Posts by Vidushi Singh

Mantra Labs – Insurance simplified with technology!

MantraLabs, an InsurTech company that is leveraging latest technologies like Artificial Intelligence, automated chatbots and Augmented Reality is on a mission to serve the digitally savvy customer base, induce automation and reduces false claims. While MantraLabs has been helping one of India’s esteemed insurance firm Religare, they are also proud technology partners to enterprises like Shell, Ola, and Zipdial(Twitter company).

MantraLabs is a product and service based company from Bangalore are backed up by a team of 100+ experienced professionals and design-enthusiasts.

We are working to disrupt the insurance sector with its innovative, secure, scalable yet user-friendly solutions and currently focussing on making customer-centric offerings, relevant data extraction, intuitive chat platforms for insurance agents and Deep Technology Services for consistent and efficient output.

Our 3 major focus areas are:

1. Customer Experience Consulting:

In the age of the Digital Insurer, we at Mantra are obsessed with architecting an Eco-System where the user is at the center of the product. This involves mapping the user ecosystem, applying persuasion engineering, and optimizing the cross-channel experience.

2. Plug & Play Products for the Digital Insurer:

Our experience of working with one of the leading Insurance company which handles more than 1.5 million customers/month has given an insight into the products and features needed in the industry. Some of our products include

 a. InsurTech Focused Chat Solution:

Hybrid AI chat solution at a fraction of the cost which continuously keeps learning based on Agent Interactions and eventually takes over the workload resulting in significant savings on licensing & agent salary costs.

 b. Paper to Digital Document Parser:

An AI driven paper to digital document parser is able to successfully transform paper-based documentation into digital with a successful extraction of relevant consumer filled information.

 3. Deep Technology Services:

This has led to upto 7X decrease in manual processes in various aspects of the eco-system and has resulted in efficient & consistent output in process driven workflows.

The skilled Agile practitioners make sure; ideas are out to the market faster than you thought possible. From consumer-facing mobile and web applications to enterprise technologies, our experts are ready to take out on any challenge.

Power of live chat: Boost your conversion by 3.5X

Many online consumers want help from a live person while they are shopping online; in fact, 44% of online consumers say that having questions answered by a live person while in the middle of an online purchase is one of the most important features a Website can offer.

Increase the online sales by 3.5 times with chat solution:

At Mantra we have seen the online chat interfaces increase the online sales of the platform by more than 3.5 times after the Chat service was introduced. We believe that live chat can add real value to your business with its wide range of benefits and functionalities.

One of India’s health insurance company approached us to improve their customer experience. Based on our learning through developing AI Chatbot solutions for enterprise customers, we have developed a Hybrid AI-Enabled Chat Solution which combines the best of traditional and AI chat solution options.

 Our Hybrid AI-Enabled Chat Solution

The core idea is to quickly deploy an Enterprise grade Chat solution for the client (over Mobile, Web or Facebook) with the ability for human agents to carry out meaningful conversations with customers. This conversational data will be input for training a Bot which will over time learn and then start assisting human agents in drafting meaningful responses.  Eventually, when the bot is trained enough, it will be able to take over from Agents with an manual over-ride function always available.

The core USPs of the solution are

a. Quicker Deployment.

b. More meaningful Data for bots to train on.

c. Significant savings in the long-term with agents being replaced.

A Chat interface should be one of your high priority items for website improvement. We can surely help you with that and you don’t need to take our word for that we have already proven results to back it up.

 

IOT Trends for 2018

 

We spoke with a number of IT leaders and industry experts about what to expect from IoT in the coming year and what could be the latest trends for IOT which will dominate 2018.

Following are the Internet of things trends to watch out for in 2018.

1.The IOT industry will bring a changed awareness around security and risk:

Security concerns will be high on the list. We have reached a point in the evolution of IoT when we need to re-think the types of security we are putting in place. Have we truly addressed the unique security challenges of IoT, or have we just patched existing security models into IoT with the hope that it is sufficient?

IOT presents a different kind of risk. Businesses need to understand that sensors and machine-to-machine communications are also stored in the cloud. In particular, facilities implementing devices connected to the IoT need to think about communication and the security protocols between devices: sensor-to-sensor communication, sensor-to-gateway communication, and updating and maintaining all on-premise equipment to better secure their data.

Tom Smith is a research analyst for DZone.com and he queried these IT professionals to get their insights on predictions for 2018. Here’s what IOT experts shared their thoughts on IoT trends for 2018.

IoT security will continue to dominate as a major concern, and I would expect the rise of several IoT-driven platforms to rise to the surface in an attempt to address and manage this. Says Lucas Vogel, Founder, Endpoint Systems

My hope is that there will be some adopted regulations around IoT security and compliance, otherwise, there will undoubtedly be more frequent and massive attacks. The fully-connected home will move closer to being a reality, and there will be unique solutions that address actual needs instead of just being “internet-connected”. Says Mike Kail, CTO, CYBRIC

2. Businesses will need to embrace the implementation of edge and cloud computing: 

Edge computing, also known as fog computing, will continue to rise. The ability to run software at the edge is turning out to be one of the most promising accelerators of IoT adoption, given the cost savings and the ability to quickly achieve largescale systems.

3. Connectivity Management: 

Another exciting new area involves the management of whole IoT systems or solutions. Device management and connectivity management has been around for several years already, but now that the pieces of IoT systems are coming together to form whole enterprise-scale solutions, management of these solutions has become higher up on the “tech wish list” for organizations.

4. IOT vs IIOT:

In addition, the separation between consumer IoT and Industrial IoT is becoming clearer all the time. One key distinction that is now apparent is that consumer IoT can often focus on greenfield installations but IIoT must enable brownfield installations. The investments in systems and equipment that were made by industrial firms over the last decades will continue to be in place and will need to be incorporated into IIoT solutions.

We’re seeing a trend towards a lot more IIoT use cases. As we move into 2018, we will see a much higher adoption of industrial IoT where sensors are making a big impact in the manufacturing, automotive, aerospace and engineering sectors. Other areas where we expect greater uptake of IoT systems include shipping, retail, agriculture, and healthcare. This expansion will trigger a need to hire many more IoT professionals and will likely see the rise of many new types of IoT specific roles within companies.

Many verticals still have business operations that involve manual observation of equipment status, inventory levels, and other key metrics. Where there is currently manual observation, there may be a great opportunity for a high-ROI project involving IoT. Some verticals that have a lot of manual observations are Oil & Gas, Energy Distribution, Supply Chain, and Telecommunications. The repeating theme is high-value infrastructure that is spread out geographically.

Thanks Kilton Hopkins, IoT Program Director forNortheastern University-Silicon Valley and the CEO of IOTRACKS, for providing your inputs to this article.

 

 

Latest PHP Trends in 2018

 

PHP is one of the most simple to use the server-side scripting language. PHP frameworks are developed to complement PHP in many ways as they cater a basic structure and enforce the developers to use coding standards and development guidelines to stabilize the product and standardize the process. So this helps to reduce complexity & facilitates developers with all the comfort to focus on their specific areas without affecting the development of other modules.

I have listed down some of the main PHP frameworks which will remain the popular choice for developers in 2018 as well.

Laravel

According to our recent analysis of Google Trends, it can be clearly noticed that Laravel framework stands out & stands above all the frameworks listed and shall stay at the top in 2018. Since 2015’s Sitepoint survey showed that Laravel framework has an excellent documentation, robust features and a growing support community which made Laravel a clear winner in the list of PHP frameworks. Till now with the launch of Laravel 5.5 framework Google Trends has witnessed an increase in Laravel search results across the globe.

Laravel Framework facilitates many specific packages such the Blade Templating Engine, Artisan, eloquent ORM, Middleware, PHPUnit for Unit Testing, RESTful controllers & being the first one to introduce routing in an abstract way. All because of these extensive features many companies started providing Laravel Development Services to grow their business.

One of the most important functionalities of Laravel is the way it handles NoSQL structures like MongoDB & more. It is easy & comfortable for any developer to get started with Laravel because of its excellent documentation. If you are a developer who wishes to work with PHP then it is very useful to become a PHP Laravel developer.

CodeIgniter

This framework, which has more than 11 years, shot to fame thanks to the relatively unassuming use of resources, simplicity, convenience, a huge number of documents, designed for developers of any level, the absence of restrictions. At one time, Laravel is beginning to develop as a competitor CodeIgniter, so that until recently it was a universal benchmark.

  • CodeIgniter Reactor great support community, including libraries, modules, templates, and documentation;
  • Templates to work with databases, which are very similar to SQL syntax
  • The possibility of caching on the server side;
  • Using the package manager for quick connection of the libraries from the command line.

Symfony

Symfony has been touted for a while now as a very stable, high performance, well documented, and modular project. Symfony is backed by the French SensioLabs and has been developed by them and its community to be a fantastic framework.

  • Symfony defines MVC while many other frameworks try to simply follow MVC rules.
  • The standards of Symfony also make it easier to catch errors and to write high-quality code; its community is growing every year.
  • Symfony is The leading PHP framework to create websites and web applications
  • Laravel uses Symfony

Symfony is used by many big name companies like the BBC and open source project such as Drupal and eZpublish. Symfony was written with stability in mind in a very professional way. Its documentation is extensive, and its community is just as vast. Hence used for building both performances REST APIs, as well as fully fledged web applications.

Yii 

Yii is considered as the best framework in a lot of PHP frameworks. This framework facilitates the development of any kind of web app. It is known for being fast & flexible. Yii 2 is easy to install as it utilizes modern technologies & is backed up by the extensive set of features. Moreover, it supports high extensibility with great security & encourages testing. The launch of Yii 2.0 beta has started attracting developers with its new functionalities, features, changes, bug fixes & more. Yii 2 supports PHP 5.3 and some of the functionalities have been inherited from Yii 1.1

CakePHP

Being one of the oldest frameworks CakePHP retains its user base & is gradually but continuously growing. It also has an impressive portfolio comprising of big brands such as Express & BMW. Alike CodeIgnitor, CakePHP is an ideal framework for beginners. It also supports the rapid development of commercial web apps. It has built-in code generation with a scaffolding functionality to increase the speed of development & numerous packages to carry out general functionalities. Configuration process of CakePHP is a breeze as it reduces the need for unwanted complicated files such as XML or YAML config files. Faster builds are one of the main features along with the security features which include measures to prevent cyber-attacks.

ZEND

Zend Framework is prominently known for its go-to professional framework. It is commonly used for powerful enterprise-level applications. It is built with an extensive set of features such as security, extensibility in mind & performance. Zend isn’t ideal for rapid application development as it was developed with a focus on enterprise applications hence it has an enterprise driven nature with the support of numerous components such as feeds, forms, services and more.

Here is the link to know what were the trends in 2017, Latest PHP trends in 2017

 

Mobile App Development Trends & Tools 2018

The year 2017 proved to be one of the best times to invest in Mobile app development. Enterprises have now realized that mobile apps are now a necessity. A Smartphone is a very best way to meet customer demands and increase sales. In the year 2017, the projected rise is 254 billion free downloaded apps, up from 57.33 billion in 2012, which proves mobile development is one of the most actively growing sectors in the industry. The key players are Google apps, social media, lifestyle and gaming apps. Large companies (retailers, banks, hospitality, etc.) are using mobile applications for branding, increasing customer engagement, direct marketing, etc., while small and midsize businesses are also following the mobile trend and creating their own apps.

Internet of Things (IoT) and Wearable Apps

The idea of a smart home, smart cities, industrial IoT, automotive industry, smart health, and smart retail is growing. From healthcare to education and smart homes to smart offices, IoT apps will gradually start becoming mainstream in 2017. Though it might take some more time for IoT to fully take off, it is here to stay. Apple watch apps are already booming and will continue growing. Google has also released Android Things to increase IoT adoption. As we see an increase in demand for connected things, apps will be required for smart devices other than smartphones, and developers will have to keep innovating to meet diverse needs. Analysts predict that IoT will grow from $157.05 billion in 2016 to $661.74 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 33.3%.  This directly impacts the mobile app trends as IoT devices are controlled by smartphones.

Accelerated Mobile Pages

Since Google introduced the AMP project, page loading on mobile devices is accelerated. With AMP, you now see the quick loading of web pages on your mobile. Besides this awesome function, Google has declared that it will provide an isolated search index for the mobile web. From an SEO point of view, this step transforms all mobile app development approaches.

Accelerated Mobile Pages will help web apps to load more quickly on all mobile devices, reducing bounce rate. This change will also help publishers increase visibility to their ads and create a boom in the number of visitors.

Mobile Payments

Customers engaged in online shopping through Mobile Applications have been using Internet banking or Credit/ Debit cards to make payments. But with the introduction of Apple Pay and Google Wallet, customers are gradually shifting to m-commerce. It will be a good way for companies to harvest data and provide in-depth analysis of clients. As well as being a more comfortable payment option for customers.

Augmented Reality/Virtual Reality Apps

In 2017 AR and VR will start to go beyond entertainment and gaming. We saw the growth trend driven by consumer and business demand for new technologies last year. Both AR and VR possess huge potential when it comes to transforming a diverse range of industry sectors. The market for enterprise Augmented Reality will primarily be driven by industries such as retail, healthcare, engineering and real estate. Virtual Reality technologies will be more focused on the game and events sphere.

On-Demand Apps

On-demand applications are now very popular. They make our lives easier and more convenient, and we can use them from anywhere.

Enterprise Apps and BYOD

More and more organizations embrace the “Bring Your Own Device” model, we are going to see an upsurge in demand for hybrid enterprise apps. 72% of organizations have already started investing in BYOD for employees in some way or the other. In 2017 more than half of the world’s employers will require BYOD. Hybrid apps are known to run in the app form but are essentially mobile websites. This helps reduce the cost and speed the mobile app development process.

Cloud-based Apps

Mobile App Developers are designing more cloud driven mobile apps. With increasing use of cloud technology, it has become much quicker and easier to get data without impacting on your internal phone memory. With Dropbox, Google Drive and various other cloud apps, more and more mobile apps will be cloud driven. Cloud-based mobile apps are especially attractive for enterprises as they would largely alleviate the data security issues inherent in BYOD (Bring Your Own Device).

Android Instant Apps

Native apps that function like websites can attract more people with their convenience. Android Instant Apps don’t require installation all borders are removed from app and website. You can have all the advantages of your app within your site, with only one click. Run Android apps as seamlessly as loading a web page and save space on your smartphone, no unwanted app downloading

Application Security

The security of a smartphone is more crucial than ever because of the amount of personal user data it contains.Apps with built-in security features can make a large difference in the app space. More developers will be adopting the use of this platform, providing better UX with more security features. With this new programming language, we’ll begin to see more secure apps in the market. Mobile App Developers will be working harder than ever to ensure that every app they design comes with a safety guarantee in 2018.

Machine learning, Artificial Intelligence, and Chatbots

Customised, conversational commerce and chatting with online shoppers are highly lucrative for any business. Apps are increasingly learning about their user’s preferences. Sounds intelligent, but it is way more than that. There is something about playing with their heartstrings. It is emotional quotients of applications being upgraded by sheer bot observation! All off you know such amazing AI apps: Prisma, Siri, Google Now. We are expecting much more in 2017 keeping the AI mobile application development trend intact.

Lazy loading

Another great trend that we should expect in the upcoming year is related to the lazy loading technology. The thing is that the images that load for too long prevent the user from opening the whole article. It takes time to load the page, and users leave not willing to spend too much time on the page waiting. As a result, the bounce rate grows, and the conversion rates drop. So, to prevent this, technology gurus have decided to implement the lazy loading which basically means that images only load when their turn on the page comes. Otherwise, they do not overload the page.

Mobile app development trends in 2017

Security in InsurTech – Predictions for 2018

The new year is right around the corner and we want to take a look at what will be the future of InsurTech in the coming year. This year 2017 was great for InsureTech with a lot of focus on AI, ML and related technologies trying to make the insurance industry ready for the future. 2018 is going to take this forward.

The insurance industry would be in lockstep with the new technology and as the advances happen in the AI and ML, they would be picked up. Our focus for this article is around security related use cases that will help the insurance industry.

Advances in analytic technology such as Machine learning and AI are crucial in the fight against insurance fraud. To keep pace with sophisticated rings that constantly develop new scams, here are some trends to keep an eye on in 2018.

Ellen Roberson, Director of Insurance Marketing at SAS offering following insights

* Digital Policy Shopping: In 2018, millennials and other generations will continue to use mobile and online channels as a way to shop and service their policies. It’s a boon for convenience as more insurers focus on digitization to align with consumer expectations, but this digitization comes with risks, including an explosion in fraudulent claims.

* Real-time Authentication: Increasingly, authentication won’t just focus on prospects and customers. To prevent data breaches, insurers will increasing apply real-time authentication to everyone logging into their portals throughout the extended ecosystem, including brokers and agents.

* Premium Leakage: Premium leakage is defined as missing or erroneous underwriting information. Personal lines automobile insurers will face at least $29 billion in premium leakage – missing or erroneous underwriting information that undermines their rating plans.

* Health Care Fraud: State and federal authorities have reported increases in fraud, such as identity theft, fraudulent billing and deceptive sales practices.

* Agent Gaming: Premium misappropriation is the most common type of insurance fraud. Insurance agents, especially those who manage one person groups, can have access to vast amounts of their client’s funds. If they are under extreme financial pressures, they often rationalize their actions. Insurers must be vigilant in order to protect their customers and their reputations.

It is going to be an exciting year ahead. Insurance industry is on a path to making itself more technology oriented and reap the benefits of technology even more in the coming year.

How drones are helping the Insurance Sector

The Internet of Things is an area of InsurTech that is driving innovation, primarily with telemetry and wearables for auto, health and home insurance. Carriers are eager to capitalize for lower premiums and more personalized policies for customers.

The number of internet-connected devices and sensors is projected to reach 50 billion by 2020, which will have a significant impact on the availability of real-time information that insurers can use for better pricing/underwriting.

Lately, Drones are playing the important role when it comes to the insurance sector. For example, hurricanes Harvey and Irma, drones were flying overhead and capture the images to speed up the insurance process.

Drones are the state-of-the-art equipment which saves money, saves the homeowner, and just looks so much more professional. How can a drone inspection help you when you have roof damage?

Vince Lefton, CEO and Co-Founder at bulldogadjusters curated a list of the top five ways how drones are helping the insurance industry in roof and house damage.

1. Safety: Your roof damage will be safer for your public adjuster and your insurance adjuster. One of the most dangerous parts of the job is going up onto high areas and sites like roofs.

2. Faster: A roof damage inspection that normally takes close to forty-five minutes or more now takes only about ten minutes using aerial equipment.
3. Cost Reduction and accurate settlements: Investing in a drone is often cheaper in the long run than the use of personnel to climb onto the roof. Speaking from the perspective of the businesses insurance policy, it is also much cheaper to not have employees going up onto the roof when roof damage is present. As you can imagine, insurance premiums are cut in half when a drone is used instead of an employee. The cost per inspection decreases and the time it takes to complete an inspection with more quality data on the roof damage is also lessened. In-depth, zoomed in, and birds-eye view roof photographs can be taken that leads to more accurate settlements.
4. Professionalism: Using drones is more professional than using human capital to inspect potentially dangerous roof damage. Given the benefits above, drones differentiate the public adjuster from competitors. Homeowners are impressed when a public adjuster is aware of the safety concerns and technological benefits that behoove the final outcome of the homeowner’s roof damage.
5. Steep Roofs: Where many public adjusters and insurance adjusters will not go, but drones can. Imagine extremely steep roofs. While heavy winds and torrential rain cause roof damage, inspections are difficult and dangerous to perform with the traditional methods. Drones can easily perform these types of inspections and in a third of the time that insurance adjusters and other public adjusters take.

Today, we live in an era of rapid technological revolution which is changing the way insurers prepare for. Drones are one of the many new tools with which Insurance sector can be transformed and plays an important part to save money and lives.

 

InsurTech: 5 benefits of technologies in Insurance Sector

insurancecopy-min

InsurTech is a buzzword nowadays where a variety of technologies are set to transform the traditional insurance industry. Many Insurers have already transformed themselves digitally to offer convenience, security, choice, and comparison to their customers.

Internet of Things (IoT), telematics, drones, the blockchain, smart contracts, and artificial intelligence (AI) are providing new ways to measure, control, and price risk, engage with customers, reduce cost, improve efficiency and increase customer experience.
Here are five ways Insurers can stay ahead in the market and successfully fulfill high customer expectations.

 

1. Lower Insurance rates:

 – Fitness apps or wearable devices:

Getting fit has many perks. Some of the fitness apps like Wysa and wearable devices help you maintain your weight, food habits, boost your energy and mood. And most importantly they can help you save a huge amount of your health insurance cost. Various insurance providers are tapping into wearable devices to keep updating their customers to stay in shape and healthy and offering them many discounts and benefits if customers meet a required fitness goals.

– Self Driving car:

Self Driving cars will one day lower life insurance rates.  Since road deaths are a significant percentage of deaths in the entire world, any slight downward change will ultimately lead to lower deaths and hence life insurance claims.

 

2. Fraud Prevention:

Fraud comes in all shapes and sizes. Insurance fraud costs companies billions of dollars per year across the globe.  Insurance companies should establish a technology framework, tap into advanced automation and analytics, and take steps to prevent it.

– Digital Signature Technology:

Digital signature technology is without a doubt lowering fake insurance account activation and hence a fraud. for example, the case of claims on a said date when insurance is purchased after accident can be brought down with digital signatures verifying the purchase to be after the incident.

– Data analytics:

The technology involves data mining tools and quantitive analysis. Data analytics can be applied to detect fraud. Predictive analytics helps improve the fraud detection process, helping prevent claims payouts. Analytics on claims and fraud transactions helps enhance risk management

 

3. Lower underwriting cost:

The number of internet-connected devices and sensors is projected to reach 50 billion by 2020, which will have a significant impact on the availability of real-time information that insurers can use for better pricing/underwriting. Drones are satellites on steroids at least as far as underwriting is concerned. Satellites have dramatically changed how home insurance policies are written due to fire. All sorts of things to come from drone footage underwriting: Houses that you can’t even see due to trees.

 

4. Billing efficiency:

Billing systems are not only integrated but now can accept varied forms of payments allowing ultimate flexibility to the customer and thereby making the billing systems efficient. The automated systems can inform and remind customers of approaching due dates for premiums thereby lowering unintentional defaults.

 

5. Specialized insurance:

Each type of insurance is different from the other and the factors that are suited to one are not suited to the other. This requires the insurance agents to have specialized knowledge and the internet helps. however, Machine learning is vitally important here. It has the capability to learn and analyze billions of patterns and identify suitable underwriting clauses as well as identify specific customised plans for the customers based on the data provided. This can change the customer perception of the insurance company and provide an engaged customer who is likely to stay longer.

Emerging technologies have produced various opportunities for Insurers to walk with today’s world, provide seamless customer experience to their customers and create new services and products.

Thanks you Scott W Johnson, owner at WholeVsTermLifeInsurance.com for providing your valuable information on how technologies are helping Insurance industry.

Growth of InsurTech in Southeast Asia

insurance

As the economies become digitally empowered, business models are also being updated constantly to keep up with the dynamic customer expectations. Long gone are the days when the customer would worry about pleasing the insurance agents to keep in sync with their policies.

Today, InsurTech is all about digitally empowered insurance businesses and strategies and availability of online insurance solutions to customers. With information available at their fingertips, customers are now, reaping the benefits of multiple options and easy reimbursements with practically no human intervention in a few cases.

After FinTech, InsurTech had been creating a lot of excitement in the Western world. Now, the focus is shifting towards Asia. With a population of over 4.4 Billion, Asia is sure to play a huge role in the trends of growth and development. Singapore and HongKong are already betting on the Tech avatar businesses in insurance.

The Current Phase

According to a report by Ernst and Young, the trends for an InsurTech market in Southeast Asia will keep changing rapidly over the next three-to-five years pertaining to the adoption of changing technologies by businesses. The conventional business roles and models like paper record maintenance and manual verification are expected to be eradicated completely.
With over, 40% of uninsured, the middle class population in Southeast Asia. The scope of penetration for digitally charged insurance businesses through technology mediums like Smartphones is huge.

About The Expected Change

Business startups in the US and UK have attracted a lot of venture capitalists investments in the recent past. As a ripple effect of the same, South Asia also awaits to cash in on the buzz. Since, Asia, is one continent with maximum growing untapped population, the opportunity it represents is also tremendous.

Banks in financial hubs of SouthAsia, Singapore, and HongKong have already received big investments in InsurTech: DBS bank from Manulife of 1.2 Billion dollars, Citibank from AIA group 800 Million dollars and Standard Charted from Prudential (UK) 1.25 Billion dollars.

Singapore and Hongkong are providing a host of development and breeding options like incubators, insurance labs and more for InsurTech startups.

China is also seeking to build up big online platforms to provide various insurance options personal, medical, auto online. Malaysia has already started reaping the benefits of such platforms by slowly reducing the need for live agents.

The business models are completely changing. A lot of eyes are set on India, by financial investors and interested insurance companies for their growth in the world’s largest growth market.

What Does The Future Behold?

With Web becoming the business place for the insurance market, cybersecurity will play a huge role. Until completely secured businesses are established, the maximum potential of a digital business model cannot be accomplished.

Earlier, a lot of traditional businesses could not venture into Asian markets due to the regulatory risks involved. But, now, as power lies in the hands of machines, the business market is expected to explode exponentially.

How Insurance industry is leveraging the Artificial Intelligence

aiforinsurance

For more than 100 years Insurance industry has been functioning in very similar fashion but the recent developments in technology and its adoption by the people has made the insurance industry rethink about how it goes about its business.

A study by Mercer identified Technology and Big data as one of the top 6 challenges the industry is facing followed by Industry problems of Growth and Customer Focus issues.

This should not be worrying because the industry can start solving the issues of growth and customer focus using the new technology available now. A specific branch of FinTech has been carved out to cater to insurance. It is called the InsurTech. This class of technology is being specifically focused on Insurance industry use cases.

InsurTech is about leveraging the Artificial Intelligence capabilities that are evolving and working on Big Data available from various sources. One of the biggest use cases involves using Machine Learning algorithms to mine data to get better insights about consumers, their shopping patterns, lifestyle choices from huge data sets that are now available thanks to mobile and web adoption in the world. It can be safely said that innovation starts from looking and analyzing data, and the Insurance Industry is for sure to benefit from doing it.

The individual companies are transforming the way they handle selling insurance to processing and settling claims. Artificial intelligence is being used to completely handle insurance claims, making the whole process faster, in a recent announcement Lemonade insurance demonstrated doing this in mere 3 seconds.

AI can not only help in claims processing, however, can also help in setting prices, modeling the risks associated with insurance, customer acquisition, distribution, and operations. It can solve problems across the whole value chain of the insurance industry. It does not take much to start as well. One recommended approach by MantraLabs is to start with Digital Transformation and in the process start implementing the AI related improvements in the systems and processes.

Mobile Apps, Chatbots, improved Web interfaces are some key elements to improving the customer focus issues highlighted earlier and these can be assisted by AI to provide customised experience to individuals.

In Summary, we can say that AI is already transforming the insurance industry and it’s here to stay