In the simplest terms, an algorithm is a set of instructions telling a computer what to do and how to do it. Simple, right? Not quite.
Algorithms are essential to the way computers process data. Many computer programs contain algorithms that detail the specific instructions a computer should perform (in a specific order) to carry out a specified task. An algorithm can be considered to be any sequence of operations and deductive reasoning resulting from one or more statements (premises) to reach a logically certain conclusion.
Algorithms, can you trust them?
The first usage of algorithms can be traced back to the 8th and 7th centuries BC, Babylonian astronomers developed a new empirical approach to astronomy. Babylonian clay tablets described and employed algorithmic procedures to compute the time and place of significant astronomical events.
Algorithms can perform calculation, date processing and automated reasoning tasks. The ability to identify appropriate needs of those seeking healthcare coverage through the application or input of accurate information and predictive factors can be used in reducing the under coverage or over coverage in healthcare premium cost for individuals or businesses.
Technology using algorithms is everywhere in our society, and it is changing our society rapidly in ways unforeseen. Algorithms can create very accurate pictures of individuals. This, in turn, can give precise information that results in accurate recommendations.
Is it a case of “the odds are”?
In the case of the Candor USA algorithm within their healthcare marketplace, it is a tried and true application of technology. The user actually controls the input by answering a few questions. Simple questions like
- Is the coverage just for you or for other family members as well?
- Are you healthy? How often do you usually have to see a doctor? What types of doctors do you visit? Do you have specific doctors you want to continue to see?
- Do you take a lot of prescription medications?
You are able to assess and determine your own needs instead of just getting blanket coverage.
The application of the Candor developed algorithm takes the guesswork out of healthcare coverage, reduces time spent browsing various carrier sites, and results in the most appropriate plans with the highest percentage match. The algorithm conclusion matches you to the health insurance plans that are right for you (and your family).