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WeBank, Swiss Re reach AI-related pact
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Tencent-backed online lender WeBank and reinsurance giant Swiss Re鈥檚 Beijing branch have signed a memorandum of understanding on joint research on the application of federated learning in reinsurance.
The cooperation will focus on federated learning, one of the latest developments in the world of artificial intelligence.
The two parties will work together to explore how technology can help address the challenges imposed by data silos, further boosting the development of the insurance industry.
A data silo is where only one group in an organization can access a set or source of data, which will cause wasted resources, inhibited productivity and inefficiency.
Federated learning is an encrypted and distributed machine learning approach which enables training for joint machine learning on decentralized data, wherein no data transmission is required for participants.
This new approach builds training models that are in compliance with data security requirements enhancing the outcome of machine learning.
It is expected to form the basis of the next generation of AI-powered networks.
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