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Here is Everything Apple Announced at WWDC 2016 – Day 2.

While most of the WWDC 2016 keynote were focused on iOS 10, macOS Sierra, and new versions of tvOS and watchOS. On day 2nd of WWDC 2016, Apple showcased many products, services and revealed some facts n figures, but the highlights of the day were Hide Apps, Apple Music Makeover and also a number of CarPlay-related announcements like Alternate Routing and more.

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Few Highlights of the Day:

Car-Play:
CarPlay were most focused and highlight of the day second, where the company described the changes and the new features of Car-Play.

First, the new Apple Maps appearance on iOS 10 and some new features extend to the dashboard was in keynotes. Later the If there is a lot of traffic ahead, for example, CarPlay will now proactively provide you with alternate routes and estimate how much time you saved compared to your original route. CarPlay-new-800x330

Additionally, CarPlay turn-by-turn directions will now be available directly in your instrument cluster in vehicles equipped with a driver-side peripheral screen for a safer driving experience.

Another feature that should make CarPlay safer is the Siri SDK. Apple is opening Siri up to developers, enabling third-party apps for VoIP calling and more to work seamlessly with the virtual assistant, and the functionality extends to CarPlay.

Hide App Feature:
CarPlay apps and other apps can now be rearranged or hidden on iOS 10 by tapping on Settings > General > CarPlay > Your Vehicle. Simply tap the add or subtract button on the stock or third-party apps that you want to add or remove. Phone, Music, Maps, Messages, Car, and Now Playing cannot be removed.CarPlay-apps-removed

Apple Music:
Just like on iOS 10, Apple Music has received a makeover on CarPlay that makes it easier to browse and discover music. The top menu options have changed from For You, New, Radio, Playlists, My Music, and Now Playing to Library, For You, Browse, Radio, and Now Playing. Curated playlists have also been added.

CarPlay is also now supported on ultra-wide screens. The new features and improvements will require pairing an iPhone 5 or later on iOS 10. Apple-Music-CarPlay-iOS-10-800x413

Many automakers in the U.S. and abroad now support CarPlay, including Acura, Audi, BMW, Buick, Cadillac, Chevrolet, Ferrari, Ford, GMC, Honda, Hyundai, Kia, Lamborghini, Lincoln, Mercedes-Benz, Mitsubishi, Nissan, Opel, Porsche, Peugeot, Seat, Škoda, Subaru, Suzuki, Volkswagen, Volvo, and others.

The WWDC 2016 Day 2nd remained successful with their highlight announcements and was able to engage people at large level.

The Quick Recap of other announcements of the day 2:

Finally, day two brought the numerous developer sessions. The 3rd day expectations are also high. For updates of 3rd day stay with Mantra Labs.

If any queries approach us on hello@mantralabsglobal.com

 

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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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