We are living in the age of evolving Artificial Intelligence. Here everything is data, so there is an enormous opportunity of getting intelligent from each aspect of life/business.
Having worked on spreadsheets and relational databases for a decade, I can confidently say that we have to go beyond it if we care to be more intelligent than ever. This need is being manifested in every business, and its super set human activities.
Image, audio, social media and documents have been and will be main area of AI applications. So, we have to get ready to dig out those unstructured data so as to get meaningful insights.In this pursuit, I developed APIs for each hot area of AI.
First, let us start from voice based application. We have to care about voice based intelligence so as to do things more easily than ever. Here I would like to show an API where you can change the color of plot, title of the plot, size of points and even you can add a (local polynomial) regression linejust by your voice
We are in the process of building smart image recognition system with/without google vision API. Here I would like to share an API meant for editing and viewing any image
Document reading has been a tedious task for most of us, specially compliance officers, risk managers and any sort of document readers. So, I developed an API to summarize pdf/document with help of NLP/LSA .
Sentiment tracking has been an essential work of any marketing team /strategy team. You must be aware of how people perceive your product/service/event, public sentiment score, its change with time and who talks to whom on social media. Here is the social media API for that purpose.
Real time monitoring/Sensor data visualization has been very important component of smart healthcare, smart building management and smart home. Here is the API
Please feel free to give your kind suggestions.
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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.
