artificial intelligence (AI) News

Zurich Insurance to Acquire Conversational AI Company AlphaChat

Zurich Insurance Group agreed to acquire Estonia-based company AlphaChat, which provides conversational artificial intelligence (AI) technology for customer service automation, to further enhance the group’s digital capabilities. Financial details of the transaction were not disclosed. AlphaChat is one of the …

Russia Tech Giant Yandex Uses AI to Reward Safe Drivers With Insurance Discounts

Russian tech giant Yandex plans to reward responsible drivers on its car-sharing platform with cheaper insurance this year, it told Reuters, using machine learning in a pilot program similar to one already adopted by Tesla. Newly listed Renaissance Insurance has …

Pentagon Ex-Software Chief Claims China Has Already Won AI Battle

China has won the artificial intelligence battle with the United States and is heading towards global dominance because of its technological advances, the Pentagon’s former software chief told the Financial Times. China, the world’s second largest economy, is likely to …

Brit Launches Machine Learning Algorithm to Accelerate Catastrophe Claims Response

Brit Ltd., the London-based specialty insurer and reinsurer, announced the creation and successful proof-of-concept launch of a proprietary machine-learning algorithm, designed to accelerate the identification of post-catastrophe property damage, based on the use of ultra-high-resolution imagery. This proof of concept …

INSIGHT: How Big Tech Ethics Panels Are Putting Brakes on AI

In September last year, Google’s cloud unit looked into using artificial intelligence to help a financial firm decide whom to lend money to. It turned down the client’s idea after weeks of internal discussions, deeming the project too ethically dicey …

W.R. Berkley-Backed Vehicle Inspection Firm UVeye Raises $60M in New Round

UVeye, a company that uses artificial intelligence to do fast vehicle inspections, has raised $60 million from investors including used car retailer CarMax Inc. and the insurer W.R. Berkley Corp. “The completion of Series C funding represents a significant step …

P/C Insurers Plan to Boost Their Use of Automation: Willis Towers Watson

Property/casualty insurers plan to accelerate their use of automation for actuarial work, a new Willis Towers Watson survey found. What’s more, COVID-19 has been a major factor in the trend. The sector’s overall aspirational score (toward wanting more automation) was …

First U.S. Artificial Intelligence Czar Seeks ‘Responsible Use’ of AI Tools

Computer scientist Lynne Parker made breakthroughs in getting robots to work together so they could perform difficult missions, like cleaning up after a nuclear disaster, waxing floors or pulling barnacles off a ship. Her job now is getting the U.S. …

Beneath the Surface: Why Insurers Should Look Beyond “the Tip of the A.I. Iceberg”

Nearly 75% of respondents in a recent survey from the Coalition Against Insurance Fraud and Shift Technology said they believe that among relevant technology, artificial intelligence (A.I.) will have the greatest impact on claims and fraud detection over the next …

EU Privacy Supervisor Urges Ban on Facial Recognition Software

Facial recognition should be banned in Europe because of its “deep and non-democratic intrusion” into people’s private lives, EU privacy watchdog the European Data Protection Supervisor (EDPS) said on Friday. The comments come two days after the European Commission proposed …