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) …
At a time when consumers are hesitant to go out into the world and book appointments in doctors offices and insurance offices, they also want to ensure that their families are taken care of in the event of death. These circumstances have life insurance companies quickly transforming their services and offering digital options in the post-COVID era. "The industry overall has fully embraced digital transformation and we are looking to undertake such an increased focus on analytics, automated underwriting, artificial intelligence, machine learning and to be capitalizing on the rich cache of data that most organizations have," said Kartik Sakthivel, chief information officer at LIMRA. "The general consensus is that covid did not necessarily change projections for the transformation, it has just accelerated a bunch of programs that were already under way." Even before the pandemic, 75% of North American companies had invested in digital, according to a report from LIMRA.
In the complex, diverse insurance industry, it can be hard to reconcile theory and practice. Adapting new processes, systems, and strategies is always challenging. However, with the arrival of new opportunities driven insurtech, cultural transformation will go smoother. Insurance companies that are considering how to plug into the insurtech landscape should understand the various models within the innovation ecosystem. Carriers have to weigh their options carefully before choosing between incubators and accelerators, or venture capital and partnerships, when creating their best internal and external teams.
Almost most of the major automakers are developing autonomous cars of some kind. Some, like Tesla's Autopilot and Google's Waymo, already are in use, though they're maybe not fully autonomous yet. Tesla and Waymo, like so many other automakers in the autonomous car race, remain ironing out the kinks. In the meantime, one of the biggest debates surrounding driverless cars is how they'll impact the insurance industry. If human error causes virtually all car accidents, then in theory, self-driving cars would be the solution.
Data driven technologies and "big data" are revolutionizing many industries. However, in many areas of research--including health and drug development--there is too little data available due to its sensitive nature and the strict protection of individuals. When data are scarce, the conclusions and predictions made by researchers remain uncertain, and the coronavirus outbreak is one of these situations. "When a person gets sick, of course, they want to get the best possible care. Then it would be important to have the best possible methods of personalized healthcare available," says Samuel Kaski, Academy Professor and the Director of the Finnish Center for Artificial Intelligence FCAI.
Manually processing mounds of documents is tedious work for employees and impedes organizational efficiency, scalability, customer responsiveness, and the ability of a business to compete in a digital world. To avoid being lost in the shuffle, a growing number of businesses, across all industries, are adopting automation solutions. With the right automation technologies in place, organizations – and thus their employees and customers – can benefit in many ways. They enjoy greater accuracy in processing data and new insights to improve and expand their offerings to customers. Organisations benefit from greater productivity so they can do more things more effectively – for example, a global insurance company realized higher business productivity, lower turnaround times and a more than 65% increase in accuracy for handwritten cursive recognition.
If companies were already investing in automation and AI technologies before March 2020, they have only accelerated those investments since. No one expected the jolt the COVID-19 pandemic would bring to business. With leaders looking for ways to avoid human contact, machines, software, and new processes that avoid those humans are even more imperative. That's why we've committed a whole day of our Transform 2020 digital conference to the Technology and Automation Summit, presented by collaborative data science software maker Dataiku, on July 15. Hear from industry leaders at Dataiku, Intuit, Chase, Walmart, Goldman Sachs, and more about their journeys and learnings in implementing these technologies, how they unlocked value/ROI from them, and their thoughts about what the future holds.
From the very first transactions being exchanging goods to dealing with cryptocurrency, finance has come a long way. As in any other domain, technology has become an integral part of the finance ecosystem. From an Automated Teller Machine (ATM) to withdraw your cash, to algorithmic trading, the technology around finance has evolved and it keeps evolving rapidly. In this article, I'll be talking about one of the most (if not the most) influential branches of technology that has been taking over finance, Machine Learning. Machine Learning is an application of Artificial Intelligence that provides computers the ability to learn from experience without being explicitly programmed.
While executives, already working through digital transformation, grapple with pandemic-related recovery issues, they're leaning on technologies--both proven and innovative--to stay on track. Most leaders see artificial intelligence as crucial and describe a "sense of urgency at the top" to implement it. Yet, they struggle to integrate company-wide AI initiatives. Seventy-five percent of executives surveyed believe that if they fail to do so, their companies will be gone in five years. AI in the business world will likely grow at a steady pace over the next five years, then shoot skyward.
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.
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.