Historically, when new technologies become easier to use, they
transform industries.
That’s what’s happening with artificial intelligence and big data;
as the barriers to implementation disappear (cost, computing power, etc.), more
and more industries will put the technologies into use, and more and more
startups will appear with new ideas of how to disrupt the status quo with these
technologies.
By my predictions, the AI revolution isn’t coming, it’s already
here, and we’ll see it first in a few key sectors.
Healthcare
Most people agree that healthcare is broken, and many startups
believe that the biggest answer is putting the power back in the hands of the
patient.
We’re all carrying the equivalent of Star Trek’s tricorder around
in our pockets (or an early version, at any rate) and smartphones and other
smart devices will continue to advance and integrate with AI and big data to
allow individuals to self-diagnose.
Sequencing of individual genomes and then comparing them to a vast
database will allow doctors — and/or AI bots — to predict the probability that
you will contract a particular disease and the best ways to treat those
diseases when they appear.
Companies including Google, Apple, Samsung, and others are
investing billions in developing new biometric sensors. Combined with big data,
the information from these sensors could help prevent disease and extend
lifespans.
And consumers aren’t likely to have to pay for it. Insurance
companies have a vested interest in new technologies that will keep their
clients healthier, and AI bots that help you remember to eat well, take your
meds, and get important diagnostic tests that could keep you out of the
hospital are a good investment. (More
about insurance in a moment.)
Finance
AI is also going to be increasingly important in the financial
services industries.
In the very near future, AI financial advisors will begin to
replace human advisors. Computerized systems can sort through tens of thousands
of possible companies to make recommendations.
It can look at your social media posts, your emails, and through
sentiment analysis, determine which companies best align with your values and
your risk tolerance. And then it can continue to monitor your personal profile
and the market and help adjust your portfolio in real-time.
And a human advisor can’t begin to compete with that level of
detail and automation.
This doesn’t even take into account the AI algorithms that are
already making stock market transactions in nanoseconds and making revenue
predictions based on hundreds, if not thousands of data points.
The era of the guess and the gut feeling when it comes to
investments is headed out the door.
Additionally, AI systems will benefit banks and lenders by being able to
predict which applicants are high and low risk investments for personal and
business loans. Our credit scores are already on their way to being much more
than the sum of our debts and bills paid. Before long, AIs working for banks
will be able to tell by something as innocent as the kinds of things you buy
and where you buy them whether or not you’ll repay your car loan.
Insurance
Building on the idea of the AI guaranteeing your personal loan,
your insurance company will also be transformed by artificial intelligence and
big data. It’s already begun, with
companies like Progressive offering discounts of you agree to putting a little
monitoring device in your car that lets them know whether or not you’re a safe
driver.
Imagine a health insurance company doing the same thing; just wear
this smart device for a few weeks, and we’ll let you know if we can insure you
at a lower rate. If your heart rate,
blood pressure, activity levels and other things indicate you lead a healthful
life, you get a discount.
Another big change AI could see ushered in is autonomous
cars. One of the major purposes behind
developing autonomous cars is that they rarely, if ever, crash. So the only insurance they would need would
be to replace them if a storm drops a tree on them. No more collision
insurance.
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