As Greg Gladwell highlighted in his article tackling the next technology revolution in Insurance, Artificial Intelligence (AI) is no longer considered a buzzword to many industries, and many recent examples show its usage from robotic to advanced analytics platforms.
With increasing pressure for companies to grow profitably, AI is rightly seen by many company executives as a means to achieve more predictable, accurate, consistent and faster results. AI - that comes in the form of machine learning, neural networks, sentiment analysis or deep learning - combines the computational learning from the processing of massive amounts of data with cognitive science, to recognise and mimic unique behavioural patterns.
Many organisations are already using AI as part of their daily operational activities. The usual suspects include Airbnb that uses its “Aerosolve” technology to help people figure out the best price for their Airbnb rooms and apartments. Apple’s Siri includes a number of technologies, such as natural language processing, question analysis, data mashups, and machine learning. Amazon also uses AI to better understand whether we, as users, are the ones making choices and purchase decisions online, and define an individual DNA of our behaviour and preferences. Google’s AI-enabled driveless car can avoid obstacles on the road with no human intervention. Uber uses AI to deliver reliable, timely and predictable transportation everywhere we go.
AI will be utilised to execute many business activities, either manual or intellectual ones, completed today by humans. AI will also pretty much be part of the operation of an organisation, from marketing, finance, to fraud detection or claims management.
We are approaching the point where AI researchers can pioneer the exact learning environment that's required for the software bots to quickly overtake human capabilities, perhaps even starting to predict things that humans can't gather enough experience to be adequately informed about. That is exactly what Tractable, the organisation I am working with, has set out to do. This video shows the full potential of the technology. It’s well worth a few minutes of your time.