As the full potential of artificial intelligence is being explored and understood, industries are seeking ways to enhance the accuracy of AI while solving new classes of problems.
For example, insurers use AI to spot fraudulent claims and to assess property losses. Banks rely on it to understand consumer spending behavior and to catch fraudulent online transactions. The energy industry depends on AI to automate the drilling of unconventional energy resources like shale gas, which can trigger cost savings of $5 billion annually. However, with such powerful technology come concerns about its ethical usage. Can the business community self-regulate with training, testing, and disclosures? Or will it take government involvement?
We’re just at the start of a transformative technology with far-reaching implications that will impact our human way of life.
With the speed of processing claims faster comes the risk of paying more fraudulent claims. Carriers are looking to leverage AI to detect fraudulent activity.
To address the onslaught of COVID-19 cases overwhelming healthcare facilities across the globe, AI technologies were deployed to help bridge a gap in manpower.
Up to 47% of smokers applying for life insurance don’t disclose tobacco use, driving up premiums for nonsmokers and costing insurers $3.4 billion in lost premiums annually. Using AI to detect the unique imprint of vocal cord damage caused by tobacco use from a snippet of audio, smokers can be identified with a high degree of accuracy.
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