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) …
Netradyne's advanced artificial intelligence and machine learning technologies are creating deep driver, vehicle and environmental analysis; yielding unique opportunities to create efficiencies in risk identification, data trend analysis and timely payment of insurance claims. Their robust commercial fleet platform currently captures and analyzes several million driving miles each month and Willis' expertise will allow the company to turn this insightful data into comprehensive offerings insurance companies can use to underwrite and analyze professional drivers across the country. In parallel, Willis will support customers who are actively reducing fleet risk by managing relationships with insurance carriers to provide evidence of improvement. He will also foster relationships with captive program managers to help drive fleet sales growth. "Netradyne is experiencing explosive growth, with new avenues and uses for our technology approach coming to life every day.
Artificial intelligence is not about robots taking over the world, but about leveraging the powerful technology to capture and analyse vast quantities of data, and making the best use of that information. That--s the belief of Noel Pearman, Bermuda professional lines underwriter and cyber product lead at XL Catlin, who has been speaking on the subject in the US. For the insurance sector, one likely manifestation of AI will see customers purchase increasingly tailored policies based on data directly relevant to the way they live their lives. Mr Pearman explained: --One of the things we are doing now is capturing data at a rate that we were never able to do before.-- The prevalence of --The Internet of Things-- devices that collect real-time data will allow insurance companies to mine information and offer better rates to customers whose behaviours represent a lower risk, such as those with better driving habits.
KT will apply its artificial intelligence technologies to insurance and health care services in partnership with Lina Life Insurance, the mobile carrier said Tuesday. The two companies signed a memorandum of understanding Monday to improve Lina's digital health care services by adding KT's AI platform technologies at the insurer's headquarters in central Seoul. Under the agreement, KT's AI GiGA Genie speaker will offer users informative health care content insurance services provided by Lina, including dental care tips for kids, descriptions of medial terms and insurance bills. There are more than 600,000 GiGA Genie users as of this month, according to KT. Benjamin Hong, CEO of Lina Life Insurance (left), poses with Koo Hyun-mo, president of KT's corporate planning group after signing a MOU on artificial intelligence cooperation at Lina's head office in central Seoul on Monday. KT will also provide speech-to-text conversion and text analysis technologies to the insurer to help improve the company's call center system for customers.
INSURANCE is an industry that hasn't really transformed for a very long time. We still buy the same kind of policies from the same types of companies through the same channels. Unlike the banking and financial services space, insurance hasn't been disrupted enough. But that's about to change. According to a new study by GlobalData, Artificial intelligence (AI) provides unprecedented opportunities for the insurance industry, and the changes it can bring about will transform insurers forever.
In the decade since the Great Recession, governments have used fiscal policy to prop up flagging domestic demand. This response has been considered appropriate because the shock was seen as temporary. But this attention to demand-side weaknesses may have distracted governments from attending to supply-side gaps that have been widening with the acceleration of technological change and artificial intelligence. Policymakers should start paying more attention to what's called structural fiscal policies, that is, changes in both public spending and tax collection to aid the expansion of the productive potential of economies. As laborsaving technologies flood the market, delays in doing this could mean that workers pay a stiff price, while consumers do not realize many of the benefits.
Top insurance trends where InsurTech is expected to make its mark in the next three years were identified in an Infosys market survey as big data for customer insight and wallet share, cyber security for data protection and compliance, artificial intelligence (AI) for underwriting and automation, and technology for business rules extraction. The financial services sector, including insurers and reinsurers, are among top investors in these technologies and cyber security, big data analytics, enterprise cloud and AI are the four digital technologies most in use by re/insurers today, according to the Infosys digital outlook report. Insurers and reinsurers have been turning to the Internet of Things (IoT) to expand the horizons of actuarial science for measuring and mitigating risk with measures such as including data from automotive sensors, wearable fitness trackers and telematic devices to assess risk and reduce fraud. The industry has become adept at applying new technologies to "both the pitfalls and the opportunities of digital technologies," said Infosys. AI is being used within the insurance industry for compliance risk management and predicting and preventing deviations.
TEL AVIV, Israel--(BUSINESS WIRE)--Earnix Ltd, a leading provider of predictive analytics solutions for the financial services industry, today announced the introduction of its Integrated Machine Learning technology, as an enhancement to the existing insurance software suite. This new capability is designed for demanding, high-performance real-time enterprise production systems, and will deliver a new level of market responsiveness and analytical sophistication to insurers. Several Earnix insurance clients have been using an early version of the technology and have seen significant improvements in their results. Analytics has become an arms race, as insurers around the globe seek to become more data-driven by operationalising real-time analytics and monetising new forms of data such as telematics and the Internet of Things (IoT). The addition of Integrated Machine Learning to the Earnix software suite enables users to excel in this environment, producing better and more accurate insights at speeds that only machine learning algorithms can produce.
What happens when robots take our jobs, or take on military roles, or drive our vehicles? When we ask these questions about the rapidly-expanding role of AI, there are others we're often overlooking--like the subject of a WEF paper released this week: how do we prevent discrimination and marginalization of humans in artificial intelligence? Machines are increasingly automating decisions. In New York City, for instance, machine learning systems have been used to decide where garbage gets collected, how many police officers to send to which neighborhoods, and whether a teacher should keep their job. These decision-making technologies bring up equally important questions.
Artificial Intelligence (AI) is coming to the auto glass and insurance industries. Case in point, Mitchell International is exploring a computer vision application that uses image recognition to confirm repair vs. replace decisions. This is according to the company's 2017 Third Quarter Industry Trends Report. Computer vision researchers at Carnegie Mellon demonstrated the ability to detect and understand small movements. Mitchell says in its report, "Instead of an automotive repairer just getting guidance on the next step in a given repair procedure, they could get real time evaluation of ancillary problems detected by computer vision.
While financial institutions are still in the early stages of adopting AI technologies, intelligent machines are expected to become the most defining for the future of institutions in the financial services and insurance industries. In fact, estimates suggest that 75% of insurance executives believe that AI will either significantly alter or completely transform the insurance industry by 2020. Moreover, one-third believe that their own company will be completely transformed by AI within that timeframe. AI is expected to redefine the way financial institutions gain information from and interact with their customers, with the benefits of embedding AI into user interfaces being better data analysis and insight. A range of institutions are already either experimenting or have implemented AI/ML capabilities into various processes, with benefits encompassing improvement of straight-through reconciliation (STR) of incoming payments, higher conversions from service recommendation engine, better understanding of customer behavior and preferences, large-scale automation, etc.