If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
Benefitfocus, Inc., a leading cloud-based benefits management platform and services provider, announced enhancements available on the Benefitfocus Platform powered by its artificial intelligence (AI) engine, BenefitSAIGE. BenefitSAIGE is the intelligence engine enabling several capabilities such as Smart Moments, utilization reporting, plan modeling, cost analysis and data quality reporting. With this announcement, medical carriers and voluntary benefits providers are equipped to offer an industry-leading AI-powered consumer benefits experience, featuring Smart Moments and Insights. Benefitfocus President & CEO Ray August introduced the enhancements at Carrier Place 2019, the executive forum for leaders from the nation's top health insurance carriers and voluntary and supplemental benefits providers held at The Sanctuary on Kiawah Island Golf Resort, at Kiawah Island, SC. In his keynote address, August highlighted the capabilities and value provided by BenefitSAIGE and emphasized the scale of AI-enabled operations demonstrated over the past week with 200K Smart Moment alert messages being generated by the MarketPlace Exchange integration engine.
TheBusinessResearchCompany.com offers "Legal Software (Focus On Machine Learning) Global Market Report 2019" from its technology division of research reports. The legal software market was valued at about $0.23 billion in 2018, and is expected to grow to $0.68 billion at an annual growth rate of 30.9% through 2022. Increasing demand for intelligent business processes in law firms is driving the growth of the machine learning market. Intelligent business processes include adoption of artificial intelligence (AI) or machine learning in the business processes. AI is the development of system that has the ability to perform tasks requiring human intelligence.
The daily trading volume for Office Depot, Inc. (NASDAQ: ODP) over the last session is 4.57 million shares. ODP has attracted considerable attention from traders and investors, a scenario that has seen its volume drop -15.69% compared to the average. Investors should pay closer attention as the relatively higher volumes implies there could be a lot still in-play here. The intra-day volume of shares during the previous session is down when measured against the stock's 3-month average volume of 5.42 million. Office Depot, Inc. (NASDAQ: ODP) shares plummeted during Wednesday's trading session, losing -0.02% to see the stock exchange hands at $1.53 per unit.
Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and the losses are set to further increase as this year progresses. ATO and other fraud methods that rely on using stolen credit card numbers or other personal information are becoming decidedly popular with bad actors, who are employing increasingly sophisticated technologies to execute their scams. The majority of ATO attacks are automated, meaning that fraudsters are becoming more comfortable utilizing advanced learning tools such as deep learning, artificial intelligence (AI) and machine learning (ML) to target financial institutions (FIs) and their customers. About 40 percent of all ATO attacks now count as high-risk, meaning banks of all shapes and sizes must reexamine how they think about data protection, security and the tools they use to guard against emerging threats. In the latest Digital Banking Tracker, PYMNTS analyzes the ways in which FIs are working to keep fraudsters from accessing customer information and funds on their mobile and digital channels.
Taiwanese electronics giant Delta Electronics, Inc. (TPE:2308) has announced a partnership with Microsoft (NasdaqGS:MSFT) for the former's digital transformation, according to local outlet the Taipei Times. In addition to the digital transformation, Delta Electronics chairman Yancey Hai said the company is "also planning future collaborations with Microsoft in areas such as machine deep learning at its robotics arm with the aim of improving the industrial automation business". "We have set up two AI [artificial intelligence] projects with Microsoft's headquarters in the US... One is aimed at improving the efficiency and noise cancelation of our ultra-thin fans, the other is focused on developing a product quality management system." Virtusa Corporation (NasdaqGS:VRTU) has joined the Stanford Artificial Intelligence Laboratory (SAIL) as an Affiliate Member.
NEW DELHI: Yes Bank, India's fourth largest C, has partnered with Microsoft to strengthen its first of its kind, AI enabled chatbot, Yes Robot, with advanced neuro language programming (NLP) engine LUIS (Language Understanding Intelligent Service) and other cognitive services, capable of understanding and resolving the evolving banking needs of customers without the need for human intervention. Built on Microsoft's modular and customizable AI platform, the all new, reinvigorated Yes Robot enables users to perform financial and non-financial banking transactions by employing conversational AI equipped with extensive financial knowledge, thereby relieving customers from the hassle of navigating through multiple web pages. Commenting on the partnership, Ritesh Pai, Chief Digital Officer, Yes Bank, said, "YES BANK has been one of the early adopters when it comes to leveraging machine learning and AI. Recognizing that chatbots would be game changers in the industry, providing major competitive advantage to banks, we had started working on automating several processes and service touch points through Bots as early as 2016. The reinvigoration of Yes Robot in-house, using Microsoft's cognitive services aims to further enhance customer service by personalizing interactions and reducing the time-of-first-response to just a few seconds" A customer can apply for over 65 banking products, check his/her eligibility for a loan and then get serviced by a Relationship Manager after all the basic checks are done by the Bot.
The global artificial intelligence platforms market size is poised to reach USD 6.95 billion by 2023, according to a new report by Technavio, progressing at a CAGR of over 28% during the forecast period. This press release features multimedia. "Apart from the rise in demand for AI-based solutions, the rising adoption of AI-enabled chips, the increasing interoperability among neural networks, and increasing convergence of AI with IoT and blockchain, are some other major factors that will drive market growth during the forecast period," says a senior analyst at Technavio. The market is driven by the rise in demand for AI-based solutions. In addition, increasing investments in R&D for AI technology are anticipated to further boost the artificial intelligence platforms market during the forecast period.
The Re•Work AI in Insurance Summit in New York City was held September 5–6 and saw 60 speakers from AVIVA, Travelers, GoCompare, Prudential and other insurance-related companies cover a wide range of topics -- from detecting claims fraud to applying machine learning to underwriting and maximizing revenue. Today's specialty and commercial insurance underwriters face an overwhelming number of challenges. AXIS Capital Senior Data Scientist Min Yu believes artificial intelligence (AI) will transform the specialty and commercial insurance underwriting from a "detect and repair" mode to "predict and prevent" mode. In her talk on Machine Learning to Specialty Insurance Underwriting, Yu outlined the AI process as follows: receive a submission, retrieve data, analyze risk, automate quote and quick binding. Manual underwriting would be mainly used for review, or on complicated or emerging risks.
No longer simply the plot from futuristic Hollywood action movies or sci-fi novels, AI is now powering a future filled with potential. Is the financial services industry ready to deal with this kind of disruption? What happens when machines learn faster than humans, when automation drives service delivery, and when software makes decisions? How does the financial services industry ensure we've coded the right values into the technology in order to avoid unintended consequences in its application? Earlier this summer, TD Bank Group brought together some of the best thinkers in the AI field -- academics, bank technologists, fintechs, global consultants, public sector leaders -- and asked them to work with us to identify critical areas of focus for the financial services industry.
I grew up in a small manufacturing town in Northeast Iowa. The factory in my hometown made tractors (no surprise given that it was Iowa), but eventually the economics of cheap foreign labor and an interconnected global economy caught up with that factory – as it did with many US-based manufacturers – and soon the factory closed, and many people were laid off. But the technology world continues to evolve – especially with respect to IoT, Data Science and AI/ML – and so comes an opportunity for manufacturing to make a big return to the US. However, tomorrow's manufacturing battles won't be fought with cheap labor. In fact, measuring a country's manufacturing strength by the number of manufacturing jobs is fighting yesteryear's battle.