Latest news with #GenAI-based
Cision Canada
6 days ago
- Business
- Cision Canada
Crisil breaks into Top 20 in the Chartis RiskTech AI50 2025 report
A Category Leader in the 'Use of AI for commercial banking-related workflow' solutions category NEW YORK and LONDON, July 8, 2025 /CNW/ -- Crisil, a global provider of advanced analytics and risk management solutions, has been ranked #20 in the prestigious RiskTech AI50 2025 report, published by Chartis Research. The report has recognised the company as a Category Leader in the 'Use of artificial intelligence (AI) for commercial banking-related workflow' solutions category. Suprabha AD, President and Global Head, Crisil Integral IQ, says, "This recognition is a resounding endorsement of our vision to harness the transformative power of AI in financial services. We are committed to pushing the boundaries of innovation to deliver a higher-order impact for clients. The ability to leverage our deep domain expertise in the risk and regulatory spaces, and our understanding of advanced AI empower clients in the financial services segment to manage risk effectively and efficiently. Our win in the solutions category — 'Use of AI for commercial banking-related workflow' — is one such example of harnessing domain and technology expertise to enable effective decision-making." For the report, Chartis conducted a comprehensive evaluation of vendors in the risk management space, assessing their AI capabilities across four key dimensions: impact, deployment, strategy and innovation. It also analysed the broad landscape of AI development and its adoption in financial services, including established machine learning methods and emerging generative AI (GenAI) use cases. Ashish Vora, President and Business Head, Data and Analytics, Crisil, says, "The Chartis recognition underscores our unwavering commitment to client-centricity and innovation. Our GenAI solutions empower financial institutions to accelerate credit decisioning through AI-enabled insights, underpinned by our analytical rigour and domain expertise. Our market-leading solutions are at the forefront of shaping the next generation of AI-driven credit and risk management." Crisil scored high on impact and strategy, demonstrating effective AI application, strategic coherence and a strong drive for innovation. Crisil's GenAI solutions include: GenEye Credit: A cutting-edge GenAI-based credit analysis solution that automates ~70% of the report writing process while reducing turnaround time by 30%. The proprietary prompt library ensures high-quality reports with guardrails providing added assurance for grounding hallucinations and information loss. Speech-to-Text Analytics: Provides rapid insights to financial services firms from over 10,000 client interviews, with high accuracy rate ensured by built-in guardrails and agentic validation. Self-Service Analytics: AI-powered tool that enables users to query structured data using natural language, simplifying data exploration and creating advanced analytics. Sid Dash, Chief Researcher, Chartis Research, says, "Crisil's effective combination of AI technology with deep domain knowledge of wholesale credit processes in specific areas is reflected in its strong performance in the RiskTech AI50 this year. This is a fine example of how firms with a strong understanding of business processes in their respective areas can leverage technology effectively for their clients." About Crisil Limited Crisil is a global, insights-driven analytics company. Our extraordinary domain expertise and analytical rigour help clients make mission-critical decisions with confidence. Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success. Headquartered in India, Crisil is majority owned by S&P Global. Founded in 1987 as India's first credit rating agency, our expertise today extends across businesses: Crisil Ratings, Crisil Intelligence, Crisil Coalition Greenwich and Crisil Integral IQ. Crisil's global workforce operates in the Americas, Asia-Pacific, Europe, Australia and the Middle East, setting the standards by which industries are measured. For more information, visit Crisil Privacy Notice Crisil Limited and its subsidiaries (collectively or individually, as applicable, referred to as "Crisil" or "our" or "we" or "us") respect your privacy and are committed to protecting your personal data. For further information, please visit Crisil Global Corporate Privacy Policy Disclaimer This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Crisil. However, Crisil alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc. Crisil has taken due care and caution in preparing this press release. Information has been obtained by Crisil from sources which it considers reliable. However, Crisil does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. Crisil especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
Business Wire
19-06-2025
- Business
- Business Wire
Simplify Healthcare Launches Xperience1™: A Next-Generation Platform for Benefits Inquiry Management, Powered by Domain-Rich AI
AURORA, Ill.--(BUSINESS WIRE)-- Simplify Healthcare, a recognized leader in enterprise software solutions for Payers, today announced Xperience1™, a groundbreaking solution designed to transform the benefits inquiry experience for health plan members, providers, brokers, and other stakeholders. This next-generation CX platform delivers clear, real-time, plain-language responses to complex benefit questions—across all channels and user roles. Built on the trusted Simplify Health Cloud™, Xperience1™ unifies the strengths of the company's flagship platforms, Service1™ and Experience1™, into one intelligent, AI-powered customer experience platform. It enables payers to streamline and elevate benefits communication across the entire member journey—from plan shopping and enrollment to customer service and self-service. 'Xperience1™ is the natural next step in our mission to transform how healthcare consumers understand, navigate, and experience their benefits,' said Ashish Desai, EVP and GM, Xperience1™, Simplify Healthcare. 'It delivers measurable business impact by significantly reducing call duration, improving first call resolution (FCR), and ensuring clear, consistent, member-friendly communication.' Unlike generic GenAI-based solutions that are prone to hallucinations, Xperience1™ is built on a robust architecture featuring a sophisticated domain-rich data foundation, intelligent content management, an interactive AI framework, and a built-in health literacy model. These capabilities enable it to provide accurate, context-aware, and curated responses—minimizing the risk of misinformation. ' With Xperience1™, we're going further—not starting over,' added Mohammed Vaid, CEO and Chief Solution Architect, Simplify Healthcare. ' We've reimagined two trusted solutions into one unified platform, delivering on our promise to bring clarity to complexity.' The launch of Xperience1™ underscores Simplify Healthcare's commitment to innovation and its mission to simplify the healthcare experience. To learn more about Xperience1™, visit About Simplify Healthcare Simplify Healthcare helps payers achieve growth and operational efficiency through its industry-leading platform, proven processes, and deep expertise. Founded in 2008, the company tackles some of the most complex challenges in healthcare by connecting the front, middle, and back office through a platform-centric, payer-focused approach.
Forbes
11-06-2025
- Business
- Forbes
How GenAI Is Driving The Future of Legaltech Start-Ups
Lawyers need new ways to interrogate thousands of contracts Technology start-ups targeting the legal profession continue to grow at speed. The global 'legaltech' market was worth $31.6 billion last year, according to analysis from Fortune Business Insights, and could be worth $63.6 billion by 2032. However, in one area of the legaltech market where technology might be expected to have a huge impact, there is a growing sense of disillusionment. Contract lifecycle management (CLM) software enables enterprise legal teams to automate and standardise at every stage of the contract process, from creating and reviewing new contracts to storing every single agreement the business enters into in a form that can be analysed for risk and enhanced performance. That sounds highly attractive – but research has warned that almost half of CLM implementations are falling short of expectations. Those disappointments have seen other companies steer clear of CLM software. A recent survey from legaltech start-up Zuva found the majority of businesses are instead sticking with traditional document management systems, storing and managing contracts with tools such as SharePoint and Google Drive, or simply leaving them on local drives around the enterprise. Min-Kyu Jung, co-founder and CEO of legaltech start-up Ivo, thinks this is a huge missed opportunity. Legal teams need tools that enable them to put the data in their contracts to work, he argues. If lawyers are able to easily search and compare all their contracts, they can, for example, identify standout risk exposures, easily create new contracts that align with the business's policies and priorities, and negotiate from a better-informed position. 'Legal teams need intelligence at their fingertips that is contextual, instant and deeply reliable,' says Jung. 'Every contract should be a strategic asset.' Companies such as Ivo and Zuva think legaltech solutions built with generative artificial intelligence (GenAI) can resolve many of the problems that have dogged CLM software to data. Zuva's research points out that existing CLM products struggle to extract information and insight from contracts, and to understand the relationships between documents and the obligations they contain. Ivo's Jung makes a similar point. It is this week launching two new GenAI-based tools – Repository and Assistant – which aim to address these issues. He describes the launches as part of 'a growing shift in enterprise software from systems of record to systems of understanding'. Using GenAI, Ivo's tools enable legal teams to set up dashboards of their contracts, recording key insights, and to conduct natural language searches of contracts to find particular terms or features in potentially hundreds of thousands of documents. I first interviewed Ivo earlier this year, when the company unveiled a $16 million Series A funding round. Since then it has doubled its customer base, signing up around 100 legal teams – including the legal functions at prominent businesses including Lindt & Sprungli, Fonterra and Hootsuite – to its first product, a contract review tool. Jung hopes the launch of its new AI tools will accelerate its growth. 'We know many companies, right from the top of the business, are looking to all their functions to explore artificial intelligence tools that deliver value,' he says. 'We're also seeing a lot more sophistication from legal teams that have a much better understanding of the limitations of existing CLM software and a clear view of what they want from new solutions.' It is the advent of GenAI that is enabling legaltech providers to respond to this demand, Jung adds. 'I don't think the kind of products we're now launching would have been possible a year ago.' Indeed, research published last year by Innolaw found that while around 50% of CLM products used some form of AI to extract data, 'the use of GenAI in CLM software is still mostly hype-driven'. That is starting to change, with a new report from Gartner suggesting more than 70% of legal function leaders now intend to implement GenAI solutions within the next couple of years. It points to a growing number of legaltech firms offering these solutions – including ContractpodAI, GEP, Icertis, Ivalua, Luminance and Zycus in the natural language space.
Economic Times
31-05-2025
- Business
- Economic Times
DeepSeek can undercut larger ChatGPT, ace investor Mary Meeker warns
Mary Meeker predicts AI will spawn numerous trillion-dollar companies, with competition intensifying from firms like China's DeepSeek. Rising training costs for leading US models, such as OpenAI's GPT, are creating opportunities for cheaper, task-specific alternatives. The current AI landscape resembles a capital-intensive commodity market, demanding deep funding and patient investors for startups to thrive. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Artificial intelligence (AI) forerunners like OpenAI could soon face serious competition from cheaper rivals such as China's DeepSeek , according to renowned Silicon Valley analyst and investor Mary Meeker Meeker, an early investor in companies like Meta, Spotify, and Airbnb, told the Financial Times that AI will create 'multiple companies worth $10 trillion' — and not all of them will be based in North America. 'The wealth creation will be extraordinary. We've never had a five-billion-user market that was this easy to reach,' she a recent report, Meeker and others point out that US companies, such as OpenAI's GPT and Google's Gemini, leading the development of large language models (LLMs) are now facing rising training costs. At the same time, competition from players like DeepSeek has intensified.'The business model is in flux,' Meeker wrote. 'Smaller, cheaper models tailored for specific tasks are emerging, challenging the idea that one large, general-purpose LLM can do it all.'While AI companies have enjoyed rise in revenues and stock prices, they face growing threats. New, more powerful chips and improved algorithms are lowering the cost of running AI models. This is helping competitors like DeepSeek launch models that are more affordable and goes on to underscore that, in the short term, these AI businesses are starting to look like commodity operations that burn through venture capital at a rapid pace. Despite the advances in the space, training the most advanced AI models is still extremely expensive. Costs have increased 2,400 times in the past eight years, making it nearly impossible for smaller players to compete. Only a few companies can afford to keep up, and even those lack a clear path to lower prices and more model options benefit consumers, they create a tough environment for startups. To survive, these companies need deep funding and patient investors. Meeker compares their situation to companies like Uber, Amazon, and Tesla , which all spent heavily for years before turning a reported earlier this week how several Indian startups may have to tap external funding to scale up their GenAI-based applications as AI companies such as OpenAI and Anthropic pause steep price cuts of their generative AI rose to fame during her time at Morgan Stanley with bets like Google and Apple, earning the moniker "queen of the internet". She joined venture capital firm Kleiner Perkins in 2010 and later co-founded her own firm, Bond, in 2019.
Time of India
31-05-2025
- Business
- Time of India
DeepSeek can undercut larger ChatGPT, ace investor Mary Meeker warns
Artificial intelligence (AI) forerunners like OpenAI could soon face serious competition from cheaper rivals such as China's DeepSeek , according to renowned Silicon Valley analyst and investor Mary Meeker . Meeker, an early investor in companies like Meta, Spotify, and Airbnb, told the Financial Times that AI will create 'multiple companies worth $10 trillion' — and not all of them will be based in North America. 'The wealth creation will be extraordinary. We've never had a five-billion-user market that was this easy to reach,' she added. In a recent report, Meeker and others point out that US companies, such as OpenAI's GPT and Google's Gemini, leading the development of large language models (LLMs) are now facing rising training costs. At the same time, competition from players like DeepSeek has intensified. 'The business model is in flux,' Meeker wrote. 'Smaller, cheaper models tailored for specific tasks are emerging, challenging the idea that one large, general-purpose LLM can do it all.' While AI companies have enjoyed rise in revenues and stock prices, they face growing threats. New, more powerful chips and improved algorithms are lowering the cost of running AI models. This is helping competitors like DeepSeek launch models that are more affordable and efficient. Live Events She goes on to underscore that, in the short term, these AI businesses are starting to look like commodity operations that burn through venture capital at a rapid pace. Despite the advances in the space, training the most advanced AI models is still extremely expensive. Costs have increased 2,400 times in the past eight years, making it nearly impossible for smaller players to compete. Only a few companies can afford to keep up, and even those lack a clear path to profitability. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories While lower prices and more model options benefit consumers, they create a tough environment for startups. To survive, these companies need deep funding and patient investors. Meeker compares their situation to companies like Uber, Amazon, and Tesla , which all spent heavily for years before turning a profit. ET reported earlier this week how several Indian startups may have to tap external funding to scale up their GenAI-based applications as AI companies such as OpenAI and Anthropic pause steep price cuts of their generative AI models. Meeker rose to fame during her time at Morgan Stanley with bets like Google and Apple, earning the moniker "queen of the internet". She joined venture capital firm Kleiner Perkins in 2010 and later co-founded her own firm, Bond, in 2019.
