Tag Archives: LED

#433770 Will Tech Make Insurance Obsolete in the ...

We profit from it, we fear it, and we find it impossibly hard to quantify: risk.

While not the sexiest of industries, insurance can be a life-saving protector, pooling everyone’s premiums to safeguard against some of our greatest, most unexpected losses.

One of the most profitable in the world, the insurance industry exceeded $1.2 trillion in annual revenue since 2011 in the US alone.

But risk is becoming predictable. And insurance is getting disrupted fast.

By 2025, we’ll be living in a trillion-sensor economy. And as we enter a world where everything is measured all the time, we’ll start to transition from protecting against damages to preventing them in the first place.

But what happens to health insurance when Big Brother is always watching? Do rates go up when you sneak a cigarette? Do they go down when you eat your vegetables?

And what happens to auto insurance when most cars are autonomous? Or life insurance when the human lifespan doubles?

For that matter, what happens to insurance brokers when blockchain makes them irrelevant?

In this article, I’ll be discussing four key transformations:

Sensors and AI replacing your traditional broker
Blockchain
The ecosystem approach
IoT and insurance connectivity

Let’s dive in.

AI and the Trillion-Sensor Economy
As sensors continue to proliferate across every context—from smart infrastructure to millions of connected home devices to medicine—smart environments will allow us to ask any question, anytime, anywhere.

And as I often explain, once your AI has access to this treasure trove of ubiquitous sensor data in real time, it will be the quality of your questions that make or break your business.

But perhaps the most exciting insurance application of AI’s convergence with sensors is in healthcare. Tremendous advances in genetic screening are empowering us with predictive knowledge about our long-term health risks.

Leading the charge in genome sequencing, Illumina predicts that in a matter of years, decoding the full human genome will drop to $100, taking merely one hour to complete. Other companies are racing to get you sequences faster and cheaper.

Adopting an ecosystem approach, incumbent insurers and insurtech firms will soon be able to collaborate to provide risk-minimizing services in the health sector. Using sensor data and AI-driven personalized recommendations, insurance partnerships could keep consumers healthy, dramatically reducing the cost of healthcare.

Some fear that information asymmetry will allow consumers to learn of their health risks and leave insurers in the dark. However, both parties could benefit if insurers become part of the screening process.

A remarkable example of this is Gilad Meiri’s company, Neura AI. Aiming to predict health patterns, Neura has developed machine learning algorithms that analyze data from all of a user’s connected devices (sometimes from up to 54 apps!).

Neura predicts a user’s behavior and draws staggering insights about consumers’ health risks. Meiri soon began selling his personal risk assessment tool to insurers, who could then help insured customers mitigate long-term health risks.

But artificial intelligence will impact far more than just health insurance.

In October of 2016, a claim was submitted to Lemonade, the world’s first peer-to-peer insurance company. Rather than being processed by a human, every step in this claim resolution chain—from initial triage through fraud mitigation through final payment—was handled by an AI.

This transaction marks the first time an AI has processed an insurance claim. And it won’t be the last. A traditional human-processed claim takes 40 days to pay out. In Lemonade’s case, payment was transferred within three seconds.

However, Lemonade’s achievement only marks a starting point. Over the course of the next decade, nearly every facet of the insurance industry will undergo a similarly massive transformation.

New business models like peer-to-peer insurance are replacing traditional brokerage relationships, while AI and blockchain pairings significantly reduce the layers of bureaucracy required (with each layer getting a cut) for traditional insurance.

Consider Juniper, a startup that scrapes social media to build your risk assessment, subsequently asking you 12 questions via an iPhone app. Geared with advanced analytics, the platform can generate a million-dollar life insurance policy, approved in less than five minutes.

But what’s keeping all your data from unwanted hands?

Blockchain Building Trust
Current distrust in centralized financial services has led to staggering rates of underinsurance. Add to this fear of poor data and privacy protection, particularly in the wake of 2017’s widespread cybercriminal hacks.

Enabling secure storage and transfer of personal data, blockchain holds remarkable promise against the fraudulent activity that often plagues insurance firms.

The centralized model of insurance companies and other organizations is becoming redundant. Developing blockchain-based solutions for capital markets, Symbiont develops smart contracts to execute payments with little to no human involvement.

But distributed ledger technology (DLT) is enabling far more than just smart contracts.

Also targeting insurance is Tradle, leveraging blockchain for its proclaimed goal of “building a trust provisioning network.” Built around “know-your-customer” (KYC) data, Tradle aims to verify KYC data so that it can be securely forwarded to other firms without any further verification.

By requiring a certain number of parties to reuse pre-verified data, the platform makes your data much less vulnerable to hacking and allows you to keep it on a personal device. Only its verification—let’s say of a transaction or medical exam—is registered in the blockchain.

As insurance data grow increasingly decentralized, key insurance players will experience more and more pressure to adopt an ecosystem approach.

The Ecosystem Approach
Just as exponential technologies converge to provide new services, exponential businesses must combine the strengths of different sectors to expand traditional product lines.

By partnering with platform-based insurtech firms, forward-thinking insurers will no longer serve only as reactive policy-providers, but provide risk-mitigating services as well.

Especially as digital technologies demonetize security services—think autonomous vehicles—insurers must create new value chains and span more product categories.

For instance, France’s multinational AXA recently partnered with Alibaba and Ant Financial Services to sell a varied range of insurance products on Alibaba’s global e-commerce platform at the click of a button.

Building another ecosystem, Alibaba has also collaborated with Ping An Insurance and Tencent to create ZhongAn Online Property and Casualty Insurance—China’s first internet-only insurer, offering over 300 products. Now with a multibillion-dollar valuation, Zhong An has generated about half its business from selling shipping return insurance to Alibaba consumers.

But it doesn’t stop there. Insurers that participate in digital ecosystems can now sell risk-mitigating services that prevent damage before it occurs.

Imagine a corporate manufacturer whose sensors collect data on environmental factors affecting crop yield in an agricultural community. With the backing of investors and advanced risk analytics, such a manufacturer could sell crop insurance to farmers. By implementing an automated, AI-driven UI, they could automatically make payments when sensors detect weather damage to crops.

Now let’s apply this concept to your house, your car, your health insurance.

What’s stopping insurers from partnering with third-party IoT platforms to predict fires, collisions, chronic heart disease—and then empowering the consumer with preventive services?

This brings us to the powerful field of IoT.

Internet of Things and Insurance Connectivity
Leap ahead a few years. With a centralized hub like Echo, your smart home protects itself with a network of sensors. While gone, you’ve left on a gas burner and your internet-connected stove notifies you via a home app.

Better yet, home sensors monitoring heat and humidity levels run this data through an AI, which then remotely controls heating, humidity levels, and other connected devices based on historical data patterns and fire risk factors.

Several firms are already working toward this reality.

AXA plans to one day cooperate with a centralized home hub whereby remote monitoring will collect data for future analysis and detect abnormalities.

With remote monitoring and app-centralized control for users, MonAXA is aimed at customizing insurance bundles. These would reflect exact security features embedded in smart homes.

Wouldn’t you prefer not to have to rely on insurance after a burglary? With digital ecosystems, insurers may soon prevent break-ins from the start.

By gathering sensor data from third parties on neighborhood conditions, historical theft data, suspicious activity and other risk factors, an insurtech firm might automatically put your smart home on high alert, activating alarms and specialized locks in advance of an attack.

Insurance policy premiums are predicted to vastly reduce with lessened likelihood of insured losses. But insurers moving into preventive insurtech will likely turn a profit from other areas of their business. PricewaterhouseCoopers predicts that the connected home market will reach $149 billion USD by 2020.

Let’s look at car insurance.

Car insurance premiums are currently calculated according to the driver and traits of the car. But as more autonomous vehicles take to the roads, not only does liability shift to manufacturers and software engineers, but the risk of collision falls dramatically.

But let’s take this a step further.

In a future of autonomous cars, you will no longer own your car, instead subscribing to Transport as a Service (TaaS) and giving up the purchase of automotive insurance altogether.

This paradigm shift has already begun with Waymo, which automatically provides passengers with insurance every time they step into a Waymo vehicle.

And with the rise of smart traffic systems, sensor-embedded roads, and skyrocketing autonomous vehicle technology, the risks involved in transit only continue to plummet.

Final Thoughts
Insurtech firms are hitting the market fast. IoT, autonomous vehicles and genetic screening are rapidly making us invulnerable to risk. And AI-driven services are quickly pushing conventional insurers out of the market.

By 2024, roll-out of 5G on the ground, as well as OneWeb and Starlink in orbit are bringing 4.2 billion new consumers to the web—most of whom will need insurance. Yet, because of the changes afoot in the industry, none of them will buy policies from a human broker.

While today’s largest insurance companies continue to ignore this fact at their peril (and this segment of the market), thousands of entrepreneurs see it more clearly: as one of the largest opportunities ahead.

Join Me
Abundance-Digital Online Community: I’ve created a Digital/Online community of bold, abundance-minded entrepreneurs called Abundance-Digital. Abundance-Digital is my ‘onramp’ for exponential entrepreneurs – those who want to get involved and play at a higher level. Click here to learn more.

Image Credit: 24Novembers / Shutterstock.com Continue reading

Posted in Human Robots

#433754 This Robotic Warehouse Fills Orders in ...

Shopping is becoming less and less of a consumer experience—or, for many, less of a chore—as the list of things that can be bought online and delivered to our homes grows to include, well, almost anything you can think of. An Israeli startup is working to make shopping and deliveries even faster and cheaper—and they’re succeeding.

Last week, CommonSense Robotics announced the launch of its first autonomous micro-fulfillment center in Tel Aviv. The company claims the facility is the smallest of its type in the world at 6,000 square feet. For comparison’s sake—most fulfillment hubs that incorporate robotics are at least 120,000 square feet. Amazon’s upcoming facility in Bessemer, Alabama will be a massive 855,000 square feet.

The thing about a building whose square footage is in the hundred-thousands is, you can fit a lot of stuff inside it, but there aren’t many places you can fit the building itself, especially not in major urban areas. So most fulfillment centers are outside cities, which means more time and more money to get your Moroccan oil shampoo, or your vegetable garden starter kit, or your 100-pack of organic protein bars from that fulfillment center to your front door.

CommonSense Robotics built the Tel Aviv center in an area that was previously thought too small for warehouse infrastructure. “In order to fit our site into small, tight urban spaces, we’ve designed every single element of it to optimize for space efficiency,” said Avital Sterngold, VP of operations. Using a robotic sorting system that includes hundreds of robots, plus AI software that assigns them specific tasks, the facility can prepare orders in less than five minutes end-to-end.

It’s not all automated, though—there’s still some human labor in the mix. The robots fetch goods and bring them to a team of people, who then pack the individual orders.

CommonSense raised $20 million this year in a funding round led by Palo Alto-based Playground Global. The company hopes to expand its operations to the US and UK in 2019. Its business model is to charge retailers a fee for each order fulfilled, while maintaining ownership and operation of the fulfillment centers. The first retailers to jump on the bandwagon were Super-Pharm, a drugstore chain, and Rami Levy, a retail supermarket chain.

“Staying competitive in today’s market is anchored by delivering orders quickly and determining how to fulfill and deliver orders efficiently, which are always the most complex aspects of any ecommerce operation. With robotics, we will be able to fulfill and deliver orders in under one hour, all while saving costs on said fulfillment and delivery,” said Super-Pharm VP Yossi Cohen. “Before CommonSense Robotics, we offered our customers next-day home delivery. With this partnership, we are now able to offer our customers same-day delivery and will very soon be offering them one-hour delivery.”

Long live the instant gratification economy—and the increasingly sophisticated technology that’s enabling it.

Image Credit: SasinTipchai / Shutterstock.com Continue reading

Posted in Human Robots

#433634 This Robotic Skin Makes Inanimate ...

In Goethe’s poem “The Sorcerer’s Apprentice,” made world-famous by its adaptation in Disney’s Fantasia, a lazy apprentice, left to fetch water, uses magic to bewitch a broom into performing his chores for him. Now, new research from Yale has opened up the possibility of being able to animate—and automate—household objects by fitting them with a robotic skin.

Yale’s Soft Robotics lab, the Faboratory, is led by Professor Rebecca Kramer-Bottiglio, and has long investigated the possibilities associated with new kinds of manufacturing. While the typical image of a robot is hard, cold steel and rigid movements, soft robotics aims to create something more flexible and versatile. After all, the human body is made up of soft, flexible surfaces, and the world is designed for us. Soft, deformable robots could change shape to adapt to different tasks.

When designing a robot, key components are the robot’s sensors, which allow it to perceive its environment, and its actuators, the electrical or pneumatic motors that allow the robot to move and interact with its environment.

Consider your hand, which has temperature and pressure sensors, but also muscles as actuators. The omni-skins, as the Science Robotics paper dubs them, combine sensors and actuators, embedding them into an elastic sheet. The robotic skins are moved by pneumatic actuators or memory alloy that can bounce back into shape. If this is then wrapped around a soft, deformable object, moving the skin with the actuators can allow the object to crawl along a surface.

The key to the design here is flexibility: rather than adding chips, sensors, and motors into every household object to turn them into individual automatons, the same skin can be used for many purposes. “We can take the skins and wrap them around one object to perform a task—locomotion, for example—and then take them off and put them on a different object to perform a different task, such as grasping and moving an object,” said Kramer-Bottiglio. “We can then take those same skins off that object and put them on a shirt to make an active wearable device.”

The task is then to dream up applications for the omni-skins. Initially, you might imagine demanding a stuffed toy to fetch the remote control for you, or animating a sponge to wipe down kitchen surfaces—but this is just the beginning. The scientists attached the skins to a soft tube and camera, creating a worm-like robot that could compress itself and crawl into small spaces for rescue missions. The same skins could then be worn by a person to sense their posture. One could easily imagine this being adapted into a soft exoskeleton for medical or industrial purposes: for example, helping with rehabilitation after an accident or injury.

The initial motivating factor for creating the robots was in an environment where space and weight are at a premium, and humans are forced to improvise with whatever’s at hand: outer space. Kramer-Bottoglio originally began the work after NASA called out for soft robotics systems for use by astronauts. Instead of wasting valuable rocket payload by sending up a heavy metal droid like ATLAS to fetch items or perform repairs, soft robotic skins with modular sensors could be adapted for a range of different uses spontaneously.

By reassembling components in the soft robotic skin, a crumpled ball of paper could provide the chassis for a robot that performs repairs on the spaceship, or explores the lunar surface. The dynamic compression provided by the robotic skin could be used for g-suits to protect astronauts when they rapidly accelerate or decelerate.

“One of the main things I considered was the importance of multi-functionality, especially for deep space exploration where the environment is unpredictable. The question is: How do you prepare for the unknown unknowns? … Given the design-on-the-fly nature of this approach, it’s unlikely that a robot created using robotic skins will perform any one task optimally,” Kramer-Bottiglio said. “However, the goal is not optimization, but rather diversity of applications.”

There are still problems to resolve. Many of the videos of the skins indicate that they can rely on an external power supply. Creating new, smaller batteries that can power wearable devices has been a focus of cutting-edge materials science research for some time. Much of the lab’s expertise is in creating flexible, stretchable electronics that can be deformed by the actuators without breaking the circuitry. In the future, the team hopes to work on streamlining the production process; if the components could be 3D printed, then the skins could be created when needed.

In addition, robotic hardware that’s capable of performing an impressive range of precise motions is quite an advanced technology. The software to control those robots, and enable them to perform a variety of tasks, is quite another challenge. With soft robots, it can become even more complex to design that control software, because the body itself can change shape and deform as the robot moves. The same set of programmed motions, then, can produce different results depending on the environment.

“Let’s say I have a soft robot with four legs that crawls along the ground, and I make it walk up a hard slope,” Dr. David Howard, who works on robotics at CSIRO in Australia, explained to ABC.

“If I make that slope out of gravel and I give it the same control commands, the actual body is going to deform in a different way, and I’m not necessarily going to know what that is.”

Despite these and other challenges, research like that at the Faboratory still hopes to redefine how we think of robots and robotics. Instead of a robot that imitates a human and manipulates objects, the objects themselves will become programmable matter, capable of moving autonomously and carrying out a range of tasks. Futurists speculate about a world where most objects are automated to some degree and can assemble and repair themselves, or are even built entirely of tiny robots.

The tale of the Sorcerer’s Apprentice was first written in 1797, at the dawn of the industrial revolution, over a century before the word “robot” was even coined. Yet more and more roboticists aim to prove Arthur C Clarke’s maxim: any sufficiently advanced technology is indistinguishable from magic.

Image Credit: Joran Booth, The Faboratory Continue reading

Posted in Human Robots

#433270 Robots as tools and partners in ...

In future decades, the need for effective strategies for medical rehabilitation will increase significantly, because patients' rate of survival after diseases with severe functional deficits, such as a stroke, will increase. Socially assistive robots (SARs) are already being used in rehabilitation for this reason. In the journal Science Robotics, a research team led by neuroscientist Dr. Philipp Kellmeyer of the Freiburg University Medical Center and Prof. Dr. Oliver Müller from the Department of Philosophy of the University of Freiburg, analyzes the improvements necessary to make SARs valuable and trustworthy assistants for medical therapies. Continue reading

Posted in Human Robots

#432893 These 4 Tech Trends Are Driving Us ...

From a first-principles perspective, the task of feeding eight billion people boils down to converting energy from the sun into chemical energy in our bodies.

Traditionally, solar energy is converted by photosynthesis into carbohydrates in plants (i.e., biomass), which are either eaten by the vegans amongst us, or fed to animals, for those with a carnivorous preference.

Today, the process of feeding humanity is extremely inefficient.

If we could radically reinvent what we eat, and how we create that food, what might you imagine that “future of food” would look like?

In this post we’ll cover:

Vertical farms
CRISPR engineered foods
The alt-protein revolution
Farmer 3.0

Let’s dive in.

Vertical Farming
Where we grow our food…

The average American meal travels over 1,500 miles from farm to table. Wine from France, beef from Texas, potatoes from Idaho.

Imagine instead growing all of your food in a 50-story tall vertical farm in downtown LA or off-shore on the Great Lakes where the travel distance is no longer 1,500 miles but 50 miles.

Delocalized farming will minimize travel costs at the same time that it maximizes freshness.

Perhaps more importantly, vertical farming also allows tomorrow’s farmer the ability to control the exact conditions of her plants year round.

Rather than allowing the vagaries of the weather and soil conditions to dictate crop quality and yield, we can now perfectly control the growing cycle.

LED lighting provides the crops with the maximum amount of light, at the perfect frequency, 24 hours a day, 7 days a week.

At the same time, sensors and robots provide the root system the exact pH and micronutrients required, while fine-tuning the temperature of the farm.

Such precision farming can generate yields that are 200% to 400% above normal.

Next let’s explore how we can precision-engineer the genetic properties of the plant itself.

CRISPR and Genetically Engineered Foods
What food do we grow?

A fundamental shift is occurring in our relationship with agriculture. We are going from evolution by natural selection (Darwinism) to evolution by human direction.

CRISPR (the cutting edge gene editing tool) is providing a pathway for plant breeding that is more predictable, faster and less expensive than traditional breeding methods.

Rather than our crops being subject to nature’s random, environmental whim, CRISPR unlocks our capability to modify our crops to match the available environment.

Further, using CRISPR we will be able to optimize the nutrient density of our crops, enhancing their value and volume.

CRISPR may also hold the key to eliminating common allergens from crops. As we identify the allergen gene in peanuts, for instance, we can use CRISPR to silence that gene, making the crops we raise safer for and more accessible to a rapidly growing population.

Yet another application is our ability to make plants resistant to infection or more resistant to drought or cold.

Helping to accelerate the impact of CRISPR, the USDA recently announced that genetically engineered crops will not be regulated—providing an opening for entrepreneurs to capitalize on the opportunities for optimization CRISPR enables.

CRISPR applications in agriculture are an opportunity to help a billion people and become a billionaire in the process.

Protecting crops against volatile environments, combating crop diseases and increasing nutrient values, CRISPR is a promising tool to help feed the world’s rising population.

The Alt-Protein/Lab-Grown Meat Revolution
Something like a third of the Earth’s arable land is used for raising livestock—a massive amount of land—and global demand for meat is predicted to double in the coming decade.

Today, we must grow an entire cow—all bones, skin, and internals included—to produce a steak.

Imagine if we could instead start with a single muscle stem cell and only grow the steak, without needing the rest of the cow? Think of it as cellular agriculture.

Imagine returning millions, perhaps billions, of acres of grazing land back to the wilderness? This is the promise of lab-grown meats.

Lab-grown meat can also be engineered (using technology like CRISPR) to be packed with nutrients and be the healthiest, most delicious protein possible.

We’re watching this technology develop in real time. Several startups across the globe are already working to bring artificial meats to the food industry.

JUST, Inc. (previously Hampton Creek) run by my friend Josh Tetrick, has been on a mission to build a food system where everyone can get and afford delicious, nutritious food. They started by exploring 300,000+ species of plants all around the world to see how they can make food better and now are investing heavily in stem-cell-grown meats.

Backed by Richard Branson and Bill Gates, Memphis Meats is working on ways to produce real meat from animal cells, rather than whole animals. So far, they have produced beef, chicken, and duck using cultured cells from living animals.

As with vertical farming, transitioning production of our majority protein source to a carefully cultivated environment allows for agriculture to optimize inputs (water, soil, energy, land footprint), nutrients and, importantly, taste.

Farmer 3.0
Vertical farming and cellular agriculture are reinventing how we think about our food supply chain and what food we produce.

The next question to answer is who will be producing the food?

Let’s look back at how farming evolved through history.

Farmers 0.0 (Neolithic Revolution, around 9000 BCE): The hunter-gatherer to agriculture transition gains momentum, and humans cultivated the ability to domesticate plants for food production.

Farmers 1.0 (until around the 19th century): Farmers spent all day in the field performing backbreaking labor, and agriculture accounted for most jobs.

Farmers 2.0 (mid-20th century, Green Revolution): From the invention of the first farm tractor in 1812 through today, transformative mechanical biochemical technologies (fertilizer) boosted yields and made the job of farming easier, driving the US farm job rate down to less than two percent today.

Farmers 3.0: In the near future, farmers will leverage exponential technologies (e.g., AI, networks, sensors, robotics, drones), CRISPR and genetic engineering, and new business models to solve the world’s greatest food challenges and efficiently feed the eight-billion-plus people on Earth.

An important driver of the Farmer 3.0 evolution is the delocalization of agriculture driven by vertical and urban farms. Vertical farms and urban agriculture are empowering a new breed of agriculture entrepreneurs.

Let’s take a look at an innovative incubator in Brooklyn, New York called Square Roots.

Ten farm-in-a-shipping-containers in a Brooklyn parking lot represent the first Square Roots campus. Each 8-foot x 8.5-foot x 20-foot shipping container contains an equivalent of 2 acres of produce and can yield more than 50 pounds of produce each week.

For 13 months, one cohort of next-generation food entrepreneurs takes part in a curriculum with foundations in farming, business, community and leadership.

The urban farming incubator raised a $5.4 million seed funding round in August 2017.

Training a new breed of entrepreneurs to apply exponential technology to growing food is essential to the future of farming.

One of our massive transformative purposes at the Abundance Group is to empower entrepreneurs to generate extraordinary wealth while creating a world of abundance. Vertical farms and cellular agriculture are key elements enabling the next generation of food and agriculture entrepreneurs.

Conclusion
Technology is driving food abundance.

We’re already seeing food become demonetized, as the graph below shows.

From 1960 to 2014, the percent of income spent on food in the U.S. fell from 19 percent to under 10 percent of total disposable income—a dramatic decrease over the 40 percent of household income spent on food in 1900.

The dropping percent of per-capita disposable income spent on food. Source: USDA, Economic Research Service, Food Expenditure Series
Ultimately, technology has enabled a massive variety of food at a significantly reduced cost and with fewer resources used for production.

We’re increasingly going to optimize and fortify the food supply chain to achieve more reliable, predictable, and nutritious ways to obtain basic sustenance.

And that means a world with abundant, nutritious, and inexpensive food for every man, woman, and child.

What an extraordinary time to be alive.

Join Me
Abundance-Digital Online Community: I’ve created a Digital/Online community of bold, abundance-minded entrepreneurs called Abundance-Digital.

Abundance-Digital is my ‘onramp’ for exponential entrepreneurs—those who want to get involved and play at a higher level. Click here to learn more.

Image Credit: Nejron Photo / Shutterstock.com Continue reading

Posted in Human Robots