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Upcoming REWIRE: AI & Tech Event Gathers Leading Innovators to Wuxi, China

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REWIRE: AI & Tech Event

An impressive panel of guest speakers has been announced for Wuxi, China’s upcoming AI & Technology event REWIRE: EDUCATION. Scheduled for Sept.21st, the event is the first of many industry-specific Artificial intelligence events hosted by REWIRE.

“Every major industry is on the verge of being drastically changed by AI technology. Businesses of all sizes need to learn what can be done to adapt to these changes to ensure long-term sustainability in their respective industries”, said Errol Vas, REWIRE’s co-chair, “At the moment, many AI & Technology events do a great job at showcasing the latest innovations in the AI field, but they fail to relate these new technologies to the industries that will be affected by them”.

The upcoming REWIRE: Education event will examine AI’s influence on the education industry – specifically the advantages AI will offer to learners, the trajectory of school technology use, the impact on the multi-billion dollar education industry, and solutions for educational institutions to ensure future success & profitability in a rapidly changing business climate. And to achieve this, REWIRE: Education boasts a powerhouse panel of guest-speakers that includes renowned Chinese artificial intelligence experts, CEOs from China’s leading tech companies, Entrepreneurs & professionals in the Education Industry and industry specialists from top academic institutions such as Harvard and Dartmouth.

The event is set be held in China’s Wuxi City, an upcoming IoT authority and hotspot. “Being on the forefront of IoT innovation, an industry that clearly overlaps with AI,  Wuxi is the perfect city to host the REWIRE: AI & Technology Seminars”, explained REWIRE’s creator, Johan Knapp, “REWIRE brings together leaders from every corner of industry and connects them with China’s most innovative technology companies – many of which are located right here in Wuxi”.

REWIRE: Education 2019 Guest-Speaker lineup:

Fang Yiming

AI Technology Expert, CEO,Founder,BSc. MSc. MBA.

With a BSc in Computer Science and an MSc in AI Technology from China’s prestigious Tsinghua University, as well as an MBA from Ohio State University, Fang Yi Min has placed himself at the forefront of technological development in China. During his career, he’s served as Deputy Chief Designer for the Eight-Five Plan’s 《National Operations System》, CEO with Zhongshan Ming Ren Computer Science, and Founder of Edutech company Hao Ji Xing.

Trevor King

International College Admissions Expert, BA, Dartmouth Alumnus

A graduate of Dartmouth University, a prestigious IVY League institution in the United States, Trevor is one of the most reputable Admissions Experts in China and regularly facilitates admissions into Harvard, Princeton, Stanford, Oxford, Cambridge, MIT, Columbia and UCLA. With over 10 years of experience, Trevor knows what criteria elite schools are using to select students, and the trajectory of the College Admissions Industry as a whole. His work has been published by top Universities, Education Boards and Governments.

Wu Xaio Xin

CEO, Co-Founder, Serial Entrepreneur, Multi Patent Owner, BSc.

With over 16 years of product development & project management experience, Wu Xiao Xin has led multiple teams in creating highly competitive products in multiple sectors, including aircraft technology and the education industry. In addition, he owns 4 invention & utility model patents and is the Co-Founder & CEO of Zhongyu Science & Technology Company in Wuxi.

Wendy Zhou

CEO, Entrepreneur, Educator

After a career as a primary school English teacher, Wendy founded OLEAN Children’s Education brand.  Olean children’s education brand. Her company developed a highly sought-after online curriculum system that has proven to be both innovative and incredibly effective for young learners.

Those interested in hearing what this panel has to say about the future of AI & Education can access the REWIRE: Education event via Live Stream at (www.errolvas.com/rewire). Tune in at 7:30 Beijing time, September 21st 2019.

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Perspectico Launches AI-based Job preparation platform for college graduates

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The spread of the novel coronavirus has interrupted how graduates were preparing to enter the job market. Uncertainty about job opportunities and disruption to regular routines has led students to a stressful job search. To provide ease to students, Perspectico, an edtech startup launches AI-Based job preparation platform for college graduates. With this launch, the startup aims to create a positive job ecosystem for 2cr college students.

Launching the AI-Based Preparation Platform, Nikhil Chainani – Founder; Perspectico commented, “With our research &development we have seen that college graduates when looking for a job becomes very confused as most of the job platforms are scattered.  Keeping this in mind, we built this common tech platform that will help not only have all the details on job opening but it will also prepare them to find their right job thus providing the right direction & guidance so that they can shine in their respective careers.”

This job preparation platform is India’s first relevant and guided job preparation tool. This will help the students with all the recommendations and evaluation which is required to get fully prepared for the job market.

The highlight of AI-based the platform is that it provides a market place for job openings across India to the college graduates on a real-time basis. In case students profile is not suitable, the AI Engine recommends the online course to improve their areas that need attention. A student can also undertake a self-evaluation test to measure competencies.  These tests include subjective, MCQ &Situational test.

In addition, students are provided with Preparation materials, in-house courses, mentorship and interview guidance.

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How AI is Transforming Insurtech

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Technological advancements are continuing to transform the way we live, work, and get insurance. The insurance industry is being disrupted by tools designed to improve efficiency and accuracy; this evolution has been dubbed insurtech, and startups across the country and globe are implementing AI into their insurance coverage process. 

One of the biggest benefits for utilizing artificial intelligence in the insurance sector is risk mitigation. Computers can scour through data to make more informed decisions in seconds. 

Keeping reading to learn about how artificial intelligence is improving processes in the insurance industry.

What is Artificial Intelligence?

To understand how AI is transforming insurance it’s important to understand what artificial intelligence is and the many ways it can be beneficial in risk mitigation. 

Artificial intelligence is a technology that helps computers solve problems and think rationally, similar to how humans make decisions. Computers can scour through tons of data to make a rational decision based on facts and critical thinking way faster than a human ever could. 

Two of the most popular sectors of AI are deep learning and machine learning. Machine learning predicts outcomes and weighs risks by analyzing data to find trends and predict future outcomes. For example, a car insurance company could use data around specific age groups and genders to predict driving patterns. 

Deep learning improves speed and efficiency by teaching computers to lead by example. Artificial neural networks help computers complete tasks that human workers would normally accomplish, allowing workers to focus on more high-level tasks and spend less time on repetitive ones. 

Artificial Intelligence and Insurance 

AIs main goal is to teach machines to make trusted, accurate decisions that are free from human error. This makes insurtech especially valuable to insurance companies who can save big by predicting outcomes and identifying risks. 

Here are some of the ways insurtech companies are utilizing AI today: 

  1. Automated underwriting
    AI is improving speed and efficiency in consumer insurance through automated underwriting. This is speeding up the claims process by having customers file claims directly online rather than talking to an insurance agent. Users can submit photos of an accident and the automated underwriting software can assess damage cost instantly. Other features of automated underwriting include built-in claim tracking and reporting. SAAS software makes this possible, paper-less, and free from human error. 
  1. Preventing Fraud and Blocking Hacking
    Insurtech is also helping prevent insurance fraud. The FBI estimates that approximately $40 billion is stolen through insurance fraud each year, which in turn actually raises all customer rates while also impacting business costs. AI can track irregular customer behaviors and claims to identify fraud in real time. The technology can also help block hacking. 
  1. Adding Personalization to Solutions
    No two accidents are ever the same. Insurtech allows carriers and customers to personalize their solutions. If someone had a bad driving history but has since changed their behavior, they can request an AI tracking application to analyze their driving and then generate a rate based on current behavior. Safe drivers would be less risky to insure and be charged a lower rate. 
  1. Offering 24/7 Accessibility for Customers
    Another thing that artificial intelligence can provide is 24/7 access without having to employ 24/7 staff. Accidents can happen anytime but chat box software allows customers to get information (even at 3 a.m. on a Monday) without having to get an agent on the line. This allows insurance companies to provide around-the-clock value while saving big on staffing costs.  

Artificial intelligence allows insurance companies to make faster, more informed decisions while also speeding up their processes, all to the benefit of the customer. Accurate risk mitigation ultimately gets customers more accurate rates and helps insurance companies save. 

To learn about the startups that are utilizing AI to transform the insurance industry check out the infographic from The Zebra below! 

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FICO Survey: Only 30% of Taiwanese Banks Believe AI Will Stop More Money Laundering

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FICO Survey: Only 30% of Taiwanese Banks Believe AI Will Stop More Money Laundering

Highlights:

  • Only 30 percent of Taiwanese banks believe AI will stop more money laundering.
  • 78 percent of Taiwanese banks still believe in older rules-based technology for AML compliance, despite 26 percent saying that they experience significant struggles modifying these systems.
  • In Taiwan, 83 percent of banks said they will invest in financial crime compliance in the year ahead and 9 percent plan to significantly increase this investment in 2021.

A recent survey by global analytics software firm FICO has revealed that only 30 percent of Taiwanese banks believe AI will strengthen anti-money laundering efforts, showing they are yet to be convinced of the benefits and that many remain unsure how to operationalize the advanced technology.

Conversely, when asked about the efficacy of much older rules-based technology, 64 percent of Taiwanese banks say they still believe in the ability of these AML systems, despite 26 percent saying they experience significant struggles modifying them.

“Rules-based compliance systems continue to the be the workhorse for banks in Asia Pacific when fighting financial crime,” said Timothy Choon, FICO’s Financial Crimes Leader in Asia Pacific. “While the majority of Taiwanese banks are still skeptical, a growing number of early adopters are actively exploring and testing the new world of AI and realize that the decade-old rules-based systems can’t keep up with sophisticated threats on their own.

“The secret sauce is operationalizing advanced AI technology and making it work side-by-side with the rules-based systems. In fact, 20 percent of respondents picked this as their principal obstacle in meeting financial crime risk mitigation targets.”

The survey showed that the key challenges for existing AML compliance solutions regionally were: the ability to meet new types of compliance risks in channels and products; the capacity to provide an end-to-end integrated compliance solution; and the facility to update quickly to changes in regulation.

Across Asia Pacific, larger multinational banks were more likely to use a vendor solution for AML, while the use of an in-house system was more common with domestic banks.

Key drivers of financial crime strategy

One of the leading indicators driving change in financial crime strategy is customer experience. Over two-in-five respondents ranked this in their top considerations with 17 percent of Asia Pacific banks citing it as the primary factor behind their current and future approach.

“We can see that addressing the competing needs of regulatory compliance and customer experience remains a balancing act for most institutions,” said Choon. “Banks are challenged by the need for more information to deal with high rates of alerts from ineffective systems, while not vexing customers with incessant due diligence questions.”

Additional considerations ranked second and third by banks included, reputation damage and direct financial losses. When it came to financial crime challenges almost half of respondents cited the speed of responding to new threats, while a third believe achieving accurate detection remains a significant test.

Investment in compliance technology

A significant majority of banks (93%) across Asia Pacific are likely to continue their technology spend on either upgrading or enhancing their compliance systems. However, in the key regional financial centres of Singapore and Hong Kong only two-thirds of respondents indicated that their banks are likely to start new investments in compliance technology, likely due to their more significant spend in this area in recent years.

In Taiwan, 83 percent of banks said they will continue to invest in compliance in the year ahead but only 9 percent plan to significantly increase this investment in 2021.

Overall levels of investment in compliance technology by banks in Asia Pacific are expected to rise in 2021. 49 percent of respondents said budgets will increase, with an additional 34 percent expecting a significant increase. Interestingly, foreign banks are more inclined towards new spend compared with domestic counterparts. Indonesia, Australia, Thailand and the Philippines were the markets that said they would invest the most in 2021.

“This survey, conducted in May, shows that even in the recent economic downturn triggered by the pandemic, banks remain committed to targeted spending that boosts their AML compliance defenses,” said Choon. “There is an increased willingness to perceive compliance and fraud as a common financial crime risk – a fraudster is more likely to launder money, and vice versa.

“This convergence is a global trend. Banks in the US and UK are well on their way to fully integrating their compliance and fraud functions, bringing together teams, leaders and technologies.  We believe banks in Asia Pacific are looking to these markets to see what will work, with plans to follow quickly in the next 24-36 months.”

FICO’s Integrated AML Compliance Survey was produced in May 2020 using an online, quantitative poll of 256 senior executives from banks across eleven countries carried out on behalf of FICO by an independent research company. The countries surveyed were Australia, Hong Kong, Indonesia, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.

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