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Google I/O 2018, Day 2 Highlights: AI for Healthcare Sector

The second day of the Google I/O 18 consisted of several talks including AI and ML in healthcare sector, Web Assembly, Polymer, Chrome Dev Tools, Flutter. Let’s dive in to know what’s new and the improvements that have been made to the web!

Artificial Intelligence(AI):

 

Google’s AI to Improve Healthcare

We all have unfortunately, heard a doctor express with utmost despair that they could have done better if the patient could have been brought to medical attention a little early-on. Google thinks it can solve this problem for mankind. Last year at Google I/O, Sundar Pichai demonstrated the advanced computing powers of Google named Tensor Processing Units (TPU) which now has been working with eye hospitals to help doctors use Deep Learning, a machine learning module to screen Diabetic Retinopathy in a better way. 

Google’s AI analyses about 100,000 data points per patient, something humans can’t do, to determine if their health is likely to deteriorate in near future and if they may need readmission. The current level of accuracy in prediction by Google’s AI is better than traditional methods by 10%; the aim is to empower doctors by nearly 48 to 24 hours in advance before a patient falls sick again. 

Google focuses to make healthcare better by helping doctors be more efficient and for patients to get better quality of healthcare, in Google I/O 2018 this is only a beginning of human and machine working together.

Do It Yourself Artificial Intelligence

Google introduced the AIY Kits: a series of open source projects that include hardware and software tools, showcasing on-device artificial intelligence. With AIY Kits, users can use artificial intelligence to make human-to-machine interaction more like human-to-human interactions.

The first open source project is the Voice Kit. The speech recognition ability in this kit allows you to add voice recognition to assistive robots, talk to control devices such as light bulbs and replace physical buttons on household appliances and consumer electronics.

For Developers:

1. Chrome DevTools

There is a new shortcut, Ctrl + F that will pull up a new search sidebar in the Network pane of Chrome DevTools. With this search sidebar, you can search through headers and their values. You need to make sure Site Isolation for Chrome is enabled by heading to chrome://flags#enable-site-per-process and activating it.

  • Performance IsolationThe Performance panel has been improved to provide flame charts for every process.
  • Certificate Transparency The Security panel now provides the ability to show the certificate transparency information of a secure website.
  • Sources Panel The Sources Panel has a Network tab. The Network tab is now called the Page tab.

2. Web Performance

Google analyzes a lot of sites and has learned over time how to make them extremely fast. The Web Performance made easy talk by Eva and Addy Osmani showed how to fix common web performance bottlenecks and take advantage of the latest browser APIs to improve loading experience.

  • New Lighthouse Web Performance Audits
  • Optimizing Caching Strategies – Cache as many resources as possible efficiently.
  • Remove unnecessary bytes and don’t send things twice – Optimize Caching strategies. Cache as many resources as possible.
  • Remove unused JavaScript and CSS from the Critical Path.
  • Eliminate unnecessary downloads.
  • Don’t serve un-optimized or unnecessary images to your users.
  • Help browsers deliver critical resources.
  • Have a Web Font Loading Strategy.

Google announced a new experimental browser feature called Priority Hints. It allows you to specify the importance of a resource. The browser loads the resources with high importance first before the others.

3. Web Assembly

Google is working really hard to allow developers import web assembly modules into their JavaScript apps and have Chrome render it effectively. With Web Assembly, software like AutoCAD and Complex3 have created complex but fast UI web experiences.

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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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