CredoLab, a developer of smartphone-based digital scorecards for banks and non-bank financial institutions, is expanding into insurance credit scoring by making its smartphone credit scoring solution available to insurers and personal finance comparative websites worldwide.
Launched today, CredoInsure is an extension of the company’s current smartphone behaviour-driven credit scoring solution for banks, consumer finance companies, digital lenders, auto lenders and retailers. CredoInsure helps insurers analyse the creditworthiness of a customer in less than 30 seconds through a set of solutions that come in the form of a standalone white label solution, an API or as an additional characteristic in the client’s existing pricing engine. CredoInsure is targeted at insurers facing increasing customer acquisition costs, low persistency, and high number of lapsed premiums.
Peter Barcak, co-founder and CEO of CredoLab, said, “We see tremendous potential in using AI to help the insurance industry through smartphone behavioural data that can predict consumer repayment behaviour. Our technology helps insurers increase their product profitability in year one while also improving the number of paying customers over a longer period of time. We will also work with personal finance comparative websites that serve as platforms in pre-selecting and pre-qualifying leads for their insurance partners.”
CredoLab’s expansion into insurance scoring marks an organic move by the company into markets that remain significantly under-penetrated at around 2%, significantly below the global average penetration rate of 3.5%. The company’s move into this space underscores an expanding middle class in need of personal, life and travel insurance products as their incomes rise and standards of living improve.
Currently operating across 15 markets worldwide, CredoLab will target the personal, life and travel insurance space in its existing Asian emerging markets of Vietnam, Indonesia, Philippines and India. Last year CredoLab partnered with Singapore-based personal finance comparison website GoBear to extend its reach to the underbanked market in Southeast Asia through its Easy Apply smartphone app; allowing banks, financial institutions and lenders to extend personal loans, credit cards and insurance products via non-traditional smartphone-based credit scoring.
CredoInsure analyses over 500,000 features from a user’s smartphone, working in harmony with existing technology to connect the dots that traditional methods can’t. Via the use of artificial intelligence and proprietary algorithms, CredoLab turns mobile device metadata into highly predictive credit risk and anti-fraud scorecards. Users’ smartphone behaviour is tracked anonymously through their digital footprint.
Deep Learning Market Size Worth US$ 56,427.2 Mn By 2026
LOS ANGELES, Jan. 27, 2020 (GLOBE NEWSWIRE) — The global deep learning market is expected to grow at a CAGR of around 51.1% over the forecast period 2019 to 2026 and reach the market value of over US$ 56,427.2 million by 2026.
North America held the major share of the global deep learning market in 2018. The well-established technology infrastructure of the region is supporting market growth. The high demand for deep learning application in healthcare, aerospace & defense, automotive, and telecommunications sector is contributing to the market growth.
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Hardware components accounted for the major share in 2018 and the t is also anticipated to maintain its dominance during the forecast timeframe 2019 to 2026. The hardware is required to increase the efficiency of deep learning applications is particularly supporting segment growth.
On the basis of application, the image recognition segment held the dominating share in the deep learning market. The increasing demand for optical character recognition and for identifying and detecting an object or a feature in a digital image or video is particularly accelerating the market value.
Security segment accounted for the major share by end-user in 2018. The segment is particularly gaining growth due to rising number of cyber attacks in various industry verticals. The increasing dependency of organizations on the data create need to figure out patterns from the available data for efficient decision making process. For instance, Oracle is developing Financial Crime and Compliance Studio (FCC Studio) with the help of deep learning and graph analytics. The new development is intended to detect repetitive patterns in graphs of data of individuals particularly to assist know-your-customer (KYC) and anti-money laundering (AML) activities.
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Some of the leading competitors are Amazon Web Services (AWS), Google, IBM, Intel, Micron Technology, Microsoft, Nvidia, Qualcomm, Samsung Electronics, Sensory Inc., Skymind, Xilinx, AMD, General Vision, Graphcore, Mellanox Technologies, Huawei Technologies, Fujitsu, Baidu, Mythic, Adapteva, Inc., and Koniku. Deep learning companies have announced mergers and acquisitions to expand their position in the deep learning industry. Major players are also moving into new regions or advanced technologies. For instance, Intel has acquired artificial intelligence chipmaker Habana Labs in 2019 for approx. US$ 2 billion to gain a competitive advantage and also to enhance its deep learning AI capability by increasing its portfolio.
Some of the key observations regarding deep learning industry include:
- Amazon has officially launched an open-source toolkit on 9th January 2020. The toolkit name AutoGluon is designed for automated machine learning for providing ease to software developers in taking advantage of deep learning models. The new kit is designed for both machine learning experts and beginners to achieve strong, predictive performance in their application.
- Salk Institute researchers have developed a new microscopy approach for faster brain imaging by 16 times. The researchers have used data from the Texas Advanced Computing Center (TACC), the University of Texas to train their deep learning system.
- KaiKuTek, a Taiwan based startup led by Taiwan Tech Arena (TTA) has showcased innovative solutions in January at Consumer Electronics Show (CES) 2020. KaiKuTek has developed world-first 60GHz gesture recognition SoC that combines deep learning algorithms, and AI accelerators named mmWave.
- QuEST Global has demonstrated Deep Learning driven Advanced Driver Assistance Systems (ADAS) at CES 2020. The new deep learning model is intended to enhance ADAS by improving the accuracy in the detection of traffic signs, pedestrians and traffic.
- Amazon has released Deep Java Library (DJL) at reinvent 2019. The new development is an open-source library with Java APIs particularly to simplify training, testing, deploying, and making predictions with the help of deep-learning models.
- MATLAB software enables the simple and agile development of advance deep learning networks with higher speed, less memory and better results in 2020 with its new version.
- Intel has shipped the industry’s first silicon for neural network processor in 2017 named Intel Nervana Neural Network Processor (NNP). The new processor is intended to develop entirely new classes of artificial intelligence applications to maximize the amount of data processed and enable customers to find greater insights with deep learning models.
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iCAD Showcases Technology for Cancer “Discovery to Recovery” including ProFound AI Platform and Xoft System at Arab Health 2020 in Dubai
NASHUA, N.H., Jan. 27, 2020 (GLOBE NEWSWIRE) — iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced it will showcase its latest advancements in cancer detection and therapy, including ProFound AI™ and the Xoft® Axxent® Electronic Brachytherapy (eBx®) System®, in the iCAD exhibition booth (# S1.C71) at Arab Health 2020 in Dubai from January 27-30. Arab Health is the largest gathering of healthcare companies, technologies, products and services in the Middle East and North African (MENA) region.
“This medical meeting represents a significant milestone for the Company, as it is the first time iCAD’s technologies for both the detection and treatment of cancer will be exhibited together in the Middle East, where breast cancer rates are expected to double between 2012 and 2030 – the highest relative increase of any region globally,”1 according to Michael Klein, Chairman and CEO of iCAD. “A growing body of evidence suggests early cancer diagnosis leads to better outcomes,2,3,4 and demand continues to grow for increasingly targeted, more personalized treatment options. iCAD’s technology is congruent with both of these trending forces in healthcare today.”
iCAD’s Breast Health Solutions suite includes ProFound AI for Digital Breast Tomosynthesis (DBT), as well as software solutions for 2D mammography and breast density. ProFound AI is a high-performing workflow solution featuring the latest in deep-learning artificial intelligence capabilities. In December 2018, ProFound AI for DBT became the first artificial intelligence software for DBT to be cleared by the U.S. Food and Drug Administration; it was also CE marked and Health Canada licensed that same year. ProFound AI for 2D Mammography was CE marked in July 2019.
Intended to be used by radiologists reviewing mammography or DBT images, ProFound AI rapidly and accurately analyzes each individual image, or slice, and identifies potentially malignant lesions. Trained with one of the largest available image datasets, it provides radiologists with crucial information, such as Certainty of Finding lesion and Case Scores, which assists in clinical decision-making and prioritizing caseloads. The technology also allows for continuously improved performance via ongoing product updates.
Positive clinical data from a large reader study involving ProFound AI for DBT were recently published in Radiology: Artificial Intelligence.5 According to study findings, ProFound AI for DBT improved radiologist sensitivity by 8 percent, reduced unnecessary patient recall rates by 7.2 percent, and slashed reading time for radiologists by 52.7 percent.5 Additionally, ProFound AI for DBT cut reading time by up to 57.4 percent for radiologists reading cases with dense breasts.6
“ProFound AI increases my confidence reading 3D mammograms,” according to Lisa Sheppard, MD, PINK Breast Center. “We find this technology not only benefits our patients, reducing unnecessary callbacks and giving us more confidence when we recommend biopsies, ProFound AI fits with our workflow and protocols. Ultimately, this helps us continue to improve patient care.”
iCAD’s flagship product for cancer therapy is the Xoft System, which is FDA-cleared, CE marked and licensed in a growing number of countries for the treatment of cancer anywhere in the body, including early-stage breast cancer, non-melanoma skin cancers (NMSC), and gynecological cancers.
“The Xoft System is an innovative radiation oncology treatment solution that offers significant cost, mobility, and treatment time advantages over competitors or the standard of care,” according to Stacey Stevens, President of iCAD. “It offers a clinically-proven, single-fraction therapy for early-stage breast cancer, while also offering added flexibility to treat other types of cancers, including nonmelanoma skin cancers and gynecological cancers.”
The Xoft System uses a miniaturized x-ray source to deliver a precise, concentrated dose of radiation directly to the tumor site, while minimizing risk of damage to healthy tissue in nearby areas of the body. For the treatment of early-stage breast cancer, intraoperative radiation therapy (IORT) with the Xoft System allows appropriately selected patients to potentially replace four to six weeks of post-operative external beam radiation therapy (EBRT) with a single-fraction of radiation that can last as little as eight minutes.
The Company recently unveiled new and updated x-ray sources and the full suite of applicators for existing and emerging applications at the American Society for Radiation Oncology (ASTRO) Annual Meeting last year. These included applicators in development for minimally-invasive robotic surgery, such as prostate, an advanced prototype for early-stage rectal cancers, and extended-length balloon applicators, now available in 25 cm and 50 cm lengths, which offer added versatility and the potential for additional applications for Xoft eBx in different areas of the body. The Company also showcased its latest extended-life x-ray sources, which feature a ten-fold increase in treatment times, offering time-saving benefits for clinicians and enhancing efficiency. Additionally, the Company offers world-class treatment planning programs, developed for both the Xoft controller and general IORT with the Xoft System.
The full suite of currently available eBx applicators, including those with established data for early-stage breast cancer, gynecological cancers, nonmelanoma skin cancers, and most recently, brain cancers, will be available for demonstration in the iCAD booth throughout Arab Health 2020.
“ProFound AI and the Xoft System are currently available in a growing number of countries worldwide, and demand continues to grow as more clinicians and patients learn about the benefits our cancer detection and therapy solutions offer,” added Klein. “These leading-edge solutions empower physicians to offer more personalized care for patients and are paving the way towards a ‘discovery to recovery’ disease management plan and pathway that may improve patient outcomes in the years ahead as the cancer diagnosis and treatment paradigm continues to evolve.”
1.) Ginsburg O, Bray F, Coleman MP, Vanderpuye V, Eniu A, Kotha SR, et al. The global burden of women’s cancers: a grand challenge in global health. Lancet. (2017) 389:847–60. doi: 10.1016/S0140-6736(16)31392-7
2.) Tabár, L. et al. Swedish two-county trial: impact of mammographic screening on breast cancer mortality during 3 decades. Radiology 260, 658–663 (2011).
3.) The Canadian Task Force on Preventive Health Care. Recommendations on screening for breast cancer in average-risk women aged 40–74 years. CMAJ 183, 1991–2001 (2011).
4.) Marmot, M. G. et al. The benefits and harms of breast cancer screening: an independent review. Br. J. Cancer 108, 2205–2240 (2013).
5.) Conant, E. et al. (2019). Improving Accuracy and Efficiency with Concurrent Use of Artificial Intelligence for Digital Breast Tomosynthesis. Radiology: Artificial Intelligence. 1 (4). Accessed via https://pubs.rsna.org/doi/10.1148/ryai.2019180096
6.) Hoffmeister, J. (2018). Artificial Intelligence for Digital Breast Tomosynthesis – Reader Study Results. [White paper]. Accessed via https://www.icadmed.com/assets/dmm253-reader-studies-results-rev-a.pdf
About iCAD, Inc.
Headquartered in Nashua, NH, iCAD is a global medical technology leader providing innovative cancer detection and therapy solutions. For more information, visit www.icadmed.com.
Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the future prospects for the Company’s technology platforms and products. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited, to the Company’s ability to defend itself in litigation matters, to achieve business and strategic objectives, the risks of uncertainty of patent protection, the impact of supply and manufacturing constraints or difficulties, uncertainty of future sales levels, protection of patents and other proprietary rights, the impact of supply and manufacturing constraints or difficulties, product market acceptance, possible technological obsolescence of products, increased competition, litigation and/or government regulation, changes in Medicare or other reimbursement policies, risks relating to our existing and future debt obligations, competitive factors, the effects of a decline in the economy or markets served by the Company; and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The words “believe,” “demonstrate,” “intend,” “expect,” “estimate,” “will,” “continue,” “anticipate,” “likely,” “seek,” and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. The Company is under no obligation to provide any updates to any information contained in this release. For additional disclosure regarding these and other risks faced by iCAD, please see the disclosure contained in our public filings with the Securities and Exchange Commission, available on the Investors section of our website at http://www.icadmed.com and on the SEC’s website at http://www.sec.gov.
Contacts: Media inquiries: Jessica Burns, iCAD +1-201-423-4492 Europe: Emmanuelle Vella, iCAD +33 6 20 49 48 57 Investor Relations: Jeremy Feffer, LifeSci Advisors, on behalf of iCAD, Inc. +1-212-915-2568
Visteon to Announce Fourth-Quarter and Full-Year 2019 Results, Financial Outlook on Thursday, Feb. 20
VAN BUREN TOWNSHIP, Mich., Jan. 27, 2020 (GLOBE NEWSWIRE) — Visteon Corporation (Nasdaq: VC) plans to release its fourth-quarter and full-year 2019 financial results, and financial outlook, prior to 7 a.m. ET on Thursday, Feb. 20. The company will host a conference call for the investment community at 9 a.m. ET to discuss the results, outlook and related matters. The conference call also is available to the general public via a live audio webcast.
The dial-in numbers to participate in the call are:
Outside U.S./Canada: 970-297-2404
(Call approximately 10 minutes before the start of the conference.)
The conference call and live audio webcast, related presentation materials, news release and other supplemental information will be accessible in the Investors section of Visteon’s website.
A replay of the conference call will be available through the company’s website or by dialing 855-859-2056 (toll-free from the U.S. and Canada) or 404-537-3406 (international). The conference ID for the phone replay is 5473059. The phone replay will be available for one week following the conference call.
Visteon is a global technology company that designs, engineers and manufactures innovative cockpit electronics and connected car solutions for the world’s major vehicle manufacturers. Visteon is driving the smart, learning, digital cockpit of the future, to improve safety and the user experience. Visteon is a global leader in cockpit electronic products including digital instrument clusters, information displays, infotainment, head-up displays, telematics, SmartCore™ cockpit domain controllers, and the DriveCore™ autonomous driving platform. Visteon also delivers artificial intelligence-based technologies, connected car, cybersecurity, interior sensing, embedded multimedia and smartphone connectivity software solutions. Headquartered in Van Buren Township, Michigan, Visteon has approximately 10,000 employees at more than 40 facilities in 18 countries. Visteon had sales of approximately $3 billion in 2018. Learn more at www.visteon.com.
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