Latest news with #Artificial
AsiaOne
2 hours ago
- Business
- AsiaOne
'Move faster, adapt quicker and innovate smarter': PM Wong on how Singapore can stay ahead in National Day message, Singapore News
Amid heightened economic uncertainty, Singapore must stay ahead of others and remain exceptional in its cohesion, resolve and performance, said Prime Minister Lawrence Wong in his National Day message on Friday (Aug 8). "We must move faster, adapt quicker and innovate smarter. That means embracing new technologies like Artificial Intelligence (AI) and robotics — and applying them meaningfully across our economy," he said. People, workers and businesses here must also be enabled to make full use of these tools to sharpen the country's competitive edge. "The pace of change will be rapid and not always comfortable. There will be disruption. Not everyone will find the transition easy," he added. Outlook 'highly uncertain': PM Wong Addressing the nation in a media broadcast at The Padang, he pointed out the global issues of new conflicts, deepened geopolitical tensions, heightened trade barriers and worsening protectionist sentiments. "To put it bluntly: The global order that enabled Singapore to thrive for decades is unravelling before our eyes," said PM Wong. It is thus necessary for Singapore to prepare ahead for challenges and developments — and other countries are not "standing still", he noted. "They have more resources, larger populations and are hungry to succeed. "The bigger powers are also now more willing to use every tool at their disposal — economic, technological and geopolitical — to tilt the playing field in their favour. That will make it harder for small states like Singapore to hold our own." He continued that the global economy is expected to "remain troubled for some time". And while the Republic's economy has been "resilient" thus far, the outlook remains "highly uncertain". In this regard, PM Wong said the Singapore Economic Resilience Taskforce has rolled out targeted measures for businesses and workers, and will continue to assess risks, identify new opportunities and prepare firms and workers for the future. 'This Govt will walk this journey with you' PM Wong acknowledged that the pace of change will be rapid but said the Government will "walk this journey" with citizens. "We will expand opportunities for learning and skills upgrading, strengthen social safety nets, and help every Singaporean who faces setbacks to bounce back and press on," he elaborated. Highlighting the Forward Singapore exercise and new policies like the SkillsFuture Jobseeker Support Scheme, he said more will be done to uplift lower-income workers and families. PM Wong emphasised that this is a shared effort by community groups, businesses, unions and many passionate individuals. He then added that Singapore cannot afford to be divided. "We may come from different races, speak different languages, and hold different beliefs. But we are bound by something deeper: a shared commitment to one another, and to Singapore. "This is the faith that has sustained us these past 60 years: faith in ourselves, in one another, and in the promise of Singapore. It gave us the strength to build a nation from scratch. "And this same spirit will be even more vital in the years ahead, as the pace of change quickens and the world becomes more uncertain." Special exhibition to mark SG60 To celebrate Singapore's 60th year of independence, a special exhibition will be held at the Orchard Library, announced PM Wong. The exhibition features a collection of ground-up aspirations and wishes reflecting a vision of what Singapore can be. It has started welcoming student visitors, and will be open to the general public later in August. "In 60 years, we have gone from third world to first. Not through luck, but through sheer determination, resilience and unity," he concluded. "Now, as we stand on the threshold of a new chapter, we must draw strength from our past, and press forward with confidence. Together, we will secure a brighter future for ourselves, our children, and generations to come." [[nid:720779]]
Time of India
4 hours ago
- Business
- Time of India
India may become our largest market, says CEO Altman as OpenAI launches GPT-5
India, currently OpenAI 's second-largest market, could soon become its largest globally, CEO Sam Altman said on Wednesday as the company unveiled its next-generation model, GPT-5 , which will be available free to all users. Hailing India as an "incredibly fast-growing" market, Altman noted the remarkable pace at which Indian citizens and businesses are adopting Artificial Intelligence (AI). "India is our second-largest market in the world after the US, and it may well become our largest market. It's incredibly fast-growing, but what users are doing with AI, what citizens of India are doing with AI, is really quite remarkable. "We're especially focused on bringing products to India, working with local partners to make AI work great for India and make it more affordable for people across the country. "We've been paying a lot of attention here given the rate of growth and I am excited to come for a visit in September," Altman said during a media briefing. OpenAI on Thursday announced the launch of GPT-5, describing it as its "best model yet for coding and agentic tasks". "We're releasing GPT-5 in three sizes in the API -- gpt-5, gpt-5-mini, and gpt-5-nano -- to give developers more flexibility to trade off performance, cost, and latency. While GPT-5 in ChatGPT is a system of reasoning, non-reasoning, and router models, GPT-5 in the API platform is the reasoning model that powers maximum performance in ChatGPT. "Notably, GPT-5 with minimal reasoning is a different model than the non-reasoning model in ChatGPT, and is better tuned for developers. The non-reasoning model used in ChatGPT is available as gpt-5-chat-latest," OpenAI said in a blogpost. The new model is a major upgrade over its predecessor, GPT-4, and represents a "pretty significant step" toward Artificial General Intelligence (AGI), Altman said. "GPT-5 is really the first time that I think one of our mainline models has felt like you can ask a legitimate expert, like a PhD-level expert, anything... We wanted to simplify it and make it accessible. We wanted to make it available in our free tier for the first time," he said. Nick Turley, head of ChatGPT, added that the new model significantly improves understanding across more than 12 Indian languages . "GPT-5 significantly improves multilingual understanding across over 12 Indian languages, including regional languages. So that's really exciting because as Sam mentioned, India is a priority market for us," Turley said. The rollout of GPT-5 began on August 7 for free, Plus, and Pro users, with Enterprise and Education users gaining access a week later.
Int'l Business Times
11 hours ago
- Business
- Int'l Business Times
Muthukumar Murugan: Transforming and Integrating Data Frameworks with AI and Cloud Data Solutions for the P&C Insurance Industry
The Property & Casualty (P&C) insurance industry is undergoing a massive digital transformation, driven by the need for real-time data processing, predictive analytics, and seamless integration across multiple platforms. At the forefront of this revolution is Muthukumar Murugan, a visionary data architect and AI strategist who is reshaping how insurers leverage Artificial Intelligence (AI) and Cloud Data Solutions to enhance underwriting, claims processing, fraud detection, and customer experience. Before diving into Muthukumar Murugan's solutions, it's essential to understand the key challenges in P&C insurance data management: Siloed Data Systems – Many insurers rely on legacy systems that operate in isolation, making it difficult to obtain a unified view of risk and customer behavior. Slow Claims Processing – Manual claims assessment leads to delays, inefficiencies, and customer dissatisfaction. Fraud Detection Limitations – Traditional rule-based fraud detection systems are reactive and often miss sophisticated fraudulent activities. Scalability Issues – As data volumes grow, on-premise infrastructures struggle to keep up with computational demands. Regulatory Compliance – Insurers must adhere to strict data governance and privacy laws, requiring robust data handling frameworks. Muthukumar Murugan's expertise in AI-driven automation and cloud-native data architecture is helping insurers overcome these hurdles. Muthukumar Murugan advocates for modern cloud data lakes and warehouses that consolidate structured and unstructured data from multiple sources. By implementing real-time data pipelines (using tools like Apache Kafka, Databricks, and Airflow), he enables insurers to: Aggregate policyholder data, claims history, IoT sensor data (telematics), and third-party risk models. Enable seamless data sharing between underwriting, claims, and actuarial teams. Traditional underwriting relies heavily on historical data and manual risk scoring. Muthukumar Murugan integrates machine learning models that: Analyze real-time data (weather patterns, social media sentiment, economic trends) to adjust risk models dynamically. Use predictive analytics to identify high-risk policies and recommend personalized premiums. Automate document processing with Natural Language Processing to extract key information from policy applications. Muthukumar Murugan's AI-powered claims management system reduces processing time from days to hours by: Deploying chatbots & virtual assistants to handle first notice of loss (FNOL) and guide customers through submissions. Automating fraud detection with anomaly detection algorithms that flag suspicious claims in real time. Insurance fraud costs the industry $80+ billion annually. Muthukumar Murugan's solutions combat this by: Linking claims data with external databases (credit scores, criminal records) to identify potential fraud rings. Implementing explainable AI so investigators understand why a claim was flagged. Muthukumar Murugan leverages serverless computing (AWS) and containerized microservices to ensure insurers can: Scale computing power during peak demand. Reduce infrastructure costs by paying only for what they use. Ensure high availability and disaster recovery with multi-region cloud deployments. One of Muthukumar Murugan's most notable projects involved transforming a mid-sized P&C insurer struggling with legacy systems. His solution included: Migrating to a hybrid cloud model (AWS + on-premise for compliance). Deploying an AI-powered claims triage system, reducing processing time by 60%. Integrating IoT data from smart home devices to offer dynamic pricing. Cutting fraud losses by 35% through AI-driven detection. Muthukumar Murugan believes the next wave of innovation will include Generative AI for policy customization using LLMs to generate tailored policy recommendations, Blockchain for transparent claims settlements like Smart contracts automating payouts based on verified data, and AI-driven chatbots offering real-time risk advice. Muthukumar Murugan's work in AI and cloud-based data frameworks is revolutionizing the P&C insurance industry. By breaking down silos, automating processes, and enhancing fraud detection, he is helping insurers become more agile, efficient, and customer-centric. As AI and cloud technologies evolve, Muthukumar Murugan's forward-thinking strategies will continue to set the benchmark for data-driven insurance innovation. © Copyright IBTimes 2024. All rights reserved.
Time of India
11 hours ago
- Business
- Time of India
OpenAI CEO Sam Altman at GPT-5 launch: ‘India is our second-largest market…but what users are doing with…'
OpenAI 's latest AI model GPT-5 is here. The model was unveiled by the company at an event recently saying that GPT-5 offers advancements in accuracy, speed, reasoning and math capabilities. While launching the company's next-generation AI model, CEO Sam Altman said that India could soon become its largest market globally. Calling India an 'incredibly fast-growing' market, Altman praised the speed at which people and businesses in the country are adopting Artificial Intelligence (AI). During a media briefing, Sam Altman said: 'India is our second-largest market in the world after the US, and it may well become our largest market. It's incredibly fast-growing, but what users are doing with AI, what citizens of India are doing with AI, is really quite remarkable.' He further added that OpenAI is working with local partners to improve AI for India and make it more affordable. He also said he plans to visit the country in September. GPT-5 launched, free for all by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Learn More - How Donating Sperm May Boost Your Income SpellRock Undo OpenAI says that GPT-5 is the company's 'best model yet for coding and agentic tasks.' The model comes in three sizes — gpt-5, gpt-5-mini, and gpt-5-nano — for developers to balance performance, cost, and speed. In the API, GPT-5 is the reasoning model that powers ChatGPT's top performance. A separate non-reasoning version, called gpt-5-chat-latest, will also be available. Sam Altman said GPT-5 is a major leap from GPT-4 and a 'pretty significant step' toward Artificial General Intelligence (AGI). 'GPT-5 is really the first time that I think one of our mainline models has felt like you can ask a legitimate expert, like a PhD-level expert, anything... We wanted to make it available in our free tier for the first time,' he said. GPT-5 availability OpenAI says that ChatGPT Team customers can already start accessing GPT‑5, with the model launching for Enterprise and Edu customers next week. GPT‑5 is now available in the OpenAI API, and developers can also start using it. Team, Enterprise, and Edu customers will also soon get access to GPT‑5 Pro, a version with extended reasoning for even more reliable and detailed answers. ChatGPT Plus subscribers ($20/month) can get higher GPT-5 usage limits than free users, while Pro users ($200/month) will receive unlimited access to GPT-5 and an enhanced GPT-5 Pro version with improved performance. Meta's Secret AI Army: Top Talent Hired from OpenAI, Google & More AI Masterclass for Students. Upskill Young Ones Today!– Join Now
NDTV
13 hours ago
- Business
- NDTV
Sam Altman Says "Incredibly Fast-Growing" India To Be OpenAI's Largest Market
India, currently OpenAI's second-largest market, could soon become its largest globally, CEO Sam Altman said on Wednesday as the company unveiled its next-generation model, GPT-5, which will be available free to all users. Hailing India as an "incredibly fast-growing" market, Altman noted the remarkable pace at which Indian citizens and businesses are adopting Artificial Intelligence (AI). "India is our second-largest market in the world after the US, and it may well become our largest market. It's incredibly fast-growing, but what users are doing with AI, what citizens of India are doing with AI, is really quite remarkable. "We're especially focused on bringing products to India, working with local partners to make AI work great for India and make it more affordable for people across the country. "We've been paying a lot of attention here given the rate of growth and I am excited to come for a visit in September," Altman said during a media briefing. OpenAI on Thursday announced the launch of GPT-5, describing it as its "best model yet for coding and agentic tasks". "We're releasing GPT-5 in three sizes in the API -- gpt-5, gpt-5-mini, and gpt-5-nano -- to give developers more flexibility to trade off performance, cost, and latency. While GPT-5 in ChatGPT is a system of reasoning, non-reasoning, and router models, GPT-5 in the API platform is the reasoning model that powers maximum performance in ChatGPT. "Notably, GPT-5 with minimal reasoning is a different model than the non-reasoning model in ChatGPT, and is better tuned for developers. The non-reasoning model used in ChatGPT is available as gpt-5-chat-latest," OpenAI said in a blogpost. The new model is a major upgrade over its predecessor, GPT-4, and represents a "pretty significant step" toward Artificial General Intelligence (AGI), Altman said. "GPT-5 is really the first time that I think one of our mainline models has felt like you can ask a legitimate expert, like a PhD-level expert, anything... We wanted to simplify it and make it accessible. We wanted to make it available in our free tier for the first time," he said. Nick Turley, head of ChatGPT, added that the new model significantly improves understanding across more than 12 Indian languages. "GPT-5 significantly improves multilingual understanding across over 12 Indian languages, including regional languages. So that's really exciting because as Sam mentioned, India is a priority market for us," Turley said. The rollout of GPT-5 began on August 7 for free, Plus, and Pro users, with Enterprise and Education users gaining access a week later.
