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) …
Weather-related downtime is one of the most problematic and cost-escalating aspects of any construction process, severely impacting and involving all elements and parties involved. In the UK, approximately 20% of overall build budget is lost due to weather delay. Meanwhile, planning, building and construction are driving to integrate innovative digital technology. The aim is to integrate machine learning where updated data is continuously analysed, providing guidance to everyone involved in a development about what should be done at any given stage. With a platform utilising meteorology, mathematics and machine learning to instantly interrogate intelligent weather data, MetSwift's award-winning AI – developed for weather and natcat risk calculation – brings smart digital tech to counter downtime.
Over the weekend, a viral twitter thread exposed several issues in the credit lending decisioning process for Apple's new payment card, underwritten by Goldman Sachs. For some context, Apple and Goldman Sachs were involved in alleged gender discrimination in credit card limits caused by biased algorithms powering Apple Card's credit lending decisioning process. There was widespread social media instances confirming this discrimination, including Apple's very own co-founder, Steve Wozniak and his spouse. The primary issue here is with the Black Box algorithm that generated Apple's credit lending decisions. As laid out in the Twitter thread, Apple Card's customer service reps were rendered powerless to the algorithm's decision.
Financial institutions have a wealth of information available to them from consumers. Due to manual and antiquated models, residential lending processes so far have had several negative experiences for both the lender and the borrower. Banks are plagued with application limitations, transaction complexities and data collection and processing challenges. The'one-size-fits-all' loan application simply does not work anymore. The newly implemented and redesigned URLA (Uniform Residential Loan Application), aims to simplify, organize and streamline the entire consumer journey – from loan request, to the underwriting and approval process.
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?
The digitization of business is in high gear. Although some sectors have embraced this change, others, including the insurance industry, have been slower to implement advances. While we've previously addressed insurance coverage for artificial intelligence (AI) risks, the risk-averse culture of the insurance industry has been particularly resistant to change in its own business. However, as the buzz and perceived benefit around digitization, advanced analytics, machine learning and, specifically, AI continues to grow, many insurers are starting to take notice. Willis Tower Watson found that $728 million was invested into "insure tech" companies in the first quarter of 2018 across 66 transactions.
WIRE)--Gradient AI, the leading enterprise software provider of artificial intelligence solutions in the insurance technology space, announced today that it has raised $6.0 million in a Series A financing led by Forte Ventures and Sandbox Insurtech Ventures. The round also includes participation from Gradient's existing investor MassMutual Ventures. Gradient's artificial intelligence helps commercial insurers automate and improve underwriting results, reduce claim costs, and improve operational efficiencies. The Gradient software-as-a-service (SaaS) platform boasts a proprietary dataset comprised of tens of millions of claims, which is complemented with several economic, health, and litigation datasets. This robust aggregation of data provides out-of-the-box claims and underwriting precision for new clients, and it is continuously refined with client-specific data over time.
Zest AI, the leader in artificial intelligence software for credit, announced today that VyStar Credit Union, one of the nation's largest and most innovative credit unions, will be the first credit union to use Zest Automated Machine Learning software (ZAML) to generate faster, more accurate and better-priced loan decisions for its 675,000 members. VyStar's adoption of ZAML signals the growing use of AI-powered underwriting across the financial industry as institutions of all sizes embrace technology to compete more effectively in credit markets. ZAML-built models use as much as 100 times more data and advanced machine learning math to determine borrower risk with greater accuracy, allowing VyStar to approve creditworthy members quickly and at attractive terms without increasing its overall portfolio risk. "Credit unions are always looking for new ways to better serve their members. With an agile technology partner like Zest AI, we're advancing to the front ranks of data-driven lending," said Jenny Vipperman, Chief Lending Officer at VyStar, which earlier this year created a $10 million fund for investing in fintech companies looking to partner with credit unions to deliver innovative solutions.
AI will be a quantum leap for reinsurers, redefining the concepts of risks that have always been part of the reinsurance industry. FERMONT, CA: Artificial Intelligence (AI) has been rolling out at a remarkable pace in the insurance and reinsurance industry. This growth occurs at the intersection of three major technological trends, such as the rise of big data, the normalization of human-machine interconnection, and advancements in machine learning. However, the growing use of AI raises numerous risks. For example, in an accident caused by an autonomous vehicle, who is responsible for the algorithm behind the software–the user, the manufacturer, or the creator?
The financial landscape has been rapidly evolving with the rise of financial technology (fintech) companies and startups that are more agile and technologically advanced. This has led financial services institutions (FSIs) to revise their business models and evaluate how they can integrate technology into their operations. Robotic process automation (RPA) is no longer a foreign term in the financial field. Pairing RPA with artificial intelligence (AI) creates intelligent process automation (IPA) that works as a catalyst in digital transformation in FSIs. Like many other industries, the financial field is heavily reliant on documents and legacy systems.
Enterprises adopt artificial intelligence in an effort to positively impact their business performance. But the power of AI goes beyond business and can even change human experiences. This 21st century technology is serving as a driver and even impacting consumer services across a variety of industries, from retail, finance and beyond. The following client experiences serve as a gateway to better understand AI, which not only helps create a reaction, the technology can also help us act proactively in advance. Imagine a young couple who just became first-time parents and want the peace of mind that if anything happens, their new family member is protected.