Machine Learning

InsurTech: 5 benefits of technologies in Insurance Sector

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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.

What is Blockchain Technology?

“Bitcoin is just one example of something that uses a blockchain. Cryptocurrencies are just one example of decentralized technologies. And now that the Internet is big enough and diverse enough, I think we will see different flavors of decentralized technologies and blockchains. I think decentralized networks will be the next huge wave in technology. The blockchain allows our smart devices to speak to each other better and faster.” Melanie Swan, author of Blockchain: Blueprint for a New Economy by Swan, Melanie (2015) Paperback

Blockchain is now making the biggest revolution in the finance industry. As a technologist, we should evaluate and apply the concept of Blockchain without thinking Cryptocurrency. It can unveil many possibilities and can lead to innovations. Cryptocurrency is becoming a distraction to the possibilities of blockchain as people have started using terminologies vice-versa.

What is blockchain technology and why it is safe?

Blockchain provides a protocol for building a shared, replicated and distributed online ledger network. Each participant in this blockchain network maintains their own copy of that database, or collection of organized information.

If you simply put,  blockchain is made up of a series of blocks of data that are securely tied together. Since all records are connected to each other, they are entrenched. It is impossible to modify or alter a previous record without changing the copy of every participant in the blockchain.

There are some disruptions too!

Contracts, transactions, and ledger are the defining structures which set the boundaries of our economic, legal and political systems. Today these involve people and corruption. With blockchain, contracts can be embedded in digital codes, stored in shared databases, protected from tampering.

Blockchain may be disruptive, but the question is if it’s too disruptive for its own good.

Although blockchain is one of the hottest and intriguing technologies currently in the market but it comes with its own challenges. Many business leaders and industrialists are skeptical about blockchain.

Let’s see what are those skeptics:

  • It will be hard for established business in the industry where blockchain will push uncomfortable transparency which can lead to price corrections and change in business models. It can be so much disruption that it can lead to the foundation of new technologies.
  • Adoption problem of Blockchain technology
  • Time-consuming: Blockchain-based transactions can only complete when all parties update their respective ledgers – which is a very time-consuming process.

Eight reasons to be skeptical about blockchain.

InsurTech: Present and Future of Insurance Technology

Insurers need to spin the technology that offers their customers with more efficient, optimized and relevant policies. The ones that could be customized could be fed with data from a wearable/mobile device or the ones that are applicable for just an hour. With such customer focus initiatives, they yet need to achieve core business objectives like price and operational efficiency and compliance to stringent regulations. Could the Insurtech meet up the expectations? Could technology lend a helping hand? Let’s explore how the insurance vertical is evolving with the latest technology and what its future is –

The Present of InsurTech

The insurance firms are under immense pressure of reorganizing their house – customized policies, risk mitigation strategies, real-time analytics, instant claim settlement, sensors, drones and augmented reality (AR) apps are playing a significant role. So, what are the technologies adopted by the firms? Let’s take a closer look –

Robo-Advisory Services

Robo-Advisors have seen a broad adoption across insurance sectors. Unlike olden days when hiring a financial advisor was a dream for many individuals, with Robo-advisors people of the low-income group could use DIY advisory for their financial portfolio. Should you opt for all critical disease cover or only a few? Should buying an integrated policy be beneficial or an individual one is some of the questions that could be answered via Robo-Advisory Services.

Policies via Sensors, Detectors, and Telematics

Sensors, Detectors connected via the internet could send early signals of smoke/radiations to the rescue services, helping in minimizing the damages. Also, Telematics like monitoring automobile speed, the behavior of a rash driver could assist in making a clear judgment of claim policies for individuals and insurance firm. Hence while IoTs and interconnected network could be a boom in offering customized policies, these minuscule are taking insurance services to the next step.

The Future of InsurTech

Could technologies like Blockchain, Augmented Reality, Virtual Reality change the world sees insurance sector? Would they bring in the exotic flavors of policies? Only time can tell, for now, let’s explore how these technologies could be handy in insurance sector?

Blockchain

A distributed ledger technology has the potential to ease out fraud detection and risk prevention as per a report from EY. The report also highlights that blockchain is efficient in establishing transparent and customer focussed claims building trust and loyalty for the insurance firms.

Augmented or Virtual Reality

Just imagine driving in stormy weather, an AR app helps you define the road/lane border so that you do not bombard a tree or a car in your parallel path. Or how about a 3D modeling and simulations help customers in making insurance claims easier and faster? Or how about before you go for the home insurance a simulation helps you pinpoint all the areas under insurance rather than reading the lengthy document? It all is a possibility with AR and VR technologies.

With the evolution of technologies, the secret is to be adaptable to change. @Mantra Labs we believe in this, and hence one of our esteemed clients Religare is using our InsurTech solutions in Post-sale, pre-claim, post-claim and renewal processes. It helps in providing customers with transparent and intuitive services that is robust and secured for businesses. A win-win for all.

Reference Links:

https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2016/10/how-augmented-and-virtual-reality-changing-insurance-landscape.pdf

https://www.realexpayments.com/blog/augmented-reality-insurance-businesses/

Google I/O day 2 highlights: 3 latest technologies for VR and AR

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Day 2 of Google I/O 2017 has completed. We’ve got all of the details on day 2 rounded up just in case you happened to miss anything. Mostly  Keynote speech and bigger announcements happened on the first day.

There were multiple tracks on the second Day of I/O and we chose to focus on the AR/VR related topics.

Google is working on the whole spectrum on Reality as we know. From Real world problem solutions to using AR for enhancing real world environments and VR to complete virtual experience of the real world.

Google Tango

This is a very interesting project building on the AR capabilities for Smartphones. Google calls it WorldSense. It uses SLAM( Simultaneous Localisation and Mapping). The smartphone AR powered by Tango has Depth sensing, wide angle tracking camera and relocalisation capabilities. This allows greater capabilities for AR/VR developers. This technology can provide you with directions indoors and combined with AR, it can also create things which aren’t there.

Expeditions AR

This is the new version of the earlier Expeditions VR experience Google launched a few years ago. It is powered by the virtual positioning system. The VPS you to navigate through a store with the help of Tango — combined with image recognition systems that can track where you are. It enhances the interaction with the real world with low latencies. Developers can also build these AR Expeditions.

Daydream

Google calls its VR program, Daydream. Daydream 2.0, Euphrates, comes with support for standalone headsets.
In Euphrates, the focus is on standalone support and sharing the VR experience. Three important features showcased are
  • Software support for standalone headsets
  • Making VR content front and centre
  • Making it easy to share your VR exp
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Some Google VR capable devices are already available in the market from ASUS, Motrola with some more slated to come from Samsung.

 VR/AR developer tools

Google announced new tools to take advantage of the new platforms.

Instant Preview –

Allows Faster iteration — Google wants to speed up iteration times for building VR apps. With Instant Preview, which is deeply integrated into the editor and mobile device, developers can now make changes and see them in VR right away. No need to wait minutes to recompile an application.

Immersive web —

WebVR , brings the full Chrome browser to VR, using the Daydream controller. Google is also building WebAR into the browser. That way, you can preview what a new coffee table would look like on your phone — and it would know what actually fits between your couch and table.

Seurat for High fidelity graphics—

What you can render in real time depends on the amount of power you have available.” On mobile, you can’t get desktop-quality graphics.  A new tool for simplifying 3D scenes so they still look great but only need a little bit of rendering power compared to the full scene. It will bring cinema level quality to desktop graphics.

 For more updates, stay tuned for Day 3.

Marketing, Telecom, Healthcare, IT services, FinTech, supply chain management : Which one is bullish on data science?

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Leap of faith has been coming from almost all sectors. Marketing, e-Commerce, Telecom, Healthcare, IT services,FinTech, Blockchain and supply chain management are apparently more strong than others at present as these sectors have huge customer base and have many competitors. They have been trying anything and everything to delight and retain customers, to maximize revenue by data-driven upsell and cross-sell strategies, to understand trends & patterns and to make the best possible strategies . Every business entity is eventually going to adopt big data analytics to survive and prosper in the market.

Almost everyone is optimistic on big data analytics/ data science. Return on investment on data science is very high and perhaps, that is why every business entity and sub-entity want to leverage big data analytics – a combination of data science and big data technologies. Everyone wants to streamline business, minimise the wastage & cost ,maximise the revenue, profit and customer delight in the competitive world. This can happen only when we start automating the process and promote data-driven decision making process.

If you want to know what customers are talking about your product/service/event, please use this API Social Media Sentiment Tracker

If you want to know how healthcare is using data science, please use this API 

If you want to know how Telecom is using data science/network visualization, please use this API

If you want to know how supply chain management is utilizing data science, please use this article

If you want to know how Blockchain/Bitcoin is utilizing data science, please use this API

If you want to know more about the perspective of a data scientist , please use this article

 

FinTech: How AI is transforming the financial industry

Finance has always been the core of any business being done, it caters as platform on which other sectors work upon. With years and years of research towards achieving maximum efficiency in this sector, new age technologies like AI, Machine Leaning and Data Science are now taken into account. This has resulted in birth of an advance AI based system that adapts and learns, from its surrounding.

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ForwardLane is driving a new wave of financial innovation through leveraging advances in cognitive computing and data analytics.

ForwardLane brings personalized high net worth investment intelligence to numerous investors around the globe. This is done, by mimicking and accelerating the human investment process using artificial intelligence and combining it with professional risk analytics. It is a B2B platform used by private banks, wealth managers, digital banks and insurance companies.The team behind ForwardLane is comprised of wealth management specialists with a combined experience of over 175 years. It is backed by a team of highly qualified and experienced engineers that execute the core technologies deployed in serving the customers. The company is supercharging the financial advisor and bringing superior financial advice to mass affluent clients.

The Platform offers vast range of functions such as:

•Dynamic, state-of-the-art cognitive synthesis engine.

•Knowledge base preloaded with 55,000 financial questions and 8,000+ terms.

•Trained with 4.7 million additional questions.

•Contextualized responses based on prior conversations.

•Captures client interactions, history and recommendations for compliance.

•Integrates with multiple CRM Platforms.

SaaS cloud-based delivery, or bespoke/containerized deployment solutions.

In order for such a complex and highly intelligent system to work as planned, ForwardLane rely on data processing, this is achieved thorough extracting relevant information from clusters of data the platform collects. Mantra Labs is using Data Science by providing a dedicated team of problem solvers that assist ForwardLane’s innovative finance management goals. This enables efficient Data processing and timely deployment of resources that the platform truly depends upon.

Distances don’t matter anymore. Learn how?

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Caring for our beloved ones has always been a priority, and in the world with new possibilities we can now say, there is a smarter way to do it. Think of it as a window into the lives of your loved ones, so that you can always look after them even when you are not physically there. Touchkin is an App based on the factor that we all care for the well being of our loved ones.

It implements various characteristics of AI and combines it with your Smartphone’s. The App uses various sensors built within your Smartphone’s to detect changes in daily activities that may indicate upcoming health issues. Touchkin has AI assistants like StayClose and Wysa which perform different role working towards the welfare of health related problems any individual might be facing.

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StayClose is based on Touchkin’s predictive care engine, which uses machine learning to detect patterns of phone sensor data it then analyses this data to create a picture of you and your loved one’s wellbeing. This way you can see when your loved one’s last left home, when they were active or spoke to someone. The App finds such patterns and alerts you if it notices sudden changes which may require you to visit them or maybe take them to a doctor if an illness may be the reason. Another feature it offers is that you can send a ride to anyone in your contacts with a pair of taps, in case you can’t make it.

Catering the needs of such a brilliant idea in the space of Family Healthcare is a rather laborious task. For the whole system to work efficiently the support and infrastructure has to be perfect and Mantra Labs plays a key role here. They have Incubated Touchkin and are dedicating various resources to help the App serve its consumers better. Mantra labs have been providing support in all areas from processing the information database collected via various sensors to applying the core technology like the AI based healthcare engine that drives Touchkin. It directly influences how well the App adapts to your individual needs and helps you stay closer to the most important people in your lives.

Technology has produced benefits when it comes to your health. Read here 8 Ways Technology Is Improving Your Health to know how technology is good for your health.