19JULY 2019IntroductionEverywhere you turn, everyone is talking about artificial intelligence. Today's executives are besieged with news of early-stage startups and AI-focused tech titans looking to disrupt virtually any market. With AI dominating the headlines, many industry leaders have noticed a lingering feeling that AI is the answer--the answer to what, however, remains unclear.Compounding this growing feeling of anxiety is the fact that AI represents an enormous step forward in the evolution of technology. The tech of the past replaced physical tools with simple systems: the word processor swept aside pen and paper, and a single database could replace rows of filing cabinets. We told computers the rules, and they dutifully carried them out. Modern AI applications recognize patterns and solve problems independently, though. They more closely resemble the complexity and creativity of the human brain than any previous technology. It's a new game, and the old rulebook won't help us here.The Rise of AIOver the last ten years, AI moved from the silver screen to the computer screen. Numerous uses of AI began to emerge in fields as diverse as medicine, social media, and perhaps most significantly, online retail. Amazon has spent the last decade pouring resources into extremely sophisticated AI across many of their divisions. When NASA developers turned to Amazon AWS to process nearly 200,000 Cassini images in a few hours for less than $200, they knew the decision wasn't rocket science.The tools that analyze image, video, text, and voice patterns form the foundation for more specialized applications in areas like language translation, text-to-speech, voice search, facial recognition, and even chatbots. Lately we've been hearing about even more advanced use cases such as product recommendation, sentiment detection, fraud prevention, industrial robotics, and even advanced medical diagnostics.VC and the AI ImperativeAmazon, Microsoft, Google, and IBM (think Watson) offer more tools than most AI startups could ever dream of--most at very low cost. Because the ubiquity of these tools eliminates barriers to entry, the number of AI startups focused on the insurance industry continues to swell. Just a few examples are:· Bright Health, which is focused on AI decisioning in healthcare and raised $240m· Metromile's on-demand insurance that has raised over $200m· Oscar Health, who leveraged AI and big data in new ways and raised nearly $1bDozens of AI-focused insuretech startups have raised early rounds of $1m to $20m or more. Lemonade, the poster-child An Intelligent By Marvin Stone, SVP, Business Integration, Stewart TitleApproach to Artificial IntelligenceMarvin StoneCXO INSIGHTS
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