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5 Take Away points from Droidcon 2016

Droidcon is a global developer conference series focusing on the best of Android, supporting the Android platform and creating a strong network for developers and startups. Droidcon covers all aspects of the Android ecosystem from mobile devices, to TV, to cars, to gaming, and so much more.

The idea behind the droidcon conferences is to support the Android platform and create a global network for developers and companies. The platform offers high-class talks from leaders from different parts of the ecosystem, including core development, embedded solutions, augmented reality, business solutions and games.

The speakers of the conference were some of the leaders from Android space, Yigit Boyar- Google Express, Dario Laverde- HTC, Jenny Yuen- Software Engineering Manager – Android at Facebook, Evelio Tarazona Caceres- Lyft, Israel Ferrer Camacho- Twitter, Christina Lee- Hightlights, Huyen Tue Dao- Trello and many others, who spoke about Android Development and the future of Android.

The 5 take away points from this conference were:

  1. Application Architecture:
    An application architecture describes the behavior of applications used in a business, focused on how they interact with each other and with users. It is focused on the data consumed and produced by applications rather than their internal structure.Yigit Boyar explained the need and necessity of Application architecture in developing mobile applications that can work offline as well. Mobile networks are unreliable and if the application does not account for it, your user suffers from the worst user experience, which would in return affect your application; this motivates developers to design an application that can work offline and improve user experience with better architectural decisions from online behavior.
  1. Auto Profiling Apps on Every Build:
    Evelio Tarazona Caceres of Lyft highlighted, not only Architecture alone, but performance also is always a concern when working with resource constrained environments like Android. In addition to that, developers also have to deal with another limited resource: time. It is quite common that adding new features or fixing bugs is way more relevant than ensuring the application works smoothly. Just measuring the performance of certain view takes a good amount of time, so why not automate it?“At Lyft we found that gathering data with every continuous integration build would help us to not only detect regressions but also to ensure a smooth ride for all our users.”, He added.

  1. Borrowing The Best of the Web to Make Native Better:
    Christina Lee while addressing conference, said, “The fast iteration of the web has yielded several very promising paradigms to mitigate problems by thoughtfully separating concerns.” She spoke about how they are exploring ways to borrow principles from React, Flux, Redux and Cycle. JS to bring the best of web data flow management to Android Applications. She provided an overview of the relevant principles, including samples from apps in production.
  1. Fluid Gesture:
    Material design on Android
    has ushered an age of delightful animation and meaningful transition leading to more engaging and sophisticated Apps. Eric Leong laid emphasis on examples of unique, but effective gestures, especially those unique to certain App Categories. To demonstrate the ease of developing a gesture-based interface, even in a production application. Eric used Tumbler Gestured, to show how important is implementing gestures using a backboard and rebound, libraries that help tie user interaction to on-screen motion.
  1. Loving Lean Layouts:
    XML Layouts are a fundamental part of android development at all levels. Getting started is a straightforward but creating an efficient layout while still achieving a high level of control, takes some practice and few tricks

Android powers more than 80% of smartphones worldwide and shipped on over 1 billion devices. However, Android forks now account for over 20% of the global Android ecosystem and 41% of new devices. The Droidcon covered all aspects of the Android ecosystem, provided overview of future of android and revealed statistics and introduced specific strategies to help developers reach a wider audience with their applications.

 

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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.

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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.

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        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.

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