In sharp contrast, Indian startups have collectively raised less than $100 million from (2014-2017YTD), according to data from startup analytics firm Tracxn -- that's smaller than Andrew Ng's recently launched $150 million VC fund. Artificial intelligence is an especially thorny space to be in as Indian startups lack access to large data sets. Very few VC funds in India will fund business models with a five-to-ten year timeline where data collection and analysis comes first. In 2006, his company – Tachyon Techologies released the first machine learning based Indian language input system called Quillpad.
Storage players with its platforms are winning the market from niche players big time. Microsoft with Office 365 (including OneDrive, Teams, Outlook) has taken over the productivity market only challenged by Google (with Gmail/Apps, Chromebooks and winning the education space). While copycat scenarios are known from certain startups in the past -- today the incumbents are entering the markets with copies of startup models everywhere. A provider like enfore will enable those 200mn small business to be seen as one platform and serve this markets as an integrated SaaS provider.
Chinese financial giant Ping An Insurance (Group) Co will spend more than 7.77 billion yuan (S$1.6 billion) on technology research and development this year, and artificial intelligence will be the focus of that R&D, according to a senior executive of the company. The State Council, China's Cabinet, in July issued a national artificial intelligence development plan, with a goal of making China one of the world's foremost AI innovation centres by 2030. A user can submit his documents, and with the facial recognition and voice authentication technologies provided by Ping An Technology, Ping An Group can confirm his identity and even know his credit to determine how much money to lend. In June, Tencent Holdings Ltd unveiled Xiaowei, an intelligent voice computing platform developed on the basis of WeChat's voice recognition technology.
LAS VEGAS, NV - JANUARY 04: Tim Baxter, President and Chief Operating Officer of Samsung Electronics America, speaks during a press event for CES 2017 at the Mandalay Bay Convention Center on January 4, 2017 in Las Vegas, Nevada. Based on analysis of over 200 hardware startups, the HAX Hardware Trends Report has identified six key ways the world of connected devices has evolved and will impact our lives in the coming years.
Crucially, by using AI, claims leaders can empower and equip adjusters to add the valuable human touch to the claims process. As outlined in the Accenture Technology Vision for Insurance 2017 report, AI isn't just relegated to back-office functions. While some analysts have expressed concern with the long-term ramifications of such touchless processing, it's hard to argue with the customer experience that Lemonade provided--responsive, on-demand and delightful. To learn more about Accenture Technology Vision for Insurance 2017 and the era of the intelligent insurer and our 100- and 365-day plans to help insurers capture the opportunities of AI.
Colin Priest is a Fellow of the Institute of Actuaries of Australia and has worked in a wide range of actuarial and insurance roles, including Appointed Actuary, pricing, reserving, risk management, product design, underwriting, reinsurance, relationship management, and marketing. Photo: "Chiswick Gardens" designed by William Kent Source: Patche99z – Own work, CC BY-SA 3.0 The generalized linear models (GLMs) that actuaries commonly use were first developed back in the 1970s, a time when computers were not powerful and data was small. But even though my 2017 computer can fit a GLM in seconds, that doesn't mean that building pricing models with GLMs is a quick process taking mere seconds of my time. Modern machine learning algorithms are designed for modern, powerful computers and bigger data.
So, how can insurers effectively analyse data help to combat insurance fraud? In addition, telematics-based solutions are helping insurers reduce fraud and manage risk effectively using big data technologies. Organisations such as Octo Telematics have transformed how insurers assess risk, deliver crash and claim services and detect fraud. The ability to identify high-risk policies early on and spot more valuable business opportunities will save insurers time and money dealing with expensive and complex policies down the line.
The fast-growing technology has the potential to disrupt the entire industry and greatly improve the insurance customer experience. Traditionally, insurance companies used blanket methods like cold calling customers, but today's customers expect personalized sales tactics. Instead of spending valuable time and money on the underwriting process, which typically includes invasive questions and surveys about to dictate premiums, artificial intelligence could automate the entire process. However, the combination of a new wave of thinking and newly developed artificial intelligence technology has the potential to completely change the customer experience to provide great service in a way that resonates with modern customers.
The range of "disruptive insurtech solutions" introduced last year include some aimed at unbundling insurance offerings, while others aim to provide niche insurance offerings "outside the purview of traditional insurers," the report said. The report noted that traditional insurers also made significant fintech investments in 2016, "both by setting up fintech innovation labs and by investing in fintech companies more directly." Acknowledging that 2016 was a challenging year for fintech investment, the report explained that investors became more cautious after the Brexit vote in the UK, the US presidential election, a perceived slowdown in China and exchange rate fluctuations across the globe. However, enthusiasm for specific fintech areas helped keep overall interest in fintech high, the report said, pointing to insurtech, along with regulatory tech (regtech), artificial intelligence (AI) and data and analytics, which all have a positive outlook for growth in the next 12 months.