A Smart bulb isn’t just your everyday bulb. They don’t just rest in a holder to do nothing besides provide light like a basic bulb would. That’s dull, and in the IoT Technology Space, things aren’t meant to be dull. The basic idea was to be in command of several operations a light bulb would perform through a mobile application. You don’t have to worry about sleeping with the lights left on, all light long as a smart bulb can communicate with your fit bit and sense when you are asleep and will then turn off on its own.
You don’t need dimmer to dim
Remember when you had to install dimmer switches in your home just to make the light a little dim for setting the ambiance? Like many other features, a Smart Bulb offers, dimming the light through buttons/sliders built within the application that controls it. Changing colors of the lights according to your mood is another thing a Smart Bulb is usually capable of. They can also integrate with home automation systems like Apple Home Kit and Nest which maximizes its potential in the field of Security.
Control from anywhere/Multiple users can use them
The basic idea of integrating a LED to operate on Wi-Fi, Bluetooth or In-Home Automation Networks is what a Smart Bulb is created on. It can be used by multiple users when paired with a specific system operated on a single user account in the application.
Powered by : Andriod and mobile apps
With the market for such small IoT technologies growing at almost 13% each quarter, various manufacturers are now trying to integrate new age smart bulbs with features like built-in camera, motion sensors, and sound system. The industry pioneers, like Philips and LIFX have already started producing such products and controlling the lights of your home from a remote location is no longer a fantasy!
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.