Use of AI Expected to Disrupt the USD 5 Trillion Global Insurance Market
Leading AI company SingularityNET, whose decentralized platform lets anyone create, share, and deploy AI services at scale, has announced two strategic partnerships: with Ping An Insurance, the world’s largest and most valuable insurer and one of the world’s biggest investment and asset management companies and Nature 2.0, a community-initiative of Enexis Netbeheer, one of the biggest distribution system operators of the Netherlands.
The partnerships, announced at Token 2049, follows the launch of SingualrityNET’s BETA marketplace last month, its success aims to bring in more enterprises looking to harness the application of AI to their business models.
SingularityNET and Ping An will focus on three main areas, these include: Optical character recognition (OCR), Cross Validation (CV) and model training, where SingularityNET’s ecosystem could be applied for commercial purposes. PingAn is currently experimenting and testing application of new technologies to the following areas: AI, Blockchain and Finance.
The partnership with Nature 2.0 will enable SingularityNET’s leadership and decentralized community to co-create innovative algorithms and solutions on the recently launched SingularityNET Beta platform with Nature 2.0’s input. As part of the partnership, the SingularityNET Foundation will co-create community workshops, jointly participate in hackathons, and offer technical deep dives into the SingularityNET ecosystem led by its award-winning AI research team.
These partnerships represent a key milestone for the SingularityNET Foundation, as it fulfills the organization’s promise of bringing key ecosystem partners and buyers of AI services to its marketplace.
Dr Ben Goertzel, CEO at SingularityNET: “The scale of Ping An provides considerable opportunities to showcase the benefits of AI application. We are currently discussing how to integrate SingularityNET infrastructure with Ping An’s IT infrastructure in order to analyse the different types of data available. With our new collaboration with Enexis Netbeheer’s Nature 2.0 initiative we will apply our unique decentralized AI framework and tools together with their capabilities to work toward affordable and sustainable energy for all. Unlike the corporate tech giants, SingularityNET has an explicit goal of applying and advancing AI for the good of all humanity, and this includes leveraging its decentralized AI network to optimize the world’s AI infrastructure, not just for large corporations but for everyone”.
Mr Bai Meng, AI lead for Ping An and their commercial division: Ping An Technology and SingularityNET have reached the intention to collaborate in the field of Artificial Intelligence, possible future directions for collaboration include (but are not limited to) OCR and model training.
Jan-Peter Doomernik, Nature 2.0 Lead Architect and Sr. Business Developer at Enexis Netbeheer: “With Nature 2.0, we explore the design and creation of new types of critical infrastructure that are affordable, sustainable, and beneficial for all. AI and blockchain are crucial to those goals, especially when deployed in a manner that emphasizes abundance over profit-driven scarcity. Partnering with an industry leader like SingularityNET and sharing our results in an open-source manner will take this to the next level, developing communities of people who want to build on each other to make the world a better place.”
SingularityNET is committed to creating a decentralised open source ecosystem for AI services that ensures commercial buyers can purchase algorithms that have traditionally been the preserve of Silicon Valley giants. By democratising access to AI, SingularityNET aims to boost competition and build a more equitable, level playing field for a digital knowledge-based economy.