The pace of change in digital technology is accelerating exponentially, particularly in the field of artificial intelligence (AI). All major technology companies are reorganizing around this red-hot sector, and it dominated discussions and presentations at the recent World Economic Forum 2017 in Davos. In this series, I will try to provide an overview of what constitutes AI, how it is already being applied to banking, insurance and capital markets today, and how organizations can craft a value-driven AI strategy.
Continue reading “What is Artificial Intelligence?”
- US insurance company Lemonade are continuing their rise to the top using Artificial Intelligence, after revealing their research which shows they are gaining a large share of the New York market.
- Their Google Surveys revealed that in less than a year, Lemonade has captured almost 5% of the market share in renters insurance.
- Their ascent is even more incredible when considering that the average market share for the top 10 homeowners insurance is 6.3%, while being in business for 104 years.
- Furthermore, Lemonade has truly captured the attention of new entrances into the market, where they boast 27% of the market share.
- The vast majority of the ‘market’ bought their policy before Lemonade existed, so the more telling number is the share amongst consumers who entered the market since Lemonade did.
Insurance company Lemonade are turning the financial services industry head with their AI processes.
Continue reading “AI Changing the Game for Insurance”
- According to IT Pro Portal, a new study, “Getting Smarter by the Day: How AI is Elevating the Performance of Global Companies” from a global consulting group says that’s because AI technology is becoming entrenched into businesses worldwide.
- In the study, Tata Consultancy Services said close to 85 percent of companies around the world view AI as an essential part of being competitive in the marketplace.
- In addition, 50 percent of companies surveyed view AI technology as having a transformative effect on business.
- “As companies begin to gain a better understanding of AI’s application for business, they will realize the significant impact of this transformative force,” said TCS CTO K. Ananth Krishnan.
- “This is reflected in our Global Trend Study, which shows that forward-thinking companies are beginning to make major AI investments.”
Tata Consultancy Services says in a report that 85 percent of companies view AI technology as essential to their operations.
Continue reading “AI technology essential to business, transformative to companies, says report”
- Britain Banks on Robots, Artificial Intelligence to Boost Growth
February 25, 2017, 7:01 PM EST
Britain is betting that the rise of the machines will boost the economy as the country exits the European Union.As part of its strategy to champion specific industries, the U.K. government said in a statement on Sunday that it would invest 17.3 million pounds ($21.6 million) in university research on robotics and artificial intelligence.
- The government cited an estimate from consultancy Accenture that AI could add 654 billion pounds to the U.K. economy by 2035.
- “We are already pioneers in today’s artificial intelligence revolution and the digital strategy will build on our strengths to make sure U.K.-based scientists, researchers and entrepreneurs continue to be at the forefront,” Culture Secretary Karen Bradley said in the statement, which referenced AI’s contribution to smartphone voice and touch recognition technologies.
- The U.K.’s digital strategy proposal, set to be unveiled on Wednesday, also includes a review of AI to determine how the government and industry can provide further support.
- “Investment in robotics and artificial intelligence will help make our economy more competitive, build on our world-leading reputation in these cutting-edge sectors and help us create new products, develop more innovative services and establish better ways of doing business,” Business Secretary Greg Clark said in the statement.
Britain is betting that the rise of the machines will boost the economy as the country exits the European Union.
Continue reading “Britain Banks on Robots, Artificial Intelligence to Boost Growth”
- Unless you’re in AI development yourself, you need to start thinking about tech partnerships that could bring AI to your business.
- We have AI systems that can beat human Go masters, write poetry and pass the Turing test .
- Right now, most AI systems “learn” new information through a kind of structured force-feeding, relying on information given to those systems by humans.
- The better prepared you are for the future of AI, the more your business stands to benefit in multiple areas.
- Thanks to the gradual introduction of AI systems, public trust is steadily increasing, and may reach a point by 2020 that allows for widespread adoption.
Unless you’re in AI development yourself, you need to start thinking about tech partnerships that could bring AI to your business.
Continue reading “5 Major Artificial Intelligence Hurdles We’re on Track to Overcome by 2020”
- Anything reducing the need for manpower in customer support is considered a good thing.
- Above: Bots will help, not hinder, customer support in a company.
- Although a chatbot can handle basic requests, some of your customers will want to talk to real people and will require complicated support to answer some of their more difficult questions.
- Customer support is one the most resource-intensive departments in a company.
- Chatbots are revolutionizing customer support
Customer support is one the most resource-intensive departments in a company. Staff spend their day answering queries, on the telephone with customers, communicating with other departments, and much more. It is also a part of the operation that is hard to link to an ROI.
Continue reading “Chatbots are revolutionizing customer support”
- With 80-100 people due to attend the AI conference, we will look at the wide reaching social and economic impact that deep learning and artificial intelligence is likely to have traditionally conservative ‘human to human’ industries.
- There is little doubt that AI and deep learning represent a hugely positive opportunity for business, we will discuss these opportunities, what businesses need to do next and the economic transformation we may be facing in our lifetime.
- From writing new Beatles-esque songs to making increasingly accurate medical diagnoses , few industries appear safe from the disruptive impact of rapidly developing Artificial Intelligence technology.
- A recent Australian study predicted that as many as 60% of students are pursuing careers that will be rendered obsolete by the time they graduate.
- The agenda is packed and tickets are free, so if you would like to attend, please register below and we will see you there.
Join Digital Catapult for an exciting day discussing the impact artificial intelligence and deep learning will have on business and industries in the UK.
Continue reading “AI vs. Business: Economic Impacts of Deep Learning”