had to manually identify solutions to recurring problems within the Known Error Database (KEDB), comprised of documents in various formats. With the high volume of support requests and limited availability of teams across multiple time zones, a large backlog of unresolved issues developed, leading to higher support costs.
Solution
Our team developed a conversational assistant using Gen AI by:
- Building an interactive customized React-based front-end
- Ringfencing a corpus of problems and solutions documented in the KEDB
- Parsing, formatting and extracting text chunks from source documents and creating vector embeddings using Sentence–Bidirectional Encoder Representations from Transformers (S-BERT)
- Storing these in a Facebook AI Similarity Search (FAISS) vector database
- Leveraging a local Large Language Model (Llama-2-7B-chat) to generate summarized responses
Outcomes
The responses generated using Llama-2-7B LLM were impressive and significantly reduced overall effort. Future enhancements to the assistant would involve:
- Creating support tickets based on information collected from users
- Categorizing tickets based on the nature of the problem
- Automating repetitive tasks such as access requests / data volume enquiries / dashboard updates
- Auto-triaging support requests by asking users a series of questions to determine the severity and urgency of the problem
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AI-powered summarization boosts compliance workflow
Gen AI-enabled conversational assistant substantially simplifies access to underwriting policies and procedures across multiple, complex documents.
Client
A leading specialty property and casualty insurer
Goal
Improve underwriters’ ability to review policy submissions by providing easier access to information stored across multiple, voluminous documents.
Tools and Technologies
Azure OpenAI Service, React, Azure Cognitive Services, Llama-2-7B-chat, OpenAI GPT 3.5-Turbo, text-embedding-ada-002 and all-MiniLM-L6-v2Business Challenge
The underwriters working with a leading specialty property and casualty insurer have to refer to multiple documents and handbooks, each running into several hundreds of pages, to understand the relevant policies and procedures, key to the underwriting process. Significant effort was required to continually refer to these documents for each policy submission.
Solution
A Gen-AI enabled conversational assistant for summarizing information was developed by:
- Building a React-based customized interactive front end
- Ringfencing a knowledge corpus of specific documents (e.g., an insurance handbook, loss adjustment and business indicator manuals, etc.)
- Leveraging OpenAI embeddings and LLMs through Azure OpenAI Service along with Azure Cognitive Services for search and summarization with citations
- Developing a similar interface in the Iris-Azure environment with a local LLM (Llama-2-7B-chat) and embedding model (all-MiniLM-L6-v2) to compare responses
Outcomes
Underwriters significantly streamlined the activities needed to ensure that policy constructs align with applicable policies and procedures and for potential compliance issues in complex cases.
The linguistic search and summarization capabilities of the OpenAI GPT 3.5-Turbo LLM (170 bn parameters) were found to be impressive. Notably, the local LLM (Llama-2-7B-chat), with much fewer parameters (7 bn), also produced acceptable results for this use case.
Gen AI For Software Engineers
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Life Insurance & Annuity Conference 2024
Life Insurance & Annuity Conference 2024
Meet our insurance expert, Venkat Laksh, at the Life Insurance & Annuity Conference 2024 to learn how advanced technologies power insurers’ growth.
With the theme, Powering Growth, the 2024 Life Insurance & Annity Conference, jointly hosted by LIMRA, LOMA, ACLI, and SOA, will be held at the Marriott Rivercenter in San Antonio, Texas, from April 15 to 17, 2024.
The Conference will feature peer networking and expert insights, with more than 30 workshops that will provide deep dives into topics of major significance to the insurance industry, including: technological and product innovation; financial crime and compliance; consumer, regulatory and resource demands; and market growth.
While you’re at this year’s Life Insurance & Annuity Conference, look up Venkat Laksh, Iris Software’s global lead in insurance, or contact him anytime afterward, to learn how insurers are applying our InsurTech Solutions - in AI/ML, Application Modernization, Automation, Cloud, Data Science, Enterprise Analytics, and Integrations – to power their growth, by optimizing business competencies, enhancing customer experiences, meeting challenges, and securing digital transformation.
You can also contact Venkat or learn more about Iris’ InsurTech Services and Solutions that help future-proof insurance enterprises here: Insurance Technology Services | Iris Software.
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Get in touchAutomated financial analysis reduces manual effort
Analysts in a large North American bank's commercial lending and credit risk operations can source intelligent information across multiple documents.
Client
Commerical lending and credit risk units of large North American bank
Goal
Automated retrieval of information from multiple financial statements enabling data-driven insights and decision-making
Tools and Technologies
OpenAI API (GPT-3.5 Turbo), LlamaIndex, LangChain, PDF ReaderBusiness Challenge
A leading North American bank had large commercial lending and credit risk units. Analysts in those units typically refer to numerous sections in a financial statement, including balance sheets, cash flows, and income statements, supplemented by footnotes and leadership commentaries, to extract decision-making insights. Switching between multiple pages of different documents took a lot of work, making the analysis extra difficult.
Solution
Many tasks were automated using Gen AI tools. Our steps:
- Ingest multiple URLs of financial statements
- Convert these to text using the PDF Reader library
- Build vector indices using LlamaIndex
- Create text segments and corresponding vector embeddings using OpenAI’s API for storage in a multimodal vector database e.g., Deep Lake
- Compose graphs of keyword indices for vector stores to combine data across documents
- Break down complex queries into multiple searchable parts using LlamaIndex’s DecomposeQueryTransform library
Outcomes
The solution delivered impressive results in financial analysis, notably reducing manual efforts when multiple documents were involved. Since the approach is still largely linguistic in nature, considerable Prompt engineering may be required to generate accurate responses. Response limitations due to the lack of semantic awareness in Large Language Models (LLMs) may stir considerations about the usage of qualifying information in queries.
Gen AI For Software Engineers
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