Please ensure Javascript is enabled for purposes of website accessibility

Tag: tech

Cyberattacks Are on the Rise, and That Includes Small Businesses. Here’s What You Need to Know

—NEW YORK (AP) — Cyberattacks on businesses are rising, including small businesses. It’s a troubling trend because a breach can be very costly and time-consuming if owners don’t have a plan to deal with one.

According to the Verizon 2023 Data Breach Investigations Report, the median cost per ransomware attack — which features a type of malicious software designed to block access to a computer system until a sum of money is paid — more than doubled over the past two years to $26,000.

That’s partly because there has been a dramatic increase in ransomware attacks, which represent 24% of all breaches.

READ: How to Protect Your Business Against a Data Breach in 2024

Small businesses should first have a plan in place to prevent cyberattacks. The human element is the cause of 74% of breaches, so owners should make sure all of their employees use safeguards such as two-factor identification to make it harder to be hacked. Requiring employees to regularly change their passwords can also help.

If your business has been breached, it’s best to work with a cybersecurity executive within your company or a trusted third party to assess what happened and the damage done. Trying to contain it without having the right technical knowledge can just make things worse.

It’s also important to let the authorities know what happened. Attacks must be reported to federal authorities within 72 hours after a company is reasonably sure one has occurred.

 

Tech Startup: Afference’s Touch-Sensitive Prosthetics

Afference

WHERE: Boulder, CO

WEBSITE: www.afference.io

FOUNDED: 2022

Initial lightbulb

CEO Jacob Segil collaborated on Afference’s underlying technology with co-founder and CSO Dustin Tyler, a professor at Case Western Reserve University in Ohio. “We’ve been studying how to restore the sense of touch for people with amputation,” Segil says.

To that end, Tyler has implanted devices in amputee patients “that cuffs the nerve and it creates sensations in the brain of things that aren’t there,” Segil says. “It’s allowed these people to use prosthetic hands to feel the world again.”

That technology has won accolades worldwide and garnered coverage from “60 Minutes” and National Geographic. “What’s happened recently is that we were able to show how to do this with a wearable … you don’t want to go through a surgery in order to feel artificial sensations,” Segil says. “We put rings on your fingers, and we can use the same techniques to create artificial sensations in your hand.”

READ: Tech Startup — Skyhook Solar’s Solar-Powered Charging Stations for E-bikes and Electric Cars

In a nutshell

Afference aims to take its wearable neural interface, branded the Phantom, to the gaming and virtual reality markets as the concept of spatial computing takes hold.

Segil says the Phantom tackles “a similar but different problem” to the technology’s use in prosthetics. “In the prosthetic space, there’s a physical object you’re trying to manipulate … but you don’t have a hand,” he explains. “And then in the virtual world, you have a hand, but there’s no object.”

The common thread is neural haptics.

“What you’re doing is creating new information in the nervous system and you’re doing it in a way that the brain feels things that aren’t there,” Segil says. “We’re using electricity to create new information in the nerves that are running from your fingertip down to your brain.”

For example, a user could press a virtual button floating in space. “When my virtual hand touches that virtual button, I send new information in and I feel a click; it feels like something’s there when there isn’t anything.”

Not only can the Phantom replicate the feel of physical objects, it can approximate the feeling of heat and other sensations. “It feels like this sort of buzzing and tingling,” Segil says. “We can vary it in terms of its intensity and its temporal properties.”

The first public demonstration of the wearable was at the Consumer Electronics Show in January 2024, where it won the “Best of Innovation” award. Afference is now working with early commercial partners to further hone the technology for applications in gaming and enterprise training.

Afference is assembling the first Phantoms in-house, but Segil says the company will need to find a manufacturing partner to scale in 2025.

The market

Segil sees spatial computing nearing an inflection point, not unlike personal computing in 1984 or touchscreen interfaces in 2007. “It’s only in the past 18 to 24 months where you could use your hands to touch digital interfaces,” he says. “We’re seeing high growth and lots of investment from the big tech players. We think we’re well-timed and well-positioned to support this growing industry.”

Financing

Afference raised a pre-seed round of $1.5 million led by Denver-based Konvoy Ventures in late 2022. The company also won a $250,000 Advanced Industries grant from the Colorado Office of Economic Development and International Trade in late 2023.

“When we were looking at the XR [extended reality] space, there was a clear trend that we’re moving away from controllers,” says Taylor Hurst, Konvoy principal. “When we met them and saw their vision around neurostimulation, it was clear: This is how your body works. Your body feels things through electrical signals within your nervous system. And so when we heard they were doing that, it was kind of a no-brainer for us. If there’s going to be a haptic solution that becomes widely adopted, this is the way it’ll have to be done because it is as close to reality as possible.”

Blockchain Technology For Business Development: A Comprehensive Guide

Blockchain technology is making waves beyond its digital currency roots, offering businesses innovative ways to work smarter and safer. Let’s dive into how blockchain can give your business an edge, making things clearer, quicker and more secure across the board.

READ: Blockchain Development in Supply Chain Management — How it’s Changing the Game

What is a Blockchain Framework?

A blockchain framework is a set of software tools, libraries and guidelines that provide a foundation to develop and deploy blockchain applications. It includes core functionalities such as consensus mechanisms and smart contract support, simplifying the creation of blockchain solutions.

Understanding Smart Contracts

As a crucial part of blockchain technology, smart contracts can dramatically streamline your business processes, eliminating unnecessary intermediaries and reducing the likelihood of errors and delays.

Think of them as self-executing contracts. They’re coded to perform certain actions when predefined conditions are met. For instance, in an insurance claim, the smart contract can automatically process payouts when a valid claim is made, eliminating the waiting time.

Moreover, smart contracts enhance transparency as all parties can inspect the contract terms. It’s a game-changer for businesses, simplifying operations and increasing efficiency.

However, they’re not a one-size-fits-all solution; you will need to assess whether they align with your business needs and goals.

Revolutionizing financial transactions

Blockchain technology simplifies transactions, making them faster and more secure. It eliminates intermediaries, reducing the cost and time of transactions. Imagine sending payments across borders without dealing with high fees and long waits.

Moreover, blockchain’s transparency ensures every transaction is traceable and can’t be tampered with. This builds trust among your customers and stakeholders. It even aids in regulatory compliance, as every transaction is accurately recorded.

READ: Blockchain — The Future of Work Building in Colorado

Digitizing identity verification

With the aid of blockchain, you’re not just streamlining transactions but also revolutionizing your business’s identity verification process. Think of having a system where the burden of proofing identities is drastically reduced, expediting your customer onboarding process. That’s the magic of blockchain.

It provides a decentralized, tamper-resistant system that ensures verified identity credentials. No more laborious paperwork or risk of identity fraud. Instead, you’re enhancing system integrity and data security and elevating the user experience.

Data sharing and collaboration

Blockchain offers a powerful tool for data sharing and collaboration, enhancing your business operations in numerous ways. With blockchain, you can:

  • Improve data integrity and confidentiality.
  • Maintain shared records with secure access controls.
  • Offer uncomplicated information-sharing and decision-making.
  • Eliminate the need for reconciliation across multiple parties.
  • Create a single, reliable source of truth.
  • Reduce disputes and accelerate consensus.
  • Enhance data accessibility and transparency.
  • Allow authorized users to access and verify data in real-time.
  • Improve audibility with immutable records.

Exploring blockchain’s security measures

Blockchain’s security is largely anchored on two key features:

  • Decentralization: The data isn’t stored on a single server, making it difficult for hackers to compromise the system. Each transaction is also verified across multiple nodes, ensuring accuracy and credibility.
  • Cryptography: Transactions are encrypted, ensuring data security and privacy. It uses a concept called ‘hashing‘, to transform transaction data into a series of numbers and letters.

READ: How to Protect Your Business Against a Data Breach in 2024

Industries benefiting from blockchain

Here are some significant sectors that are reaping the benefits of blockchain technology:

Finance

  • Blockchain accelerates transactions and reduces costs, offering a more secure, transparent and efficient platform.
  • Cryptocurrencies, enabled by blockchain, have transformed the concept of money and payments.

Supply chain

  • Blockchain improves traceability, accountability and efficiency, reducing the chance of errors, fraud and delays.
  • It helps maintain the integrity of product information from source to consumer.

Healthcare

  • Blockchain keeps patient data safe and private.
  • It makes sharing medical records between doctors and hospitals secure.
  • It helps stop fake drugs by tracking medicine from maker to patient.

Real estate

  • Blockchain makes buying and selling houses easier.
  • Uses smart contracts that follow rules automatically, so there’s less paperwork.
  • Keeps track of who owns a property clearly and truthfully.

The bottom line

Using blockchain for business development helps cut through complexity and secures your operations. It helps keep deals on track without a middleman, stores information that everyone can trust but nobody can mess with and even makes investors sit up and take notice. As companies big and small start to tap into what blockchain can offer, those who jump on board now could lead the pack in their industries.

So, consider this your blockchain crash course, giving you the know-how to harness its power and pave the way for a smarter, more connected business future.

 

Konrad Jasinski is a passionate writer and blogger with a soft spot for nature, travel, and all things tech. When he is not working on his blog or writing articles for Husky Hamster, you can find him in the great outdoors, exploring new places and capturing moments with his camera. He is also a huge fan of the latest gadgets and loves to stay up-to-date on the newest trends in technology.

Why Colorado Needs Sustainable Power Solutions for Modern Aviation

In recent times, there’s been a growing call for sustainable power solutions in modern aviation. As the aviation industry aims to cut down on its carbon footprint and address climate change concerns, finding alternative energy sources has become a top priority. 

READ: United Airlines & MSU Denver Join Forces to Tackle Pilot Shortage

Challenges in traditional aviation energy

Traditional aviation relies heavily on fossil fuels, contributing not just to greenhouse gas emissions but also to depleting finite resources. The unpredictability of oil prices and the geopolitical complexities linked to oil dependency further complicate matters. Additionally, the weight and volume of aviation fuel increase operational costs and constrain aircraft payload capacity. These challenges have spurred the industry to seek alternatives that are environmentally friendly, economically viable and uphold safety and efficiency.

One major hurdle faced by the aviation sector is the environmental impact of traditional aviation energy. The combustion of fossil fuels releases carbon dioxide (CO2) and other greenhouse gases, exacerbating climate change. This has heightened pressure on the industry to explore sustainable alternatives.

Beyond environmental concerns, the reliance on fossil fuels poses economic challenges. Oil prices’ volatility and susceptibility to geopolitical tensions make it hard for airlines to forecast and manage fuel costs, affecting their profitability and ability to offer competitive prices.

Moreover, the weight and volume of aviation fuel directly impact operational costs and aircraft payload capacity. Increased fuel weight results in higher consumption and a reduced payload, affecting both efficiency and the ability to transport cargo and passengers profitably.

READ: Becoming a Zero-Emissions State — How Alternative Fuels Are Transforming Transportation in Colorado

Emerging technologies in sustainable aviation

The aviation industry continually seeks innovative solutions to minimize its environmental impact and transition to a more sustainable future. Several emerging technologies have garnered attention for their potential to transform the industry. Let’s delve into some of these technologies.

1. Solar and electric technologies

Solar and electric technologies are promising sustainable power solutions for aviation. Solar-powered aircraft, equipped with photovoltaic cells, have completed successful long-duration flights, harnessing the sun’s power for clean and renewable energy. While limitations in energy storage currently restrict their use for larger planes, they hold potential for short-haul flights and unmanned aerial vehicles.

Electric propulsion systems are being explored as potential replacements for conventional jet engines. These systems use electric motors, eliminating the need for fossil fuels and offering lower emissions and reduced noise pollution. Ongoing research aims to develop efficient electric propulsion systems for commercial aviation.

READ: How E-Bikes Will Transform the Transportation Economy in Colorado in 2024

2. Ground power units: A game-changer

In the dynamic landscape of aviation and aerospace operations, ground power units (GPUs) emerge as a game-changer, revolutionizing the way aircraft are serviced on the ground. These indispensable units play a pivotal role in supplying power to aircraft systems, ensuring a seamless and efficient turnaround between flights.

The environmental impact of aviation has become a critical consideration in the industry. Ground power units contribute significantly to sustainability efforts by allowing aircraft to switch off their onboard auxiliary power units (APUs) during ground operations. By utilizing external power sources like GPUs, aircraft can minimize fuel consumption and emissions, aligning with the global push for greener aviation practices.

3. Biofuels and sustainable aviation fuel (SAF)

Biofuels have emerged as another sustainable power solution. Derived from renewable sources like plant oils, algae and waste products, biofuels offer a cleaner alternative to traditional jet fuels. Sustainable Aviation Fuel (SAF), produced through advanced biofuel technologies, has been successfully tested in commercial flights, significantly reducing carbon emissions.

4. Hybrid propulsion systems

Hybrid propulsion systems, combining traditional and electric propulsion, provide another avenue for sustainable aviation. These systems use electric motors with combustion engines, enhancing efficiency and reducing emissions. Hybrid-electric aircraft in development aim to reduce fuel consumption and emissions, contributing to a greener and more sustainable aviation industry.

Challenges and considerations

Despite the promise of sustainable power solutions in aviation, several challenges must be addressed. High research and development costs, along with the scale-up of sustainable technologies, present financial barriers. The lack of infrastructure for alternative refueling and recharging poses a challenge, as do safety regulations and certification processes that need updating to accommodate new technologies. Achieving widespread adoption requires collaboration among stakeholders, including airlines, aircraft manufacturers, governments and research institutions.

Charting the course to a greener sky

In conclusion, sustainable power solutions offer a promising avenue for reducing the environmental impact of modern aviation. Technologies such as solar and electric systems, biofuels and hybrid propulsion provide viable alternatives to traditional aviation energy. Overcoming challenges and ensuring widespread adoption necessitate continued innovation, investment and collaboration. Embracing sustainability in aviation can pave the way for a greener and more environmentally friendly future of air travel.

 

Eric Barton is an accomplished writer with a passion for delving into the intricate world of aviation and mechanics. Armed with a strong educational background and hands-on experience in the aerospace industry, Eric has emerged as a sought-after expert in specific areas, including avionics, propulsion systems, and structural engineering.

This Winter Travel Season, Tech is Playing an Important Role in Denver’s Aviation Security

It may not be a surprise for those who frequently travel during the holidays, but the Transportation Security Administration (TSA) confirmed that on the Sunday of Thanksgiving weekend, 2.9 million jet setters officially broke a record for most airline passengers on a single day.

Government officials forecasted a record travel season and TSA saw 7 of the 10 busiest travel days in the agency’s history in 2023 alone. Here at home, the Denver International Airport (DIA) prepared for nearly 800,000 people to travel through the airport’s security checkpoints throughout the Thanksgiving holiday, and DIA saw its “busiest air travel day” of the season on December 21.

READ: Colorado’s ‘Small but Mighty’ International Tourists — A Powerful Economic Force

With the winter travel season in full swing, much attention has rightly been paid to the security protocols at our nation’s airports. DIA has struggled to contend with the barrage of travelers boarding flights to destinations across the world. In June, the airport’s security lines stretched into the baggage claim areas as a record-breaking 6.7 million passengers passed through the airport’s checkpoints. Unfortunately, these historic figures have been accompanied by a string of troubling security incidents. In September, all operations at the airport were temporarily suspended after a passenger was able to get through security with a gun. The same protocol was triggered in early November after a passenger was able to simply walk past a security checkpoint. 

While the airport has announced it will open new security checkpoints early next year, there has been a concerted effort to make security screening more effective and efficient. One of the ways DIA is improving its safety procedures is by integrating artificial intelligence (AI) into the screening process.

Earlier this month, DIA participated in a pilot program where it deployed an innovative AI-enabled security system that utilizes millimeter-wave technology and 3D imaging to identify dangerous and prohibited items at airports, even if they are non-metal goods. The technology can detect items such as liquids, powders, and even ceramic and plastic weapons. Additionally, the system does not require any physical contact, and individuals can keep their jackets on and everyday items in their pockets. Privacy concerns are one of the most important considerations when implementing new screening procedures — thankfully, the system tested at DIA does not retain images of individuals who are screened.

READ: Denver Ranked 3rd Nationally in New Study for ‘Future-Readiness’

For the time being, the AI system at DIA is only equipped for airport employee screening amid concerns of criminal gangs exploiting gaps in security to infiltrate airports. While this application is already having a positive effect on airport safety, the technology is also showing signs of expanded utility beyond employee screening. 

We can only hope this type of technology will be integrated into the passenger screening process as well. However, DIA’s willingness to embrace cutting-edge technology to enhance the airport’s operations represents an important step forward in bolstering aviation security and improving efficiency. Furthermore, as competition continues to fuel innovation in the tech sector, I am confident that AI, 3D imaging, and other technological advancements will serve as indispensable tools to help the travelers get to their destinations safer and faster. 

 

Jeff Price headshotJeffrey Price is recognized as a leading “Aviation Security and Airport Management” expert by U.S. Federal Courts and is a professor in the Department of Aviation and Aerospace Science at Metropolitan State University of Denver.

How to Welcome AI in Your Recruiting Process

We’ve all experienced the endless circles of frustration and stress that have become the norm as we try to resolve day-to-day issues with the help of a bot. AI has arrived, and it’s everywhere, including in recruitment. However, AI is a tool, not the toolbox. It cannot replace humanity.

READ: AI in the Workplace — A Roadmap For HR Professionals

AI streamlines the hiring process for employers and candidates alike. Among other benefits, it helps candidates optimize their resumes and other documentation and saves them from hours of repetitively filling out applications — which often end up in black holes with no hope of a response. 

By automating tedious manual tasks and much of the pre-selection process, AI boosts recruiters’ productivity and efficiency, decreases time to hire and reduces costs. When technology and humanity work together, the savings in time and money free recruiters to personally respond to candidates at key points. 

Think of AI as additive. Embrace it while preserving the critical human element that fosters connection and makes your company unique. Humans prefer working with humans and we can feel the difference when there’s a person in charge.

You cannot ignore AI

AI exploded onto the landscape in 2022. In this short time, employers in every industry and of every size, from multinationals to small businesses, have embraced it. SHRM reports that 79 percent of employers are currently using AI or another form of automation for recruiting and hiring. Those that haven’t yet adopted AI are planning to soon. The Boston Consulting Group (BCG) aptly calls the current AI revolution “a new order for business and society.” It’s that important.

Here are some of the ways recruiters are currently using AI: 

  • Screening and assessing candidates more precisely and efficiently and identifying those with the right skills and qualifications.
  • Performing boring or repetitious tasks such as interview scheduling and resume screening.
  • Creating clearer job descriptions that more accurately represent the requirements of the job and help attract the right candidates.
  • Using chatbots to search for information and engage with candidates.
  • Asking candidates better questions to make smarter hiring decisions.
  • Reducing the time to hire.
  • Increasing inclusion and diversity in hiring by removing human subjectivity and bias.
  • Customizing or improving compensation benchmarking.
  • Closing gaps among documents, writing better manuals, and standardizing processes.
  • Increasing fairness in hiring and improving candidate and onboarding experiences.
  • Freeing recruiters to provide a more personalized candidate experience with more interaction and engagement. 

READ: Chat GPT isn’t Always the Answer — 4 Reasons for Human-Generated Copy is Still Essential

In addition to enhancing recruiting efforts, employers find AI an effective retention tool. AI can recommend learning and training opportunities and suggest career paths for current employees, aid in performance management, and identify employees who are no longer engaged or are at risk of leaving.

Making AI human

Although people are generally more optimistic than concerned about the use of AI, there are questions in some minds, especially about the prospect of losing jobs to machines. It’s true that switchboard operators or encyclopedia sales reps are a thing of the past. However, we still flock to phone stores, and humans are essential in writing and editing Wikipedia. It is tasks, not people, that become obsolete.

Here are ways that AI and humans can augment each other:

  1. AI performs tasks that people don’t like to do, those that are unsafe or risky, or tedious and repetitive; humans monitor and validate AI’s performance.
  2. AI generates the facts and serves as the first step in analysis; humans generate new questions and solutions based on the facts.
  3. Humans come up with ideas; AI refines and challenges their creative thinking to make ideas a reality.
  4. AI collects data; humans turn it into stories that deepen understanding and connect to your company’s purpose.

The ideal mix of machine and humanity is more of a management challenge than a technology or administrative issue. People at all levels must be upskilled or trained to use AI effectively and responsibly. Everyone in the organization should be educated on the benefits and pitfalls of using AI and understand the expectations around its use in your organization.

Where and when is AI appropriate to use or not? When is human judgment required or desired? When should decisions be based on facts and when are compassion, empathy, and nuance important? Companies that effectively integrate technology and humanity are creating a new definition for business success.

 

Kathleen Quinn Votaw2Kathleen and her firm have achieved many recognitions from many well-known organizations, including ColoradoBiz Magazine, Vistage Worldwide, and the coveted Inc. 5000 for two consecutive years. Kathleen is a regularly published columnist and popular speaker on topics related to HR strategies and workplace culture. Reach Kathleen at [email protected] or (303) 838-3334.

Is AI Revolutionizing the Insurance Market? In Short, Yes.

The insurance industry, historically characterized by manual processes and conservative risk assessment, has seen a remarkable transformation in recent years with the infusion of artificial intelligence (AI). Artificial intelligence has revolutionized the insurance market by streamlining operations, improving customer experiences, and enhancing risk management. In this article, we will explore the significant impact of AI on the insurance sector, its key applications, and the prospects of this dynamic landscape.

READ: AI in Insurance — How New Technologies are Changing the Game

The evolution of artificial intelligence in the insurance industry

The integration of AI into the insurance market is emblematic of the broader digital transformation across industries. Insurers have recognized the potential of artificial intelligence to optimize their processes, reduce costs, and enhance decision-making. This evolution can be attributed to the following factors:

  1. Big data: The advent of big data has enabled insurers to access and analyze vast amounts of information related to customer behavior, demographics, and risk factors. AI algorithms can process this data to identify patterns, trends, and correlations that were previously difficult to discern.
  2. Advanced analytics: AI technologies, including machine learning and deep learning, have empowered insurers to develop predictive models that assess risk more accurately. These models consider a multitude of factors, improving the precision of underwriting and pricing.
  3. Customer-Centricity: AI-driven personalization has allowed insurers to create tailored policies and services that cater to individual customer needs. Chatbots and virtual assistants are used for claims processing, policy management, and customer inquiries, resulting in a more responsive and efficient customer service experience.

READ: 6 Game-Changing Conversational AI Applications for Your Business

Applications of AI in Insurance

AI is applied across various facets of the insurance industry, and its impact is profound. Here are some key applications:

  1. Risk Assessment and Underwriting: AI algorithms evaluate a vast range of data sources, including historical claims data, social media, and IoT devices, to assess individual risk profiles. This enables insurers to make more accurate underwriting decisions and calculate premiums that reflect the specific risk of each policyholder.
  2. Claims Processing: AI-driven automation simplifies the claims process. Chatbots and virtual assistants can gather initial information and guide policyholders through the claims process, speeding up claim settlements and improving customer satisfaction.
  3. Fraud Detection: AI is a powerful tool for identifying fraudulent claims. Machine learning models can detect unusual patterns and flag suspicious activities, helping insurers combat fraud more effectively and save substantial sums of money.
  4. Customer Service: Virtual assistants and chatbots provide customers with 24/7 support, answer queries, and offer policy information. This enhances the overall customer experience and reduces the workload on customer service teams.
  5. Predictive Analytics: AI is instrumental in predicting future insurance trends. It can help insurers identify areas with high potential for losses and adjust underwriting and pricing strategies accordingly.
  6. Customer Insights: Artificial intelligence enables insurers to gain deeper insights into customer behaviour and preferences. This information is valuable for crafting personalized policies, improving customer retention, and enhancing marketing strategies.

READ: AI Revolution — Unveiling the Transformative Power and Unforeseen Consequences

Benefits of AI in insurance

The adoption of AI in the insurance industry brings with it a multitude of benefits:

  1. Enhanced efficiency: Automation and process optimization have resulted in significant time and cost savings. Routine tasks, such as data entry and claims processing, can now be completed more swiftly, allowing employees to focus on more complex, value-added activities.
  2. Improved accuracy: AI-driven risk assessments and underwriting models are more precise and data-driven, minimizing the risk of incorrect policy pricing or coverage. This not only benefits insurers but also ensures that policyholders receive a fair and accurate premium.
  3. Fraud prevention: AI-based fraud detection systems are highly effective at identifying suspicious activities, ultimately saving insurers substantial amounts of money and protecting honest policyholders.
  4. Customer satisfaction: The introduction of chatbots and virtual assistants streamlines communication between insurers and policyholders, providing real-time support and quicker claims processing, ultimately improving the overall customer experience.
  5. Data-driven decision-making: AI enables insurers to make data-driven decisions in real-time, whether it’s in underwriting, claims processing, or risk management. This ensures that decisions are based on the latest information and trends.

READ: AI for Customer Service — 5 Easy Ways to Help Your Customers

Prospects of AI in insurance

The insurance industry is expected to witness further transformation as AI technologies continue to advance. Here are some key areas to watch in the future of AI in insurance:

  1. Enhanced personalization: AI will enable insurers to offer even more personalized policies, tailoring coverage to individual customer needs based on real-time data.
  2. Autonomous underwriting: AI may soon enable fully automated underwriting, where machines assess risks and calculate premiums without human intervention.
  3. Telematics and IoT integration: Insurers will leverage data from connected devices, such as telematics in automobiles and wearable health devices, to fine-tune underwriting and pricing models.
  4. Cyber insurance: As cyber threats continue to evolve, AI will play a pivotal role in assessing and mitigating cyber risks, leading to the growth of cyber insurance.
  5. Regulatory compliance: AI can aid insurers in staying compliant with evolving regulations by automating processes and ensuring transparency in decision-making.

The bottom line

we can say that artificial intelligence is ushering in a new era for the insurance industry, transforming traditional practices into modern, data-driven operations. From underwriting to claims processing and customer service, AI is enhancing efficiency, accuracy, and customer satisfaction.

As technology continues to advance and data sources expand, insurers that embrace AI will be better positioned to remain competitive, make data-driven decisions, and offer tailored services. The future of AI in insurance holds the promise of even greater personalization, autonomy, and an increased ability to adapt to emerging risks, making it an exciting and transformative space to watch.

 

Harish Mukkawar is a highly skilled and experienced digital marketer who has dedicated his career to driving online success for businesses. With a strong passion for data-driven strategies and a deep understanding of consumer behaviour, Harish has become an invaluable asset in the field of digital marketing. Reach him at [email protected].

CEO of the Year 2023 Finalist: Vinay Nair

Colorado is full of devoted entrepreneurs, business leaders and tech-savvy visionaries who are constantly taking the business world to new heights. It’s no secret that here, at ColoradoBiz, we love the Colorado business community. That’s why, every year, we spotlight the most impressive CEOs throughout our Centennial state and give credit where credit is due — to the forward-thinking minds constantly chasing the next great idea and upholding their business practices to the most purposeful ideals. We’re proud to introduce our finalists for CoBiz’s prestigious 2022 CEO of the Year award.

Vinay Nair

Founder & CEO

TIFIN

Boulder, Colorado

Website: tifin.com

Vinay Nair is a serial entrepreneur, academic and author whose latest venture, TIFIN, is harnessing data, AI and other technologies to improve wealth management practices and outcomes.  

The Boulder-based platform — TIFIN stands for “Technology In Finance” — started as a fintech incubator in 2018 and became an operating business in 2020. TIFIN consists of four divisions, each with a specific focus: Magnifi, an advanced investment search and discovery marketplace for intermediaries and retail brokerages to democratize investment intelligence; TIFIN Wealth, which uses AI to transform client personalization and intelligence for wealth intermediaries such as financial advisers, workplaces, neo-banks and other consumer fintechs; TIFIN AMP, which combines marketing, data science and sales capabilities to drive more intelligent distribution; and TIFIN.AI, which the company describes as a ”thematic innovation platform designed to launch companies that provide B2B AI assistants for better wealth outcomes.” 

READ: AI in Mobile App Development — Top 8 Tools and Strategies

Previously Nair founded and led 55ip, another fintech company used by financial advisers to improve their efficiency and effectiveness, which was acquired by JPMorgan Chase.  

Nair holds a Ph.D. in financial economics from the Stern School of Business at New York University, where he was awarded best thesis. He began his career as a faculty member at The Wharton School. After launching and managing a quantitative hedge fund that led him to start 55ip in 2016, he launched TIFIN to tap into the potential of science and technology to deliver better investor experiences and results. 

With 245 employees, TIFIN has attracted ample investor interest, most recently a Series C round valued at $447 million that included support from existing investors J.P. Morgan Asset Management, Morningstar and Broadridge, while adding investment management firm Hamilton Lane to its pool of investors. 

 

Mike TaylorMike Taylor is the editor of ColoradoBiz.

Smarter House Hunting: How AI Is Changing The Homebuying Process in Mayberry, Colorado

Mayberry, a new community in Colorado Springs, might be inspired by the walkable towns of the past, but it’s taking a cutting-edge approach to selling homes through a partnership with OpenHouse.ai, a fast-growing company pioneering AI real estate solutions. The collaboration offers a new level of convenience and personalization for buyers, centered around affordability and flexibility.

READ: AI-Enabled Real Estate — How Automation is Impacting the Housing Market

AI tools that offer greater efficiency have quickly become commonplace in our daily lives. Now, the real estate industry is embracing the opportunities that AI offers. Mayberry and OpenHouse.ai’s partnership will help buyers find and design the home that suits their budget, needs and lifestyle, while giving builders intelligence into market demand and evolving buyer behavior.

“Our goal is to make it easier for buyers to purchase homes. With OpenHouse.ai, we want to remove barriers for buyers, while being totally transparent about cost. Buyers can complete a questionnaire to identify the best home options based on their needs, interact with floor plans, and get access to the information they need to decide if Mayberry is the right fit for them. After they design and buy their home, they can move in just 120 days later,” said Mayberry Communities President Randy Goodson. “Partnering with OpenHouse.ai makes sense for our market position, buyer profile and our ability to show buyers that we can build top-quality homes quickly through our advanced methods.”

More than ever, buyers are looking for affordable homes that meet their unique and evolving needs. As a result of the pandemic and a move to remote working, for example, Mayberry has seen buyers move away from open-plan layouts to more closed spaces that enable quiet and privacy.

READ: Adapting to the New Norm — Post-Pandemic Work Culture and the Future of Remote Work

“AI is changing the real estate industry. We can provide home builders with meaningful insights in real-time that allow them to better understand what people want from their homes while presenting buyers a range of options tailored to them,” said OpenHouse.ai CEO and Co-Founder Will Zhang. “As the home building industry continues to battle rising costs, labor shortages, and fluctuating demand, AI can also help optimize all aspects of the build lifecycle — including design, procurement and project management — reducing construction cycle times and keeping costs down.”

While AI and automation are transforming how we work, the sales team at Mayberry isn’t concerned about AI taking over their roles. Instead, they see the opportunities it presents. “OpenHouse.ai has been pivotal in enhancing the buyer experience, ensuring it is positive and responsive for our sales associates,” said Mayberry Head Salesman Dean Jaeger. “Each buyer qualified by OpenHouse.ai has been highly communicative, eagerly prepared for the subsequent phase of buying or touring our community.”

By leveraging OpenHouse.ai’s advanced technology, Mayberry is setting new standards for convenience and efficiency, making finding, designing, and buying that new dream home even easier. 

 

About Mayberry, Colorado:

Drawing inspiration from the walkable towns of yesteryears and the rich heritage of early Colorado Springs, Mayberry is set to redefine the “Hometown USA” ideal. With tree-lined boulevards and a pedestrian-centric town center, Mayberry harmoniously blends modern living with nostalgic charm. Here, you can live, work, and play with purpose. Spanning over 110 acres, its trails, parks, playgrounds, and open spaces are crafted to offer leisure just a few steps away from one’s doorstep.

About OpenHouse.ai:

OpenHouse.ai’s Builder Intelligence Platform empowers homebuilders with real-time analytics, facilitating data-driven decisions. The platform has catered to over 2.85 million unique buyers, listing and selling over five thousand homes across major US and Canadian cities, covering 24 Metropolitan Statistical Areas (MSA). Compared to the standard contact conversion rate of 0.5%, OpenHouse.ai-driven personalization boasts a rate of 1.5% to 2.3%. Collaborating with our OSC partners and leveraging an AI-powered quiz can expedite sales by up to 30 days.

Beyond the Basics: 7 Innovative Apps to Help Scale Your Business

Modern businesses must constantly innovate to stay ahead of the curve. The right technological tools can mean the difference between growth and stagnation. As an experienced voice in the business and tech community, I’ve witnessed the transformative power of apps in scaling operations, enriching customer interactions and refining management processes.

From fostering seamless communication to leveraging the prowess of artificial intelligence, the app ecosystem is a treasure trove for businesses aiming to broaden their horizons. In this exploration, we’ll dive into a handpicked selection of innovative apps that promise to elevate your business to new heights. Let’s embark on this digital odyssey together and unlock the potential that these technological marvels hold.

READ: AI for Customer Service — 5 Easy Ways to Help Your Customers

Comprehensive communication tools

In the realm of communication, businesses thrive on clarity and immediacy. Apps like Slack and Microsoft Teams have revolutionized how we connect with our teams and clients. These platforms offer a robust suite of features including instant messaging, file sharing and integration with numerous productivity tools, ensuring that your communication is as seamless as your workflow.

By adopting these comprehensive communication tools, you’re not just fostering a collaborative environment, but also streamlining your processes for efficiency that scales.

READ: 5 Tips for Building a Strong Company Culture in a Hybrid Work Environment

Marketing automation and customer engagement apps

Engaging with customers and automating marketing processes has never been easier, thanks to apps like HubSpot and Mailchimp. These platforms are powerhouses in automating marketing campaigns, managing leads, and analyzing customer interactions. They provide a wealth of data-driven insights that enable personalized experiences, which are crucial in converting leads into loyal customers. In this digital age, a strategic, data-informed approach to customer engagement is not just recommended, it’s essential.

Sign language apps for inclusive customer service

Inclusivity in business is not just a moral imperative; it’s a competitive advantage. Thankfully, there are some excellent courses and free apps to learn sign language on the market that can help your customer service team facilitate communication with the deaf and hard-of-hearing community.

This expansion of your customer base showcases your brand as one that values accessibility and inclusivity. By leveraging these free resources, businesses can break down communication barriers, reflect a commitment to diversity and open up to untapped market segments, all while fostering a positive brand image.

READ: Marketing with Accessible Content — Utilizing User Experience to Build an Effective Campaign

Operational efficiency through management apps

Operational efficiency is the backbone of any scaling business. Project management apps such as Asana and Trello offer a bird’s-eye view of your business’s operations with real-time updates and task management features. They help eliminate bottlenecks in workflows and ensure that your team is focused on what they do best. Embracing these tools can significantly reduce operational overhead and propel productivity to new levels.

Financial management and budgeting apps

Financial clarity is critical in business decision-making. Apps like QuickBooks and FreshBooks have simplified financial management with user-friendly interfaces for tracking expenses, managing invoices and budgeting. They provide comprehensive financial reports that help in forecasting and making informed budgetary decisions. Integrating these financial management apps can offer you peace of mind and a clear financial trajectory for your business, helping your business to stay agile in its financial operations .

Leveraging AI for business growth

Artificial Intelligence is no longer the future; it’s the present.

AI-driven apps like Zendesk and Drift use sophisticated algorithms to enhance customer service, predict market trends and personalize customer interactions. They are capable of processing vast amounts of data to offer insights that human analysis could miss. AI apps can transform your customer service from reactive to proactive, anticipating customer needs before they even arise.

READ: Artificial Intelligence for Social Good — Transforming Global Challenges with Innovative Solutions

Sustainability and green apps

Sustainability is a pressing global concern, and green apps provide a pathway for businesses to contribute positively. Apps like JouleBug and Oroeco help businesses track and reduce their carbon footprint, aligning operations with eco-friendly practices. This not only helps the planet but also resonates with the growing demographic of environmentally conscious consumers, bolstering your brand’s reputation and customer loyalty.

The bottom line

In the digital dance of business growth, these apps are the rhythm to which forward-thinking companies move. They are not mere tools but partners in your journey towards expansion and success. As we’ve seen, whether it’s through enhancing communication, streamlining operations or embracing inclusivity, each app offers a unique contribution to the growth of your business.

We encourage you to not just consider these apps but to integrate them into your business model. In doing so, you prepare your venture for a future where scale and reach are limited only by imagination. Let’s harness these digital solutions and pave the way for a future that’s efficient, inclusive, and sustainable.

 

Stefan Cvetkovic HeadshotStefan Cvetkovic is a seasoned content creator, link-building specialist and team lead, and a young startup leaders who is always on top of all innovations in the world of technology, marketing, and SaaS. Used to wearing many hats, his experience extends to both technical and people roles – from creating growth marketing strategies to project management.