Month: July 2024

How generative AI will reshape insurance

This innovative technology will be able to shoulder much of the burden of routine work in the industry.

A recent survey by Celent reveals that by the end of 2023, half of insurers say that they’ll have tested generative AI (gen AI) solutions in the form of large language models (LLMs).

For a technology that has only been in the public eye for 12 months or so, the drive for adoption by the insurance industry has been remarkably rapid. But what we’ve seen so far is merely the tip of the iceberg, with gen AI’s impact only just beginning to make itself felt.

Looking forward, the potential for gen AI to transform the insurance industry is huge. It will be able to shoulder much of the burden of routine work – and more – that’s common in the industry today. Take claims assessment. An appropriately trained LLM will be able to interpret an event in the context of even the most complex contracts and determine a claim’s validity (or not) within seconds. This will allow, for example, many insurers to complete nearly 100% of missing claims information from complex submissions, which is expected to generate significant savings from greater operational efficiency and lower claims costs.

Transforming insurance front to back

Gen AI’s impacts will extend to many other areas of the industry. For example, it can be used to analyse vast quantities of data to provide simple, accurate summaries to underwriters as they make their assessments. Meanwhile, other functions, such as marketing, will also see gen AI completely change the art of the possible. It will be able to take standardized product and service content and blend it with personalized customer information to create truly bespoke communications at scale. 

Because gen AI uses natural language for prompts and instructions, it democratizes access to insights that were previously only available to data scientists and specialists. It will also be put to work within technology departments too, writing code and scripts, and helping to support integrations.

In these contexts – and many others – gen AI will do the heavy lifting, enabling people to focus on business-critical tasks and activities that require the best of human innovation, empathy and creativity.

A clear case for change

It’s evident that the insurance companies that adopt gen AI the fastest will secure a considerable competitive advantage. The gains they could make are likely to fall into three broad categories:

1. Higher profitability and growth, by identifying currently untapped opportunities and enhancing products and customer experiences,

2. Cost savings from operational efficiency,

3. Operational intelligence and effectiveness from integrating gen AI into existing processes.

Navigating the challenges

Having said that, it’s also the case that many in the industry face challenges when it comes to moving from the current experimental phase to implementing gen AI at scale.

Why? By their nature, LLMs require significant quantities of well-managed, effectively organized, accurate and compliant data. And as a regulated industry, the compliance demands on insurers’ data exceed those of many other sectors, meaning insurers will need to ensure they continue to meet strict regulatory requirements for data privacy and stewardship. Integrating gen AI with existing legacy tech is another potential challenge. In fact, some 75% of executives across all industries cite this as an obstacle to progress. Here again, establishing a solid data foundation is a critical first step.

Other potential pitfalls associated with gen AI include so-called ‘hallucinations’ where gen AI effectively fabricates an answer. Biased outcomes that arise from gen AI learning from biases already inherent in the training data are a further common concern. Both, of course, need to be addressed. And they’re by no means uncontrollable. The best approach? Treat the outputs of an LLM with the same rigorous rules, policies and norms that any organization would apply to content created by a person. Building in the right controls around an LLM from the outset will help avoid many of the potential pitfalls.

Start now or fall behind

Insurers that have yet to start exploring the possibilities of gen AI need to get going soon. With their competitors already pushing solutions into production, it’s time to start identifying use cases and get to work building and deploying pilots to understand where the greatest benefits and value are likely to be found.

We list the best Large Language Models (LLMs) for coding.

This article was produced as part of TechRadarPro’s Expert Insights channel where we feature the best and brightest minds in the technology industry today. The views expressed here are those of the author and are not necessarily those of TechRadarPro or Future plc. If you are interested in contributing find out more here: https://www.techradar.com/news/submit-your-story-to-techradar-pro

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A Blood Test Accurately Diagnosed Alzheimer’s 90% of the Time, Study Finds

Scientists have developed a blood test that accurately identifies Alzheimer’s disease in patients with memory issues 90% of the time (source may be paywalled; alternative source), significantly outperforming standard diagnostic methods. The findings have been published in the journal JAMA. The New York Times reports: The new study used a blood test that focuses on a form of a protein called tau that sprouts into tangles in the brains of people with Alzheimer’s. Measuring that form, called ptau-217, was found to give the most accurate assessment of Alzheimer’s pathology in a comparison of various Alzheimer’s blood tests that will also be presented at the Alzheimer’s Association conference. Tau is more closely linked to cognitive decline than amyloid, and tau tangles form later than amyloid plaques in Alzheimer’s patients. The test in the study also tracks amyloid. Tests like this are available in the United States for use by doctors, not consumers.

The study included about 1,200 patients with mild memory problems. About 500 of them visited primary care physicians; the rest sought specialist care at memory clinics. Dr. Sebastian Palmqvist, an associate professor of neurology at Lund University who led the study with [Dr. Oskar Hansson, a professor of clinical memory research at Lund University in Sweden and the senior author of the study], said that first, about 300 patients in each group were given the blood test, and results were compared with spinal taps or PET scans. Then the researchers wanted to see how the blood test compared with the judgment of doctors after they administered cognitive tests and CT scans. “We started asking both the primary care physicians and our own dementia specialists: After the standard evaluation, do you think your patient has Alzheimer’s disease?” Dr. Palmqvist said.

In evaluations of about 200 patients, primary care doctors who thought patients had Alzheimer’s were wrong 36 percent of the time. And when they thought patients did not have Alzheimer’s, they were wrong 41 percent of the time. Memory specialists who evaluated about 400 patients did somewhat better — they were wrong 25 percent of the time when they thought patients had Alzheimer’s and wrong 29 percent of the time when they thought patients didn’t. The blood test was wrong only about 10 percent of the time. The blood test’s accuracy was highest with patients who had already progressed to dementia and was slightly lower with patients in a pre-dementia stage called mild cognitive impairment, Dr. Palmqvist said. It was not very accurate with the earliest stage, called subjective cognitive decline, when patients begin to perceive their memory to be failing. Dr. Hansson said that lower accuracy probably occurred because many people with subjective cognitive decline do not turn out to have Alzheimer’s.

Read more of this story at Slashdot.

Scientists have developed a blood test that accurately identifies Alzheimer’s disease in patients with memory issues 90% of the time (source may be paywalled; alternative source), significantly outperforming standard diagnostic methods. The findings have been published in the journal JAMA. The New York Times reports: The new study used a blood test that focuses on a form of a protein called tau that sprouts into tangles in the brains of people with Alzheimer’s. Measuring that form, called ptau-217, was found to give the most accurate assessment of Alzheimer’s pathology in a comparison of various Alzheimer’s blood tests that will also be presented at the Alzheimer’s Association conference. Tau is more closely linked to cognitive decline than amyloid, and tau tangles form later than amyloid plaques in Alzheimer’s patients. The test in the study also tracks amyloid. Tests like this are available in the United States for use by doctors, not consumers.

The study included about 1,200 patients with mild memory problems. About 500 of them visited primary care physicians; the rest sought specialist care at memory clinics. Dr. Sebastian Palmqvist, an associate professor of neurology at Lund University who led the study with [Dr. Oskar Hansson, a professor of clinical memory research at Lund University in Sweden and the senior author of the study], said that first, about 300 patients in each group were given the blood test, and results were compared with spinal taps or PET scans. Then the researchers wanted to see how the blood test compared with the judgment of doctors after they administered cognitive tests and CT scans. “We started asking both the primary care physicians and our own dementia specialists: After the standard evaluation, do you think your patient has Alzheimer’s disease?” Dr. Palmqvist said.

In evaluations of about 200 patients, primary care doctors who thought patients had Alzheimer’s were wrong 36 percent of the time. And when they thought patients did not have Alzheimer’s, they were wrong 41 percent of the time. Memory specialists who evaluated about 400 patients did somewhat better — they were wrong 25 percent of the time when they thought patients had Alzheimer’s and wrong 29 percent of the time when they thought patients didn’t. The blood test was wrong only about 10 percent of the time. The blood test’s accuracy was highest with patients who had already progressed to dementia and was slightly lower with patients in a pre-dementia stage called mild cognitive impairment, Dr. Palmqvist said. It was not very accurate with the earliest stage, called subjective cognitive decline, when patients begin to perceive their memory to be failing. Dr. Hansson said that lower accuracy probably occurred because many people with subjective cognitive decline do not turn out to have Alzheimer’s.

Read more of this story at Slashdot.

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NYT’s The Mini crossword answers for July 31

Answers to each clue for the July 31, 2024 edition of NYT’s The Mini crossword puzzle.

The Mini is a bite-sized version of The New York Times‘ revered daily crossword. While the crossword is a lengthier experience that requires both knowledge and patience to complete, The Mini is an entirely different vibe.

With only a handful of clues to answer, the daily puzzle doubles as a speed-running test for many who play it.

So, when a tricky clue disrupts a player’s flow, it can be frustrating! If you find yourself stumped playing The Mini — much like with Wordle and Connections — we have you covered.

Here are the clues and answers to NYT’s The Mini for Tuesday, July 31, 2024:

Across

Keyboard key near the top left

The answer is tab.

Hot couple, in a celebrity gossip column

The answer is item.

Wild, as an animal

The answer is feral.

Like many four-legged friends

The answer is furry.

Keyboard key on the bottom

The answer is space.

Down

Little spats

The answer is tiffs.

Thoroughly devoured

The answer is ateup.

Yogi who said “Always go to other people’s funerals, otherwise they won’t come to yours”

The answer is Berra.

Comedian Maron

The answer is Marc.

Caustic chemical compound

The answer is lye.

Featured Video For You

The Wordle Strategy used by the New York Times’ Head of Games

Are you also playing NYT Strands? See hints and answers for today’s Strands.

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NYT Strands hints, answers for July 31

The NYT Strands hints and answers you need to make the most of your puzzling experience.

If you’re reading this, you’re looking for a little help playing Strands, the New York Times‘ elevated word-search game.

By providing an opaque hint and not providing the word list, Strands creates a brain-teasing game that takes a little longer to play than its other games, like Wordle and Connections.

If you’re feeling stuck or just don’t have 10 or more minutes to figure out today’s puzzle, we’ve got all the NYT Strands hints for today’s puzzle you need to progress at your preferred pace.

NYT Strands hint for today’s theme: Staying power

The hint for the theme is that these words are binding

Today’s NYT Strands theme plainly explained

The answers are different types of sticky materials.

NYT Strands spangram hint: Is it vertical or horizontal?

Today’s NYT Strands spangram is horizontal.

NYT Strands spangram answer today

Today’s spangram is StickyStuff.

NYT Strands word list for July 31

Glue

Epoxy

Adhesive

StickyStuff

Bubblegum

Tape

Caramel

Looking for other daily online games? Find one you might like – or hints for another game you’re already playing – on Mashable’s Games page.

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