Gefen’s AI tech has already rocked insurance and finance, now it’s opening new sectors from pharma to real estate
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Gefen’s AI tech can be applied across multiple industries, potentially leading the way to a scale up revenue growth.
Artificial intelligence (AI) is becoming more integrated with our everyday life, and has reshaped industries across the world.
From e-commerce to automotive, and advertising to finance – AI is gradually transforming the societies that we live in.
Across the financial services sector – most notably in insurance – AI technology has helped insurers to assess risk and detect fraud, and reduce human error in the application process.
ASX-listed Gefen International (ASX:GFN), has more than embraced AI, developing in its own proprietary AI technology, a decision made ahead of the curve which has allowed the company to position itself at the forefront of the digital revolution within the global insurance (and financial) sector.
The company says its in-house engine can be scaled across multiple industries, with its application almost certainly opening up new verticals which will lead Gefen to ramp up its revenue growth.
Gefen’s proprietary AI engine is called the GQL, or the Genetic Qualitative Learner.
“We built this engine to act like a human gene, where the DNA keeps giving the whole body information on how to evolve stronger,” said Orni Daniel, Gefen’s CEO.
Daniel explained that based on a customer’s information such as age, salary or interests, the GQL could predict with a certain amount of probability what other insurance products the customer may need.
“A lot of information and parameters out there are beyond a human person to digest, and we’re not able to fit them to an end result,” Daniel told Stockhead.
“So we built GQL to analyse a huge amount of data and produce an output where you and I as humans are not able to see.”
Daniel explained that AI engines work by continuously collecting and analysing new data.
“The more input we have, the smarter outputs we get,” he says.
“If the technology produces an output with less than 50% probability, that output won’t be shown to the insurance agents and we won’t offer the customer a new product,” Daniel said.
“But if the end result or output has more than 80% or 90% probability, then we could show it to the advisers who could then use it to offer the clients new products such as a new health or car insurance.”
Daniel explained that a similar engine has been used extensively by major companies like Amazon.
The Amazon platform shows users a personalised “Things you may like” suggestion, and this has been responsible for driving 30% to 40% more sales on the site.
This, Daniel said, provides a great example of how Gefen’s technology could be used across multiple industries beyond insurance and finance.
At the moment, Gefen’s platform is focusing solely on the insurance and finance industries.
In short, Gefen provides a highly compliant platform that advisors can leverage – tools such as messaging and sales & marketing which would otherwise not have been available.
It effectively provides a distribution network of tools every insurance / financial advisor needs to personalise their service to clients, without the clients having to become experts.
“At the moment, around 60% of household income is spent on insurance and finance, so that’s a huge market already for us,” Daniel said.
“So the question now is, how could AI capture this market and help agents to sell more offerings to the same household or customer?”
“And beyond that, how could it be used in other industries?”
Daniel explained that Gefen’s GQL AI technology was built as a generic platform, which means that it could be easily used in other sectors outside of insurance and finance.
He revealed that Gefen is targeting sectors in industries where human advice is of central necessity.
That means industries where the products are complex and transactions are not completed in two clicks.
“You don’t get a mortgage or invest into a hedge fund in two clicks,” Daniel said.
Other industries that could be targeted include pharmaceutical, automotive, or even real estate.
“It’s all about empowering the agents in those industries with our AI technology,” he added.
“Those agents may not have the ability to understand technology, and they may not have the time. Sometimes, they may even need to comply with regulations,” Daniel said.
“Our platform could solve all these problems for them, without the advisor having to learn anything new.”
This article was developed in collaboration with Gefen International, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.