Top Firm Liberty Mutual Insurance and the Massachusetts Institute of Technology recently revealed that they are working together to further advance artificial intelligence (AI), says MIT News. This collaboration is set to last within a five-year period, with a funding of $25 million. The research on AI seeks to work on the technology’s potential in computer language understanding, data privacy and security, as well as risk management.
The agreement was established between representatives from both parties including David Long (Liberty Mutual Chairman and CEO) and Rafael L. Reif (MIT President). Spearheaded by MIT’s Stephen A. Schwarzman College of Computing through the Quest for Intelligence, the partnership will be implemented in all five MIT schools, with a focus on science and engineering pertinent to AI.
Reif announced that the university has been working on AI with the intention of fast-tracking the development of machine learning, which has the potential of assisting various sectors. This also seeks to create more opportunities with the help of AI.
By collaborating with MIT, Liberty Mutual aims to help broaden the interdisciplinary reach of artificial intelligence, with its contributions in the financial services sector. AI tech is expected to help the insurance firm create methods that will make financial service provision fair and secure. Moreover, the project is slated to provide various AI-enabled financial solutions to the firm’s customers.
With the aid of MIT’s tech, the firm plans to disrupt the insurance industry by providing streamlined and efficient financial services.
Liberty Mutual is one of the top insurance firms in the country, with 50,000 employees worldwide and $126 billion in assets. It is also the 4th largest insurance provider for property loss and damage in the U.S. Meanwhile, MIT is a top university in the U.S. with a focus on science, technology, engineering and research.