FCA Wary of AI in Insurance; Harmonic Aims for Breakthrough

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display-6"> FCA Wary of AI in Insurance; Harmonic Aims for Mathematical Breakthrough </h1> <div class="post-info-right left relative article-author-box mb-2"> <div class="post-info-name"> <div class="row"> <div class="col-6 my-auto"> <span class="post-info-text small muted text-uppercase">By</span> <span class="author-name vcard fn small muted text-uppercase fw-bold" itemprop="author"> <a href="https://www.pymnts.com/author/pymnts/" title="Posts by PYMNTS" rel="author">PYMNTS</a> </span> <span class="small muted d-none d-md-inline"> | </span> <span class="small muted text-uppercase d-block d-md-inline">September 26, 2024</span> </div> <div class="col-6 text-end my-auto">  <a href="https://www.facebook.com/sharer.php?u=https://www.pymnts.com/news/artificial-intelligence/2024/financial-conduct-authority-wary-ai-insurance-harmonic-aims-mathematical-breakthrough/&t=FCA+Wary+of+AI+in+Insurance%3B+Harmonic+Aims+for+Mathematical+Breakthrough" title="Share on Facebook"><i class="bi bi-facebook 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Check it out: https://www.pymnts.com/news/artificial-intelligence/2024/financial-conduct-authority-wary-ai-insurance-harmonic-aims-mathematical-breakthrough/"><i class="bi bi-envelope-fill ms-1 me-0 ms-1 me-md-1 text-dark"></i></a> <span class="d-none d-md-inline"> | </span> <span class="d-block d-md-inline"> <button class="d-none d-lg-inline-block noHover audioPlay border-0 px-0 article-play-button fw-normal py-1 my-0" type="button" value="Play"> <i class="bi bi-play-circle-fill mx-1 text-dark"></i></button> <button class="d-lg-none noHover audioPlay border-0 px-0 article-play-button fw-normal py-1 my-0" type="button" value="Play"><span class="listenToArticle small text-uppercase"></span><i class="bi bi-play-circle-fill text-dark mx-1"></i></button> <button class="noHover audioPause border-0 px-0 article-pause-button py-1 my-0"><i class="bi bi-pause-circle-fill text-dark mx-0"></i></button> </span> </div></div> </div> </div> <div id="post-feat-img" class="left relative mb-3"> <img class="py-desktop w-100 h-auto pymnts-featured-sm-image " width="1000" height="600" alt="" src="https://www.pymnts.com/wp-content/uploads/2024/01/artificial-intelligence-AI_4591f9.jpg?w=768" /> </div> <div class="post-feat-text"> </div>  <div id="pymnts-content2106436" class="single lh-article mt-1 lnk-article"> <p><span data-preserver-spaces="true">Artificial intelligence is transforming the financial sector, with regulators highlighting potential “uninsurable” risks while innovative applications emerge in small business money management and mathematical problem-solving.</span></p> <p><span data-preserver-spaces="true">As the United Kingdom’s </span><a class="editor-rtfLink" href="https://www.fca.org.uk/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Financial Conduct Authority</span></a><span data-preserver-spaces="true"> (FCA) urges caution, China’s </span><a class="editor-rtfLink" href="https://www.antgroup.com/en/news-media/press-releases/1651219200000" target="_blank" rel="noopener"><span data-preserver-spaces="true">MYbank</span></a><span data-preserver-spaces="true"> uses AI to boost small business financial planning, and startup </span><a class="editor-rtfLink" href="https://www.harmonicinc.com/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Harmonic</span></a><span data-preserver-spaces="true"> secures $75 million to develop mathematical superintelligence.</span></p> <h2><strong><span data-preserver-spaces="true">UK Regulator: </span></strong><strong><span data-preserver-spaces="true">AI Could Make Some People ‘Uninsurable’</span></strong></h2> <p><span data-preserver-spaces="true">FCA CEO </span><a class="editor-rtfLink" href="https://www.fca.org.uk/about/who-we-are/chief-executive" target="_blank" rel="noopener"><span data-preserver-spaces="true">Nikhil Rathi</span></a><span data-preserver-spaces="true"> cautioned that AI in the insurance industry could render some individuals “uninsurable,” even as he urged the sector to embrace technological innovation, the Financial Times </span><a class="editor-rtfLink" href="https://www.ft.com/content/9f9d3a54-d08b-4d9c-a000-d50460f818dc" target="_blank" rel="noopener"><span data-preserver-spaces="true">reported</span></a><span data-preserver-spaces="true">.</span></p> <p><span data-preserver-spaces="true">Rathi highlighted the potential benefits of AI-driven personalization in insurance but warned of risks, including discrimination and accessibility issues.</span></p> <p><span data-preserver-spaces="true">“We want safe and responsible use of AI to drive beneficial innovation, but also an open conversation about the risks and trade-offs,” Rathi said, per the report.</span></p> <p><span data-preserver-spaces="true">The regulator’s comments came amid growing scrutiny of AI applications in financial services. </span><span data-preserver-spaces="true">While the FCA has few specific rules governing AI use, it </span><span data-preserver-spaces="true">continues to monitor its adoption closely</span><span data-preserver-spaces="true">.</span></p> <p><span data-preserver-spaces="true">Rathi encouraged the industry to experiment with new technologies, suggesting that the benefits to most consumers and long-term economic growth might outweigh potential drawbacks</span><span data-preserver-spaces="true">, the report said</span><span data-preserver-spaces="true">.</span><span data-preserver-spaces="true"> He also acknowledged tensions between existing regulations and the demands of a rapidly digitizing financial services market.</span></p> <p><span data-preserver-spaces="true">The FCA chief’s remarks underscore the balance regulators face in fostering innovation while protecting consumers in an increasingly AI-driven financial landscape.</span></p> <h2><strong><span data-preserver-spaces="true">AI Boosts SMB Money Management in China</span></strong></h2> <p><span data-preserver-spaces="true">MYbank unveiled an AI-powered system that predicts cash flow for small- to medium-sized businesses (SMBs) with over 95% accuracy, potentially changing how Chinese SMBs manage money, according to a Sept. 6 </span><a class="editor-rtfLink" href="https://www.businesswire.com/news/home/20240905984463/en/" target="_blank" rel="noopener"><span data-preserver-spaces="true">press release</span></a><span data-preserver-spaces="true">.</span></p> <p><span data-preserver-spaces="true">The “Cuckoo System” uses </span><a class="editor-rtfLink" href="https://www.antgroup.com/en" target="_blank" rel="noopener"><span data-preserver-spaces="true">Ant Group</span></a><span data-preserver-spaces="true">’s BaiLing foundation model to forecast when SMBs will buy or sell investment products. </span><span data-preserver-spaces="true">This</span><span data-preserver-spaces="true"> helps banks optimize fund use and boost returns.</span></p> <p><span data-preserver-spaces="true">MYbank President Feng Liang said in the release that the AI tool addresses SMBs’ need for secure, flexible investments matching their cash cycles.</span></p> <p><span data-preserver-spaces="true">The system stems from MYbank’s experience with 53 million SMBs. </span><span data-preserver-spaces="true">It’s already used by five investment firms for seven SMB-focused products.</span></p> <p><span data-preserver-spaces="true">Experts see </span><span data-preserver-spaces="true">big</span><span data-preserver-spaces="true"> potential. </span><a class="editor-rtfLink" href="https://www.mckinsey.com/" target="_blank" rel="noopener"><span data-preserver-spaces="true">McKinsey</span></a><span data-preserver-spaces="true"> projects China’s bank investment market </span><span data-preserver-spaces="true">hitting</span><span data-preserver-spaces="true"> 50 trillion yuan (about $7.1 trillion) by 2030, with SMBs doubling their share over the next five years</span><span data-preserver-spaces="true">, the release said</span><span data-preserver-spaces="true">.</span></p> <p><span data-preserver-spaces="true">MYbank, a digital-only bank launched in 2015, is known for its “310 </span><span data-preserver-spaces="true">model</span><span data-preserver-spaces="true">” offering rapid, AI-assessed small business loans, per the release.</span></p> <p><span data-preserver-spaces="true">The move highlights AI’s growing role in finance, especially for underserved sectors like SMBs. By aligning financial products with SMBs’ operational cycles, the AI system aims to maximize efficiency in their financial management and support real economic growth.</span></p> <h2><strong><span data-preserver-spaces="true">AI Startup Harmonic Secures $75 Million for Math Superintelligence</span></strong></h2> <p><span data-preserver-spaces="true">Palo Alto, California-based Harmonic raised $75 million in Series A funding to develop </span><span data-preserver-spaces="true">what it calls</span><span data-preserver-spaces="true"> mathematical superintelligence, according to a Monday (Sept. 23) </span><a class="editor-rtfLink" href="https://www.businesswire.com/news/home/20240923548068/en/" target="_blank" rel="noopener"><span data-preserver-spaces="true">press release</span></a><span data-preserver-spaces="true">.</span></p> <p><span data-preserver-spaces="true">The round, led by </span><a class="editor-rtfLink" href="https://www.sequoiacap.com/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Sequoia Capital</span></a><span data-preserver-spaces="true"> with participation from </span><a class="editor-rtfLink" href="https://www.indexventures.com/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Index Ventures</span></a><span data-preserver-spaces="true">, values the company at $325 million, per the release. Additional investors included </span><a class="editor-rtfLink" href="https://www.erafunds.com/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Era Funds</span></a><span data-preserver-spaces="true">, </span><a class="editor-rtfLink" href="https://www.gpv.com/" target="_blank" rel="noopener"><span data-preserver-spaces="true">GreatPoint Ventures</span></a><span data-preserver-spaces="true">, and celebrities Nikesh Arora and Jared Leto.</span></p> <p><span data-preserver-spaces="true">Harmonic, founded in 2023, aims to create AI with mathematical abilities surpassing humans. </span><span data-preserver-spaces="true">Its</span><span data-preserver-spaces="true"> Aristotle model achieves 90% accuracy on a leading formal mathematics benchmark</span><span data-preserver-spaces="true">, the release said</span><span data-preserver-spaces="true">.</span></p> <p><span data-preserver-spaces="true">Co-founder and CEO </span><a class="editor-rtfLink" href="https://www.linkedin.com/in/tudorachim/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Tudor Achim</span></a><span data-preserver-spaces="true"> said in the release that mathematical superintelligence could eliminate AI hallucinations through “formal verification” and overcome data limitations via “self-play and synthetic data.”</span></p> <p><span data-preserver-spaces="true">Potential applications include software engineering, industrial design and medical technology.</span></p> <p><a class="editor-rtfLink" href="https://robinhood.com/us/en/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Robinhood</span></a><span data-preserver-spaces="true"> CEO </span><a class="editor-rtfLink" href="https://www.linkedin.com/in/vlad-tenev-7037591b/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Vlad Tenev</span></a><span data-preserver-spaces="true">, Harmonic’s co-founder and executive chairman, called mathematical superintelligence “the next frontier in AI,” per the release.</span></p> <p><em>For all PYMNTS AI coverage, subscribe to the daily </em><a href="https://pymnts.com/subscribe/" target="_blank" rel="noopener"><em>AI Newsletter</em></a><em>.</em></p> <div class="pymnt-a46718426dc9a77e18df9ca162f2b42a pymnt-bottom-of-article" id="pymnt-a46718426dc9a77e18df9ca162f2b42a"></div> <div id="bottom-ad"> </div> <div class="row row-cols-1 row-cols-lg-1 recommended-articles" style="clear:both;"> <div class="col mb-1"> <h4 class="header-border text-uppercase small mb-0"> <span class="border-layer border-secondary"> Recommended </span> </h4> <div class="row item noBorderLast remove-col-3"> <div class="col-12 col-md-3 border-bottom border-light py-2 fw-bolder recommended-1"> <a href="https://www.pymnts.com/ecosystems/2024/contrasting-strategies-by-carparts-com-and-carvana-highlight-auto-industry-shifts/" class="small recommended-link" rel="bookmark" title="Contrasting Strategies by CarParts.com and Carvana Highlight 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