The final day of Google I/O 18 consisted of a few talks including Node.js, Server less deployment, Tensorflow, Android Security, etc. It’s been an amazing three days of awesomeness with a lot of announcements and new kits for developers to build amazing products. Let’s get to the highlights from Day 3 at Google I/O 2018.
Deploying Serverless Node.js Microservices
Myles Borins and Steren Giannini gave a talk on Deploying Serverless Node.js microservices.
They announced that in a couple of weeks, Node.js will start running on Google App Engine. Developers would be able to deploy a Node.js app easily to Google Cloud. The Node.js app would simply have an app.yaml file that specifies the runtime. And then the developer can run gcloud app deploy. That’s it!
TensorFlow without a PhD
This talk gave techniques about deep reinforcement learning with TensorFlow. There was a demo of a pong game driven by a neural network. There was also a demo of an animation character that learned how to move and jump via machine learning exposed by TensorFlow.
The tools for the demo included were :
TensorFlow for the models
Google ML engine for the training
Tensorboard Visualization Kit
The Key Tips
Add a robot.txt to the top level domain of the site which specifies the URLs to crawl and not to.
Use good URLs such as example.com/about rather than fragmented URLs such as example.com/#home.
Use consistent URLs for the same page.
Add the critical metadata such as canonical links, viewport, title and description of each page, etc.
Use href elements when linking between pages. Don’t use non-semantic elements such as <div onclick=goTo(‘/contact’)></div> if you don’t have to!
With Google I/O 2018 coming to an end we are stoked for all the great things that will be rolled out in the coming months.
Knowledge thats worth delivered in your inbox
Retention playbook for Insurance firms in the backdrop of financial crises
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.
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.
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.
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.