10%

Try : Insurtech, Application Development

Edtech(5)

Events(34)

Interviews(10)

Life@mantra(11)

Logistics(1)

Strategy(14)

Testing(8)

Android(46)

Backend(29)

Dev Ops(3)

Enterprise Solution(22)

Frontend(28)

iOS(41)

Javascript(13)

Augmented Reality(17)

Customer Journey(12)

Design(13)

User Experience(34)

AI in Insurance(31)

Insurtech(59)

Product Innovation(37)

Solutions(15)

E-health(3)

HealthTech(8)

mHealth(3)

Telehealth Care(1)

Telemedicine(1)

Artificial Intelligence(109)

Bitcoin(7)

Blockchain(18)

Cognitive Computing(7)

Computer Vision(8)

Data Science(14)

FinTech(44)

Intelligent Automation(26)

Machine Learning(46)

Natural Language Processing(13)

5 key points from day 3, Google I/O 2017

In continuation of the last two days the IO event became more detail oriented with deep dive technical sessions covering various aspects of the improvements in Google products and enhanced capabilities that developer can access.

c_93a5qvyaejdde-large

Here is our summary of some important discussions.

1.Improved sign-in, payments and forms in Apps

Google is trying to tackle the challenges of critical flows like login, payments and forms by using new APIs. Android now has Autofill, Google Smart Lock, and Backup and Restore APIs for your apps. These new APIs will help users

1) The login and payment experience,

2) Seamlessly syncing logins between your website and mobile app, and

3) Preventing users from getting locked out when they switch devices.

Watch the complete video here Link

2. Android meets TensorFlow

TensorFlow is powering google AI. A detailed session on AI technology for production Android apps was conducted. One of the main benefits of TensorFlow is Portability. You can easily move the neural network model to Android and run the prediction inside mobile phones, to do many AI tricks things like image recognition, motion recognition and etc.

Google provided the tips and tricks to overcome the challenges of the model size and CPU consumption for neural network prediction.

Watch the complete video here Link

3. Performance and Memory improvements in Android Run Time

Android Run Time (ART) is getting major improvements like the new concurrent copying garbage collector (GC) based on read barriers, and improvements to the ahead-of-time (AOT) and just-in-time (JIT) compiler. The new GC will reduce pause times and heap sizes compared to its predecessor.

Watch full video here Link

4. Kotlin

kotlin_800x320

Kotlin is now an officially supported language for Android. Kotlin is a language that runs on the JVM (Java Virtual Machine), and it’s already possible to use Kotlin and many other JVM languages for Android development.  This is the Link https://youtu.be/X1RVYt2QKQE to know the tips for developers to get started with it.

5. Machine Learning APIs

Google has introduced new machine earning APIs that provide access to pre-trained machine learning models with a single API call. Now you can make use of Google’s machine learning expertise to power your applications. Google Cloud Platform (GCP) offers five APIs that provide : Google Cloud Vision API, Cloud Speech API, Cloud Natural Language API, Cloud Translation API and Cloud Video API. Using these APIs, you can focus on adding new features to your app rather than building and training your own custom models.

watch full video here Link

Cancel

Knowledge thats worth delivered in your inbox

Retention playbook for Insurance firms in the backdrop of financial crises

4 minutes read

Belonging to one of the oldest industries in the world, Insurance companies have weathered multiple calamities over the years and have proven themselves to be resilient entities that can truly stand the test of time. Today, however, the industry faces some of its toughest trials yet. Technology has fundamentally changed what it means to be an insurer and the cumulative effects of the pandemic coupled with a weak global economic output have impacted the industry in ways both good and bad.

Chart, line chart

Description automatically generated

Source: Deloitte Services LP Economic Analysis

For instance, the U.S market recorded a sharp dip in GDP in the wake of the pandemic and it was expected that the economy would bounce back bringing with it a resurgent demand for all products (including insurance) across the board. It must be noted that the outlook toward insurance products changed as a result of the pandemic. Life insurance products were no longer an afterthought, although profitability in this segment declined over the years. Property-and-Casualty (P&C) insurance, especially motor insurance, continued to be a strong driver, while health insurance proved to be the fastest-growing segment with robust demand from different geographies

Simultaneously, the insurance industry finds itself on the cusp of an industry-wide shift as technology is starting to play a greater role in core operations. In particular, technologies such as AI, AR, and VR are being deployed extensively to retain customers amidst this technological and economic upheaval.

Double down on digital

For insurance firms, IT budgets were almost exclusively dedicated to maintaining legacy systems, but with the rise of InsurTech, it is imperative that firms start dedicating more of their budgets towards developing advanced capabilities such as predictive analytics, AI-driven offerings, etc. Insurance has long been an industry that makes extensive use of complex statistical and mathematical models to guide pricing and product development strategies. By incorporating the latest technological advances with the rich data they have accumulated over the years, insurance firms are poised to emerge stronger and more competitive than ever.

Using AI to curate a bespoke customer experience

Insurance has always been a low-margin affair and success in the business is primarily a function of selling the right products to the right people and reducing churn as much as possible. This is particularly important as customer retention is normally conceived as an afterthought in most industries, as evidenced in the following chart.

Chart, sunburst chart

Description automatically generated

        Source: econconusltancy.com

AI-powered tools (even with narrow capabilities) can do wonders for the insurance industry at large. When architected in the right manner, they can be used to automate a bulk of the standardized and automated processes that insurance companies have. AI can be used to automate and accelerate claims, assess homeowner policies via drones, and facilitate richer customer experiences through sophisticated chatbots. Such advances have a domino effect of increasing CSAT scores, boosting retention rates, reducing CACs, and ultimately improving profitability by as much as 95%.

Crafting immersive products through AR/VR

Customer retention is largely a function of how good a product is, and how effective it is in solving the customers’ pain points. In the face of increasing commodification, insurance companies that go the extra mile to make the buying process more immersive and engaging can gain a definite edge over competitors.

Globally, companies are flocking to implement AR/VR into their customer engagement strategies as it allows them to better several aspects of the customer journey in one fell swoop. Relationship building, product visualization, and highly personalized products are some of the benefits that AR/VR confers to its wielders.  

By honoring the customer sentiments of today and applying a slick AR/VR-powered veneer over its existing product layer, insurance companies can cater to a younger audience (Gen Z) by educating them about insurance products and tailoring digital delivery experiences. This could pay off in the long run by building a large customer base that could be retained and served for a much longer period.

The way forward

The Insurance industry is undergoing a shift of tectonic proportions as an older generation makes way for a new and younger one that has little to no perceptions about the industry. By investing in next-generation technologies such as AR/VR, firms can build new products to capture this new market and catapult themselves to leadership positions simply by way of keeping up with the times.

We have already seen how AR is a potential game-changer for the insurance industry. It is only a matter of time before it becomes commonplace.

Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...