BIP Summer 2024

Our members can be at the forefront of ensuring AI is where compassion meets innovation. - NABIP CEO JESSICA BROOKS-WOODS “

had health systems managing double-independent readings, which could be very time consuming. Now, AI algorithms detect anomalies and decipher patterns that might otherwise elude medical professionals. Google’s deep learning model is spotting breast cancer in screening mammograms and rewriting the rules of early detection, according to a study published in Nature. And, as algorithms comb through mountains of data, uncovering health risks before they manifest into full-blown crises, insurers are taking notice. They’re exploring how deeper risk assessments could impact premiums, prompting

With routine tasks stream lined and efficiencies maxi mized [See ‘Optimize Your Workday’ sidebar], brokers are liberated to build meaningful client connections and craft tailored recommendations. But it’s not just about efficiency; it’s about insight. CRM platforms equipped with AI provide invaluable data-driven observations. By leveraging these capabilities, brokers gain actionable data to improve marketing efforts and enhance client experiences. And, by incorporating digital automation, brokers aren’t just attracting clients — they’re at tracting the next generation of tech-savvy advisers. According

a reevaluation of insurance models. A McKinsey re port predicting how AI will impact insurance by 2030 expects AI to permeate life underwriting in particular. Payers are doubling down on their investments in rules-based algorithms. From processing claims swiftly to determining eligibility accurately, these algorithms are shifting healthcare economics. But AI isn’t just about cutting costs — it’s about saving lives and reimagining healthcare. Healthcare Delivery, Disease Prevention, and Management From predicting and preventing diseases to stream lining patient journeys, AI is guiding clinicians

to a survey by learning tech company D2L, half of workers (49%) are already using AI tools at least weekly, and 26% of Gen Z workers — more than any other generation — say an AI-driven future is fueling their professional development intentions. Cost Implications Beyond efficiency gains in business operations, AI tools are reshaping how the healthcare system ap proaches cost reduction and patient care through robust data analysis. For instance, prior to AI, single-radiologist readings in mammography were found to be more costly, according to a study in the National Library of Medicine. Still, best practices

KNOW THE LINGO

Machine Learning (ML) Machine learning is the science of developing algorithms and statistical

Natural Language Processing (NLP)

Natural language processing (NLP) is a machine-learning technology that allows com puters to interpret, manipu late, and comprehend human language. Organizations have large volumes of voice and text data from various com munication channels. They use NLP software to automatically

models that computer systems use to perform tasks without explicit instructions, relying on patterns and inference instead. Computer systems use ML algorithms to process large quantities of historical data and identify data patterns.

This glossary, featuring commonly used terms and their definitions sourced from Amazon Web Services (AWS), explains some fundamental terminology powering AI capabilities.

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