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Are Predictive Journeys moving beyond the hype?

4 minutes, 42 seconds read

Predictive Analytics is disrupting the business-consumer dynamic. To improve engagement with their customers, organizations have begun identifying potential segments (predictive audiences) that are likely to convert with them. Modelling data to learn about the potential ‘new’ customer, their preferences and spending behaviour has already proven demonstrably higher conversion rates and lower churn rates. In fact, the market value for these types of services is expected to touch $12.4B by 2022.

As we transition into a semi-connected world supported by global IoT sensors and devices, the real-time analysis of past and future-probable events is evolving business actions more prescriptive in nature. Every touch or interaction triggered by an individual customer is a data point that is captured, stored and examined for insights. Data is an interminable asset that continues to grow exponentially while storage likewise is getting cheaper each year. With nearly infinite cloud computing and scaling it becomes much easier to process these extremely large amounts of data.

But, are customer journeys actually getting better? Are these journeys still reactive? How much of the world has moved to a predictive-first approach? and, has it really helped CXOs address their business goals? Let’s evaluate the state of real-time predictive trends that are being put to use by global enterprises. 

First, let’s look at some easily identifiable use cases that have some verifiable results.

  • Identity Resolution — understanding the individual persona consistently and accurately across -domain, -device and -channel, while maintaining stringent privacy compliance. This approach typically gives you a singular view of a potential customer. (ex: LiveRamp, Full Contact)
  • Customer Journey Data Integration — data integration transcends the siloed view of traditional web analytics. For these multiple integrations like web, mobile app, email, social media, CRM, call centre, device, etc. are essential to understand customer flow across channels. (ex: FirstHive)
  • Customer Segmentation and User Experience Recommendations — It is done using clustering models to perform highly accurate segmentation creating micro-segments and tracking each customer as they shift from one segment to the other. (ex: Lattice-Engines)
  • Personalization — It marks which marketing campaigns, channels, touches, and behaviours users are responding to, and contributing to a business outcome, using a machine learning-based attribution. (ex: Everage)
  • Lead Scoring, Prioritization & Allocation — It helps identify which leads will convert, churn and which customers will buy one or more products for a cross-sell or upsell. (ex: Mantra Labs LCA, Pardot
  • Automating Prediction & Rule Setting — Use automated machine learning for predictive modelling. Enables rapid iteration cycles. (ex: Nokia, DataRobot)

The total number of journey interactions the world over is an unquantifiable number. It is predicted, though, that there will be nearly 2MB of data created by every individual in 2020, every second. With all this data to go around, why are companies so invested in them? It’s because customer experience has become the number one marketing activity of 2019, and will continue to rank highly over the next five years. 

In fact, Gartner predicts by 2019 more than 50% of organizations will redirect their investments to customer experience innovations. For SaaS enterprises, there is a lot to gain. Research indicates CX initiatives can double an organization’s revenues within 36 months, and this extra share will come from the customer’s wallet. Good CX will create real value for your customers, which means they will spend more.

According to Accenture, 87% of organizations agree on traditional experiences no longer satisfy customers. To counter this, Businesses are now investing in customer journey management. Interestingly, insurance (39%) is showing the highest adoption rates outside of retail (42%). The tech industry comes up third behind them at 7%. 

Customer journeys are orchestrated into three: Acquisition, Conversion and Growth. Majority of journeys are identified as growth journeys (64%), and typically run for nearly 34 months on average.

Has it made a difference in Experience?

Yes, and there’s data to support it.
The predictive journey allows businesses to place real-time marketing bets on the behaviour of the customer. We don’t have to look any further than the example of Netflix and its impressive predictive recommendation system. Almost 80% of the content watched on Netflix is attributed to recommendations. A robust predictive analytical engine working behind the scenes is able to perform two critical aspects of the customer life cycle: Needs forecasting and churn reduction. The system is estimated to save Netflix at least $1 billion each year in customer retention.


What about the Impact to Business Goals?

The short and long answer is yes.
According to a salesforce study, the key to building highly personalised journeys begins with predictive intelligence. The report found on average, predictive intelligence recommendations influenced 34.7% of total buys. The lift in conversion rate within the first 36 months is around 23%, which is significantly high. Imagine what 23% more in conversions can do for any business. The real value from predictive intelligence is that it gets more intuitive with time. After 36 months of implementation, there is 40.3% more influence in revenue from this technology.

Continuous Predictive Learning Model
Continuous Predictive Learning Model

For future engagements, customers want businesses to proactively reach out to them and offer them tailored products and services that will be highly relevant to their needs. On the other hand, businesses prefer to study their consumers by looking at their data under the strict regulations enforced in data privacy laws — because it will certainly avoid long term risk to their business models. The results are clear: A predictive journey is the only way forward. 

Mantra Labs is an Insurtech100 company creating AI-first products and solutions for the evolving digital enterprise. To learn more about how we are using predictive journeys to create the Internet of Intelligent Experiences, reach out to us on hello@mantralabsglobal.com

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Virtual health: Delivering care through technology

8 minutes, 52 seconds read

Virtual Care, Telehealth, Telemedicine, etc. are terms used very synonymously. Indeed they are interrelated, however, Virtual Care is a broader term in which healthcare providers use digital tools to communicate and deliver care to their patients. Telehealth and Telemedicine are a part of Virtual Care where doctors deliver care to their patients, remotely via phone, video, or instant messaging. Virtual health includes care delivery beyond video consultation where hospitals provide services using technology such as wearables for remote monitoring, instruments for post-op care and second opinions, e-pharma services, and medical information, etc. 

The outbreak of the COVID-19 pandemic gave an impetus to Virtual Care, but even in the Pre-COVID time, the Healthcare sector was slowly gearing up for this next wave in care delivery. What COVID-19 did was, help patients get acclimatized to the digital health tools and services. 

What does Virtual Health help with?

The pandemic has brought the burning issues of the healthcare sector to center stage. Patient experience and access to healthcare services are key differentiators for people while choosing a healthcare provider. Let’s take a look at some of these issues addressed by technology in the healthcare sector-

The increasing number of patients

Apart from the pandemic, there’s already been a rise in the number of patients due to drastic changes in lifestyle and food habits, an increase in pollution levels, increase in new types of viruses, etc. This has caused undue stress on healthcare institutions and workers and has led to the deterioration of the quality of patient care. Virtual Health technology such as mHealth apps, EHR (Electronic Health Record), video conferencing, etc. has helped reduce the pressure on hospitals.

Difficulty in traveling for old patients

The pace of life is increasing at a rapid rate. It is getting insanely difficult for the elder population to navigate through the traffic and commute long distances for a check-up. Many times, they have to depend on their family members to take them to hospitals. Moreover, they are at risk of exposure to viruses in hospitals and clinics. Now that they have had the experience of virtual consultations, they prefer care delivery at home rather than going to hospitals.

Chronic Diseases treatment

The number of people above the age of 45 face health issues. Some patients are suffering from chronic diseases regardless of age. Regular monitoring of their vitals is very important. Moreover people now prefer Virtual healthcare services which are easily accessible and save a lot of time, effort, and money. Now that people have found these services effective, they will opt for online consults rather than frequent in-person visits. 

Post-op Care

The duration of post-operative care is quite long and tedious. If given a choice, people will lean towards wearables which will help keep doctors posted on the status of the treatment. Many times, the cost of post-op care is more than the actual treatment and sometimes is not covered under insurance. Virtual care-delivery services will help reduce the financial burden of people going through these treatments.

Follow-ups/Second opinion  

Some health conditions need multiple follow-ups and second opinions to figure out the right approach to treat the issue. It is much easier for patients to do follow-up consults virtually rather than going through the tedious process of appointment booking, commuting, and waiting for their turn. It helps reduce the queue outside the doctor’s office as well. Some health issues need a second opinion, sometimes both by patients and doctors. Virtual Healthcare technologies make it possible for them to take second opinions from doctors all over the world. With electronic records and image sharing, doctors can diagnose the problem better.

What does Virtual Health include?

Virtual Health can be broadly divided into below applications-

mHealth Applications

mHealth applications have widespread use. From symptom checkers to appointment booking, from fitness trackers to uploading medical records, from video conferencing features to chatbot integrations, mHealth apps are on a rise mainly because of easy accessibility for the tech-savvy customers. According to a study by NCBI, among the 22 selected mHealth apps operating in India, Practo, mfine, DocsApp, 1mg, Netmeds, Lybrate, MediBuddy, and Medlife were found to be the eight most popular ones with over a million downloads and on average four-plus user rating out of five. All the above apps are mainly being used for online consults. This just goes about showing that people prefer having homecare services instead of stepping out. 

E-Triage Tools

The rising number of patients with different stages of COVID symptoms was a task to deal with. E-triage software here enables hospitals to triage patients into different sections when there’s an overload of patients at a particular time. Now, in the case of home care, e-triage tools help patients to access the gravity of their health condition and notify the healthcare provider accordingly. Such tools help reduce A&E waiting time and improve NHS performance. Many companies are building healthcare software integrating the E-triage module within EHR, telemedicine, clinical decision making, billing, etc. In India, Persistent Systems’ cutting edge platform has a Nurse Triage system that enables nurses to see the queue of patients and triage via phone calls. Once the calls are done, a triage report is generated and sent to care providers. Many leading doctors feel that AI in image triage will see a boost in near future.

Remote Patient Monitoring 

There are multiple benefits such as reduced post-op expenditure, time wastage, less exposure to other diseases, etc. The global remote patient monitoring devices market is expected to expand at a CAGR of 7.1% during the forecast period (2019–2027) according to Coherent Market Insights. Some of the top players in this space are Biotronik, Boston Scientific Corporation, CAS Medical Systems, CONTEC MEDICAL, Dragerwerk, GE Healthcare, Guangdong Biolight Meditech, Medtronic, Mindray Medical, Nihon Kohden, Philips Healthcare, Spacelabs Healthcare, Abbott. Companies such as GE Healthcare and Philips Healthcare have done a great job with building remote patient monitoring systems within the hospital premises as well as homecare for COVID patients. The main goal was to reduce the exposure of healthcare workers to at-risk patients. 

Synchronous and Asynchronous Telehealth

Synchronous telehealth, in other words, Telemedicine is where there is a live conversation between the patient and the doctor. Asynchronous telehealth involves the exchange of recorded data e.g. images, video, medical reports, pathology reports between patients and doctors, at times between doctors as well. Similar to mHealth space, companies like Practo, 1mg, Lybrate, Medlife, and Portea Medical in India are some of the top players in telehealth and telemedicine. Lybrate’s USP lies in CMS (Clinical Management System) which helps doctors with tedious tasks of managing patients and providing better care. Meanwhile, Portea Medical’s home consults and pharma delivery have more relevance with the audience as it combines technology with a touch of personalization. 

Digital Therapeutics

Digital Therapeutics delivers evidence-based therapies with the help of software which can be used both as a preventive measure as well as treatment application. The effectiveness of the medication and lifestyle changes on patients are monitored by leveraging technology. In India, major non-communicable diseases that account for 62% of the total mortality rate are CVD, diabetes, respiratory conditions, and cancer. Prominent global players in this space include Noom (US), Livongo Health (US), Omada Health (US), WellDoc (US), Pear Therapeutics (US), Proteus Digital Health (US), Propeller Health (US), Akili Interactive Labs (US), Better Therapeutics (US), etc. Omada Health is the pioneer in the DTx (Digital Therapeutics) that focused primarily on diabetes and pre-diabetes but now is branching out in the mental health space as well. In India, Altran (a part of Capgemini) is into building personalized DTx applications for clients. Whereas a start-up called Wellthy Therapeutics has ready solutions catering to multiple diseases.

Future of Virtual Health

Undoubtedly, there has been a massive increase in the adoption of Virtual Health technologies as people have gotten accustomed to the ease of certain services at home. In the coming future, mHealth apps, remote patient monitoring, and Digital therapeutics see a surge in demand from the customers. According to a study by Markets and Markets, “The global digital therapeutics market is projected to reach USD 6.9 billion by 2025 from USD 2.1 billion in 2020, at a CAGR of 26.7% during the forecast period (2020–2025).” A study by Fortune Business Insights, “The global mHealth market size is projected to reach USD 293.29 billion by 2026, exhibiting a CAGR of 29.1% during the forecast period.” A Research and Markets report says, “The remote patient monitoring market is expected to reach US$31.326 billion by the end of 2023.” Apart from the above, development in digital infrastructure such as virtual health stations where doctors can provide consultations globally, mobile ICUs, MRIs, X-rays, ultrasound equipment, the establishment of rural virtual care units reaching the remote areas of the country are some of the trends which will gain momentum. The focus would always lie upon the personalization of the virtual care experience for patients driven by data exchange and interoperability. 

Indeed, there are certain challenges to the implementation of these technologies, lack of infrastructure, and digital literacy amongst elders and lower strata of society. Many healthcare institutions still have inhibitions while investing in digital technologies fearing rejection from the customers. It will be crucial for care providers to choose the right partner for implementing these technologies and create awareness amongst people to adopt them.  

In a Nutshell

The success of virtual care relies on how well the digital experience is designed for the patient. “By 2025, as many as 95 percent of all customer interactions will be through channels supported by artificial intelligence (AI) technology” – Microsoft. The use of algorithms and AI for personalizing these experiences will be the key. 

Find out more about unchartered territories in ‘Blue Ocean’ of Digital Health. Join our webinar hosted by Parag Sharma (CEO, Mantra Labs) as he shares his insights on untapped opportunities using digital self-care tools within behavioral healthcare & emotional wellness.

Save your spot! 

Further Readings:

  1. Reimagining Medical Diagnosis with Chatbots
  2. HealthTech 101: How are Healthcare Technologies Reinventing Patient Care
  3. What will be the state of the healthcare industry post pandemic?
  4. Healthcare Chatbots: Innovative, Efficient, and Low-cost Care
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