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Strategic Technology Trends in Insurance

3 minutes, 47 seconds. read

“Strategic technology trend is one with substantial disruptive potential, that is beginning to break out of an emerging state into broader impact and use, or which are rapidly growing trends with a high degree of volatility reaching tipping points over the next five years”, says Gartner.

These technology trends shall enable insurers to expand into more ecosystems than ever before. Let us explore such strategic technology trends, which will impact the insurers in the near future.

1. AI & RPA helps insurance find a digital edge:

AI and RPA are already a reality for insurance. AI has found its way into vehicles, homes, and businesses and in the Insurance industry as well, it solves the necessary day-to-day tasks of running a business by the automation of routine patterns. It is able to tailor solutions for individual customers and replace the one-size-fits-all products currently available.AI in insurance will allow carriers to deliver scalable and customized solutions for members and policyholders,” says Ramon Lopez, Vice President of Property & Casualty Claims and Innovation at USAA.

RPA tools currently occupy the Peak of Inflated Expectations in the Gartner Hype Cycle for Artificial Intelligence, 2018. RPA is widely adopted in various industries, insurance included. “End-user organizations adopt RPA technology as a quick and easy fix to automate manual tasks,” said Cathy Tornbohm, vice president at Gartner. In the insurance industry automation of the day-to-day tasks would potentially reduce cost, time consumption and increase accuracy, quality and competency.

2. Augmented Analytics- future of data analytics:

One of the latest advancements for business development tools is the advent of augmented analytics. As per a report from Deloitte “Augmented analytics marks the next wave of disruption in the data analytics market”. It is an approach that automates insights using machine learning and natural language generation. Gartner predicts “by 2020, more than 40% of data science tasks will be automated”, resulting in increased productivity and broader use by data scientists. According to Accenture, “1 out of 3 insurers globally now uses Big Data from IoT technologies, such as Fitbit, Samsung Gear or Apple watch to collect lifestyle data from insureds”. Augmented Analytics will help reap business value from those data by automating Big Data insights. The insurance industry is expected to be the biggest beneficiary as it will help increase the accuracy and end the traditional “gut-feeling” decision-making approach.

3. Blockchain for war on fraud:

Blockchain is one of the biggest fourth industrial revolutions for many industries, including insurance. Insurance fraud costs more than $40 billion a year. The insurance companies can use “the distributed ledger” to potentially lower fraudulent claims, cost, transaction settlement time and improve cash flow.EY, Guardtime, A.P. Møller-Maersk, Microsoft, and ACORD collaborated and launched blockchain-powered marine hull insurance platform Insurwave in 2018. The platform is now in commercial use and handled risk for more than 1,000 commercial vessels and 500,000 automated transactions in its first twelve months of operation. More than 38 insurance companies have embarked on an initiative called the B3i to explore Blockchain applications in insurance.In the past decade, technological advances from artificial intelligence to Blockchain have transformed business models in every sector and insurance is no exception. Dubai World Insurance Congress embraced the future of the industry with insights from the sector’s most established and innovative leaders,” said Arif Amiri, Chief Executive Officer of DIFC Authority.

International Data Corporation (IDC) analysis shows “worldwide spending on Blockchain solutions could reach $11.7 Bn in 2022”. Blockchain gives the insurance company an independently verifiable data set so they don’t have to rely on the customer’s version. It is emerging as the central repository of truth for many blockchain use-cases. According to Gartner reports, “Blockchain will create $3.1T in business value by 2030”.

4. Quantum Computing:

Quantum computing is rising on the Gartner Hype Cycle. It is expected to become one of the greatest disruptions of the age. Quantum computing has the ability to process huge datasets and models that would have previously taken days and weeks. It can help calculate risks, of almost any nature, such as the impact of an approaching hurricane on a specific region.

According to a recent Novarica executive report, “Quantum Computing and Insurance: Overview and Potential Players,” by Mitch Wein and Tom Kramer offer various use cases of quantum computing. However, not many insurers are working with quantum algorithms. They are still seen as technologies that are on the distant horizon and not in their face like artificial intelligence.

The insurance industry has a complex infrastructure and legal restrictions. However, with investments in these Strategic Technology trends, insurers can become more customer-centric, achieve growth and lower cost.

https://www.futureblockchainsummit.com/news/dubai-world-insurance-congress-calls-for-faster-digitisation

https://www.gartner.com/en/newsroom/press-releases/2018-10-15-gartner-identifies-the-top-10-strategic-technology-trends-for-2019

https://www2.deloitte.com/content/dam/Deloitte/it/Documents/technology/09%20-%20Dataviz%20-%20Qlik%20proposition_Deloitte%20Italy.pdf

https://www.gartner.com/en/newsroom/press-releases/2017-01-16-gartner-says-more-than-40-percent-of-data-science-tasks-will-be-automated-by-2020

https://www.linkedin.com/pulse/case-study-insurance-industry-denis-mwarania

https://tractable.ai/blog/together-towards-ai-notes-from-insuretech-connect-2017

https://www.dig-in.com/list/top-5-insurance-quantum-computing-use-cases

https://www.cbinsights.com/research/blockchain-insurance-disruption/

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What If the Sun Took a Day Off?

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Ever wondered what life would be like if the Sun took a day off? Picture waking up to an Earth shrouded in darkness, where temperatures drop dramatically within hours, plunging the planet into an icy chill. Plants, deprived of sunlight, would halt photosynthesis, leading to a food production crisis. Our reliance on renewable energy would face a sudden halt, causing widespread blackouts and chaos in cities across the globe.

A day without the Sun would throw our world into chaos! Luckily, that’s never going to happen (at least in our lifetime!). But this thought experiment underscores the Sun’s critical role in our lives and highlights why harnessing solar energy is so vital. While we’re increasingly turning to solar power, we are still missing out on capturing a massive amount of solar energy that falls on Earth every single day.

How Much Solar Energy Are We Missing Out On?

Every day, the Earth receives about 173,000 terawatts of solar energy from the Sun—more than 10,000 times the world’s total daily energy consumption. Despite this abundance, we only capture a tiny fraction of this energy. In 2023, solar energy accounted for just 4.5% of global electricity generation—a huge opportunity waiting to be tapped.

If we could capture just a small percentage of the Sun’s energy, we could power the entire world many times over. The total solar energy that hits the Earth in just one hour could meet the world’s energy needs for a full year. Yet, due to limitations in solar panel deployment, technology efficiency, and energy storage, the vast majority of solar energy goes unused each day.

As we improve solar technology and infrastructure, capturing more of this energy becomes not just a possibility but a necessity for a sustainable future. Let’s dive into how cutting-edge technology is making solar energy more accessible and efficient, helping to turn this untapped potential into real, usable power.

How Tech Makes Solar Adoption Easier

Customer-centric technology is revolutionizing the way we adopt solar energy. Imagine an app that allows you to simply point your smartphone at your house to estimate how many solar panels you need, their ideal placement, and the energy they can generate.

Here are the key benefits of this innovative approach:

  • Precision: By capturing images of your property through satellite, the app calculates the optimal placement of solar panels for maximum energy production. Studies have shown that precise placement can increase efficiency by up to 20%.
  • Customer Engagement: Users receive real-time insights into their energy production, helping them understand their solar power system better, whether they’re using Tesla solar panels, solar power generators, or even solar attic fans to optimize home energy usage
  • Seamless Experience: With user-friendly interfaces, consumers can easily monitor their solar systems remotely and receive updates on their energy output. This accessibility is crucial for encouraging the wider adoption of solar technologies.

The Tech-Driven Shift Toward Sustainability

As solar technology evolves, so do the solar panels themselves. Innovations like Tesla solar roof systems, flexible solar plates, and bifacial panels are redefining what’s possible in renewable energy. Even smaller systems—such as portable solar generators and solar air conditioners—empower homeowners to harness solar power efficiently.

Photovoltaic (PV)  panels, the cornerstone of solar energy, have seen incredible advancements, now boasting efficiencies of up to 22%. This means fewer panels are needed to produce more energy, making solar energy more effective for a wide range of applications, from solar shingles to off-grid systems.

Moreover, the push towards cradle-to-cradle sustainability is reshaping the industry. New solar panels are being designed with recyclability in mind, reducing their environmental footprint. Innovations in recycling technology now recover up to 95% of materials from end-of-life panels, ensuring that even the oldest solar systems contribute to a greener future.

While solar technology continues to advance, solar panels themselves are becoming more efficient and environmentally sustainable. Innovations such as systems, flexible solar plates, and bifacial solar panels are pushing the boundaries of what’s possible in renewable energy. Even smaller systems like portable solar generators and solar air conditioners are empowering homeowners to tap into the power of the Sun efficiently and sustainably.  Photovoltaic (PV) panels, the cornerstone of solar energy – now boast efficiencies of up to 22%​. This means a smaller array of solar panels for home or commercial use can generate more electricity. This makes solar energy systems more appealing and effective for various applications, from solar roof shingles to off-grid solar systems.

Moreover, the move toward cradle-to-cradle sustainability—where solar panels are built from materials that can be easily recycled—has gained traction. This reduces the environmental footprint even further. Innovations in recycling can recover up to 95% of materials from end-of-life panels, According to PV Cycle​, with room for improvement in recycling.

Making Solar Affordable and Accessible

Historically, one of the biggest barriers to solar adoption has been the cost. But things are changing fast. Innovations in financing models, such as Power Purchase Agreements (PPAs) and solar loans, have significantly reduced the financial burden of installing solar systems. According to the Solar Energy Industries Association (SEIA), the average cost of solar installation has dropped by over 70% in the last decade.

Couple that with federal and state incentives like the Investment Tax Credit (ITC), which provides a 30% tax credit on solar installations, and solar energy is more affordable than ever. Net metering programs, which allow homeowners to sell excess energy back to the grid, further enhance savings, making solar not only accessible but also financially rewarding.

Conclusion

The future of solar energy goes far beyond rooftop panels—it’s about making the entire solar experience intuitive, accessible, and sustainable. With smart apps and tech-driven tools, consumers can now manage their solar energy systems with just a few taps on their phones, making the shift to green energy simpler and more engaging.

At Mantra Labs, we’re at the forefront of this solar revolution. We’ve helped some of the world’s largest solar providers develop cutting-edge, customer-friendly solutions. Our mobile apps allow users to estimate solar panel needs, monitor system performance, and even track their environmental impact—all from the convenience of their smartphone.

Together, with innovative tech and a commitment to sustainability, we’re building a future where solar energy isn’t just an option—it’s the smarter, more accessible, and greener solution for everyone.

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