Algorithms have gone mainstream. Many could be imported into life insurance, including the six described below. But is this a good thing?
By The Integrate Team
Thanks to facial recognition, some retailers can greet customers by name as they walk in.
Ads on the internet are sold using Real Time Bidding algorithms. This means spaces are sold off individually in a microsecond to automated bidding machines, which calculate bid amounts depending on the user, time of day, weather, and inventory numbers and so on.
A mobile network wanted to upgrade more than 5,000 base stations. But in what order should its engineers travel to each station? The number of possible journeys would take centuries to calculate manually. So consultancy Satalia used algorithms to find the most mathematically efficient sequence, saving time and money.
We’ve all seen airline prices shoot up and down with seemingly little logic. In fact there’s a lot of computing power at work, as a pricing algorithm works out the stock, selling rate, passenger profiles and so on. Lufthansa uses a modified version of the same algorithm used to detect the Higgs Boson at the Hadron Collider at CERN.
Coders can be driven crazy by bugs in their scripts. Now algorithms are being used to identify the glitches. Google’s a pioneer in this area.