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Mobile App Development Tools and Trends for 2016

In last few years we have witnessed a revolution in the world of mobile application development for building robust and user friendly apps that enable easy accessibility of products and services.  From online shopping to ordering favorite cuisine, from booking a flight to sharing instant videos, mobile apps play an important role in our daily routine.

Experts predicts that the smartphone users is likely to go beyond 2.15 billion in 2016.

This brings a whole new field of ideas to try and avenues to pursue in order to reach customers, create dialogues and forge relationships with them in a way that makes your app irresistible. So what will 2016 look like for mobile app development? Let’s take a look!

Wearable Device and Internet of Things
2016 will see a surge in applications created for wearable technology. With technology driving the change, customization of mobile applications to integrate with a personalized network of other gadgets, also known as Internet of Things (IOT), is the next big thing.

2016 will be about combining real-time data derived from these integrated devices in order to monitor and extrapolate trends and make predictions. We at Mantra Labs are already designing solutions like Stay Close that provides a complete mobile integration platform with healthcare care sensors that can be worn on bodies to detect daily healthy anomalies and help families stay connected.

“Smarter” is the term that is making smartphones to transform into a center of personalized network that constitutes a variety of wearable gadgets and it includes smart watches, smart displays such as smart jewellery and healthcare sensors that can be worn out on the bodies to detect any kind of sense like “Stay Close” by Mantra Labs. Besides all this technology, in the coming future apparel and footwear will be introduced with various kinds of sensors that will enable to thrive in all the spheres of our daily routine.

Integration with Cloud Technologies
As wearable tech and smart devices will grow, the requirement to sync all devices and apps will become undeniable. Cloud technology will allow designers and developers to shrink the size of their mobile apps and address the key issues of memory and bandwidth.

Platforms like Andriod, PC, iOS, will become more cross-functional. According to Centaur Partners, the cloud-based app market will reach $32.8 billion in 2016, a 19.5 percent compound annual growth.

User Experience Through App Analytics and Big Data
With several thousand app and products being launched every day, consumers are faced with several options to choose from. In order to influence consumer decisions to use the product, businesses today need to provide a holistic brand experience. From initial contact to repeat business, it is important to consider the customer experiences at every single step.

Creating more customer-focused application will be the norm in 2016. Data analytics will play a crucial role in helping business understand the customer experience with the product and improve the user experience. Analytics will be a handy tools for designers and developers in 2016 that will enable them make data driven decisions on their projects.

Swift Programming
Recently, many companies, like Yahoo, Vine, LinkedIn etc., are using Swift programming. While there are several popular programming languages for mobile application development, Swift is  becoming increasingly popular because it is more resilient to erroneous code and also more concise.

Cross-platform Tools
The development of mobile apps using cross-platform tools will increase in 2016. Enterprises have to use a wide range of platforms to keeps their apps working properly. This trend is also supported by the huge amount of mobile devices featuring high level functionalities and perks. Sencha and Corona are some cross-platform tools mobile developers use to do this job properly. Since cross-platform mobile apps will cut down maintenance costs, app developers will be  happy.

Hybrid HTML 5
Hybrid HTML 5 will gain momentum over time. The usage of hybrid HTML 5 will increase due to two factors: time-to-market and favorable economics. In addition, hybrid HTML 5 allows for an improved user experience. Since most enterprise departments will need mobile apps in 2016, there will be tons of pent-up demand.

React Native
React Native enables you to build world-class application experiences on native platforms using a consistent developer experience based on JavaScript and React. The focus of React Native is on developer efficiency across all the platforms. Facebook uses React Native in multiple production apps. With React Native, you can use the standard platform components such as UITabBar on iOS and Drawer on Android. This gives your app a consistent look and feel with the rest of the platform ecosystem, and keeps the quality bar high. These components are easily incorporated into your app using their React component counterparts, such as TabBarIOS and DrawerLayoutAndroid.

As 2016 approaches, one thing is clear. Mobile apps are here to stay. Make sure your business has what it takes to compete in the rapidly growing mobile environment with help from Mantra Labs. Our team of expert app developers can create a custom app that works to better your business and boost your brand.

For further information about Mobile trends in 2016 say Hello to 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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