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How AI is Transforming Auto Insurance and Road Safety

Mistral Launches Pixtral 12B, Adobe drops new AI video products, US Senators vs. AI in journalism, Amazon invests $10.5B on AI and more!

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Everyday AI
September 11, 2024

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Today in Everyday AI
6 minute read

šŸŽ™ Daily Podcast Episode: How is AI reshaping road safety and auto insurance? We dive into the tech changing the industry with an expert. Give it a listen.

šŸ•µļøā€ā™‚ļø Fresh Finds: Taylor Swift speaks on her AI deepfakes, Salesforce drops AI agent updates, ESPNā€™s AI recap issues and merging multiple GenAI systems into one. Read on for Fresh Finds.

šŸ—ž Byte Sized Daily AI News: US Senators raise concern over AI and journalism, Mistral Launches Pixtral 12B and Amazon invests $10.5B on AI in the UK. For that and more, read on for Byte Sized News.

šŸš€ AI In 5: Hereā€™s a sleeper feature inside Perplexity thatā€™ll save you an insane amount of time. See it here

šŸ§  Learn & Leveraging AI: What happens when AI predicts an accident before it happens? Or files an auto claim for us? We break down how AI is changing the auto industry. Keep reading for that!

ā†©ļø Donā€™t miss out: Did you miss our last newsletter? We talked about OpenAI Strawberry announced, Apple Intelligence overview, 60 countries agree on AI in military. Check it here!

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How AI is Transforming Auto Insurance and Road Safety šŸš˜

AI is rewriting the rules of the road and the auto insurance industry.

What happens when AI steps in to predict accidents before they happen?

Or when claims adjust themselves?

Rohan Malhotra, Founder & CEO of Roadzen, joins us to dive into the tech thatā€™s flipping the industry on its head, and the impact itā€™s already having on road safety.

Join the conversation and ask Jordan and Rohan questions on AI and auto here.

Also on the pod today:

ā€¢ Road Safety and AI šŸ›£
ā€¢ Accident Rates and Auto Insurance šŸšØ
ā€¢ Auto Insurance Industry's Antiquated Processes šŸ“ 

Itā€™ll be worth your 33 minutes:

Listen on our site:

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Thursday, September 11th at 7:30 am CST ā¬‡ļø

Hereā€™s our favorite AI finds from across the web:

New AI Tool Spotlight ā€“ Serra helps find the best talent, Command AI provides user assistance and Genkin tracks your cash flow.

Trending in AI ā€“ Taylor Swift has put out an official endorsement for Kamala Karris in response to the fake AI images of herself supporting Donald Trump.

LLMs - There are currently efforts being made to merge separate Generative AI systems into one.

AI in Sales ā€” Salesforce has announced new Large Action Models to power AI-enabled sales agents.

AI in Sports ā€“ ESPNā€™s AI-generated sports recaps are not boding well so far.

AI in enterprise ā€” A new study from WEKA and S&P Global shows generative AI is taking the lead, with 88% of organizations exploring its potential, but scaling challenges remain.

AI Startups ā€“ AI startup Connectly, which uses AI to personalize text messages to customers, is now backed by Alibaba.

AI in the spotlight ā€” Oprah Winfrey just teased her upcoming AI special with Sam Altman, Bill Gates and others. See what she said about her special, which airs Thursday night.

AI tool updates ā€” Google updated its NotebookLM AI-powered note-taking tool and it can now talk to you.

1. U.S. Senators Raise Concerns Over AI's Threat to Journalism šŸ“°

A coalition of Democratic senators, led by Amy Klobuchar, is urging the FTC and Justice Department to investigate whether AI tools that summarize online content are undermining original journalism. In a recent letter, they highlighted how platforms like Google and Meta profit from ad revenue while creators face layoffs and consolidation in the industry.

The senators argue that these AI-generated summaries could significantly harm content creators by diverting traffic and revenue away from their work.

2. Amazon's $10.5 Billion Bet on UK Data Centers šŸ‡¬šŸ‡§

Amazon is set to invest 8 billion pounds ($10.5 billion) to build and operate data centers in the U.K. over the next five years, significantly enhancing its cloud and AI infrastructure. This expansion is projected to contribute 14 billion pounds to the U.K. GDP and create approximately 14,000 jobs annually, demonstrating Amazon's commitment to growth in the region.

With Amazon Web Services (AWS) reporting a 19% revenue increase, the company joins other tech giants like Microsoft in a collective push to spend over $1 trillion on AI in response to rising demand.

3. Mistral Launches Pixtral 12B Multimodal Model šŸš€

Mistral has officially introduced Pixtral 12B, a groundbreaking 12-billion-parameter model capable of processing both images and text. Built on their previous text model, Nemo 12B, this innovative tool can answer questions about an unlimited number of images using URLs or base64 encoding, enhancing its utility for tasks like image captioning and object counting.

Available for download on GitHub and Hugging Face, it features a paid license for commercial use while remaining free for research purposes.

4. Adobe Previews Fireflyā€™s New AI Video Tools šŸŽ„

Adobe is set to revolutionize video creation with its new generative AI tools that can convert still images into engaging video clips through the Firefly video model. This innovative feature allows users to generate short videos by simply entering text descriptions and adjusting various ā€œcamera controlsā€ for a polished look.

While each generated clip is limited to five seconds, Adobe emphasizes its commitment to copyright safety, having trained Firefly on publicly licensed content.

5. Chinaā€™s AI Surge: Rapid App Development on the Horizon šŸ‡ØšŸ‡³

Kai-Fu Lee, former head of Google China, shared insights at the AVCJ Private Equity Forum, stating that Chinese AI applications are poised to advance much faster than those in the U.S., despite LLMs lagging by six to nine months. With significant drops in training costs, Lee anticipates a wave of innovative AI apps emerging in China by early next year, potentially led by smaller startups.

Major players like Alibaba and Tencent are already making strides, with ShengShu Technologyā€™s Vidu offering advanced text-to-video capabilities.

STOP Ignoring This Perplexity Feature! Save Hours Daily.

So many people are sleeping on this ONE feature inside Perplexity thatā€™ll save you an insane amount of time.

Weā€™re showing you Perplexity Collections and how to use it.

šŸ¦¾How You Can Leverage:

We all have it. 

And we all (prolly) kinda hate it. 

Whatā€™s that thing? 

Auto insurance. 

(Dun dun dunnnn.) 

Itā€™s that archaically flow and costly requirement that many of us just blindly accept to be ā€¦. Costly and archaic. 

With advancements in AI, though, it doesnā€™t have to be that way. 

Rohan is the Founder & CEO of Roadzen, a publicly traded company and insurance technology company that uses AI to try and make the industry more affordable, faster and better. 

Rohan joined Everyday AI today to dish on whatā€™s wrong with the auto insurance industry and how AI can change all that. 

Buckle up yā€™all. 

Letā€™s dive in on what you need to know. 

(Beep beep) 

1 ā€“ Driving Skills: Your New Premium Superpower

Forget zip codes and age brackets. Rohan said AI's about to make your actual driving skills the star of the insurance show. 

These smart systems will analyze when, where, and how you drive.

Sunday cruiser or daily commuter? AI knows the difference.

Good drivers could see premiums plummet, while the lead-footed get some much-needed coaching.

The best part? 

As drivers improve, we could see fewer accidents overall. It's a win-win that might just revolutionize the industry.

Try this: 

Look into telematics or usage-based insurance programs. Letting AI ride shotgun could lead to some serious savings.

For more on this, check out this article from the Claims Journal on how companies across all sectors are using AI and automation to balance claims processing.

2 ā€“ Claims in a New York Minute šŸŽÆ

Six-week claim processing?

Naaaaaah shorties. Thatā€™s so 1980s.

 Not in Rohan's world. Try two minutes on for size.

Imagine this: Fender bender happens, you snap a quick video, and AI instantly estimates costs and finds nearby shops. It's like speed dating, but for car repairs.

(Side noteā€¦. Can we pretty please get this? k thanks) 

This lightning-fast process isn't just convenientā€”it could spell the end of fraudulent claims and surprise repair bills.

Try this: 

When shopping for insurance, ask about their claims process. If they're not talking AI and instant claims, keep shopping.

Also, check out this study from Nationwide on how AI is impacting the insurance industry. It found that 79% of principal agents have adopted or plan to adopt an AI platform in the next six months.

3 ā€“ Your Car: The Co-Pilot You've Always Wanted šŸ§

Did you know a quarter of nighttime commercial drivers doze off at least once per trip? 

Big yikes. 

But what if your car could save the day?

AI-powered cameras are becoming vigilant co-pilots, spotting signs of distraction or drowsiness before you do.

It's like having a guardian angel, but one that runs on algorithms instead of divine intervention.

So many of todayā€™s cars have AI-powered cameras on board, and Rohan said itā€™s only a matter of time until we see some type of car-to-car communication that helps link these safety features together. 

Roadzenā€™s ultimate goal? 

Slash that 70% of human-error accidents down to zero. 

Ambitious? 

Fosho. 

But with AI at the wheel (metaphorically speaking), it might just be possible.

Try this: 

Start small with driver assistance features in newer cars. Get to know themā€”they might just make you a safer driver and save you some cash on insurance.

Also, youā€™ve gotta pay attention to this untapped market of data coming from cars. Aside from data-driven automotive companies like Tesla, thereā€™s a wealth of data going uncollected from smart cars across the world. 

This study from McKinsey showed that the value of car data could reach $750 billion by 2030.

Adoption rates for telematics are currently low, with most markets seeing rates below 20%, but significant growth is anticipated in the near future.

We see the AI+car data market about to go boom. 

(Hopefully that also means smarter and better AI-powered insurance for us all!) 

āŒš

Numbers to watch

8GB of RAM

Appleā€™s iPhone 16 has increased its RAM to 8GB to handle Apple Intelligence.

(Or your fave LLM like Claude, Gemini, Copilot, etc)

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