Looking beyond problem statement to design solutions and transforming the future of care: Fractal

It might be easier to state what part of our modern society artificial intelligence (AI) hasn’t touched to show how important it is to our daily lives, business operations and society. Intelligence machines are influencing nearly every facet of our lives to help improve efficiencies and augment our human capabilities. AI is so intertwined in all that we do; it's hard to imagine living life without it. AI is a central tenet for the disruptive changes of the 4th Industrial Revolution; a revolution that will likely challenge our ideas about what it means to be a human and just might be more transformative than any other industrial revolution we have seen yet. Fractal is one of the most prominent players in the Artificial Intelligence space. Fractal’s mission is to power every human decision in the enterprise and uses the power of AI to help the world’s most admired Fortune 500 companies. Fractal’s products include Qure.ai to assist radiologists make better diagnostic decisions, Cuddle.ai to assists CEOs and senior executives make better tactical and strategic decisions, Theremin.ai to improve investment decisions and Eugenie.ai to find anomalies in high velocity data. Fractal has consistently been rated as India’s best companies to work for, by The Great Place to Work® Institute. Fractal has been featured as a leader in the Customer Analytics Service Providers Wave™ 2019 by Forrester Research, and recognized as an “Honorable Vendor” in 2019 magic quadrant for data & analytics by Gartner.

The making of well-designed AI / ML solutions requires significant data engineering and data wrangling exercises. Data engineering and scalable modern solution architectures are key requirements for an AI/ML solution for production use. It uses a business-focused approach to IT in engineering the solution, aligning analytics, AI/ML approaches, and technology. Unleashing agile analytics within an enterprise where data is imprisoned in legacy platforms and infrastructure requires not just an IT transformation – but a data-first approach driven by an analytics partner. Finally, to understand how the data-to-decision making comes together requires excellent team dynamics and analyzing, designing, and building the AI/ML application.

Capabilities

Reveal valuable insights by accurately recognizing objects in images and videos. From surveilling people in real-time at events to detecting if products are in the right place in shopping aisles, AI can drive value in many ways. Create in-depth analyses by placing image objects into relevant segments. AI based algorithms can help insurers analyze home and auto damage to create more accurate claims for customers. Understand customer behavior by identifying their actions from video—both in-store and in real-time. AI helps reveal how customers interact with products and brands to drive better experiences. Get immediate insights to take action when it matters most. AI algorithms enable real-time processing for a variety of valuable uses, such as face recognition. The banking sector will be one of the most critical players in the post COVID-19 world and has the power and responsibility to orchestrate a strong global response to the emerging economic implications. Banks are now starting to move beyond just ensuring business continuity, and are beginning to develop new capabilities to guide customers, partners, and the larger society through the crisis and beyond. To navigate through these challenging times, the companies recommend initiatives to support customers, manage the business, reinforce confidence in the organization, and support in strengthening the economy and society.

Impact

• Remote work and continuity of operations with a reduced workforce.
• Change in channel mix as branch access is restricted.
• Customers' financial hardship and destabilized financial markets impacting profitability.
• Government assistance schemes being created to support customers' indebtedness.
• Shift to cashless payments with a major move to digital shopping.

With an innovative analytical framework applied on external data, payers can enhance the performance of existing rating modifiers to inform additional risk. Health insurers can leverage new signals from consumer data to predict claims experience to deliver an improved risk assessment process. These new signals include factors indicating buying behavior patterns, socio economic and financial statuses and health interests. The omnichannel commerce was rapidly reducing the physical store, pushing it into an app on a smartphone. The COVID-19 pandemic, brought a further 25% surge in e-commerce led by online grocery and brought new cohorts into the digital marketplace, viz the boomers and Gen-Xs. The change in behavior is now here to stay.

Meet the leader behind the success of Fractal

Srikanth Velamakanni is the Co-founder, Group Chief Executive and Executive Vice Chairman of Fractal, one of the leading players in artificial intelligence and digital transformation. Fractal’s mission is to power every human decision in the enterprise and to use the power of AI to help the world’s most admired Fortune 100 companies. Since Srikanth co-founded Fractal in 2000, the company has raised more than $300 million USD from private equity investors and has empowered more than 100 Fortune 500 companies with its AI, data and analytics-driven business strategies. Under his leadership, Fractal has developed several product lines within the company including Cuddle.ai, Eugenie.ai and Qure.ai. Srikanth serves on the board of Qure.ai – which has recently received 16MM USD in funding less than three years after incubation.

“Our vision is to power every human decision in the enterprise so the human mind can be free to imagine audacious possibilities that can transform human life across the planet.”