Artificial intelligence (AI) is rapidly spreading and being used across numerous industries thanks to how much it can do. Today, artificial intelligence makes it possible to more accurately analyze data and to do so faster. It’s also possible for AI to continue to learn, so it improves rapidly and becomes far more accurate. With all that artificial intelligence can do, it’s no surprise that it’s being used in many different ways. Some of the ways it can be used to help the average person include the following.
Receive Lower Insurance Rates
Insurance rates are determined by risk. For consumers, this means that someone who is a higher risk for the insurance company is going to pay more. Unfortunately, insurers generally only look at a few broad categories, like age and gender, to determine risk. What if it could be determined more accurately? Companies like Verikai.com are making it possible for insurance companies to use AI to more accurately determine risk, which can lead to reduced insurance rates for many consumers.
Faster and More Accurate Diagnosis
A timely and accurate diagnosis is crucial for patients. Yet, most hospitals rely on a person reading scans and other data to determine the patient’s diagnosis. Artificial intelligence can read and analyze scans much faster, and give a more accurate diagnosis for the patients. This reduces the potential for patients to be misdiagnosed and can enable patients to receive treatments much faster, increasing the potential for recovery from many ailments.
Better Help for Most Questions
In a retail setting, AI is used as a way for customers to easily receive answers to many questions they might have. Chatbots are used by many companies today to talk to customers and answer questions. For the questions the chatbot can’t answer, a customer service representative is available. However, most questions can be answered by the chatbot, enabling consumers to get the right information much faster.
Protection Against Fraud for Companies
Companies today need to be aware of the potential for fraud. AI is making it easier to spot potentially fraudulent transactions so they can be stopped before they’re completed and a product is sent out. Increased fraud today can mean higher prices for consumers as companies try to make up the profits that are lost. However, if fraud can be detected before it ends up costing the company money, it may be possible for consumers to see lower prices or slower inflation.
More Crops Possible
Even farming can benefit from artificial intelligence. AI is being used to improve agriculture in a variety of ways, including being able to detect potential problems and being able to get more crops out of the same amount of land through improved farming practices. When AI is used to improve farming, consumers will likely see lower prices on crops as well as other products that depend on the crops for production.
Today, artificial intelligence is making huge changes across many different industries. The right changes can have an overall positive impact on consumers, the economy, and the world.