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Laravel 5.4 Vs Yii2 : PHP Frameworks Comparison

 laravel

PHP frameworks make development faster. Among various frameworks, Laravel & Yii are two widely used frameworks. Recent releases are Laravel 5.4 & Yii2, we have analyzed the functioning of both these frameworks from the developer’s point of view.

Requirements

Yii is used by programmers for developing web portals and much more. The latest version Yii2 requires PHP5.4 or higher versions.
Laravel is designed for the purpose of building high-end web applications. Laravel 5.4 will be functioning only on PHP 5.6.4 or higher end versions.
Laravel Requires OpenSSL Extension, Mbstring Extension, Tokenizer Extension also.

Extensions

Both Frameworks offering various kinds of useful extensions. Programmers can find many valuable extensions in these frameworks. Laravel has a various number of user contributed / commercial extensions compared to Yii2. It has various kind of extensions providing different scopes in functionality which is ahead of Yii.

Object Relational Mapping

Yii2 Framework feature data access objects, Doctrine2 through plugins and Active Record Pattern. Laravel Also provides the same.

The object relational mapping (ORM ) of Laravel is Eloquent and Yii is Active Record.

Security

Yii2 and Laravel5.4 both have more security features related to authentication, authorization, SQL injections, CSRF coupled with the core code. Whereas Laravel provides these security measures with several extension packages.

Performance

When it comes to the performance of these two frameworks Yii is considerably fast when we compare with Laravel. Laravel5.4 takes 2ms as application startup time whereas Yii2 startup time is1ms.
Also, Yii has a wonderful caching system and supports DB based page, Memcache, XCache, segment caching and APC. While in Laravel cache necessities include Database, Memcached, and Redis.

Templating Engine

Laravel5.4 Using blade templating, which is simple yet powerful templating engine where you can use plain PHP code into views unlike other PHP templating engines. Blade view files are stored in .blade.php file extension. Vue.js javascript frameworks can be used for Laravel.
Yii doesn’t use any third party templating system by default. Still, Twig Or Smarty Template Engines can be used.

Conclusion

The selection of framework is clearly based on project requirements, Yii overtakes Laravel in some aspects like security and fast performance. Programmers should use the Laravel framework to avoid coding flaws.

Both these frameworks have their own pros and cons but Laravel and Yii both are excellent frameworks to work on.

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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.

Chart, line chart

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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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