Future-perfect: How AI can change the future, not just predict it

The use of artificial intelligence has grown over the years, making a difference in an increasing number of industries worldwide. But to fully realize the technology’s capabilities, it’s important for people to adjust their approach: instead of using AI just to solve problems, they should start harnessing its power to ask questions.

One business that’s looking to revolutionize the way people use AI is SparkBeyond.

Founded in 2013 by Sagie Davidovich and Ron Karidi as a moonshot experiment, the company has since built a machine that could solve the world’s most pressing concerns.

To do this, the Israel-based startup is banking on one thing: data.

“[Davidovich] had a great vision, and [he] basically said, ‘How can we harness humanity’s collective intelligence to solve the most complex problems?’” shares Amir Haramaty, SparkBeyond’s chief commercial officer.

Amir Haramaty, COO of SparkBeyond (second from left), with Arun Poojari, SparkBeyond’s GM of Asia Pacific and Japan (leftmost), and other members of the team / Photo credit: SparkBeyond

According to the CCO, data scientists often spend up to 80% of their time cleaning data, and sometimes, important information gets lost in the process.

SparkBeyond’s engine generates hypotheses using clients’ data, identifying key drivers and patterns that can help solve pain points. And since it also uses proprietary algorithms and open-source code from the internet to index information, the engine can still produce actionable outputs even when there’s insufficient information.

The best thing about SparkBeyond, Haramaty explains, is the fluid nature of the engine and its ability to enter any space – all it needs is data and a problem to solve.

Here are three industries where SparkBeyond has sparked great change.

1. Making retail better

The retail industry faces many challenges in the coming years: shifts in consumer behavior, demographic changes, and increasing prices for raw materials. SparkBeyond has helped retailers across the world improve their processes through AI.

One of Japan’s largest convenience store chains, for instance, used the startup’s engine to generate interesting insights, such as how having a laundromat near a store can boost sales.

The link? Apartments in Japanese cities are small, so many young people don’t have space for their own laundry machines. As such, they spend several hours a week at laundromats, and they’re more likely to do their grocery shopping at nearby convenience stores while waiting for their clean clothes.

SparkBeyond also worked with Zabka, one of the biggest retailers in Central Europe. SparkBeyond’s platform identified key drivers behind three aspects of business operations – pricing, product assortment, and store location optimization – allowing Zabka to improve its systems and forge ahead with its planned expansion.

2. Insuring the uninsurable

The insurance industry is ripe for disruption, says Haramaty, pointing out that a lot of startups are facing off against traditional players.

“One of the things we tell [traditional insurance firms] is to play to their strengths,” he shares. “The new guys don’t have as many years of domain expertise, and the amount of data you have is incredible. However, the models you are using are completely outdated.”

Through its work with one of the world’s leading global insurers, SparkBeyond has helped make the process of getting term life insurance much easier, both for the providers and the customers.

Previously, only 6% of the US-based insurer’s customers were able to get coverage without any further invasive testing. By using SparkBeyond’s engine, the company began to understand and assess risk differently and was able to automate the process for 35% of the population.

The AI company’s services have also helped this global company insure people who are commonly thought uninsurable. For example, it recently issued term life insurance to a 69-year-old man, even though it’s generally more difficult for older individuals to get coverage.

“Life expectancy is moving up constantly, and there’s no reason – if you’re a healthy 70-year-old
person – that you should not be able to get term life insurance,” Haramaty explains.

This approach to risk assessment has opened up many more business avenues within the insurance industry.

SparkBeyond’s platform / Photo credit: SparkBeyond

3. Saving energy for energy companies

An Indonesian coal mining firm had to contend with operational challenges, and one such problem was fuel inefficiency, which SparkBeyond was able to identify and target.

This large mining company had begun offering incentives for its drivers based on the number of trips they completed. That meant drivers weren’t waiting for their trucks to be fully loaded before making a trip – a practice that led to wasted fuel.

SparkBeyond’s platform revealed actionable insights, such as gamifying the process and listing the steps as items to check off on an app. These measures can streamline the system and reduce fuel consumption by 30%.

Enabling a better world

SparkBeyond has expanded across the globe since its inception, opening offices in Singapore, London, New York, and Melbourne as it strives to make a difference .

“Impact for us is not just business,” explains Haramaty. “Impact is also social, so we collectively have a bigger responsibility as citizens of this planet.”

SparkBeyond often runs social projects on top of commercial ones with its clients, whether it’s assisting a beverage company decrease plastic pollution or powering climate action.

These initiatives are done in the spirit of partnership, according to Arun Poojari, SparkBeyond’s general manager for Asia Pacific and Japan. “We empower clients to eventually do this on their own.”

Ultimately, SparkBeyond hopes that its platform can continue to be helpful in addressing a variety of issues.

Having received accreditation from the Infocomm Media Development Authority of Singapore in March 2019, the SparkBeyond team wants to assist the government to look at matters such as diabetes and housing prices.

“The next frontier is knowledge. It’s about pushing further and changing the future, instead of just predicting it,” Haramaty says.

SparkBeyond uses artificial intelligence to tackle the world’s most complex challenges. Based in Israel, it aims to harness humanity’s collective intelligence to solve pain points and improve businesses.

Find out more about SparkBeyond on its website.