How Is AI Changing the Face of Various Technological Industry Sectors?
Artificial Intelligence is a part of computer science which aims at creating intelligent machines that mimic human beings. We are all far too familiar with robots which behave like human beings. Thanks to science-fiction, we have a glimpse of the power of technology to change our lives. Over the past few years though, technological innovation has gone beyond fiction. Expert systems, thinking machines, and self-learning programs are now a reality. AI has become an inseparable part of several industry sectors, given that it can take over tasks too complex for people. Besides, it can greatly improve efficiency and save time.
While the number of AI sectors are many, here are the most significant ones which use AI and deep learning:
The retail sector appears to be the leading investor in AI. According to International Data Cooperation (IDC), retail companies invested $3.4 billion by the end of 2018. This staggering amount surpassed investment by every other industry. This investment in AI goes towards areas like customer service, expert advice on purchases, and operations related to multiple channels.
Banking and finance Industry
The banking and finance sector is one of the major investors in AI. This industry uses AI for fraud investigation projects, credit decisions and risk calculations, client segmentation, and threat prevention systems. Not just this, but automation, bots, and adaptive learning are becoming a very important part of the financial sector. Some of the areas in the banking world uses AI are:
- Traceability of policy compliance.
- Automation of frequent customer queries.
The manufacturing industry is sure that innovation in AI and IoT will ensure a competitive edge in a hyper-connected world. With data analytics and AI, Industry 4.0 is possible, in which AI provides robotics, automated safety checks, and automatic haulage.
Healthcare is one of the leading sectors which invests in AI. Some of the solutions based on AI that the healthcare sector is currently using are:
- Automatic and telediagnosis.
- Intelligent emergency triage.
- Individualized follow-up of each patient at a genetic level.
- Drug discovery.
- Health trackers.
- Automation of routine tasks like X-Rays, CT scans, and data entry.
- Virtual nurses and doctors.
- Autonomous surgical robots.
According to a study by Infosys, 29% of energy companies worldwide have implemented solutions based on Artificial Intelligence and are satisfied with the results obtained. Some solutions implemented by this sector are:
- Smart grids in the supply chain that are capable of forecasting energy supply and demand.
- Intelligent analysis in real time or detecting errors and fraud.
- Predictive maintenance.
- Energy consumption related insights to save energy and improve its efficiency.
It should come as no surprise that marrying education and AI has made learning and teaching more accessible, and engaging. For example, by using Natural Language Processing (NLP), Tega, a robot, interacts with preschool students and help them develop linguistic skills through natural conversations. AI has also made the possibility of e-learning a reality, which has opened up several doors for millions of people.
Logistics and transport
Innovation in AI in this industry includes:
- Self-driving cars.
- Radars to detect obstacles and pedestrians.
- Intelligent search for free parking spaces.
- Route optimization.
The logistics industry is intrinsically in a position to couple well with AI. For example, self-driving cars can be used 24 hours a day. Coupled with the logistics sector it can save time, kilometres and fuel, resulting in lower costs and higher profitability. While some of these technologies are still in development, Intel and Strategy Analytics expect these solutions to move around $7 billion into the market by 2050.
AI in Automobile Insurance Industry
We spoke about how AI has been a game-changer in the transport and automobile industry. It has leveled up what technology has to offer to consumers.
With the automobile industry relying more on AI, it is natural for related sectors to want in on it. This includes the automobile insurance industry.
A product which seems almost too simple to solve claims-and-insurance related woes are mobile applications. There are apps which use AI to detect vehicle damage to speed up the claims processing, distribution, underwriting and pricing. The process is simple: the carrier clicks photos of the car and uploads it on the app. Using deep learning techniques, the app will detect the damaged parts and damage degree in a matter of seconds. It will provide the estimated cost for damage repair in a almost no time. The carrier will then be able to choose the option relevant to their requirements, thus saving time, energy, and money. Not to mention that it reduces the time taken to process claims and eliminates the necessity of physical damage inspection. You reduce process stress and ultimately allow for greater customer satisfaction.
As rapid as the insurance industry has been to respond to digital transformation, it still hasn’t optimized AI use. AI can optimise and improve services, but only 10% of automobile insurance companies use AI as their core strategy. The urgency to incorporate AI in insurance becomes glaringly obvious when we look at the the headaches of auto-insurance. Around 46% of car owners have reported a bad experience in making vehicle insurance claims.
Enter Claim Genius
However, Claim Genius is ahead of the curve and holds the promise of reinventing the automobile insurance industry. Using neural network image analysis, multi model AI estimation engines, modular plug & play architecture, and high-performance cloud hosting, Claim Genius provides the industry’s fastest and most accurate damage estimates.
Our application, GeniusPREINSPECT, provides a comprehensive AI pre-inspection solution for carriers, includes a white labelled mobile app and a cloud-based AI platform which allows carriers to instantly assess vehicle damage and automate policy decisions via photos uploaded from Claim Genius or carrier mobile app. The tool is easy to integrate with carrier systems and mobile apps. Additionally, customers can opt to upgrade to GeniusCLAIM which uses latest AI vehicle damage inspection technology to allow carriers to make instant policy decisions on total loss and damage estimates based on photos & videos uploaded from our self-guided Genius APP. GeniusCLAIM and GeniusPREINSPECT are not only easy to use but also have a multilingual feature. This allows people from different parts of the world to make their lives easier and more convenient!
Need claim-processing to be hassle-free and stress-free? Choose Claim Genius!