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CredoLab extends smartphone-based scoring to insurers

Vlad Poptamas

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CredoLab, a developer of smartphone-based digital scorecards for banks and non-bank financial institutions, is expanding into insurance credit scoring by making its smartphone credit scoring solution available to insurers and personal finance comparative websites worldwide.

Launched today, CredoInsure is an extension of the company’s current smartphone behaviour-driven credit scoring solution for banks, consumer finance companies, digital lenders, auto lenders and retailers. CredoInsure helps insurers analyse the creditworthiness of a customer in less than 30 seconds through a set of solutions that come in the form of a standalone white label solution, an API or as an additional characteristic in the client’s existing pricing engine. CredoInsure is targeted at insurers facing increasing customer acquisition costs, low persistency, and high number of lapsed premiums.

Peter Barcak, co-founder and CEO of CredoLab, said, “We see tremendous potential in using AI to help the insurance industry through smartphone behavioural data that can predict consumer repayment behaviour. Our technology helps insurers increase their product profitability in year one while also improving the number of paying customers over a longer period of time. We will also work with personal finance comparative websites that serve as platforms in pre-selecting and pre-qualifying leads for their insurance partners.”

CredoLab’s expansion into insurance scoring marks an organic move by the company into markets that remain significantly under-penetrated at around 2%, significantly below the global average penetration rate of 3.5%[1]. The company’s move into this space underscores an expanding middle class in need of personal, life and travel insurance products as their incomes rise and standards of living improve.

Currently operating across 15 markets worldwide, CredoLab will target the personal, life and travel insurance space in its existing Asian emerging markets of VietnamIndonesiaPhilippines and India. Last year CredoLab partnered with Singapore-based personal finance comparison website GoBear to extend its reach to the underbanked market in Southeast Asia through its Easy Apply smartphone app; allowing banks, financial institutions and lenders to extend personal loans, credit cards and insurance products via non-traditional smartphone-based credit scoring.

CredoInsure analyses over 500,000 features from a user’s smartphone, working in harmony with existing technology to connect the dots that traditional methods can’t. Via the use of artificial intelligence and proprietary algorithms, CredoLab turns mobile device metadata into highly predictive credit risk and anti-fraud scorecards. Users’ smartphone behaviour is tracked anonymously through their digital footprint.

 

SOURCE CredoLab

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Artificial Intelligence

Converge Technology Solutions Announces Appointment of Mr. Ralph Garcea to Board of Directors

Vlad Poptamas

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Photo source: twitter.com / @ConvergeTSC
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Converge Technology Solutions Corp. (“Converge” or “the Company“) (TSXV:CTS) (FSE:0ZB) (OTCQX: CTSDF) is pleased to announce the appointment of Ralph Garcea as an independent director of the Company, effective immediately. The addition of Mr. Garcea will bring the Converge Board of Directors to a total of five individuals, four of whom are considered independent.

Mr. Garcea was a top-ranked research analyst, well regarded for his knowledge of Canadian technology, gaming and industrial companies, having received top three rankings in the past from Brendan WoodsGreenwich, Starmine, and Thomson Reuters surveys. Mr. Garcea has more than 22 years of experience in senior positions at both major and boutique investment dealers in Canada. He is the current managing partner and co-founder of Focus Merchant Group, a boutique advisory firm offering a full range of financial advisory services including strategy, mergers and acquisitions, private placements, RTO/IPO advice, valuations, fairness opinions and board of director selections.

“We are pleased to welcome Ralph Garcea to our Board of Directors, given his extensive capital markets experience in the technology sector,” stated Gordon McMillan, Chairman of the Board of Converge. “Ralph’s unique insight and experience will be instrumental as we continue to implement Converge’s strategic business plan.”

Mr. Garcea holds a Bachelors Degree (Honours) in Engineering Science (Aerospace) from the University of Toronto, and an M.B.A. (Honours) from the Schulich School of Business at York University.

 

SOURCE Converge Technology Solutions (CTS)

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Artificial Intelligence

For the Third Year in a Row, Sabio Takes Top Honor in Best Use of Mobile Technology Category at the Pollie Awards

Vlad Poptamas

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Photo source: Techiexpert.com
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Sabio, the media and technology company behind App Science®, a proprietary machine learning platform that pairs observations of consumer behavior to corresponding data that inform marketing decisions, today announced it was recognized as the Pollie Awards Best Use of Mobile Technology category winner for the third year in a row.

The Pollie Awards recognize the leaders, innovators and exceptional work within the political communications and public affairs industries.

Commenting on the win, Joe Camacho, CMO of Sabio stated, “We are thrilled to be recognized for our public affairs industry work by this prestigious award. These award wins further validates the capabilities of our App Science® technology to consistently deliver the campaign winning support that political candidates need.”

App Science® can be used to target and deliver custom ads with unique technological features that resonate with today’s voters and uses Artificial Intelligence to find the right voters and target them at the right moment with the latest creative capabilities.

For a Republican Congressional campaign, Sabio used its proprietary App Science® technology to target registered Republicans, analyze the mobile behaviors of those voters such as the types of apps they use, to identify center-right leaning registered Independents and Democrats that can potentially swing a tight election. Sabio also incorporated animation and a mobile devices touch and gyroscopic technology to create custom ads that included an election day reminder feature that added the date to their phone’s calendar.

The main goal was to reach the candidate’s most likely voters with a compelling ad that utilized the latest technologies to identify, target, persuade, and remind them about the upcoming midterm election and to get them to the polls with compelling and cost efficient media. By utilizing its proprietary App Science® technology in combination with innovative custom ads that resonated with voters, Sabio helped the campaign reach more voters with fewer dollars and contributed to the nominee’s win.

The Pollie Awards and Conference is hosted by the American Association of Political Consultants and is one of the most prized and sought-after awards in the political communications and public affairs industries. The conference and awards ceremony was held in Napa, California in early April.

 

SOURCE Sabio

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Artificial Intelligence

ParallelDots Wins the Tech4Future Grand Challenge Powered by Invest India and SoftBank Group

Vlad Poptamas

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Team ParallelDots
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ParallelDots, Inc., an artificial intelligence company, has won the Tech4Future Grand Challenge powered by the Japanese conglomerate SoftBank and Invest India. The company has received a cash prize of USD 50,000. SoftBank has also invited ParallelDots for an incubation opportunity for 2-3 months in Japan.

The Tech4Future challenge was launched in November 2018 aimed at identifying the most promising Indian startups in the domain of artificial intelligence (AI), machine learning, facial recognition and cyber security sectors. A total of 300 startups applied for the challenge. ParallelDots’ Chief Executive Officer, Angam Parashar attributes the company’s success to the strong research and development capabilities of ParallelDots which is constantly pushing the boundaries of its retail AI platform, Karna AI.

Karna AI provides an image recognition solution to CPGs and Retailers to track key shelf KPIs such as share of shelf (SOS), planogram compliance and out of stock (OOS).

Ankit Narayan Singh, CTO at ParallelDots, said, “This recognition is a testament to the immense effort put by our machine learning engineers to create SKU detection algorithm that needs just one sample image to train. Our research work has been published in top AI conferences like NIPS, ISBI and NAACL.”

ParallelDots revenue has grown 5x in the last 12 months with a global clientele spread across multiple geographies including the United StatesEuropeSoutheast Asia and India. The company has raised $2 Mn from Multipoint Capital and hopes to break even by the end of 2019.

 

SOURCE ParallelDots

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