Theories about the future impact of artificial intelligence
(AI) on business and society are everywhere. But the
reality on the ground today among the companies
and leaders applying technologies such as machine
and deep learning to their core challenges is exciting
enough. Business models are being reformed
around the insight springing from powerful cognitive
capabilities. New products and services are improving
the customer experience — one could even say the
human condition. In a very real and significant sense,
AI is changing the world for the better.
Look at healthcare and insurance, two industries
where success is largely determined by the ability
to make sense of complex environments. The Dutch
health technology giant Philips is a prime example
of a global firm building a new business from an
AI-based ecosystem that connects medical devices
and data to personalized diagnostics and treatment.
Aon Benfield, the reinsurance and capital advisory arm
of U.K.-based Aon, developed an AI platform around
cloud-based computing to manage one of the most
complex retirement products with embedded financial
guarantees — variable annuities.
Just what are the technology leaders in these firms
doing to put AI into action?