10%

Try : Insurtech, Application Development

Edtech(5)

Events(34)

Interviews(10)

Life@mantra(11)

Logistics(1)

Strategy(14)

Testing(8)

Android(46)

Backend(29)

Dev Ops(3)

Enterprise Solution(22)

Frontend(28)

iOS(41)

Javascript(13)

Augmented Reality(17)

Customer Journey(12)

Design(13)

User Experience(34)

AI in Insurance(31)

Insurtech(59)

Product Innovation(37)

Solutions(15)

E-health(3)

HealthTech(8)

mHealth(3)

Telehealth Care(1)

Telemedicine(1)

Artificial Intelligence(109)

Bitcoin(7)

Blockchain(18)

Cognitive Computing(7)

Computer Vision(8)

Data Science(14)

FinTech(44)

Intelligent Automation(26)

Machine Learning(46)

Natural Language Processing(13)

Mobile App Development Trends & Tools 2019

Mobile applications have become a culture for not just the millennials but even the older generations. I could still recall the past where a mobile phone was a luxury only because it allowed people to make a call when they were on the go. But, subsequently, with the advancement of the technology Smartphones, today are nothing less than a lifeline (not literally). They are not just a calling device anymore, but they have immense potential and the power to perform a million operations.

Mobile app development tools

Here are some of the Mobile App Development Trends to Watch in 2019 and beyond

1. Wearable devices and IoT

We already have health fitness bands that help to keep track of our exercise regime. But, now several other companies like Zomato and Uber have invested in wearable app development technology. These wearable devices get connected to your smartphone through Bluetooth and can be controlled through a mobile app.  IoT is also gaining traction with the idea of Smart homes becoming popular, and all of these need a mobile app for its management.

Next year there will be several new mobile applications that focus primarily on these.

2. Augmented Reality(AR) and Virtual Reality (VR)

A lot has already been said and heard about AR and VR. In the coming year, we can expect that mobile applications will leverage these technologies to the maximum to create an extraordinary user experience.

3. Cloud Integration

Cloud integrations bring with it a plethora of benefits such as reduced hosting costs, better storage, more loading capacity, user retention and many more.  These benefits around cloud environment are steadily becoming vivid, and in 2019 we will witness a bulge in mobile app development companies embracing this technology.

4. Instant Apps

As more and more users start using mobile applications they expect faster load times and at the same time tremendous user experience. The answer to this is instant apps. The instant application does not require any download and can be accessed instantly. So, by 2019 instant apps will be one of the ruling trends of mobile app development.

5. Predictive Analysis for better User Experience

Data collection and analytics is in the technology market for quite some time now. Several companies such as Facebook and Google are already using predictive analytics to improve the user experience, and the same will become part of mobile app development. App developers will use predictive analysis on a broad scale to create a breathtaking user experience.

6. Mobile App Security

We use mobile applications for everything from making payments to sharing personal data. When sharing of such sensitive information becomes a norm, then it is essential to protect this data from leaking and prevent any unauthorized activity.  The year 2019 will witness huge investment in cybersecurity to make the mobile application much safe and full-proof.

7. Mobile Commerce

We are all using mobile wallets such as Paytm and Google pay. It is quite a turn off when we are surfing through a mobile shopping application and cannot find a proper payment platform. So, businesses who want to offer a flawless user experience will need to integrate payment gateways as well as mobile wallets. Payment gateways and mobile wallets will become an integral part of mobile applications in 2019.

In the end, one cannot wholly unravel all the mobile application trends that will rule in 2019.  We can wait and see what else will come and change the entire dynamics of the smartphone industry.

If you want a recap, here are the links for what was happening in last year

Mobile app development trends in 2018

You might also be interested in:

  1. Learn Ionic Framework From Scratch in Less Than 15 Minutes! 
  2. Ionic Platform for Mobile App Development: Features & New Releases
  3. 5 Trending PHP Frameworks in 2020
  4. Top Javascript Frameworks and Trends in 2020
Cancel

Knowledge thats worth delivered in your inbox

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

Description automatically generated

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.

Chart, sunburst chart

Description automatically generated

        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.

Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...