This week, how advanced is artificial intelligence right now?
Welcome to The Digital Eye, your weekly roundup of the latest technology news.
Our team of experts has scoured the internet for the most exciting and informative articles so that you can stay up-to-date on Digital, Data, Blockchain, AI & Analytics, and Digital Transformation.
This Week’s Top Reads:
- Superb Learnings from IoT Implementation outside of Commercial Property
- Technology implementation is ‘do or die’ for the insurance sector
- UK to boost AI development by removing data mining hurdles
- Demystifying digital dark matter: A new standard to tame technical debt
- Millions in funding in the UK for AI ethics
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Article by @SenseConsortium
Superb Learnings from IoT Implementation outside of Commercial Property
SENSE is set to welcome members of the commercial property and insurance industries to delve into the benefits realised in other industries by embracing the Internet of Things (IoT) technology and real-time data.
“The use case is about generating more up-to-date or real-time data which insurance companies can use to design better products and come up with better pricing for their customers,” Fiehn tells us.
Describing the use case of commercial vehicle fleets complete with IoT sensors, Dan Fiehn articulates how the use of such devices and data can provide a broad overview of how a driver is acting on the road, which can present a numerous benefits:
Changes in driver behaviour
Fleet managers incentivising drivers to improve their driving
Decreased use of petrol – cutting costs and supporting sustainability goals
Article by @InsuranceTimes_
Technology implementation is ‘do or die’ for the insurance sector
Brokers ‘need to get real’ about consumer expectations, say experts
Improving digital touchpoints with policyholders and “giving the client what they want” is essential to stop them “finding somewhere else to go”, said James Woollam, managing director at Hayes Parsons Insurance and Risk Management.
Speaking as part of a panel entitled How tech should support MGAs and brokers at the Managing General Agents’ Association’s (MGAA) 2022 conference today (29 June 2022), Woollam explained that improving consumers’ experience of interacting with insurance firms was “do or die”.
Article by @TechCrunch
UK to boost AI development by removing data mining hurdles
AI training data is a major stumbling block for all but the largest companies
The U.K. is planning to tweak an existing law to allow text and data mining “for any purpose,” in a move that’s designed to boost artificial intelligence (AI) development across the country.
The announcement constitutes part of a broader strategy to “level up” AI and transform the U.K. into what it calls a “global AI superpower” — and part of this will involve reassessing existing intellectual property (IP) laws. Following a two-month consultation period where stakeholders from across the industrial spectrum were asked for input, including rightsholders, academics, lawyers, trade organisations and businesses, the U.K.’s Intellectual Property Office (IPO) today published its response and confirmed what will (and won’t) be changing moving forward.
Article by @McKinsey
Demystifying digital dark matter: A new standard to tame technical debt
Technical debt hinders growth. A new metric makes it easier to quantify how much it’s hurting companies.
Technical debt1 is like dark matter: you know it exists, you can infer its impact, but you can’t see or measure it. Product delays, hidden risks, spiraling costs, and even engineers leaving in frustration are all common symptoms.
Some 30 percent of CIOs we surveyed2 believe that more than 20 percent of their technical budget ostensibly dedicated to new products is diverted to resolving issues related to tech debt. Furthermore, they estimate that tech debt amounts to 20 to 40 percent of the value of their entire technology estate(before depreciation). Tech debt continues to rise in the majority of organizations we examined. Furthermore, almost half of firms that completed modernization programs were unsuccessful in reducing technology debt.
Article by @BiometricUpdate
Millions in funding in the UK for AI ethics
The initiative is a real opportunity for the UK research community to lead the way in developing a responsible AI ecosystem.
The U.K.’s Arts and Humanities Research Council (AHRC) has unveiled a new program worth £8.5 million ($10.43 million) that will see researchers collaborate on biometrics, facial recognition, and other technologies aimed at the development of ethical artificial intelligence (AI) applications in the financial sector.
AHRC, a part of UK Research and Innovation (UKRI), said the initiative is the first of its kind in the country and will become a stepping stone for the ethical development and use of AI in the UK.
Article by @VentureBeat
One of the challenges in following the news about developments in the field of artificial intelligence is that the term “AI” is often used indiscriminately to mean two unrelated things.
The first use of the term AI is something more precisely called narrow AI. It is powerful technology, but it is also pretty simple and straightforward: You take a bunch of data about the past, use a computer to analyze it and find patterns, and then use that analysis to make predictions about the future. This type of AI touches all our lives many times a day, as it filters spam out of our email and routes us through traffic. But because it is trained with data about the past, it works only where the future resembles the past. That’s why it can identify cats and play chess, because they don’t change on an elemental level from day to day.