The banking industry is beginning to embrace AI and digital assets in an effort to put in place cutting-edge detection and to reduce human workload. To keep up with the pace of business and the security threats in today's environment, financial institutions were compelled to improve efficiency and develop innovative safeguards to manage risk. Fintech made that possible, and its adoption by users has accelerated tremendously as a result of the pandemic. "Fintech is the biggest disruptor of our time for financial institutions," declared KPMG. "If you look at digital lenders that have manufactured fintech products for at least a decade, they're doing quite a bit with AI. The idea of underwriting someone's credit sits very well with an AI approach."
Lots of insurers are talking about innovation, but not every insurer means the same thing when they use the term. You can have three people sitting around a table to discuss innovation, and it turns out all three of them expected an entirely different conversation. This is a good thing rather than a problem! It means there are many ways for an insurance company to be innovative in today's market. Internal innovation best practices are the ways that insurers themselves can become more innovative companies or build more innovative teams.
Messaging is the new way of communication. Amid the instant messaging trend initiated by platforms like WhatsApp, consumers have got hooked onto diverse platforms. One such tool that has gained traction in the recent past is Telegram. In the recent months, the platform has been gaining consumers in millions with one in every four being an Indian. The Telegram chatbot offers convenient facilities to customers e.g.
ITL FOCUS is a monthly initiative featuring topics related to innovation in risk management and insurance. Cognitive computing is a funny beast. Every time you hit your target, you find that another pops up off in the distance. When I first saw a demonstration of speech recognition, some 30 years ago, I was mightily impressed that the computer understood a few words. If I had seen what would be possible today, I'd have been stunned.
AI-enabled automation is making good headway. This discussion looks at some use cases. Sramana Mitra: Let's start by introducing our audience to yourself as well as to Hyperscience. Peter Brodsky: I'm the founder and CEO of Hyperscience. We are an automation company. We automate mostly things like data entry. Moving forward, we are going to be automating more and more companies with their business processes. That's Hyperscience in a nutshell. Sramana Mitra: Let's double-click down. Speak to me in use cases so that we get a visceral view of what kind of customer problems you are solving. Peter Brodsky: A lot of companies and governments have a lot of business processes that are document-based. Imagine, you have to get a mortgage. What do you have to do? You need to assemble a whole host of documents - your bank statement, tax returns, W2's, letters of employment, and documentation of anything that you might own. You submit this pile of documents that then gets
California, US-based, SRI International today announced that its insurtech venture spinout, Wingsure, is expanding its artificial intelligence (AI) and augmented reality (AR) capabilities to deliver instant access to personalised insurance products for underserved small farmers and communities worldwide. The initial implementation will focus on India where 50 per cent of households are dependent on agriculture for their living. Many are located in remote rural locations without access to financial services and are unable to insure against crop failure or other unexpected events. Wingsure's mobile platform provides previously inaccessible services to this enormous market, where 600 million people are agri dependent. Wingsure is an insurtech platform that revolutionises how small farmers and rural customers leverage insurance and financial products to transform their lives and livelihood.
"We're excited about it," Peter Colis, Ethos CEO and co-founder, said of the SoftBank investment. "It's more capital to fuel our mission of protecting families." Ethos plans to use the funds to build out its engineering and products team, as well as for research and development. Employees currently number about 200 people and are expected to jump to 350 to 400 by the end of the year, he said. SoftBank's investment is coming from its $30 billion Vision Fund 2. The pool typically focuses on companies that use artificial intelligence like Carro, the Singapore online car marketplace; DiDi, the Uber of China; and eToro, the Israeli online stock brokerage.
With the prospect of trips out and holidays finally on the cards, over the next few weeks many of us will be leaving our houses unattended for the first time in months. So now is the time to think about making your home a bit more secure. In addition to the basics, there is a range of DIY tech that may help to deter would-be intruders and allow you to keep an eye on your home from almost anywhere in the world. From the simple video doorbell to a fully automated light show, here is a quick guide to what is available, plus some tips from police and insurers to help you keep burglars at bay. Simple to install, easy to use and immediately obvious to potential intruders, video doorbells are a popular home security option.
The avalanche of new data generated by these gadgets will enable carriers to understand their customers better, leading to new product categories, more tailored pricing, and increasingly real-time service delivery. FREMONT, CA: The disruption caused by COVID-19 shifted the timetables for AI adoption by considerably speeding up insurers' digitalization. The underlying AI technologies are already in use in the workplaces, homes, vehicles, and bodies. Organizations must react almost immediately to accommodate remote workers, extend their digital capabilities to facilitate distribution, and modernize their web channels. While most firms did not engage extensively in AI during the epidemic, the increased emphasis on digital technology and a more substantial openness to embracing change will enable them to integrate AI into their operations.