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IoT World is getting trendier and fashionable with these Latest trends

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Let your treadmill pass on the data to your wearable hand devices that could be read on your smart phone with visual and analytics. Or how about you casting your mobile to Office projector while all are having their evening snacks and enjoying live cricket?

Let’s see what are the latest trends in IOT.

Welcome to Connected World!

Research experts like Gartner Say 8.4 Billion Connected “Things” Will Be in Use in 2017, Up 31 Percent From 2016. On the other hand, firms like Intel predicts that there would 200 million connected devices by 2020. With such a rapid growth startups and big firms are keen in observing the space. So, here we bring on the latest trends shaping the world of IoT [ Internet of things].

An Increase in Miniscule Products

Products like sensors and cameras may be little in existence, but the power they hold makes them sustainable in the long run. Smart homes, Smart cars, climate control, home security are some of the aspects that need these sensors and devices. In future, we may see them as default items in IoT world, but for now, they are the stepping stone and would create an impact in IoT domain.

Evolution of IoT Squares 

A very peculiar case of IoT is that the Amazon Prime video cannot be cast via Google Chormecast, the user needs to purchase Amazon Firestick if he must enable casting. With such a wide range of hardware and software list, users can’t be loyal to just one firm. Hence the need for gateways that allow software’s, hardware, apps, devices of various vendors to connect, interact and communicate without the need to change it.

These markets would not only help the users but the firms who want to want to automate their legacy equipment. They could just tap into industrial drivers, hubs, data visualization, monitoring and data mapping modules and reap the benefits.

Let the Data Do the Talking

Big Data is not an emerging trend anymore, but a default technology adopted by most of the businesses. However using Big data with IoT cloud could help many firms in making an informed decision. Just for example an insurtech firm could gather the driving behavior and pattern of his customer using sensors and could design a customized policy that suits his needs.

IoT Analytics is an upcoming trend, and many of the start-ups are eager to provide the optimum solution to other businesses.

Integrate IoT with Machine Learning

Machine learning is another emerging trend that experts are confident would change the future. But its benefits could be manifold if it’s integrated with IoT. Mantra’s innovative solution XAVI is the best example here. Just imagine you entering the home after a long tiring day and wished someone could switch on your lights tv and air conditioner. XAVI is a genie that allows you to do so with your voice or through a mobile app. As you get comfortable on your sofa, you could issue a command to list all English movie to be aired in next 15 minutes, and in no time, you could have an exclusive list of it on your tv screen. For more features click here.

It would also help firms in gathering data of individual usage patterns and would assist them in building more cognitive technology.

Security the Major Opportunity

With every new technology first question posed is – Is it safe? While many people believe interconnection could make systems more vulnerable to attacks, the opportunists believe it as a space to explore and come with a more robust solution to keep devices and data protected.

Read this article as well to get more insights on IOT

 

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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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