10%

Try : Insurtech, Application Development

Edtech(5)

Events(31)

Interviews(10)

Life@mantra(10)

Logistics(1)

Strategy(14)

Testing(7)

Android(43)

Backend(28)

Dev Ops(2)

Enterprise Solution(20)

Frontend(28)

iOS(39)

Javascript(13)

AI in Insurance(27)

Insurtech(57)

Product Innovation(36)

Solutions(15)

Augmented Reality(7)

Customer Journey(7)

Design(6)

User Experience(21)

Artificial Intelligence(95)

Bitcoin(7)

Blockchain(14)

Cognitive Computing(7)

Computer Vision(6)

Data Science(14)

FinTech(41)

Intelligent Automation(25)

Machine Learning(43)

Natural Language Processing(10)

E-health(3)

HealthTech(5)

mHealth(3)

Telehealth Care(1)

The Cognitive Cloud Insurer is Next

4 minutes, 8 seconds read

Today’s Insurance enterprise is moving away from the all-too-familiar ‘reactive-only’ approach to a new predictive-first model. The sector is seeing dramatic changes, as we enter the fourth Industrial Revolution (Industry 4.0) — or The Connected Age. Digital businesses are gradually realizing the limitations of human and machine systems without any real intelligence or computing power behind it. Between human prone errors and the scalability challenges of traditional technologies — a new mechanism is required to learn and adapt better. 

Enter Cognitive Computing. But what is it?

The short answer is — it has everything to do with interpreting data. Big Data, to be precise. This activity is particularly hard because most of the data in use remains unstructured. In insurance, for example, nearly 90% of carrier data is disparate or partially structured as text & image data, in varying formats. With cognitive computing, data can be made meaningful and then used to derive new insights for future use.


To achieve this, ‘Cognitive Systems’ leverage the use of distinct technologies such as natural language processing, machine learning and automated reasoning. It helps in processing great volumes of complex data and can aid faster & accurate decision-making by breaking down the complexities in big data. When done right, a cognitive computing system can comprehend, reason, learn and interact with humans naturally ultimately enhancing the enterprise’s digital intelligence capabilities.

Another aspect of cognitive computing is the ‘Cloud’ advantage. Cloud computing is not new, however, when fitted with a cognitive solution — it can foster dramatic agility to organizational workflows. 

For the digital insurer, this means that all aspects of the value chain can be transformed, ushering in a new business model that seamlessly engages with both customers and prospects in near-real-time, at all times. 

Also read – How does XaaS help your business?

The Cognitive Insurance Transformation Journey

Transitioning from a digital to a cognitive business enabled by the ‘cloud’ has a clear business objective behind it — evolve the model to improve profitability. The addition of the cognitive component allows smart systems to free up critical manned resources and drives greater (STP) straight-through processing. 

Take ‘underwriting’ for example, which is an area of insurance that necessitates looking at  vast heaps of unstructured data. Without the supporting information, the risk cannot be precisely measured or priced. 

Accelerating data analysis from historical information can improve the underwriter’s efficiency in the manufacture of meaningful and personalised insurance products, within short turn-around time. This is how insurance carriers will stay their competitive advantage when vying for the wallet-share and mind-share of tomorrow’s customer.

The Cognitive Insurer in cloud is Next

Source: The Cognitive Insurance Value Chain

Yet, the redesign of the underwriting process is only one of many insurance processes that has the potential for Cognitive enhancement. The number of connected things will grow to 25 billion by 2021, which will increase the amount of data. Insurance data alone is expected to grow by 94%. Other parts of the value chain like claims processing, new business and underwriting, rapid customer onboarding, rules-based processes and contract validation are also experiencing cognitive upgradation.

In the past few years, the number of cognitive projects in insurance is on the rise. Carriers are running pilots, testing and validating the right use cases to invest in. For instance, Australian Insurer, Suncorp used IBM’s Watson for ratifying a specific use case — determining who is liable for causing a motor accident, by studying 15,000 historical records of de-personalised claim files.

The Cognitive Insurance process and application

Source: CognitiveScale

Intelligent and cognitive systems like these can do a lot more. From cognitive claims to cognitive chatbots — AI and Machine Learning are behind new behaviour-based, pay-as-you-use products in insurance. Automated post-hospitalisation claims, Motor damage estimation using advanced image recognition, Cognitive mail handling through intention analysis, etc. among others are just a few examples of AI solutions being deployed by Insurers, who are evolving their business models along their transformation journey.

Our own SaaS-based intelligent platform built for improving insurer workflows, FlowMagic takes advantage of cloud-based capabilities to enhance business automation. The intuitive Visual Platform uses AI-powered applications that are easily configurable requiring zero-coding effort, while the jobs can be visually monitored continuously to give real-time decision-ready insights.

Cognitive-Insurance-Ecosystem-Flowmagic

FlowMagic — Visual AI Platform for Insurer Workflows

Here’s a simple 3 step formula for a successful cognitive cloud transformation journey:


1. Identify (internally) use cases with a potential for a high degree of market disruption.

2. Validate (both internally & externally) the use cases through small-scale pilot deployments.

3. Define areas in your operational value chain ripe for transformation, that will enable new processes, engagements and business models through it.

By 2020, 25% of customer service and support operations will integrate with cognitive cloud-enabled chatbots to deliver natural, conversational guidance to users. Solutions like these have proven demonstrable ROI in both front & back-office operations, creating over 80% FTE savings for the enterprise.

Mantra Labs is an InsurTech100 company, that helps digital insurance enterprises enhance agility and operational efficiency through new Cognitive Cloud capabilities. To know how, reach out to us at hello@mantralabsglobal.com

Cancel

Knowledge thats worth delivered in your inbox

How to increase patient engagement on a healthcare app?

By :
4 minutes, 9 seconds read

Patient facing mobile apps have emerged as a viable alternative to interact with patients and help them execute several tasks related to healthcare without reaching the hospital. Patients are now increasingly glued to these healthcare apps and their time spent on mobile devices has increased significantly. From communication and information to executing business through mobile apps have become a common thing.

Still, there is a lot of gap in the healthcare market. Marketers are struggling to gauge the true value of mobile apps for the bottom line of healthcare organizations. Especially in terms of the value of the app viz-viz the efforts, cost, and time it would take to become a useful and engaging healthcare app for the patient.

To help you increase the patient engagement on a healthcare app, here are a few crucial ways that you need to know. It will not only increase the engagement but will also help you meet your organizational goals at a faster pace.

1. Reduce Readmissions

Healthcare provider’s biggest pain point these days is to avoid readmission of preventable cases. It is crucial for healthcare organizations to reduce this number to enhance patient outcome and improve their revenue growth. Customized healthcare applications can assist hospitals in reducing the number of readmissions.

Here is how:

  • Offer personalized post-release information and instructions
  • Reminder for regular follow-up visits
  • Enforce stricter adherence to post-release prescription and regiment
  • Easier access to healthcare resources and information
  • Lesser cost and time of reaching out
  • Greater engagement to reduce readmission rates

2. Encourage Patients to Proactively Manage Their Health

Encouraging the patient to become proactive in managing their own health can help in improving the outcome and also enhance the reputation of your hospital. With easier access to the required resources and tools, patients are more likely to stay in touch with healthcare professionals and practice the wellness regimen. A properly optimized mobile app can deliver a better wellness experience to the patient and a greater sense of satisfaction.

Here is how an app can help the patient in managing their health proactively:

  • Keeps the patient informed and connected with relevant services
  • Encourages regular health tracking
  • Helps in developing healthy habits and exercises
  • Promotion of health education by streaming informations

3. Improve Trust and Build Relationships


Establishing trust between the patient and doctor is one of the difficult things that hospitals face. Due to long wait times, complex processes, or lack of communication between healthcare team; patients are not willing to attend healthcare appointments.

However, when you give all the relevant tools and information in the smartphone of the patient and empower them, the trust develops between the two parties and the patient proactively takes charge of their treatment. Hospitals can also gain competitive advantage by streamlining patient referrals and building stronger relationships with physicians.

Here is how apps can help:

  • You can provide access to a larger pool of specialists 
  • Help in easily accessing credentials, studies, and information from the mobile app
  • Recommend, network, and connect
  • Improve efficiency and workflow

4. Boost Brand Image and Reputation

Today patients can not be treated less than consumers. Hospitals are competing with each other to provide better care facilities and infrastructure at affordable prices. Hence, it has become crucial to achieve patient satisfaction and engagement. Through mobile apps, hospitals can make the existing information easily accessible along with brand awareness features including social media, photo galleries, virtual tours, and more.

Here is how mobile app can help:

  • Easier access to communication and information
  • Intuitive presentation of the hospital through immersive galleries
  • Stream ER wait time and other relevant information
  • Greater social media engagement

What more factors can increase engagement?

Several patients come to healthcare app once and then dump them after a few logins. One of the major reasons for such low engagement rates is that either the app is difficult to navigate or it is not immersive for the patient.

Consider these few points to make your app more engaging:

  • Customize the app as per the patient group. An app can appear differently to a child and an old age person. Develop an app that is easy to use for all users. Sit with your QA engineers to validate the functionality of your application thoroughly.
  • Build an app that is scalable and can be evolved over a period of time. Leave the possibility of enhancements and customizations that you would need in the future to keep the application viable.
  • It is a no brainer to give multiple options to your patients. Develop a cross-platform application that is compatible with both iOS and Android platforms and offers a rich user experience.

Wrapping Up

With the COVID-19 pandemic, people are more worried about visiting hospitals. Social distancing has become the norm and patients are more inclined towards telemedicine for their treatment. In such a tricky situation, it has become more crucial for hospitals to provide a robust, secure, and engaging mobile app to patients to interact with doctors, access information, and stay connected with the healthcare system.

About the Author

Erna Clayton is a techie with over 12 years of experience in several technological domains including quality assurance and software testing. In her free time, she loves travelling and writing on technology.

Further Readings:

  1. Building Consumer Trust in the Digital Healthcare Era
  2. HealthTech 101: How are Healthcare Technologies Reinventing Patient Care
  3. Virtual health: Delivering care through technology
  4. How Mobile Micro-Health Insurance can unlock ‘Digital for Bharat’?
Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...
Go Top
bot

May i help you?

bot shadow