Tag: technology

AI is Cashing In, But Can It Actually Cash Out for Insurance Tech by 2025?

October 29, 2024

The Rise of AI in Insurance: What to Expect by 2025 Today, AI handles only 10% of insurance processes, but that number is set to soar, with experts predicting a 24% annual adoption rate.The goal – A customer files a claim, and within minutes, AI in insurance assesses risks, detects fraud, and offers a tailored solution with no lengthy calls and no endless paperwork. By 2025, over 50% of insurers could integrate AI-driven tools, transforming customer experiences and business efficiency. The push is clear: AI is set to streamline, secure, and redefine insurance. The question isn’t if AI will become essential but how fast it will become indispensable. Key Innovations Transforming the Insurance Landscape AI is reshaping insurtech with innovations that go beyond traditional practices. Machine learning analyses massive data sets to predict claims and detect fraud, helping insurers make smarter decisions faster. Meanwhile, chatbots provide 24/7 customer support, answering questions and assisting with claims without long wait times. Imagine being able to handle an entire policy change through a quick message. Predictive analytics, another game-changer in insurtech, enables insurers to forecast risks accurately, creating personalised plans for customers. These tools don’t just boost efficiency; they make insurance accessible and responsive, aligning the industry more closely with customers’ needs. Consumer Expectations: How AI Is Changing Customer Experience Today’s insurance customers crave quick, personalised experiences, and AI insurance is stepping up to deliver. Imagine logging into an app and instantly receiving tailored policy recommendations based on your lifestyle and needs. This is AI in action, learning from user data to craft unique offers that truly fit. Beyond personalisation, AI-driven chatbots and virtual assistants provide round-the-clock support, answering questions and handling claims efficiently. Insurers also use AI to streamline claim approvals, cutting wait times from weeks to days, sometimes even minutes. This shift is making insurance less about paperwork and more about real-time solutions, changing how customers experience and expect service in the digital age. Challenges Ahead: Can AI Overcome Industry Hurdles? AI in insurance holds promise but faces hurdles that can’t be ignored. The biggest? Data privacy. Customers worry about how their sensitive information is managed, and strict regulations are adding layers of complexity. Then, there’s the tech itself that AI needs vast quality data to work well, and that’s not always easy to access. But there’s hope. Insurers are exploring advanced encryption and decentralised data storage to keep information safe. Meanwhile, partnerships with regulatory bodies could pave the way for smoother compliance. These solutions hint at a future where AI can thrive in insurance, but the road is anything but smooth. Expert Insights: Predictions on AI’s Role in 2025 Industry leaders are optimistic about AI’s transformative power in insurance. “AI will reshape our competitive landscape,” says Sarah Thompson, a technology analyst. She envisions a future where AI not only enhances efficiency but also drives innovation. As companies adopt advanced analytics and machine learning, the gap between traditional insurers and tech-savvy newcomers will widen. “AI predictions show that insurers embracing this technology will thrive while those that resist will struggle to keep up,” notes John Carter, an insurance executive. By 2025, AI is expected to empower insurers to make data-driven decisions faster than ever before, changing customer interactions and reshaping market dynamics. The race to innovate is on! Future-Proofing Your Insurance Business with AI To thrive in the evolving insurance landscape, businesses must embrace AI technologies now. Start by identifying repetitive tasks that can benefit from automation. Implement AI-driven chatbots to enhance customer service and streamline claims processing. Training your team on AI tools will empower them to harness the technology effectively. Additionally, focus on data analytics to gain insights into customer behaviour and preferences. This proactive approach not only improves efficiency but also builds trust with clients. Remember that adaptability is key. Regularly evaluate and update your AI strategies to align with market trends. By investing in AI today, your insurance business will be ready to face the challenges of tomorrow. FAQs 1. How will AI revolutionize the insurance claims process by 2025? AI is set to revolutionize insurance claims by automating tasks like document verification, damage assessment, and fraud detection. This will significantly reduce processing time and improve efficiency. Additionally, AI-powered chatbots will provide 24/7 customer support, answering queries and guiding claimants through the process. 2. What are the key challenges the insurance industry faces in adopting AI? Key challenges include data privacy and security concerns, the need for standardized data, a shortage of skilled AI professionals, and regulatory compliance. Overcoming these hurdles is crucial for successful AI adoption in the insurance industry. 3: How can AI improve customer experience in the insurance industry? AI can enhance customer experience by providing personalized services, 24/7 support, and faster claim processing. AI-powered chatbots offer instant assistance, while predictive analytics enable insurers to tailor products and services to individual needs. 4: What are some specific examples of AI applications in the insurance industry? AI applications in insurance include: 5: What steps should insurance companies take to prepare for an AI-powered future? To prepare for an AI-powered future, insurance companies should:

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The future of work

The Future of Work: How Fintech Startups Can Adapt and Thrive with Technology

August 23, 2024

Fintech has been a key buzzword in the banking, financial services, and insurance (BFSI) sector worldwide. It essentially encompasses a broader range of technological innovation aimed at elevating, automating, and simplifying financial services and products. Of course, now we associate fintech jobs with everything from mobile banking, blockchain and cryptocurrencies, AI and machine learning, and even peer-to-peer lending to Chatbot driven customer service, automated underwriting, and more. But what does the future of work look like for fintech startups? How can they adapt and thrive by leveraging technology? Here’s a closer look below. Fintech Customer Experience A major part of fintech innovation and technological upgrades are expected to be directed towards boosting customer experiences even more in the near future. Going beyond 24-7 access, swift transactions, and automated service and support, there will be increased emphasis on hyper-personalisation and financial inclusion. Fintech startups are expected to come up with simpler and more effective products and offerings that help them cater to wider audiences that are otherwise unbanked or under-served by the conventional financial services sectors. Here are some other technology-driven aspects that may come into play. Fintech Security Challenges This is another aspect where fintech startups will leverage technology for thriving in the new digital age and also to combat these challenges head-on.  Here are some key pointers worth noting: Fintech Jobs- How they May Evolve With the growing emphasis on fintech innovation, there will be an impact on jobs in the sector in the future as well. Here is how it stacks up for fintech startups. Some Other Ways in Which Fintech Startups are Expected to Evolve Here are some other pathways that fintech startups may take in the near future, according to industry watchers. Tech Innovation Case Study- Square Often times, fintech innovation is not just about up-skilling, adapting to newer requirements, or transforming the workforce. It is sometimes about taking something that exists and making it better. Square was launched in 2009 by Jack Dorsey, the co-founder of Twitter, and it wanted to fill up a major gap in terms of payment processing for small businesses. While this already existed in multiple forms, it was mostly expensive and complex for this target audience. Square came up with a unique POS (point-of-sale) system with a micro card reader that could easily be plugged into smartphones. This portable card reader was easy to set up and Square also retained its relevance by offering additional like analytics, inventory management, and loans. By 2023, the company had 4 million+ sellers on the platform with $4.68 billion with sizable revenue increases and more. Square has also expanded its entire ecosystem, offering everything from payroll to cryptocurrency trading via its Cash App. The customer-centric focus and user-oriented design were major USPs along with the ability to offer integrated solutions swiftly. This eventually built customer trust and ensured huge lifetime value, particularly with flat-rate pricing and overall transparency. What’s the Key Approach for Fintechs Going Forward? Fintech startups will have to continually innovate, adapt, and learn. These are the three buzzwords that should define the approach for the future years in an increasingly complex regulatory environment and fast-changing technological ecosystem. Fintech startups will have to leverage technological expertise and skilled personnel towards staying relevant and adapting towards industry changes. There will be more training and up-skilling needed for the present workforce, while new recruitments will mostly revolve around domain experts with sizable expertise in core areas like blockchain, AI, machine learning, and so on. At the same time, fintechs will also have to keep pushing the boundaries higher in terms of customer service, personalisation, data analytics, and also Cybersecurity and data privacy. These are all areas which will require sizable investments of time and resources to not just survive but also thrive in the global financial landscape. FAQs 1. What are the biggest technological trends shaping the future of work for Fintech startups? Some of the major technological trends that are shaping the future of work in the space include the pivot towards AI and machine learning-driven personalisation, automation, data analytics, blockchain, and decentralied finance. 2. How can Fintech startups leverage technology to attract and retain top talent in this competitive landscape? Fintech startups can make use of dynamic technological tools to find the top talent in a more competitive landscape. AI and machine learning can play a major role in skimming through vast datasets to come up with professionals who can be the right fit. At the same time, Applicant tracking systems can also manage applications and communicate with candidates. 3. What technological challenges will Fintech startups face in the future, and how can they prepare? Some of the future technological challenges for fintech startups include regulatory complexities, data security and privacy hurdles, and so on. At the same time, there will also be a challenge related to finding competent professionals to manage the next level of tech-driven solutions. 4. What specific technologies can Fintech startups adopt to improve efficiency, security, and customer experience? Some of the technologies that fintech startups can adopt for higher security, efficiency, and better customer experiences include automation, AI, machine learning, blockchain, and IoT (Internet of Things). 5. How can Fintech startups stay agile and adaptable in a rapidly evolving technological environment? Fintech startups can stay more adaptable and agile in a fast-evolving technological environment through setting up frameworks to continually track and implement new regulatory laws, and explore new technological products/solutions. At the same time, they will also have to invest in lifelong learning and up-skilling models for the workforce.

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The Potential of MGAs to Transform the Insurance Landscape in India

November 30, 2023

MGAs (Managing General Agents) have immense potential to completely transform the insurance industry in India. These new-age entities may enable higher insurance penetration in India with the insurance regulator already considering the future viability of allowing them to operate in the country. A managed general entity or MGA is just like an NBFC (non-banking finance company). It can manage products, onboard customers, underwrite customers, and also share risks with bigger insurance companies.  These entities are not officially existent in the country as of yet, although there could be a bright future of MGAs in India, considering how they are already popular in markets like Singapore and the U.S. The IRDAI (Insurance Regulatory and Development Authority of India) is now considering MGAs and their future scope. Once the regulatory environment for MGAs is created, present intermediaries who only focus on distribution will then have a bigger role in the scheme of things, revolving around product manufacturing and even customer lifecycle management. MGAs in India- How the Story May Unfold In a similar vein as the RBI (Reserve Bank of India) unveiled its FLDG (first loss default guarantee) regulations, the insurance industry is considering the possibilities that MGAs (Managing General Agents) may unfold for the sector. They will embark on sharing risks with insurers in a similar manner as fintech players already do with NBFCs and banks among balance-sheet lenders. The IRDAI has already been tasked by the Central Government to increase insurance penetration in India. This will not be possible without the help of technology while new license forms will enable the creation of newer companies which will ultimately popularize coverage throughout the country. A perpetual license has been proposed for intermediaries in the insurance industry by the RBI. It has also come out with fresh license in the life and general categories for new-generation entities. With the advent of MGAs, there will be more opportunities for new-generation technology entities. They can tie up with large-balance sheet insurance companies and enter into partnerships for risk-sharing while also underwriting customers with higher use of technology and more customized insurance solutions. The Future of MGAs in India- Major Benefits MGAs (Managing General Agents) can offer several advantages for the insurance industry. These include enabling more customized products for any particular coverage, which larger insurers may not always be familiar with. MGAs may also help in the creation of more regional products for insurers, particularly in segments where they may not have a physical presence. MGAs may also solve issues linked to distribution while focusing more on clients (insurers can focus more on taking risks). They can also build newer products which are tailored for un-served segments throughout the country. How MGAs can Generate More Value Here are some of the ways in which MGAs can ensure more value across the industry. There are several types of MGAs globally including affiliated MGAs, nonaffiliated MGAs, and even crop MGAs. The concept is already popular globally, with 300+ MGAs in the United Kingdom alone placing more than 10% of the country’s general insurance premiums, which are estimated at £47 billion. Lloyd’s, for instance, is the biggest global market for MGAs and in 2020, it had a whopping 76 syndicates that were under the management of 50 general agencies. MGAs usually maintain more attractive financial profiles, generating revenue through commissions paid by insurers, additional services, and performance-based commissions or profitability contingents. One of the biggest advantages of MGAs is that they can offer specialized underwriting abilities and expertise for emerging and newer risks. Digital MGAs are also increasing worldwide, targeting particular customers and offering specific lines of insurance. With all these benefits at the forefront, MGAs are steadily becoming attractive propositions for the insurance industry worldwide. It should also be a matter of time before they enter the Indian market. FAQs What are MGAs (Managing General Agents)?MGAs are managing general agents who function like NBFCs, managing insurance products, onboarding customers, underwriting customers, and also sharing risks with larger insurance companies. What are the key benefits of MGAs for insurance companies?MGAs offers several major benefits for insurance companies, including swifter entry into newer markets without setting up infrastructure, handling specific lines of insurance, offering underwriting and distribution solutions and expertise, and offering regional expertise and outreach in a better manner. What are the challenges faced by MGAs in the Indian insurance market?MGAs currently face a major challenge in the form of final regulatory approval. The IRDAI is considering the possibility and feasibility of allowing MGAs in the Indian insurance industry. Hence, the present lack of a regulatory environment for MGAs is the only hurdle. What are the future prospects for MGAs in the Indian insurance industry?MGAs have bright prospects in the Indian insurance industry. The IRDAI is already considering the feasibility of allowing them and once they enter the industry, several distribution and tech players will have a bigger role to play eventually. MGAs will also help expand the scope of coverage and tailor it for newer risks as far as insurance carriers. They can significantly enhance insurance penetration in India in the future.

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AI and life sciences: Navigating risks and challenges

AI and Life Sciences: Navigating Risks and Challenges

September 21, 2023

With the increasing penetration of artificial intelligence (AI) in life sciences, there has been a barrage of questions regarding the risks and challenges involved in this integration. While AI has already started its transformative journey throughout multiple other industries, the life sciences sector has recently woken up to the potential of the same.  Some factors that are key moot points in this regard include the role played by AI in developing COVID-19 vaccines in quicker time (less than one year as opposed to a decade in most cases), AI-driven drug discovery where a novel drug candidate was found for liver cancer in only 30 days, and more. Even Google Cloud has unveiled new AI-backed tools that facilitate quicker drug discovery. Many other technology companies are coming up with tools for automating processes that were manual and time-consuming in nature earlier.  How it stacks up  Life sciences and healthcare AI have already reached a watershed point where there are challenges and disruptions to contend with, but the speed and scale of adoption continue unhindered. Here are some points worth noting in this regard:  Yet, ethics, data privacy, regulatory aspects, and other challenges must be tackled with care to ensure widespread benefits from integrating artificial intelligence (AI) in life sciences. Let us first look at the range of its applications in this space.  Applications of AI in life sciences and healthcare Here are a few points that should be noted in this context:  Now that the benefits of AI are clearly visible, let us take a closer look at the challenges mentioned above and the ways to navigate them for swifter progress in the domain.  Major challenges of AI in life sciences Here are the risks that still remain while deploying artificial intelligence (AI) in life sciences.  Signing off, it can be said that the AI-enabled transformation drive is now in the second phase, i.e. completing patterns and going beyond the initial brief of recognizing them. The life sciences sector will greatly benefit from this current AI stage, provided it can counter the challenges mentioned above.  FAQs AI has a vital role to play in the life sciences industry, enabling faster drug discovery and development along with boosting clinical trial design and data-gathering. It helps analyze vast data sets and generate better insights from the same.  2. What are the key challenges and risks associated with implementing AI in healthcare and life sciences? There are a few challenges and risks that companies have to face while implementing AI in the life sciences and healthcare industry. These include the lack of skilled talent, regulatory compliance hurdles, ensuring data privacy and patient confidentiality, and steering clear of biases in AI algorithms. 3. How can data privacy and security concerns be effectively addressed when using AI in life sciences? Data security and privacy concerns can be tackled effectively with a few proactive steps while using AI in the life sciences sector. These include dedicated patient confidentiality and privacy approaches along with an increased focus on secure data transmission and usage. Governance and data security protocols should be established as per regulatory standards for secure storage, processing, and collection of patient data.  4. What ethical considerations should be taken into account when deploying AI in medical decision-making? The biggest ethical consideration that should be kept in mind while AI is being used for medical decision-making, is the elimination of biases. While training AI models based on real-world data and inputs, there are unconscious biases that get embedded into the same. This may have negative consequences for patients if they are not tackled at the outset.

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RBI plans to introduce wholesale CBDC in the call money market soon

September 19, 2023

India is already synonymous with futuristic technological advancements and innovations that extend to every industry. Finance is no exception to shifting global undercurrents and the Reserve Bank of India (RBI) has been at the forefront of several future-first transitions in recent years.  One such move has been the RBI’s move pertaining to the extension of the wholesale CBDC (central bank digital currency) as tokens for the purpose of interbank borrowing or the call money market. The apex bank of the country is reportedly planning this new feature rollout for the RBI digital currency in the near future as per various reports. Here’s what we know so far.  RBI’s big wholesale CBDC initiative Here are some insights as to the RBI’s plans to boost money market efficiency:  PTP will take visitors through the entire framework, beginning from onboarding to the dairy and KCC loan sanction and disbursement processes within a few minutes. It may completely transform rural credit sectors in the future while being used for distributing loans of smaller ticket sizes in the future too (personal loans and MSME loans). The RBI has also worked to showcase its digital rupee and its evolution along with conducting live transactions with the same at the summit. UPI One World will help visitors complete onboarding without possessing an Indian bank account.  RuPay On-The-Go will enable contactless payments through accessories used or worn regularly. BBPS will facilitate cross-border bill payments, complete with easier fintech integration and support for regular financial entities to execute domestic and cross-border transactions alike. RBI’s Innovation Pavilion at the G20 Summit venue saw the announcement being made on the starting of the wholesale CBDC pilot for interbank borrowing either this month or early next month.  The RBI is betting big on this project, with an aim towards touching 1 million transactions each day by end-2023 as compared to 20-25,000 for July. On the other hand, Punjab National Bank (PNB) has also announced its CBDC (central bank digital currency) launch with UPI (unified payments interface) interoperability being a key feature for the digital rupee-based mobile application. As can be seen, there are exciting developments afoot in the Indian banking and financial services industry. The Reserve Bank of India is focusing on technology-backed innovation, an approach that will only enhance operational efficiencies and ecosystem-wide transparency in the near future.  FAQs The call money market (CMM) is the platform for short-term loans that are sometimes one-day loans, traded by financial institutions like banks. Lenders and borrowers in this market are majorly these banks or entities. CMM may be accessed by banks for meeting any reserve needs or for covering any sudden cash shortfalls on any specific date.  Wholesale CBDC will have a positive impact on the call money market. It will transform the interbank market by improving overall efficiency. The usage of central bank money for settlements will lower the costs of transactions greatly. This will be possible by pre-empting the requirement for any infrastructure for settlement guarantees or other collateral for the mitigation of settlement risks.  The RBI is already using e?-R as its retail version pilot for the CBDC while Digital Rupee – Wholesale (e?-W) has also been introduced. The former is similar to a digital token that is representative of legal tender. There are several blockchain technology components that are being used for these initiatives.  The RBI is expected to take several measures towards ensuring greater security for wholesale CBDC transactions. It has already proposed two CBDC structures, namely account and token-based. It has already aligned itself towards the latter for retail while the wholesale sector may get the former. Usage will be secured through tokenization at the retail level, ensuring security against fraudulent payments, duplicate payments, and other issues. There could be dedicated security protocols implemented by the RBI for these initiatives. 

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Social Media Polls of INT- Interesting Revelations That You Should Not Miss

Social Media Polls of INT- Interesting Revelations That You Should Not Miss

September 18, 2023

Analytics are the transformational tech tools of today. This statement is almost undisputable in the current scenario, particularly when you take social media into account. Social media marketing, campaigns, branding, and doing business on these platforms as a whole, is vastly dependent upon analytics today. Generating actionable insights is invaluable for businesses in terms of product or service strategies, customer offerings, feedback, performance reviews and more.  On that note, keeping social media at the forefront, INT (Indus Net Technologies) conducted a unique social media poll. Here are some fascinating revelations that emerged from the exercise, covering multiple industry domains: A whopping 48% voted in favour of analytics benefiting disease diagnosis the most, followed by monitoring health trends. 11% favoured patient outcome predictions while 7% talked about treatment recommendations. Keeping an eye on the pulse merits a statement that analytics will ultimately become the tried and tested tool for monitoring health trends in a more personalized manner while generating continual insights that will ultimately help diagnose diseases more effectively. Faster diagnosis may help in quicker treatment and care strategies that will prevent issues from snowballing into bigger worries for patients. Insurance is no stranger to analytics, having already started leveraging the same for improved outcomes in multiple departments. As per the survey, the highest numbers (39%) were seen in favour of sales tracking, with regard to the domain that benefits the most from analytics-driven reporting and analytics. Claims tracking and risk management got 22% of the vote while market trend identification polled 17%. This indicates that analytics will enable quicker tracking of insurance sales while claims processing will eventually become faster and more customer-friendly due to easier tracking and risk management.  Most businesses are no strangers to billing errors. For a Billing and Premium module, analytics will benefit billing accuracy the most as voted by 41%. A high 27% also voted for its role in enabling enhanced customer insights, while 18% and 14% voted for better decision-making and cost-reductions respectively. As for credit card fraud detection models, analytics are poised to enable early fraud detection the most as per 53%. 19% alike voted for real-time alerts and customer data protection, while 9% voted for precise transaction monitoring. This goes to show a use case for analytics as a tool towards swiftly detecting frauds by identifying anomalies and fraudulent patterns. It will help companies stem fraud losses greatly in the near future. Respondents were asked about the potential benefit that they found most attractive for an insurance call volume prediction model. A high 45% voted in favor of enhanced customer service, while 36% voted for improved resource allocation. It indicates the potential of tech-driven models for helping insurers improve customer service standards while also streamlining allocation of resources to save time, energy and costs. 18% were in favor of proactive issue resolution while one voted for effective call routing. With regard to boosting accuracy levels of demand forecasting, 53% voted in favor of time series analysis while regression analysis was favored by 19% of respondents. 11% voted in favor of simulation models while 17% were in favor of data mining. These insights offer clues into the preferred paradigms for the space going forward. Customer feedback management is a key aspect for most businesses today, in an increasingly customer-is-king landscape. With regard to the customer feedback management aspect that may benefit the most from GenAI and other AI integration, 58% voted for real-time sentiment analysis. 21% alike voted for actionable insights detection and personalized customer responses. Going by these findings, it is apparent that feedback management will be drastically revamped in the coming days with companies utilizing sentiment analysis in real-time to shape decision-making and plug gaps. The INT social media polls were an exhilarating exercise, throwing up interesting insights, linked to the future potential of AI and analytics for various use cases. The results are fascinating to say the least and may indicate the direction that the wind is blowing (to take liberties with the phrase).

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Insurance News Wrap | Weekly Snippets September | INT.

September 8, 2023

✔️https://www.moneycontrol.com/news/business/tcs-extends-contract-with-life-insurance-firm-athora-netherlands-11288551.html TCS and Athora Netherlands are thrilled to announce the extension of a new partnership that will redefine the future of financial services. The partnership promises better IT operating model to enhance customer experience, operational resilience and business agility. ✔️https://www.insurancebusinessmag.com/asia/news/technology/generative-ai-to-impact-koreas-insurance-finance-sectors-457906.aspx Generative AI is set to make waves in Korea’s insurance and finance sectors. As per reports, 10.1% of tasks within Korea’s finance and insurance domains will experience alterations due to the influence of generative AI. ✔️https://www.expresscomputer.in/artificial-intelligence-ai/aditya-birla-sun-life-insurance-artivatic-ai-launches-ai-based-smart-underwriting-platform/103240/ Aditya Birla Sun Life Insurance and Artivatic.ai have joined forces to bring “AUSIS” – an AI-based Smart Underwriting Platform. The engine will merge traditional underwriting principles with advanced algorithms, and empower insurers to make informed and efficient underwriting decisions. ✔️https://indianexpress.com/article/business/companies/5g-to-insurance-mukesh-ambani-brings-new-reliance-with-tech-in-mind-8913820/ Mukesh Ambani is ushering in a ‘New Reliance’ that’s all about the fusion of technology and innovation, from 5G to insurance. 

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Retail News Wrap Int.

Retail News Wrap | Weekly Snippets

August 19, 2023

✔️ UK-based retailer John Lewis has joined forces with Google to supercharge their AI capabilities. With an investment of £100 million, they’re set to deliver futuristic shopping experiences. ✔️ AiFi is using computer vision technology powered by AI to make sure that the retail experience of tomorrow is not only autonomous but also accessible to everyone. https://www.forbes.com/sites/stevenaquino/2023/08/15/aifi-is-using-ai-to-ensure-the-future-of-retail-is-autonomous-and-accessible-for-everyone/ ✔️ German start-up Sizekick’s newly launched AI sizing tool promises to reduce size-related online returns and carbon footprints. https://www.just-style.com/news/sizekick-debuts-ai-size-tool-to-reduce-size-related-online-returns/ ✔️ True Fit has teamed up with Shopify to bring AI-powered fit solutions to small digital fashion retailers. This will enable Shopify retailers to seamlessly integrate their brand with True Fit’s fashion genome.

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Banking & Finance News Wrap | Weekly Snippets

August 11, 2023

💡 From budgeting hacks to in-depth investment insights, get ready for a whole new level of banking with Bud Financial’s Bud.ai, a generative AI-powered platform tailor-made for hyper-personalised banking. 💡 Alkami’s newly launched AI-powered predictive model aims at empowering financial institutions with account holder identification, customer behaviour demonstration, account retention and more. https://www.marketscreener.com/quote/stock/ALKAMI-TECHNOLOGY-INC-121300011/news/Alkami-Launches-First-Engagement-Artificial-Intelligence-AI-Predictive-Model-for-Financial-Service-44566022/ 💡 Microsoft and Aptos Labs are fusing blockchain and AI into a dynamic duo that will make banks’ financial data impenetrable and empower razor-sharp decision-making. https://www.finextra.com/newsarticle/42762/microsoft-and-aptos-labs-partner-to-combine-blockchain-and-ai-for-banks 💡 The Federal Reserve is stepping up its game by turning its gaze towards crypto and banking. https://uk.investing.com/news/cryptocurrency-news/federal-reserve-unveils-oversight-on-crypto-tech-in-banking-3116532

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Insurance News Wrap

Insurance News Wrap | Weekly Snippets

July 28, 2023

✅ From streamlining claims processing to personalised policy recommendations, insurance’s ‘first’ chief AI officer is here. https://ow.ly/8szs50Pnqs6. ✅ Cognizant and Max Life Insurance join forces to transform the insurance landscape as they jointly announce an innovation and development centre. https://ow.ly/BCtT50Pnqs2 ✅ Discover the convenience of instant policy issuance and quick claim settlements with Bajaj Allianz Life Insurance’s latest tech stack. https://ow.ly/YXiX50Pnqs4 ✅ HDFC ERGO is taking a leap forward to enhance CX and transform the insurance industry by teaming up with Google Cloud to launch a Center of Excellence for Generative AI. https://ow.ly/7stY50Pnqs3

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