IBM bags awards for best use of AI in fintech, prescriptive analytics

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New Delhi : IBM has bagged the award for the best use of AI in financial services for innovating the first-of-a-kind solution in the insurance industry, a mobile application that integrates with the clients back-end systems to provide a seamless user experience.

The award was given by Union Minister of State (Independent Charge) of the Ministry of Planning, Ministry of Corporate Affairs Rao Inderjit Singh on Wednesday on the concluding day of the two-day 2nd edition of Global Artificial Intelligence Summit & Awards (GAISA) event organized by the All India Council for Robotics and Automation (AICRA) .

GAISA 2021 featured seven-panel discussions and five keynote speakers who dwelt on the use of AI in the fields of healthcare, agriculture, education, smart cities, infrastructure, smart mobility, and transportation.

This year the awards were given to 30 companies across 31 award categories. IBM also won award for the best use of prescriptive analytics.

The AI engine analyzes the photos and within seconds generates a list of parts that need to be repaired or replaced. Leveraging Cognitive Image Analytics, CDAT is an analytical model that uses Advanced Computer Vision and Deep Neural Network-based techniques to assess the type and extent of damage incurred to the vehicle.

Services to automate the claim assessment process using an AI-based solution. The solution helped the client reduce the claim response time by 30 percent and achieve cost optimization.

Best use of prescriptive analytics was given to IBM for having developed and deployed an ecosystem of inter-connected machine-learning models to analyze the indirect tax collection transactions for one of the largest economies of the world.

The project team of data scientists has developed complex supervised and unsupervised machine learning techniques on Big Data platform to analyze large volumes of transactions followed by deep Graph Analytics to combine the model results into actionable insights for the end user.

Boston IVY Healthcare Solutions got the top honours in the best use of AI in healthcare for highlighting the originality and ingenuity of an AI and ML-powered hospital inventory management and forecasting software application, VIZI that has been granted a national patent inventory management in hospitals.

Speaking at the awards ceremony, the Union Minister said “AI technologies should be created with a certain sense of responsibility so that it benefits the society at large.” 

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