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Artificial Intelligence (AI) in the Insurance Industry

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Artificial intelligence (AI) is rapidly transforming the insurance industry. From automating tasks to improving customer service, AI is helping insurers to operate more efficiently and effectively.

One of the most significant ways that AI is being used in insurance is for fraud detection. AI can analyze large amounts of data to identify patterns that might indicate fraud. This can help insurers to detect fraud earlier and to prevent it from happening in the first place.
AI is also being used for customer service. Chatbots and voice assistants can answer customer questions and provide support without the need for human intervention. This can free up human agents to focus on more complex tasks.
In addition, AI is being used to improve the underwriting process. AI can analyze data to identify potential risks and to price policies more accurately. This can help insurers to reduce losses and to attract more customers.
The use of AI in the insurance industry is still in its early stages, but it is already having a significant impact. As AI technology continues to develop, it is likely that it will play an even greater role in the insurance industry in the years to come.
Here are some of the benefits of using AI in the insurance industry:
  • Improved efficiency: AI can automate many tasks that are currently done by humans, such as processing claims and underwriting policies. This can free up human employees to focus on more complex tasks.
  • Increased accuracy: AI can analyze large amounts of data to identify patterns that might indicate fraud or other problems. This can help insurers to make more accurate decisions.
  • Improved customer service: AI can be used to provide customer service through chatbots and voice assistants. This can help insurers to provide faster and more accurate customer service.
  •  Reduced costs: The use of AI can help insurers to reduce costs by automating tasks and by making more accurate decisions.
Here are some of the challenges of using AI in the insurance industry:
  1.     Data privacy: AI systems need to be trained on large amounts of data, which can raise concerns about data privacy.
  2.     Bias: AI systems can be biased, which can lead to unfair decisions.
  3.     Liability: Insurers may be held liable for the decisions made by AI systems.
Despite these challenges, the use of AI in the insurance industry is likely to continue to grow in the years to come. AI has the potential to revolutionize the insurance industry, making it more efficient, accurate, and customer-friendly.

Chat GPT Wait time

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Chat GPT Wait time – Why is Chat GPT always at capacity?

As an AI model developed by OpenAI, Chat GPT does not have a specific capacity limit for the number of users it can interact with simultaneously.

The AI chat bot is currently widely popular and this leads to overloading on the servers as millions of users try to access the service.

Chat GPT wait time

It’s worth trying quieter times e.g. before the US users come online is when the main loads are seen on the service.

The alternative is to sign up to Bing chat since this service often has more capacity than Chat GPT and avoids the Chat GPT wait times.

Is Power BI now the Business Intelligence default option?

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Power BI was first released to the general public on July 24, 2015 by Microsoft.

Since then it has gained a huge user community across enterprise organisations and SME’s due to it’s rich features, ease of use and compatibility with other Microsoft products.

In February 2019, Gartner.com, the leading enterprise software review and consultancy, confirmed Microsoft as Leader in the BI tools and Data visualisation workspace.

Power BI is a SaaS service that Microsoft initially released as an add-on to Excel.

It is now a reporting and analytics solution in its own right for enterprises of all sizes. By virtue of being from the Microsoft family, it seamlessly integrates with other products from the vendor, including Office 365.

Looking at Microsoft power BI customers by industry, Computer Software (16%), Information Technology and Services (11%) and Hospital & Health Care (6%) are the largest segments.

As the BI market continues to evolve, it demonstrates how critical the right business intelligence tools is in a data-driven world.

Worldwide data creation will grow to 63 zettabytes (ZB) by 2025. For scale, that is about 500 billion iPhones worth of storage. In light of this explosive growth, business intelligence tools are more important than ever and PBI is a key player in this area.

Currently, one vendor — Microsoft — dominates the market in terms of user adoption. The massive growth of the Microsoft Power BI cloud service has continued, fuelled in part by the bundling of this product with Office 365 at a greatly reduced price.

Power-BI Review

It seems that many organisations view Power BI as being the default option for Data Visualisation and Business Intellegence tools.

Microsofts cost effective pricing for Power BI has driven market share given the eye watering costs of offering from other vendors.

An example is Oracle OBIEE which can result in $millions in licensing costs for a mid range BI toolset when PBI may be a few thousand dollars.

Microsoft PBI has market share of c10% in the business intelligence bi market and this outstrips the competion.

Please click here for a full Power BI Review.

 

 

SQL2022 Release Date – Are we nearing the end of the road for SQL Server?

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SQL2022 Release Date is currently scheduled for a release in mid 2022.

Microsoft typically does not announce any actual release dates until very close to the release.

The current version is Microsoft SQL Server 2019, released November 4, 2019. The RTM version is 15.0.

The lack of a clear roadmap for Microsoft SQL Server is a bit disconcerting given the huge user base of this Enterprise solution.

Many key users see Microsoft pushing hard on on all things Azure and it’s clear that the subscription model via the Cloud is the future.

However for some users Azure can be painfully expensive is the design is not correct or optimised.

SQL Server will be supported until the latter end of the decade but having seen what happened to Office and so many other Microsoft products some users are wondering whether Azure is the writing on the wall for SQL Server.

How soon will it be before Microsoft gives us the ultimatum of migrating to Azure or else?

sql2022 release date

Typically before a major release of a critical product like SQL, Microsoft normally deliver a Community Technology Preview (CTP).

The CTP will precede the SQL2022 release date.

The CTP is normally issued to major systems integrators and large users as a “Alpha” style release.

Given the elapsed three years since the last release a number of new features are expected to be available with the SQL2022 release date

  • Accelerated Database Recovery (ADR)
  • Polybase – with SQL Server 2022, Polybase was expanded support Oracle, Teradata, MongoDb and more.
  • Key features available in Azure
  • Features currently working flawlessly in Azure will be migrated down to SQL Server 2022. And some of the slightly buggy features will appear in SQL Server 2021/2022 in a CU or SP once they get ironed out.

As with most Microsoft products, Microsoft provides mainstream support for a product for 5 years after its initial release. This means that for the first 5 years you may see new smaller features or enhancements added to the product along with any bug fixes and security patches. After this mainstream support ends you will usually get another 5 years of extended support at which time you can only expect bug fixes and security patches.