AI in the driver’s seatFinances
It probably comes as no surprise that artificial intelligence (AI) is a leading factor in the creation of self‑driving cars. But it might surprise you to learn all the ways AI is already at work in our vehicles — and has been for years.
Many new cars are equipped with multiple sensors that receive information. The technology that analyzes the data and processes it to help drivers is based in AI. This type of driver assistance can be used to help keep people safe and also to help make driving more convenient.
For instance, some cars can parallel park on their own by sensing the cars parked in front of and behind them. Those same sensors might sense an obstacle behind the car when you’re backing out of the driveway and automatically trigger the brake.
For decades, cars have come equipped with indicator lights to let drivers know when the cars are low on oil or need engine maintenance. But with AI, the data from multiple sensors can be processed to diagnose more complex problems much earlier than a traditional sensor.
The end result: this close monitoring may help cars stay on the road longer and help drivers avoid costly repairs.
The same facial identification technology that’s used by apps may soon become common in cars. Using a camera, AI could determine who is driving your car and, to prevent theft, shut down the vehicle.
It could also recognize who’s in the driver seat if a car is operated by multiple people and adjust the seat, mirrors and radio accordingly.
The same technology could also monitor driver behavior — good for parents who want to know how their teenaged drivers are doing. It may also be possible to use AI to detect and react to even finer details in the future, such as droopy eyelids that could indicate a driver is dozing off.
Insurance and safety
Advances in facial recognition and AI in general may have applications beyond drivers and auto manufacturers. It’s likely auto insurers will be affected as well.
For instance, insurance companies may be able to personally price policies based on data, including how frequently you drive or your in-car habits. The data stored in cars could also be sent to providers in case of an accident to make processing a claim easier and faster.
While AI is quite literally helping drive our cars, it’s also important to take a step back and realize the broader role AI is playing in the financial world. AI can help make your online financial activities smoother and easier, and it can help your financial professional create a retirement plan that is best suited to your personality and needs. And at Athene, the latest index used in our fixed indexed annuities uses AI to identify stocks with the greatest growth potential.
This information is brought to you by Athene — where unconventional thinking brings innovative annuity solutions to help make your retirement dreams a reality.