Latest news with #GenAI-based
Business Wire
12 hours ago
- Business
- Business Wire
Simplify Healthcare Launches Xperience1™: A Next-Generation Platform for Benefits Inquiry Management, Powered by Domain-Rich AI
AURORA, Ill.--(BUSINESS WIRE)-- Simplify Healthcare, a recognized leader in enterprise software solutions for Payers, today announced Xperience1™, a groundbreaking solution designed to transform the benefits inquiry experience for health plan members, providers, brokers, and other stakeholders. This next-generation CX platform delivers clear, real-time, plain-language responses to complex benefit questions—across all channels and user roles. Built on the trusted Simplify Health Cloud™, Xperience1™ unifies the strengths of the company's flagship platforms, Service1™ and Experience1™, into one intelligent, AI-powered customer experience platform. It enables payers to streamline and elevate benefits communication across the entire member journey—from plan shopping and enrollment to customer service and self-service. 'Xperience1™ is the natural next step in our mission to transform how healthcare consumers understand, navigate, and experience their benefits,' said Ashish Desai, EVP and GM, Xperience1™, Simplify Healthcare. 'It delivers measurable business impact by significantly reducing call duration, improving first call resolution (FCR), and ensuring clear, consistent, member-friendly communication.' Unlike generic GenAI-based solutions that are prone to hallucinations, Xperience1™ is built on a robust architecture featuring a sophisticated domain-rich data foundation, intelligent content management, an interactive AI framework, and a built-in health literacy model. These capabilities enable it to provide accurate, context-aware, and curated responses—minimizing the risk of misinformation. ' With Xperience1™, we're going further—not starting over,' added Mohammed Vaid, CEO and Chief Solution Architect, Simplify Healthcare. ' We've reimagined two trusted solutions into one unified platform, delivering on our promise to bring clarity to complexity.' The launch of Xperience1™ underscores Simplify Healthcare's commitment to innovation and its mission to simplify the healthcare experience. To learn more about Xperience1™, visit About Simplify Healthcare Simplify Healthcare helps payers achieve growth and operational efficiency through its industry-leading platform, proven processes, and deep expertise. Founded in 2008, the company tackles some of the most complex challenges in healthcare by connecting the front, middle, and back office through a platform-centric, payer-focused approach.
Forbes
11-06-2025
- Business
- Forbes
How GenAI Is Driving The Future of Legaltech Start-Ups
Lawyers need new ways to interrogate thousands of contracts Technology start-ups targeting the legal profession continue to grow at speed. The global 'legaltech' market was worth $31.6 billion last year, according to analysis from Fortune Business Insights, and could be worth $63.6 billion by 2032. However, in one area of the legaltech market where technology might be expected to have a huge impact, there is a growing sense of disillusionment. Contract lifecycle management (CLM) software enables enterprise legal teams to automate and standardise at every stage of the contract process, from creating and reviewing new contracts to storing every single agreement the business enters into in a form that can be analysed for risk and enhanced performance. That sounds highly attractive – but research has warned that almost half of CLM implementations are falling short of expectations. Those disappointments have seen other companies steer clear of CLM software. A recent survey from legaltech start-up Zuva found the majority of businesses are instead sticking with traditional document management systems, storing and managing contracts with tools such as SharePoint and Google Drive, or simply leaving them on local drives around the enterprise. Min-Kyu Jung, co-founder and CEO of legaltech start-up Ivo, thinks this is a huge missed opportunity. Legal teams need tools that enable them to put the data in their contracts to work, he argues. If lawyers are able to easily search and compare all their contracts, they can, for example, identify standout risk exposures, easily create new contracts that align with the business's policies and priorities, and negotiate from a better-informed position. 'Legal teams need intelligence at their fingertips that is contextual, instant and deeply reliable,' says Jung. 'Every contract should be a strategic asset.' Companies such as Ivo and Zuva think legaltech solutions built with generative artificial intelligence (GenAI) can resolve many of the problems that have dogged CLM software to data. Zuva's research points out that existing CLM products struggle to extract information and insight from contracts, and to understand the relationships between documents and the obligations they contain. Ivo's Jung makes a similar point. It is this week launching two new GenAI-based tools – Repository and Assistant – which aim to address these issues. He describes the launches as part of 'a growing shift in enterprise software from systems of record to systems of understanding'. Using GenAI, Ivo's tools enable legal teams to set up dashboards of their contracts, recording key insights, and to conduct natural language searches of contracts to find particular terms or features in potentially hundreds of thousands of documents. I first interviewed Ivo earlier this year, when the company unveiled a $16 million Series A funding round. Since then it has doubled its customer base, signing up around 100 legal teams – including the legal functions at prominent businesses including Lindt & Sprungli, Fonterra and Hootsuite – to its first product, a contract review tool. Jung hopes the launch of its new AI tools will accelerate its growth. 'We know many companies, right from the top of the business, are looking to all their functions to explore artificial intelligence tools that deliver value,' he says. 'We're also seeing a lot more sophistication from legal teams that have a much better understanding of the limitations of existing CLM software and a clear view of what they want from new solutions.' It is the advent of GenAI that is enabling legaltech providers to respond to this demand, Jung adds. 'I don't think the kind of products we're now launching would have been possible a year ago.' Indeed, research published last year by Innolaw found that while around 50% of CLM products used some form of AI to extract data, 'the use of GenAI in CLM software is still mostly hype-driven'. That is starting to change, with a new report from Gartner suggesting more than 70% of legal function leaders now intend to implement GenAI solutions within the next couple of years. It points to a growing number of legaltech firms offering these solutions – including ContractpodAI, GEP, Icertis, Ivalua, Luminance and Zycus in the natural language space.
Economic Times
31-05-2025
- Business
- Economic Times
DeepSeek can undercut larger ChatGPT, ace investor Mary Meeker warns
Mary Meeker predicts AI will spawn numerous trillion-dollar companies, with competition intensifying from firms like China's DeepSeek. Rising training costs for leading US models, such as OpenAI's GPT, are creating opportunities for cheaper, task-specific alternatives. The current AI landscape resembles a capital-intensive commodity market, demanding deep funding and patient investors for startups to thrive. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Artificial intelligence (AI) forerunners like OpenAI could soon face serious competition from cheaper rivals such as China's DeepSeek , according to renowned Silicon Valley analyst and investor Mary Meeker Meeker, an early investor in companies like Meta, Spotify, and Airbnb, told the Financial Times that AI will create 'multiple companies worth $10 trillion' — and not all of them will be based in North America. 'The wealth creation will be extraordinary. We've never had a five-billion-user market that was this easy to reach,' she a recent report, Meeker and others point out that US companies, such as OpenAI's GPT and Google's Gemini, leading the development of large language models (LLMs) are now facing rising training costs. At the same time, competition from players like DeepSeek has intensified.'The business model is in flux,' Meeker wrote. 'Smaller, cheaper models tailored for specific tasks are emerging, challenging the idea that one large, general-purpose LLM can do it all.'While AI companies have enjoyed rise in revenues and stock prices, they face growing threats. New, more powerful chips and improved algorithms are lowering the cost of running AI models. This is helping competitors like DeepSeek launch models that are more affordable and goes on to underscore that, in the short term, these AI businesses are starting to look like commodity operations that burn through venture capital at a rapid pace. Despite the advances in the space, training the most advanced AI models is still extremely expensive. Costs have increased 2,400 times in the past eight years, making it nearly impossible for smaller players to compete. Only a few companies can afford to keep up, and even those lack a clear path to lower prices and more model options benefit consumers, they create a tough environment for startups. To survive, these companies need deep funding and patient investors. Meeker compares their situation to companies like Uber, Amazon, and Tesla , which all spent heavily for years before turning a reported earlier this week how several Indian startups may have to tap external funding to scale up their GenAI-based applications as AI companies such as OpenAI and Anthropic pause steep price cuts of their generative AI rose to fame during her time at Morgan Stanley with bets like Google and Apple, earning the moniker "queen of the internet". She joined venture capital firm Kleiner Perkins in 2010 and later co-founded her own firm, Bond, in 2019.
Time of India
31-05-2025
- Business
- Time of India
DeepSeek can undercut larger ChatGPT, ace investor Mary Meeker warns
Artificial intelligence (AI) forerunners like OpenAI could soon face serious competition from cheaper rivals such as China's DeepSeek , according to renowned Silicon Valley analyst and investor Mary Meeker . Meeker, an early investor in companies like Meta, Spotify, and Airbnb, told the Financial Times that AI will create 'multiple companies worth $10 trillion' — and not all of them will be based in North America. 'The wealth creation will be extraordinary. We've never had a five-billion-user market that was this easy to reach,' she added. In a recent report, Meeker and others point out that US companies, such as OpenAI's GPT and Google's Gemini, leading the development of large language models (LLMs) are now facing rising training costs. At the same time, competition from players like DeepSeek has intensified. 'The business model is in flux,' Meeker wrote. 'Smaller, cheaper models tailored for specific tasks are emerging, challenging the idea that one large, general-purpose LLM can do it all.' While AI companies have enjoyed rise in revenues and stock prices, they face growing threats. New, more powerful chips and improved algorithms are lowering the cost of running AI models. This is helping competitors like DeepSeek launch models that are more affordable and efficient. Live Events She goes on to underscore that, in the short term, these AI businesses are starting to look like commodity operations that burn through venture capital at a rapid pace. Despite the advances in the space, training the most advanced AI models is still extremely expensive. Costs have increased 2,400 times in the past eight years, making it nearly impossible for smaller players to compete. Only a few companies can afford to keep up, and even those lack a clear path to profitability. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories While lower prices and more model options benefit consumers, they create a tough environment for startups. To survive, these companies need deep funding and patient investors. Meeker compares their situation to companies like Uber, Amazon, and Tesla , which all spent heavily for years before turning a profit. ET reported earlier this week how several Indian startups may have to tap external funding to scale up their GenAI-based applications as AI companies such as OpenAI and Anthropic pause steep price cuts of their generative AI models. Meeker rose to fame during her time at Morgan Stanley with bets like Google and Apple, earning the moniker "queen of the internet". She joined venture capital firm Kleiner Perkins in 2010 and later co-founded her own firm, Bond, in 2019.
Hans India
31-05-2025
- Business
- Hans India
Beyond resumes: How Gen AI is redefining recruitment
Recruitment is undergoing a tech revolution, with HR leaders embracing generative AI at every stage of hiring. From context-driven resume screening to AI-enabled interviews and adaptive assessments, the technology is boosting efficiency, accuracy, and candidate experience. As tools like and HireVue take the lead, recruiters are finding more time to focus on what matters most: understanding people beyond the paper HR professionals are proving to be some of the keenest adopters of generative AI technology. According to recent research by Gartner, 38% of HR leaders are already piloting, planning, or implementing Gen AI initiatives. With use cases spanning resume screening, candidate engagement, assessments, and internal operations, generative AI is quickly becoming a valuable partner in the recruitment process. As organizations explore its growing capabilities, AI is set to reshape how talent is sourced, evaluated, and managed—enhancing efficiency while keeping human judgment at the core. Impact of Gen AI on recruitment Recruitment is seeing a change with AI-driven tools optimizing various aspects, from application tracking to candidate engagement. Traditional applicant tracking systems (ATS) have long relied on keyword matching and fixed filters to screen resumes. While they are efficient at handling large volumes, they often miss qualified candidates who do not use the exact terms expected. Generative AI is shifting this approach by focusing on context and intent rather than just word matches. For instance, LinkedIn Recruiter's AI assistant can identify candidates with transferable skills and relevant career progressions—even if their job titles don't directly match the role. A data analyst might still be a strong fit for a business intelligence position based on their tools and outcomes. Platforms like take it further by reading between the lines. If a candidate led a CRM migration, the system can infer related skills such as data integration, change management, and customer lifecycle strategy—even if these are not explicitly mentioned. Some tools also generate plain-language summaries of candidate profiles, giving recruiters a quick, clear snapshot of strengths without needing to decode jargon. Others, like HireVue, enhance the process with AI-integrated video interviews to assess communication skills and simulate real-world scenarios. Gen AI based automated proctored assessments Once candidates are shortlisted, they undergo written tests to evaluate aptitude, technical knowledge, and behavioral traits. These tests go beyond technical proficiency—they also assess cultural fit, adaptability, and problem-solving ability. For instance, Capgemini uses AI-powered assessments to evaluate domain expertise and cognitive skills, resulting in a 40% improvement in hiring efficiency. However, Gen AI-based assessments bring a deeper layer of intelligence and adaptability to the process. Unlike traditional AI, Gen AI systems are capable of learning continuously, recognizing patterns, making contextual decisions, and evolving over time—similar to human cognition. This means Gen AI can detect subtle anomalies, adapt to new test-taking behaviors, and refine its proctoring mechanisms with each session. For example, it can use facial recognition to flag impersonation attempts, or analyze eye movement, facial expressions, and typing patterns to detect potential cheating. Over time, these models become smarter, making the evaluation process more secure, unbiased, and scalable. Gen AI-enabled interviews AI is reshaping interviews through automated scheduling and AI-led interactions. Platforms like Incruiter use natural language processing (NLP) to assess responses for tone, confidence, and coherence, offering recruiters structured insights. For example, Unilever's AI-driven interviews evaluate facial expressions, speech patterns, and word choice—cutting hiring time by 75%. Gen AI builds on this by enabling adaptive, dynamic interviews. Instead of asking preset questions, the system can tailor follow-ups based on a candidate's previous answers. It recognizes context, adjusts in real time, and improves with each interaction. For example, HireVue uses Gen AI to simulate real-world scenarios, offering role-specific questions and evaluating not just what candidates say, but how they think and respond under pressure. Rise of agentic AI in HR AI is progressing beyond assistance to autonomous execution. Agentic AI independently handles multi-step HR tasks—such as sourcing, screening, and scheduling—minimizing manual input. HireVue, for example, uses asynchronous AI interviews to evaluate candidates using speech and facial analysis. Goodspace AI monitors employee wellness, predicts engagement drops, and suggests interventions. SourceBae deploys agentic AI to autonomously source and vet tech candidates. In one case, a mid-sized tech firm seeking React developers used Agentic AI to source 80 candidates, screen 30 via chatbot-led interviews, and schedule 10 for finals—cutting recruiter workload by 60% and time-to-hire by 40%. These systems also support retention and workforce planning by learning continuously, making them particularly valuable in fast-growing or lean HR environments. Generative AI is set to permeate the entire recruitment lifecycle—from screening to onboarding—playing a key role in driving both productivity and quality in hiring. Routine tasks and standard activities will increasingly be handled by AI, allowing HR professionals to focus on high-value areas such as behavioral assessment, cultural fit, and strategic decision-making.
