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4 Big Data Use Cases in the Insurance Industry

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4 Big Data Use Cases in the Insurance Industry

Insurance holds importance for everybody as it deals directly with the safety of our lives and assets.

Big data analytics is an innovation that helps companies in taking the correct decisions by providing them with intuitive insights. Big data use cases in the field of insurance exemplify what an industry can do, given the right insights.

The insurance industry holds importance not only for individuals but also business companies. The reason insurance holds a significant place is because it supports people during times of adversities and uncertainties. With technology evolving at an astonishing pace, how it manages to find applications across several industries is an exciting spectacle. Big data refers to the abundance of information collected from numerous sources. The data collected from these sources are of varying formats and change at tremendous speeds.

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1.  Collecting Information

As big data refers to gathering data from disparate sources, this feature creates a crucial use case for the insurance industry to pounce on. When a customer intends to buy a car insurance, the companies can obtain information from which they can calculate the safety levels for driving in the buyer’s vicinity and his past driving records.

Apart from calculating the risks, companies often phase out the possibility of the driver being involved in an accident. Using stats, deciding on the premium and cover for an insurance buyer becomes easier as vital information actionable insights to the insurance company.

Referring to life insurance and as big data in healthcare is already an application, companies can encourage users to wear smart gadgets that can be linked to databases that transmit health information from users to the organization’s database. Collecting information helps insurance companies in warning the insured individual about an impending illness or disease. If alerting is not feasible, companies can increase the premium and offer coverage accordingly. Raising the cover allows users to feel secure about themselves when under a life insurance.

2.  Gaining Customer Insight

Determining customer experience and making customers the center of a company’s attraction is of prime importance to organizations. With big data’s introduction in insurance, agencies can easily store, manage, and access information arriving from several sources, which is directly related to customers.

This data can help organizations in gaining customer insights, such as past policies held by her, and answering frequent questions asked by a customer to the organization. With big data analytics, insurance agencies can have accurate information at their disposal, which can help them focus on improving customer experience.

3. Fraud Detection

Insurance frauds are a common incidence. Big data use cases for reducing fraud are highly effective. Using big data in insurance, companies can keep track of past claims made by a client and the possibility of her claims being fake. When systems detect that a claim is being made by someone who has a history of false claims, the system automatically halts the claim processing and initiates an investigation against the customer.

4. Threat Mapping

When an insurance agency sells an insurance, they want to be aware of all the possibilities of things going unfavourably with their customer, making them file a claim. Setting policy premiums also becomes easy as big data provides organizations with ample information to analyze from. When a customer wants motor insurance, for instance, the insurance company can analyze information about the areas where his vehicle travels the most and what is the possibility of that vehicle being damaged and how prone is that area to road accidents. When an insurance agency has such information available at their disposal, they can easily decide on how much premium they should charge to stay clear of any losses.

Even though the insurance agencies do not sell any physical products, this industry holds importance as it helps people by ensuring their social security. Organizations can look up to the use cases and learn about the ways in which big data analytics can help them. CTOs and CIOs of insurance agencies can start reading about how their agencies can further benefit from the use of big data.


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TEKNOLOGI

BT ger 5G och molnet till företag på resande fot med AWS Wavelength

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Cloud Computing News

BT has confirmed it is making a multi-million-pound investment to bring 5G and 4G mobile edge computing services to its UK business customers in collaboration with Amazon Web Services (AWS).

The work combines AWS’s cloud expertise with BT’s market-leading 5G and 4G infrastructure. EE’s national mobile network with AWS Wavelength will bring the power of AWS to the network edge for more business and public sector customers across the UK – opening up faster, secure and high-bandwidth connectivity on the move for use cases like policing, crowd management, healthcare and security.

The effort is part of BT’s investment in its existing mobile networks, to enable 5G-connected infrastructure as a service via AWS Wavelength. This includes switching on a new AWS Wavelength Zone in Manchester, which will service trials for eligible businesses and public sector organisations within a 100-kilometre radius (including cities such as Liverpool, Leeds, Sheffield and Blackpool). BT’s ambition is to roll out AWS Wavelength to business customers across the UK more broadly in the coming years.

AWS Wavelength embeds AWS compute and storage services within 5G and 4G networks, providing mobile edge computing infrastructure for ultra-low-latency applications. Hosting services directly at the edge of EE’s UK network reduces lag, as application traffic can reach application servers running in the AWS Wavelength Zone without leaving BT’s network. This opens up mobile edge computing infrastructure for businesses to develop, deploy, and scale mobile Internet of Things (IoT) applications over BT’s existing 5G network securely.

The collaboration aims to enable high-speed, latency-sensitive and intensive 5G connectivity for BT customers looking to benefit from high-bandwidth IoT use cases in the field. This includes autonomous vehicles, cameras for policing and other public services to help protect communities, live media production for outside broadcast, smart industrial robots, and use in community healthcare (such as in care homes to monitor for falls and accidents).

BT’s Wholesale unit has worked with AWS on the initial trials in Manchester. After the planned national rollout, the service will be available to all BT business customers in the UK – from small businesses to large enterprise and public sector organisations.

Alex Tempest, MD for BT Wholesale, said: “As we continue to build best-in-class 5G infrastructure for the UK, launching the AWS Wavelength service for our business and wholesale customers is a hugely important step on our journey – bringing the power of the cloud to the UK’s best network*. It’s set to unlock use cases like IoT cameras to help first responders keep communities safe: a real-life example of using tech to connect for good.

“By building cloud edge services into our 5G and 4G EE network, we can accelerate innovation across industries, and bring fast, secure data processing closer to where our customers need it most. Ultimately, we want to give businesses and public sector organisations all the power of edge computing, wherever they are.”

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Taggar: 5G, AWS, BT

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TEKNOLOGI

Hur artificiell intelligens kan föra människor samman

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Hur artificiell intelligens kan föra människor samman

Artificial intelligence (AI) enables people to spend more time with those that matter the most.

AI is bringing people together, whether it’s assisting in the planning of a family vacation, getting to a place securely, allowing everyone to see each other on a video call, or making gift shopping a little easier.

The continuous evolution of AI has the potential to revolutionize the way we live, work, and interact with each other.

While AI is often portrayed as a divisive force that could lead to job losses and social inequality, it also has the power to bring people together and create new opportunities for collaboration and cooperation. In this article, we will explore some of the ways in which AI can be used to bridge social, cultural, and linguistic barriers and foster greater understanding and empathy among diverse communities.

1. Breaking Down Language Barriers

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Source: Nature Magazine

One of the most significant benefits of AI is its ability to facilitate communication across different languages. Machine learning algorithms can now accurately translate spoken or written language in real-time, allowing people who speak different languages to communicate with each other more easily. This technology has been particularly valuable for businesses operating in global markets, enabling them to connect with customers and partners from different regions and cultures.

The benefits of AI-powered translation extend beyond the business world. For example, the United Nations has been using AI-powered translation to help bring together representatives from different countries and facilitate discussions on important global issues. By breaking down language barriers, AI is helping to promote greater collaboration and understanding among people from diverse backgrounds.

2. Enhancing Cross-Cultural Empathy

Another way in which AI can bring people together is by enhancing cross-cultural empathy. Artificial intelligence can be combined with virtual reality (VR) and augmented reality (AR) technologies to enable people to experience different cultures and perspectives in a more immersive and engaging way. By simulating real-world scenarios and environments, AI can help people to better understand and appreciate different cultures, religions, and ways of life.

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Source: Science Direct

AI-powered chatbots are also being used to promote cross-cultural empathy. These chatbots are programmed to engage in conversations with users from different cultures and backgrounds, using natural language processing and machine learning algorithms to understand and respond to different communication styles and cultural norms. By promoting greater empathy and understanding, AI-powered chatbots can help to break down social and cultural barriers and foster greater social cohesion.

3. Improving Access to Healthcare

AI is also being used to improve access to healthcare, particularly in underserved and marginalized communities. For example, AI-powered diagnostic tools can help to identify diseases and conditions more accurately and quickly than traditional diagnostic methods. This technology is particularly valuable in developing countries, where access to healthcare is often limited, and where the burden of disease is highest.

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Source: Deloitte

In addition, AI-powered chatbots and virtual assistants are being used to provide healthcare information and support to patients in remote or underserved areas. These chatbots can answer common medical questions, provide basic health advice, and even monitor patients’ symptoms and suggest appropriate treatments. By improving access to healthcare, AI is helping to promote better health outcomes and reduce healthcare disparities, bringing people together by improving the quality of life for everyone.

4. Promoting Social Inclusion

Artificial intelligence can help to promote social inclusion by creating new opportunities for people with disabilities and other marginalized groups. For example, AI-powered assistive technologies can help people with visual or hearing impairments to navigate their environment more easily, communicate with others, and access information more effectively. These technologies can also help to break down barriers to education and employment, providing new opportunities for people who might otherwise be excluded from these areas.

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Source: McKinsey

AI-powered social networks and online communities can also help to bring people with similar interests and experiences together, regardless of their physical location or social background. These communities can provide a sense of belonging and support, and can help to break down social barriers by connecting people who might not otherwise have the opportunity to interact with each other.

Slutsats

Artificial intelligence has the potential to bring people together in a variety of ways, from breaking down language barriers to promoting social inclusion and empathy. By harnessing the power of AI, we can create a more connected and inclusive society, where people from diverse backgrounds can come together to collaborate, learn from each other, and share their experiences.

It is important to state that AI is not a panacea for social problems. Like any technology, AI can be used for both good and bad purposes, and its impact depends largely on how it is developed and deployed. It is therefore essential to ensure that AI is developed in a responsible and ethical manner, taking into account the potential risks and unintended consequences of its use.

Moreover, it is important to recognize that AI is not a substitute for human interaction and connection. While AI can help to facilitate communication and understanding across different cultures and languages, it cannot replace the depth and richness of face-to-face interaction and human connection.

Artificial intelligence has the potential to bring people together and create a more connected and inclusive society. By breaking down barriers to communication, promoting cross-cultural empathy, improving access to healthcare, and promoting social inclusion, AI can help to foster greater understanding, collaboration, and social cohesion. However, it is important to ensure that AI is developed and deployed in a responsible and ethical manner, and to recognize that it is not a substitute for human interaction and connection.

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TEKNOLOGI

How to Reverse Video with 5 Free Video Editing Software

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How to Reverse Video with 5 Free Video Editing Software

With so many professional video makers available on the market, it becomes a daunting task to select suitable software for creating a reversed video.

We have rounded up the most popular video editors suitable for professionals with different levels of experience. You can leverage them to produce top-level content without wasting much time.

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#1 Movavi

Regardless of the operating system you prefer, this free video reverser is exactly what you need if you prioritize quality and a streamlined interface. After downloading and installing it on your device, you just need to add a video clip that you want to edit by dragging and dropping it onto the timeline. Then, click on the Properties icon and tick the Reverse box. Once you have previewed the result, save it in any supported format that you need to use. The program supports MP4, WMV, MKV, and 3GP formats, among many more.

#2 iMovie

This widely-used video editor stands out for its high-fidelity filters. Using it, you can produce professional-looking reverse clips for improving the online presence of your brand and developing your business. It supports quick file sharing to social media networks and comes with handy file management tools. To reverse your clip, you just need to go to the Project browser, select a video, and double-click on it to open the Clip inspector. Then, you need to select the Reverse checkbox and confirm your choice.

#3 Kinovea

You can use this reverse video editor without paying a dime to perform basic video enhancement tasks. As 97.8% of internet users in the U.S. aged between 18 and 24 years enjoy watching videos online, it becomes crucial to use video editing tools to reach out to a younger audience. Kinovea has a special feature in the Motion menu for creating a reverse effect. You can preview the changes on the main screen. Once you are satisfied with the result, go to the File menu and click Save.

#4 Adobe Premiere Pro

Being one of the most advanced programs for editing videos, Adobe Premiere Pro is included in the Creative Cloud package, which makes it quite affordable. It integrates with other Adobe products, which makes it perfect for professionals and beginners alike. Besides enhancing your videos by adding to them transitions, you can use this software to achieve a reverse video effect.

#5 Blackmagic DaVinci Resolve Studio 18

While you can access this powerful video editor for free, it also has a paid version. It allows you to perform color-grading like a pro, reverse your clips, and edit 8K footage. You just need to right-click on your video, select the option Change Clip Speed, and tick the Reverse Speed checkbox to achieve the desired effect.

Summing Up

Using these free tools, you can quickly reverse your videos to create attention-grabbing content for your followers and subscribers. This effect is easy to emulate even if you don’t have extensive experience in video editing. Using this technique, you can bring your point across more efficiently and create viral videos for your target audience.

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