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AI in Mobile Development

How hard is it to develop an AI app? – In the realm of AI, it is a constant journey and not a destination. Indeed, AI developers and experts are on a mission of solving the most complex problem – human behaviour. They are on a path to study patterns and produce results that a human being would most likely exhibit.

In the making of all of this fabulous innovation, what kind of challenges does an AI developer face? What are the hindrances in their role? Does AI Development manager approach in a responsible manner? To answer many such question lets dive deep into some of the stories of AI development.

‘AI – Opportunities’ in mobile app development

AI is kind of magic wand to its innovators, true to its nature of being complex it hosts a bunch of opportunities’ for developers to explore the world….

Voice Enablement Helps in understanding customer better and delivering the best

How often have you called up customer care to complain when the internet is not working or DTH not working? The first thing they ask you is – what kind of problem are you facing? While at times the problem is simple, many times the executives try to know the exact steps to reach a particular problem. While manually saying click this, click that could help, voice recognition or voice enablement allows developers in identifying the exact process that was followed.

As the user says OK Google on his phone, followed by instruction check new emails or the weather or the best deal for iPhone, it helps developers in understanding the behaviour of the customers. The kind of apps they use most, what are the instructions provided, what kind of instructions not working. The voice input also helps in understanding customers expectations from an app. I remember when my nephew instructed Google Home “You are useless,” the answer came in was I am sorry to disappoint you, and I would let my engineers know about it.”

Simplifying Complex needs

The most exciting opportunity for an AI app developer is about streamlining complex processes and workflows. Well, indeed otherwise how would the language translation work out? Or how could a chatbot help in resolving human beings technical problems? Or could you fathom of any human being going through thousands of lines of log to look for something suspicious? Or how about commanding Voice assistant to locate the best restaurant near you serving Mediterranean food?

All these are the needs to structure and present data in the simplified form. Thanks to AI app developer.

‘AI – Challenges’ in Mobile App Development

Well, the aim is to simplify lives but what are the challenges faced by developers?

No Standards tools and languages

While Google has launched some of the projects like Teachable Machine and Google AI tools to let users experience how AI works, it is still a challenge for developers to start off. In fact, Quora is flooded with queries like what are the languages or software used to develop an AI app. Many firms use Python due to the benefits it offers but has its limitations like weak in mobile programming and enterprises desktop shops. Similar is the case for other software languages like – Prolog, JAVA, C++ and LISP programming languages for artificial intelligence research

Lots of data create confusion

However, it’s the data that helps in creating the best AI app; the irony is that its also in a massive amount at times challenging to segregate and structure. With big data buzz and data tracking now a trend, developers at times face a hurdle in putting the data sets in a meaningful way.

The new availability and advancement of AI and ML are causing a revolutionary shift in the way that developers, businesses, and users think about intelligent interactions within mobile 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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