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banking & finance

The modern actuarial office: Why AI and speed will generate sales in the future


Some say that the insurance industry is a long, quiet river on which stately steamships cruise. Others say it is a shark tank where only the strongest survive. The insurance market is clearly mature, with a limited scope of action for individual players. There is, however, no question that merciless predatory competition is taking place, probably precisely because of this saturation. It is the perfect recipe for a ruinous price war, even though this is something that insurers really cannot afford in the long term.

Wharton's A.I. expert predicts the future of artificial intelligence in business


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Banks and insurers expect 86% rise in AI tech investment by 2025


Banks and insurance firms are planning to increase their artificial intelligence-related investment into technology by 2025, according to research from The Economist Intelligence Unit. The report, commissioned by AI-analytics and search firm ThoughtSpot, surveyed 200 business executives and c-suite leaders at investment banks, retail banks and insurance companies in North America, Europe and Asia Pacific. It found that while a large majority (86 per cent) of respondents had a strong degree of confidence in the benefits of AI to shape the future of financial institutions, more than half of respondents said the technology was not yet in use in the business' processes and offerings, with just 15 per cent saying the technology is used extensively across the organisation. However, despite relatively low levels of implementation, the research found that many institutions are beginning to invest in AI over the next five years, with 27 per cent saying it will spur new products and services, a quarter believing it will open up new markets or industries and the same amount saying it is paving the way for innovation in their industry. Looking to the future, 29 per cent of respondents expect between 51 per cent and 75 per cent of their workloads to be supported by AI technologies in five years' time, as processes become increasingly automated.

Using Artificial Intelligence in Big Data


Simply put, Artificial Intelligence (AI) is the level of intelligence exhibited by machines, in comparison to natural intelligence exhibited by human beings and animals. Therefore it is sometimes referred to as Machine Intelligence. When taught, a machine can effectively perceive its environment and take certain actions to better its chances of achieving set goals successfully. How can a machine be taught? The root of Machine learning involves writing codes or commands using a programming language that the machine understands.

Rise of the robots: Automating factories creates $100 billion Japan corporate giant

The Japan Times

It's the rise of the robots: Japan's second-largest company is now a maker of industrial automation systems, highlighting the rising importance of a less visible sector to a nation long associated with consumer-facing brands. Keyence Corp., a maker of machine vision systems and sensors for factories, has jumped 17 percent this year to become Japan's second-largest company by market value. At a valuation of almost ¥11 trillion ($100 billion), it has overtaken telecommunications giants SoftBank Group Corp., and NTT Docomo Inc., which have jostled for the honor to sit behind Toyota Motor Corp. over most of the past decade. Keyence is famed for its dizzying profitability with an operating profit margin of more than 50 percent, among the country's highest. That's enabled by its "fabless" output model, according to analysts, with production of its array of pressure sensors, barcode readers and laser scanners outsourced to avoid high capital costs.

Overjet raises $7.85M for its dental-focused AI tech – TechCrunch


Overjet, a startup focused on using AI to help dentists and insurance companies understand dental scans, today announced that it has raised $7.85 million in what it describes as a seed round. According to Overjet's CEO Wardah Inam (an MIT PhD in electrical engineering and computer science), the company raised the funds from Crosslink Capital, which led its round, and E14 Fund, which "only invests in MIT startups," Inam said. The MIT-E14 connection is not surprising, given that Overjet has been supported by two different MIT groups. Continuing the Boston-area educational links, the startup was incubated by the Harvard Innovation Lab, which Inam told TechCrunch that it is "growing out of" in terms of space. Inam told TechCrunch that Overjet was interested in raising from Crosslink thanks to its prior investments into Weave, a startup whose software is often used in a dental context.

Government presses ahead with Cummings' data science revolution


A British artificial intelligence firm involved in the Vote Leave campaign has been handed a £400,000 contract to tap data from places such as social media sites to help steer the Government's response to Covid-19. Official documents from the Government show Faculty Science was awarded the contract by the Ministry of Housing, Communities and Local Government (MHCLG) in April to provide data scientists who could set up "alternative data sources (e.g. They would, the contract said, apply data science and machine learning to the data, which could help identify trends, and then develop "interactive dashboards" to inform policymakers. It is understood the contract, awarded through the Government's G-Cloud framework, was designed to address an urgent need for the department to analyse real-time data and monitor the effect of Covid-19 on local communities. Faculty's AI technology can be used to process vast amounts of data and in the past was used for polling analysis by the Vote Leave campaign, run by Boris Johnson's adviser Dominic Cummings.

Predicting the Stock price Using TensorFlow


A very simple graph that adds two numbers together. In the figure above, two numbers are supposed to be added. Those numbers are stored in two variables, a and b. The two values are flowing through the graph and arrive at the square node, where they are being added. The result of the addition is stored into another variable, c.

AI's Man Behind the Curtain - ReadWrite


As the world grows increasingly connected, growing concern regarding the influence of artificial intelligence (AI) has been bubbling to the surface, affecting perceptions by industries big and small along with the general populace. Spurred on by sensationalized media predictions of AI taking over human decision-making and silver-screen tales of robot revolutions, there is a fear of allowing AI or its cousin, the Internet of Things (IoT), into our lives. Here is AI's man behind the curtain. One of the biggest sticking points is the popular – yet mistaken – notion that AI will cost people their jobs. In truth, the situation is just the opposite.

IIT-Ropar and TSW Launch a PG Programme in Artificial Intelligence


IIT-Ropar, one of the eight new IITs established by the Ministry of Human Resource Development (MHRD), Government of India, and TSW, the executive education division of Times Professional Learning (a part of The Times of India Group), have launched a Post Graduate Certificate Programme in Artificial Intelligence & Deep Learning. The programme will be coordinated by The Indo-Taiwan Joint Research Centre (ITJRC) on Artificial Intelligence (AI) and Machine Learning (ML), at IIT-Ropar. Supported by the Ministry of Science and Technology, Taiwan, ITJRC is a bilateral centre for collaborative research in disruptive technologies like AI and ML. The programme, with its focus on Artificial Intelligence and Deep Learning, has an eligibility criterion of a minimum of 2 years of work experience in the IT industry. Though an engineering degree is a desirable prerequisite for this programme, one does not need a coding or mathematics background to be eligible.