February 29, 2024

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HK Firm to Increase Focus on AI and Data Analytics

Artificial Intelligence (AI) and Data Analytics in Hong Kong

The Hong Kong branch of a French multinational insurance firm is stepping up its investment in artificial intelligence (AI) and data analytics in Hong Kong.

This is aimed at improving health outcomes and lower medical costs, latching on to the city’s proximity to many technological advancements in mainland China.

The insurer expects to spend HK$220 million on technology, such as AI and big data applications by the end of this year, a 10 per cent increase from 2018, according to the firm’s Chief Data Officer at the local unit of the Paris-based insurance group. Hong Kong makes an interesting platform for health insurers to put their tools to work, he said.

The uniqueness of Hong Kong is that it is a large market concentrated in a small geographic area, which makes it easier to pilot something.

The high level of smartphone and social media usage, as well as access to new technologies being developed in China, make Hong Kong a very interesting testbed for new AI and data analytics tools.

Earlier this month, the firm hosted its first health-related “hackathon” in the city to scour for new ideas and talents to help the firm in its digital and data strategy push to future-proof its business.

It underlines the firm’s strategy to move from being a traditional payer of claims to a proactive health partner to its customers, with the aim of improving their health outcomes and medical bills.

About 100 participants from 10 nations, comprising mostly students and start-up entrepreneurs in the medical, data science, software and business fields, formed 19 teams to brainstorm ideas and prototypes in the 48-hour hackathon.

The winning team produced a mock-up “pill Pal” mobile app for patients with chronic medical conditions, such as diabetes and hypertension, to upload their pills-taking videos to a depository accessible by their doctors. A chat function is also available in the app, enabling doctors and fellow patients to give advice or moral support.

Facial and object recognition technology would be embedded in the mobile app to help ensure data authenticity, which aims to monitor and raise patients’ adherence to medical instructions. The Pill Pal app aims to track the timeliness and accuracy of medication taking and enable patients to share their experiences on side effects.

Approximately half of the patients with chronic illnesses do not adhere to medication instructions, often due to a lack of motivation, forgetfulness and worries about side effects, a member of the winning team comprising mostly senior medical students noted.

Hospitalisation caused by such situations is estimated to have cost US insurers some US$290 billion a year, she stated.

Mining and analysing data in the pill Pay app could help insurers devise incentive schemes to reward positive behaviours and reduce medical costs.

The firm has already launched insurance products that offer premium rebates to customers who successfully quit smoking, or completed a year-long health management programme if they suffer from diabetes, high blood pressure, high cholesterol or obesity, Krishnan said. Rivals are also tapping into the value of health data.

The largest public listed pan-Asian life insurance group offers a premium discount to Hong Kong customers who go through its health screening and healthy living programmes. The group also hosted a hackathon last year to generate health-related digital innovation ideas.

OpenGov Academy

In line with smart nation efforts of encouraging AI technology adoption, OpenGov has launched its OpenGov Academy, in collaboration with AlphaZetta.

The OpenGov Academy facilitates and promotes AI masterclasses, workshops and customised courses that are conducted by AlphaZetta and supported by OpenGov.

This academy will feature masterclasses across various levels: C-suite, management, business, and, expert.

The classes have been created to impart understanding – taught in an intuitive, accessible way, keeping formulae and mathematics to a bare minimum and taking an innate, visual approach.

Data literacy, AI and data science, and strategic decision making with data are some of the classes offered by the academy.

For more information, visit: OpenGov Academy

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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