The insurance industry is undergoing a profound transformation, and artificial intelligence (AI) is at the forefront of this change. While the potential of AI has been widely discussed, its real-world impact is already being felt across the insurance landscape. This blog post delves into how AI is revolutionizing key insurance functions, enhancing operational efficiency, and ultimately improving the customer experience.

Insurance: A Data-Driven Industry Embracing AI

Insurance relies heavily on data. From assessing risk and pricing policies to processing claims and detecting fraud, data analysis is crucial. Gen AI, with its ability to analyze vast amounts of structured and unstructured data, is a natural fit for the insurance industry. This adoption is further accelerated by the ongoing cloud migration and data platform modernization efforts within the sector.

With our extensive data expertise (over 25 years of enterprise data management experience) and a deep understanding of the challenges that AI can solve in the insurance sector, Bitwise offers advanced data and AI solutions for insurance to help achieve transformational results. Below are key areas that we’ve identified in working with Fortune 500 insurance customers where Gen AI is making a major impact.

Three Key Areas Where AI is Making a Major Impact

Artificial intelligence is rapidly transforming numerous industries, and the insurance sector is no exception. From streamlining intricate workflows to bolstering security measures, AI is proving to be a powerful catalyst for positive change. This section will delve into three key areas where Gen AI is currently making a significant impact within insurance: claims processing, underwriting, and fraud prevention.

• Claims Processing: The claims process is a critical touchpoint in the customer journey, but it’s often plagued by inefficiencies and errors. AI is streamlining this process by automating data retrieval and reconciliation from various internal and external sources. This enables faster and more accurate claims adjudication, reducing processing times and improving customer satisfaction. Bitwise offers data insights and analytics solutions to achieve business results by making insurance claims faster and easier using AI and ML techniques for data-driven personalized pricing models.
• Underwriting: The underwriting process can be lengthy and cumbersome, especially in life insurance. AI is accelerating this process by quickly gathering and analyzing customer information, enabling faster onboarding and more personalized policy offerings. The automated underwriting process opens opportunities to cover a wider range of individuals, including those who may have been previously underserved. We offer legacy data maintenance solutions to diagnose and fix data problems using custom quality checks and data validations to achieve optimal query performance and accuracy.
• Fraud Prevention: Insurance fraud is a significant challenge, costing billions of dollars annually. AI is enhancing fraud detection by analyzing diverse data sources in real-time, including claims histories, public records, and medical guidelines. This proactive approach helps identify and prevent fraudulent claims more effectively.

AI: Driving a Better Customer Experience

While AI’s immediate impact is often focused on operational improvements, the ultimate beneficiary is the customer. Faster AI-powered claims processing, personalized policies, and reduced fraud contribute to a smoother and more satisfying customer experience. AI is also enabling insurers to deliver more empathetic and efficient service, particularly during emotionally challenging situations like claim filing after the loss of a loved one.

Insurance companies trying to implement Gen AI use cases struggle due to issues like scattered data, long turnaround time and inability to assess data. We offer a proven methodology in our data platform modernization solution for transitioning legacy databases, database objects, data ingestion, orchestration and data visualization to the cloud using automation through each phase of assessment, code conversion and data validation – establishing a data foundation designed for AI success.

Other Key Trends Shaping the Future of Insurance

In addition to AI, other key trends are shaping the future of insurance:

• Consumer acceptance of AI is growing: Research indicates increasing comfort with AI-powered tools in insurance, particularly in areas like premium determination. A recent study published in InsurTech Digital illustrates the trend with “59% of UK respondents willing to accept fully AI-driven claims approval if it delivers accuracy and speed.”
• IoT is gaining traction: The growing use of activity trackers and other IoT devices provides opportunities for personalized insurance offerings and data-driven insights. Bitwise offers solutions to develop mobile applications that speed up processes, such as claims processing, and provide greater convenience, transparency and accessibility for customers.
• EVs and Sustainability: The shift towards electric vehicles (EVs) necessitates innovation in underwriting and risk assessment.
• ESG considerations: Environmental, social, and governance (ESG) factors are becoming increasingly important for consumers and investors, influencing insurance product development and investment strategies.
• Cyber risk management: As cyber threats evolve, robust cybersecurity measures are crucial for protecting sensitive customer data and ensuring business continuity.

Case Study of Solving Real Business Problems with AI

A leading Fortune 500 insurer struggled with inefficient and inaccurate data extraction from diverse unstructured documents, hindering claims processing. Bitwise developed an AI data analyzer solution for streamlined processes on claims platforms that addressed the challenge with an AI-driven solution built on LLMs and Databricks. The result: automation of key data point extraction, achieving 85% accuracy and dramatically accelerating quote turnaround by 90%, showcasing the power of AI in transforming operational efficiency.

Conclusion

By embracing these trends and adopting a strategic approach to technology integration, insurers can unlock new opportunities, enhance customer experiences, and thrive in a rapidly evolving market. The future of insurance is technology-driven, and those who embrace innovation will be best positioned for success. Contact us to learn how technology can transform your insurance business.

The post AI is Revolutionizing Insurance: Here’s How appeared first on Bitwise.

Microsoft Ignite Conference was a whirlwind of innovation, unveiling new technologies and strategies that will reshape the future of business. From AI-powered solutions to groundbreaking cloud innovations, Microsoft Ignite 2024 sessions showcased a vision of a digitally transformed world. As per Microsoft, companies worldwide are investing many resources in integrating Gen AI into their workstreams to benefit their clients and employees. Microsoft’s internal data and third-party research also indicate the ongoing AI boom as over 85% of Fortune 500 organizations are using Microsoft AI and 70% are using Microsoft 365 CoPilot.

In the Microsoft Ignite 2024 Keynotes, CEO Satya Nadella introduced around 80 ways in which Copilot and AI can assist startups in successfully building and implementing AI-powered solutions for delivering value to their clients. In this blog post, we’ll delve into key takeaways from the event and explore how Bitwise can help you leverage these advancements and accelerate your data modernization journey.

Key Takeaways from Microsoft Ignite 2024

Microsoft Ignite Announcements highlighted how nearly 70% of Fortune 500 companies are now using Microsoft 365 Copilot—it’s clear that AI is transforming industries at every level with the use of generative AI on the rise. Organizations and startups must balance the adoption of AI securely and responsibly. Microsoft Ignite 2024 Highlights covers the key focus of this year’s AI and Microsoft innovations making it accessible and impactful around different industries. The major themes from the keynote include:

1. AI-enabled Business Users: A New Era of Innovation

The impact of AI is evident in the return on investment for organizations. According to a Microsoft survey, each dollar invested in generative AI yielded a 3.7x return. In the sessions, Microsoft launched sustainable AI initiatives in various sectors, including financial services, public sector, retail, and manufacturing. These initiatives are designed to handle diverse tasks, freeing workers from mundane duties.

Microsoft also addressed long-awaited changes, such as reducing the number of items without CI/CD support, and ensuring that by the end of the year, these challenges will be resolved.

• AI-First Approach: Microsoft emphasized its commitment to AI, integrating it into various products and services. Companies with AI-powered agents can assess vast amounts of data, execute complex procedures, and adapt to changing environments. Whether it’s automating customer service interactions, enhancing personalized shopping experiences, or driving sustainability efforts, AI has the potential to revolutionize industries.
• Copilot as a Universal Assistant: Copilot, Microsoft’s AI-powered assistant, was showcased as a powerful tool for productivity and creativity, across various Microsoft 365 apps.
• AI-Driven Insights: Advanced AI capabilities were demonstrated to extract valuable insights from data, enabling data-driven decision-making.

2. Cloud Innovation Redefined

Microsoft announced a significant expansion of its database capabilities on Azure. Azure SQL Database is now generally available as a source for mirroring, and SQL Managed Instance is entering the preview phase for this feature. [Note: if you have on-premise SQL Server databases, check out this SQL server migration case study to see how Bitwise helps migrate to Azure SQL MI.]

Additionally, Microsoft has introduced the concept of Open Mirroring, which eliminates the need for specific technologies to implement mirroring within the Fabric platform. This flexibility allows for seamless data synchronization between applications and Fabric, enabling a broader range of solutions to be integrated into a unified platform.

• Azure Innovations: Microsoft announced significant advancements in Azure, including new services and features to enhance performance, security, and scalability.
• Hybrid and Multi-Cloud Solutions: Microsoft reinforced its commitment to hybrid and multi-cloud strategies, providing flexible solutions for businesses of all sizes.
• Edge Computing and IoT: Microsoft highlighted the importance of edge computing and IoT, enabling real-time insights and intelligent devices.

3. Microsoft Fabric – AI-powered Data Platform

Microsoft introduced a new database class within the Microsoft Fabric platform, initially incorporating SQL databases. This innovation allows applications to be positioned closer to analytical solutions when both reside within the same environment. By automating data replication to OneLake in a delta format, the platform ensures a seamless and near-real-time synchronization of data. This approach provides a unified SQL endpoint for both transactional and analytical workloads, significantly reducing latency and enhancing overall performance. This groundbreaking development has the potential to reshape future architectural patterns.

• Real-time Intelligence: Simplifies working with real-time data like sensor data or application logs.
• Fabric Databases: Integrates the entire Microsoft SQL Server database portfolio into Fabric. Offers full transactional capabilities and seamless data integration with OneLake.
• Industry Solutions: Pre-built solutions for specific industries like sustainability, healthcare, and retail to accelerate time to value.
• Fabric Workload Development Kit: Allows developers to extend Fabric with custom workloads and integrate their own ISV solutions.
• Open and AI-Ready Data Lake: Focuses on OneLake, a scalable and globally deployed data lake with open data formats for easy access and analysis.
• Shortcuts: Virtualize data connections across various storage systems (cloud/on-prem) for a unified view in OneLake.
• Mirroring: Continuously replicates data from operational databases into OneLake for seamless data access.

Check out Unlock Your Analytics Potential with Microsoft Fabric Webinar for more insights.

How Bitwise Can Help

At Bitwise, we understand the transformative power of technology. We’re excited about the innovations unveiled at Microsoft Ignite 2024 and being a Microsoft partner, we are committed to helping you leverage these advancements to achieve your business goals.

Bitwise can help you accelerate your data modernization journey by:

• Modernizing Legacy Data Platforms: Migrating your legacy data platforms to the cloud to improve performance, scalability, and security.
• Optimizing Data Pipelines: Designing and implementing efficient data pipelines to extract valuable insights from your data.
• Leveraging AI and Machine Learning: Implementing AI and machine learning solutions to automate tasks, improve decision-making, and drive innovation.
• Adopting Microsoft Fabric: Helping you adopt Microsoft Fabric to unify your data, streamline analytics, and accelerate time to insight.

In fact, earlier this year we launched our Microsoft Fabric Readiness Program to help clients plan and implement the steps needed to modernize their data for the AI era that we’re now living in.

Conclusion

Microsoft Ignite 2024 has set the stage for a future driven by AI, cloud innovation, and developer empowerment. The evolution of Microsoft Fabric, the integration of AI-powered features, and the enhancements to Power BI are set to make data more accessible, secure, and impactful. By embracing these trends and partnering with Bitwise, you can take advantage of these innovative capabilities by accelerating data modernization to get ready for Microsoft Fabric faster. We’re here to help you unlock the full potential of your data by modernizing your data to the cloud.

The post Microsoft Ignite 2024: AI, Cloud Innovation & Microsoft Fabric for Business Transformation appeared first on Bitwise.

Microsoft Fabric is a revolutionary data management and analytics platform designed to unlock the full potential of your data. By offering a unified approach to data ingestion, preparation, governance, and analysis, the unified AI-powered data analytics platform empowers businesses to gain deeper insights and make data-driven decisions faster.

But before diving into Microsoft Fabric, it’s crucial to assess your organization’s readiness to ensure a smooth and successful adoption.

This blog post outlines 5 key steps to help you evaluate your current data landscape and determine your organization’s readiness to leverage the Microsoft data fabric platform for your advanced analytics and AI use cases.

1. Analyze Current Data Environment

The first step is to understand your existing data ecosystem. This involves mapping your data sources, formats, volumes, and how they flow through your current ETL (Extract, Transform, Load) processes. Identifying data quality issues, inconsistencies, and siloes is also crucial. By taking a comprehensive inventory of your data environment, you can gain valuable insights into potential challenges and opportunities Microsoft Fabric can address.

2. Define Business Needs and Objectives

What are your key business objectives for leveraging data? Are you looking to improve reporting and analytics, drive data-driven decision-making, or unlock actionable insights from your data sources? Clearly defining your business needs and objectives helps you determine how Microsoft unified analytics platform can contribute to achieving your strategic goals.

3. Assess Technical Readiness

Technical readiness involves evaluating your infrastructure, existing data tools, and team skillsets to determine if they align with Microsoft Fabric’s capabilities. Here are some key considerations:

• Infrastructure: Does your current infrastructure support migrating to the cloud?
• Data tools: Are your current tools compatible with Fabric’s services, like Azure Data Factory (ADF) or Azure Databricks?
• Team skills: Does your team have the necessary skills and expertise to work with Fabric technologies?

4. Develop Migration Planning and Execution

A well-defined migration plan is critical for transitioning your data workloads to Microsoft Fabric. This includes:

• Prioritization: Identifying the most critical data pipelines to migrate first.
• Resource allocation: Planning for the personnel and resources necessary to execute the migration.
• Risk assessment: Anticipating potential challenges and developing mitigation strategies.

For a deeper dive into our proven methodology for migrating ETL jobs to the Microsoft unified analytics platform, check out our recorded webinar Microsoft Fabric: Is Your Business Ready?.

5. Provide Ongoing Optimization

Microsoft Fabric adoption is an ongoing process. After migration, continuous monitoring and optimization are crucial to ensure your data platform operates at peak performance. This involves regularly reviewing data quality, identifying inefficiencies, and implementing optimizations to maximize the value derived from your data.

Fabric Readiness Workshop: Get Ready for Success

As a Microsoft Solutions Partner working closely with the Microsoft Fabric product team to strengthen our capability to migrate data, ETL, and BI workloads to Microsoft Fabric, Bitwise is excited to be a key part of our customers’ transformations to unlock their full potential of Microsoft Fabric. Elevate your data strategy to make sure your organization is prepared for Microsoft Fabric. Enroll in our exclusive Microsoft Fabric Readiness Workshop now! This 3-hour workshop provides valuable insights into Microsoft Fabric’s capabilities and helps you develop a customized roadmap for successful implementation.

FabCon: A Glimpse into the Future of Data Analytics

Microsoft Fabric Community Conference (FabCon) Europe that took place in Stockholm earlier this year was a valuable event for anyone interested in Microsoft Fabric. The key announcements highlighted the platform’s continued evolution and its ability to meet the growing demands of modern data management. Read our blog to learn more about the 3 Key Microsoft Fabric Announcements from FabCon Europe.

Don’t miss the upcoming Microsoft Fabric Community Conference in Las Vegas, Nevada from March 31st to April 2nd, 2025, with workshops happening on March 29th, 30th, and April 3rd. This year’s conference promises an exciting lineup of speakers, informative sessions, and valuable networking opportunities to help you attain the full potential of Microsoft Fabric. Register now for Microsoft Fabric Community Conference 2025 and secure your spot.

The post 5 Essential Steps to Assess Your Readiness for Microsoft Fabric Adoption appeared first on Bitwise.