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) …
In the golden age of Artificial Intelligence, healthcare is the new frontier of research and development. Surgeons are routinely using robotic assists to operate with less invasiveness and more precision. Gene sequencing and gene editing aided by AI is transforming the way scientists obtain cures for diseases. But, most notably, research is underway to allow AI to transform the way doctors diagnose patients. You have symptoms of a cold.
Increasingly, insurance companies are leveraging artificial intelligence (AI) and machine learning to optimize processes, reduce costs, and increase efficiency. For example, Ant Financial's Dingsunbao app is able to make damage assessment and provide detailed analysis including claim amount, damaged parts and repair plan by leveraging AI technologies such as image recognition. Similarly, a public insurer in Germany employs an algorithm to manage the large amount of email correspondence by detecting keywords, sorting correspondence according to topics, urgencies and departments, and suggesting next best actions. In addition to unlocking greater efficiencies and lowering costs, AI and machine-learning technologies can also be applied to help insurance companies acquire new customers, cross-sell and grow revenues. For example, AI and machine learning can provide insights to support more effective customer segmentation, automate and personalize product recommendations, and enable more intelligent and customized self-service product research for customers.
Climbing the AI ladder: How does that affect my business? Businesses love the idea of putting data to work. Building and scaling AI with trust and transparency -- sounds great, right? As enterprises adopt machine learning to streamline customer service and remedial tasks, their employees can provide better customer experience while freeing themselves up to work on more interesting problems. IBM leads the industry in empowering enterprises to accelerate the journey to AI.
Indian IT major Tech Mahindra and Israeli insurtech Atidot have teamed up to develop artificial intelligence-enabled platform for life insurance firms. The companies, through this collaboration, will look to boost the profitability of insurance companies by providing a unique solution that can predict client behaviour, lapse patterns and boost their cross-sell as and up-sell capabilities. The platform will also enable insurers to suggest clients more suitable products that offer better coverage and also protect their retirement savings. Using the solution, insurance companies can also better evaluate coverage needs and remedy under or over-insured policies, the Indian IT major said in its press statement. The platform will also allow life insurance companies to better capitalise on revenue potential by addressing and correcting underinsured policies to increase premium collection.
We recently had the opportunity to catch up with Attila Toth, CEO, zesty.ai, the Silver Winner of the 2019 Zurich Innovation World Championship, to discuss how Artificial Intelligence is impacting the Property & Casualty Insurance market across personal and commercial lines. Click the link to have a listen. You can also read the full transcript of the conversation below. With me today is Attila Toth, CEO of zesty.ai Today we have an interesting show planned for you where we're going to talk about the global insurance industry as it undergoes a digital transformation. As insurance companies find themselves trying to make sense of all these new technologies – artificial intelligence, natural language processing, machine learning, computer vision, – understanding the business case for each can be extremely confusing and daunting. With insurance companies being held to higher customer expectations, the time is now to embrace new technologies to leapfrog the competition. Being status quo is no longer an option. Technology is driving diversity across many industries – insurance included – as it reshapes the value chain. Age-old processes are being disrupted, while new market entrants and changing business models are bringing new threats, as well as opportunities for those who act on them. Some of the questions we'll cover today include: What is the value that AI is delivering to the insurance industry, and how are insurance providers reacting to these seismic changes?
There is a growing consensus that artificial intelligence (AI) will fundamentally transform our economy and society.1 A wide range of commercial applications are being used across many industries. Among these are anomaly detection (e.g., for fraud mitigation), image recognition (e.g., for public safety), speech recognition and natural language generation (e.g., for virtual assistants), recommendation engines (e.g., for robo-advice), and automated decision-making systems (e.g., for workflow applications). While AI's potential benefits are huge, the concerns are substantial as well. Fears exist regarding potential discrimination, safety, privacy, ethics, and accountability for undesired outcomes.
Tel Aviv, New Delhi - November 7 th, 2019: Tech Mahindra Ltd., a leading provider of digital transformation, consulting and business re-engineering services and solutions, announced today its collaboration with Atidot, an Israel based InsurTech that offers predictive, analytics, Artificial Intelligence (AI) and Machine Learning (ML) tools for the life insurance and annuity companies. Through this partnership, Tech Mahindra and Atidot will provide a one-of-a-kind platform to increase profitability for insurance companies by predicting customer behavior, lapse patterns and improve their cross-sell as well as up-sell capabilities. The solution brings new benefits to life insurance policyholders by offering them policies that are more appropriate, have better coverage as well as protect retirement savings. The solution will also empower insurance providers to assess coverage needs and remedy under or over-insured policies in a timely and responsible manner. For life insurance providers, the solution will help them effectively capitalize on revenue potential - be it addressing and correcting underinsured policies to increase premium collection, leading better customer engagement, and reducing lapse rates thereby maximizing the number of profitable policies for the provider.
The unique nature of the Science article is its reference to race. Doing scientific work to test healthcare algorithms is difficult. Many are concealed behind a wall of intellectual property protection. They may be trade secrets, and unlike patents, unavailable to the public. Discussing the methodologies used to do this is beyond the scope of this article.
Traditionally, the world of insurance is manual and process-heavy, forcing insurance executives to seek the best solutions for improving tedious workflows, with a priority on better decision making. The challenges are significant: even today's best-in-class software lacks the power to optimize the huge amount of data and variables originating from all the different clients, coverage plans and claims. To read the details for every case would be a near-endless task. Enter AI for the insurance industry: AI is allowing insurance firms to meet the ever-growing volume of client submissions and claims with quick response times, precision pricing and quoting, and streamlined workflows. These four pillars have already helped some of the world's leading insurance companies transform their businesses and make them AI-ready.
IRVINE, Calif. and Singapore – Nov. 5, 2019 – Ephesoft, Inc., an industry leader in enterprise content capture and data discovery solutions, today announced its collaboration with Tokio Marine Asia, the regional headquarters of the global insurance group that offers an extensive selection of General and Life insurance products and solutions worldwide. Ephesoft and Tokio Marine Asia, along with Tokio Marine Life Insurance (Thailand), will work together to solve language, data and document challenges that are prevalent throughout Thailand. The collaboration marks the insurance company's focus on expanding its footprint of automation in the fast-burgeoning Thai economy. Improving its approach by automating various manual heavy documentation processes across the insurance space will benefit both their customers and employees. "Ephesoft has a strong commitment to meeting our customers where they are and addressing their unique challenges, regardless of geographic location," said Ike Kavas, founder and CEO at Ephesoft.