With this investment, SoftBank Group and Tractable are poised to reshape the future of insurance through the power of artificial intelligence.
In a significant move that highlights the growing impact of artificial intelligence (AI) in the insurance industry, SoftBank Group Corp. (TYO:9984) recently invest $65 million in the British company Tractable Ltd.
The investment from SoftBank Group, a world-renowned technology group, underscores the growing importance of AI in the insurance sector. Tractable, an insurance technology company, specializes in leveraging artificial intelligence to assess insurance claims through image analysis.
Tractable has gained prominence in recent years by inventing sophisticated AI algorithms that can scan images of damaged vehicles and quantify the damage. With this latest investment, Tractable aims to further enhance its AI capabilities and expand its reach in the insurance industry.
The infusion of significant financing from SoftBank Group will enable Tractable to accelerate its research and development efforts, improve algorithms, and scale its operations globally.
The partnership between SoftBank Group and Tractable heralds the future of insurance. As AI continues to advance, Tractable’s technology can be expanded to assess claims in other areas, such as property damage, personal injury, and more.
The ability to quickly and accurately analyze visual data has the potential to revolutionize the entire insurance industry, enabling insurers to better manage risk, reduce fraud, and enhance customer satisfaction. With this investment, SoftBank Group and Tractable are poised to reshape the future of insurance through the power of artificial intelligence.
SoftBank is accelerating its AI strategy beyond its traceability
In a strategic move in line with its commitment to harnessing the potential of artificial intelligence, SoftBank Group has announced its shift to “Attack Mode”. The decision comes as artificial intelligence continues to attract the attention of global investors.
SoftBank CEO Masayoshi Son said the bank aims to harness the transformative power of artificial intelligence to drive growth and recovery after suffering significant losses in the investment arm of Vision Fund. The Vision Fund, which faced major setbacks, forced the SoftBank Group to re-evaluate its investment strategies. As part of this recovery process, the group has reduced the amount of new investments.
However, with the rise of artificial intelligence and its increasing impact on various industries, SoftBank is now aware of the huge potential and intends to seize the opportunities offered by this technology.
SoftBank Group’s renewed focus on artificial intelligence stems from the belief that this technology has the potential to revolutionize many industries, including finance, healthcare, manufacturing, and transportation. By investing in AI-driven companies such as Tractable, SoftBank aims to play a significant role in shaping the future of these industries while generating great returns for its investors.
Besides investing in software AI companies, Softbank also has a more diversified agenda. Arm Lt, a subsidiary of the company is also collaborating with manufacturing partners to increase semiconductor production. Accordingly, Arm announced a strategic agreement with Intel Foundry Services (IFS) to enable chip designers to build low-power compute system-on-chips (SoCs) on Intel 18A technology.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-world applications of blockchain technology and innovations to drive public acceptance and global integration of the emerging technology. His desires to educate people about cryptocurrencies have inspired his contributions to popular blockchain-based media and websites. Benjamin Godfrey is a fan of sports and farming.