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)

6G And The Future Customer Experience

3 minutes 24 seconds read

The world is rapidly approaching a future where the distinction between the real and virtual worlds is becoming increasingly blurred. We’re heading toward a more connected world that has meaningful interactions between humans and machines. And 6G will accelerate this experience for the customers and businesses.

When it comes to technological innovations, advanced countries like U.S.-China have always been one step ahead. While majority of the globe is yet to experience 5G, US and China are racing to develop and patent the 6G network. Chinese organization, Huawei Technologies Co. predicts that 6G technology will enter the market by 2030.

Image Source: Nokia

3G enabled human mobile connectivity, 4G enabled social interaction, and 5G enabled IoT devices to sense and communicate. What about 6G?

In one of the recent videos posted by Nokia, Peter Vetter, president of Bell Research Labs Core Research Labs said, “6G will enable holographic communication as if people would be able to teleport to each other’s environment and work on the same thing as if they’re in the same room.”

6G network is anticipated to offer cost savings, 10 times lower latency, 100 times higher connection density, geo-location accuracy, etc. It will have space-air-ground-sea integrated networks to meet the global coverage demand. Satellite communication, UAV communication, and maritime communication will significantly expand the coverage range of wireless communication networks.

Image Source: Science China Information Sciences

Impact of 6G on Future Customer Experience:

6G will be 100 times faster than 5G and will enable data transmission within seconds. Let’s look at the impacts of 6G on the future customer experience.

  1. Seamless Phygital experience: With the 6G technology, embedded sensors will allow digital representations to construct digital twins of people, actual objects, and their surroundings, converging the physical and digital world. 6G will also boost the metaverse and mixed reality experiences for the customers by offering the required peed and efficiency required.
  1. Faster Speed: 6G will enable us to stream videos faster and download 100 hours of video within seconds. This will surely have numerous use cases for businesses to increase their efficiency and improve customer experience. For example, this can be highly useful for the insurers in making the claims process faster and more accurate.
  1. Intelligent and connected Devices: Experts predict that 6G will be able to support 10 times the number of devices and will be 100 times more reliable. The technology will build a more connected ecosystem where all the devices will be in sync with each other. For example, maybe the future self driving cars maybe able to know where other vehicles are. Instead of tracking high traffic locations, vehicles might be able to communicate and coordinate with each other and save travel time for riders. All this would be possible if the network connectivity is strong and fast.
  1. Real-time experience: We’ve been talking about meetings and storefronts in the metaverse. The world is moving into a space where there is no boundary between the two realities. Maybe a customer would want to visit the store in the comfort of his home, converse with the salesperson face-to-face and have a real-time experience.  

Conclusion

Japan’s NTT DOCOMO has partnered with Nokia to start indoor 6G trials this fiscal year, and outdoor trials next year. 

While there is still time for commercialization of 6G, it’s usage might turn science fiction into reality. Real-time holograms, flying taxis, and the internet-connected human brains might be the future. To facilitate the next-gen of technology, we need a next-gen network that could define the future of communication.

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 ...