Continuing to Plan

This week, I began to outline a timeline for the development and implementation of my final product. I began to build on the ideas that I had explored last year. Namely, I was interested in the application of AI in both insurance and the biomedical industry. One of the most manual, time-consuming, and expensive aspects of the biomedical industry is developing a genetic sequence corresponding to an abstract list of properties for a protein. Biomedical engineers must develop a sequence of amino acids that can polymerize and bend to form a protein. Using artificial intelligence, we can see patterns in this protein synthesis process to reverse engineer a protein sequence based on the properties of the desired protein. However, after conversation with my mentor, we failed to see how we would realistically implement this into a functioning and consistent AI algorithm. Thus, we explored the idea of AI implementation in the insurance industry. The insurance industry follows a relatively standard process of quote to policy to claim. The quote assesses and predicts a person's risk based on their history and other contributing factors. Using an AI algorithm and AI's strong ability to provide binary or numerical predictions, we can use AI to develop an algorithm that accurately assesses an potential customer and their risk. Then, the algorithm can apply the corresponding policy and develop a claim business model. Using the average risk of the customers, the standard claim payouts, and the intended profit margin of the company. The algorithm can help to develop a strong business model for the company. While it is only an initial step in the planning process for the final product, I am excited to learn more about this implementation of AI and work with my mentor to create something valuable, meaningful, and applicable in the real world.