Category: Emerging technologies

#TwitterChat: Digital-Led Product Innovation In Insurance

April 19, 2018

We organized yet Twitter Chat Session on Digital-Led Product Innovation In Insurance. As the discussion progressed we got some immensely relevant insights, trends, and learnings around #InsureTech & #DigitalSuccess Our esteemed panelists were Edmund Dilger and David Stubbs. In a highly competitive industry which is not known for digital innovations, changes in technology, product innovation, and newer business models are creating significant new opportunities for Insurance companies. Let’s us quickly go through this interesting discussion. @industech for me its personalisation — RightIndem (@RightIndem) April 19, 2018 Of course personalisation is a big step forward in terms of innovation in most industries including #insurance. However the current privacy concerns might slow it down a bit in near term. #digitalsuccess — Abhishek Rungta (@abhishekrungta) April 19, 2018 OK, bespoke in that specific risks for that person are covered, pooling for the risks. My worry about bespoke products is that we move away from pooling, which ends up with someone who has a claim being unable to afford insurance next year – the situation before Flood Re — Edmund Dilger (@EdmundDilger) April 19, 2018 The energy coming from the start up sector is incredible, and the growing sense that the industry will change is becoming self-fulfilling — RightIndem (@RightIndem) April 19, 2018 Really agree that there has been a big change in the last 2 years. Also some technical factors – becoming easier to use AI to analyse big datasets, so less "experience" based and more data based decision making — Edmund Dilger (@EdmundDilger) April 19, 2018 A3: Analytics, AI and ML enables predictive alerts and maintenance – which overall reduces the risk for the insured. Thus delivering continuous value through the lifetime of the cover, instead of just paying a claim when things go wrong. #DigitalSuccess — Abhishek Rungta (@abhishekrungta) April 19, 2018 When we talk to smart home device manufacturers one of the most interesting parts is the list of devices connected to wifi, and when they have last been used – proof that the claimant had the item. And also the opportunity to know that devices are working, and set as required — Edmund Dilger (@EdmundDilger) April 19, 2018 As they say People buy stories and not products, user experience is exactly doing this. It is helping insurers create an experience which entices a user to buy and a have a hassle free experience. #Insurtech founders are major drivers of this thought #DigitalSuccess — Syed Zainul Haque (Zain) (@syedzainulhaq) April 19, 2018 For far too long bad user experience has been accepted because legacy systems prevented anything better. Much like the banks. But we have passed the tipping point now, it has to improve to keep up with the customer's experience of other retail products — Edmund Dilger (@EdmundDilger) April 19, 2018 I would agree with your statement, but potentially disagree as to cause. Those systems would never have been signed off if the customer had figured in their thinking! — RightIndem (@RightIndem) April 19, 2018 A good amount of work has been done & within a couple of years we will see it’s global impact. #IoT will redefine the industry experience & if typical insurers lag behind then the todays customers i.e millennials wil do what they did to late digital laggers of #Fortune500 of 2005 — Syed Zainul Haque (Zain) (@syedzainulhaq) April 19, 2018 My favourite big data play at the moment is Concirrus in shipping. They can support underwriting and allow us to support or reject many claims – fabulous customer experience and a streamlined process for the insurer — RightIndem (@RightIndem) April 19, 2018 #blockchain is making its impact felt in every industry. I think with #P2P insurance coming up with companies like @Lemonade_Inc we are optimistic that it will bring a paradigm shift — Syed Zainul Haque (Zain) (@syedzainulhaq) April 19, 2018 Not impressed by P2P in underwriting, but not my areaAs a behaviorist though I find affinity claims groups an interesting tool against claims fraud — RightIndem (@RightIndem) April 19, 2018 That would make a very interesting loop back into underwriting – certain groups rarely claiming, but perhaps if members of a group were to discover that many claims have been made then they feel incentivised to claim as well? — Edmund Dilger (@EdmundDilger) April 19, 2018 Capital requirements and regulation are not going to go away. And in the consumer space we do have to remember that the product is not going to become exciting #digitalsuccess — Edmund Dilger (@EdmundDilger) April 19, 2018 Q9: How can #Insurance and #InsurTech collaborate to breed innovation at scale? A9: #Insurance companies can provide the solid regulatory framework and financial discipline, whereas #InsurTech can bring innovation, new products and experiences. And they collaborate through #API#PSD2 is a great step in this direction in banking industry#DigitalSuccess https://t.co/iOo2zGw1uV — Abhishek Rungta (@abhishekrungta) April 19, 2018 Insurance companies should not only test disruptive ideas, they also need to deliver business value at a lightning-fast pace by putting more focus on adjacent product innovations. Indeed a great session.We profusely thank all the participants for sharing their thoughts. We look forward to having such more power-packed session in the future on #DigitalSuccess

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How Big Data Improves Claims Process

April 19, 2018

For a long time, the insurance industry has struggled with the claims process. Manual verification of claims, processing of claims amount, and segmenting policyholders before claims are made to avert undesirable outcomes have all been cumbersome for insurance companies. Thankfully, data analytics have come to the rescue of insurance companies like the proverbial knight in the shining armor. With all that data available today, it has only become easier for insurers to carefully segment policyholders and provide better products customized for individual needs. This has helped not only to cross-sell and up-sell insurance products but also to enhance customer satisfaction. In addition, Big Data has helped insurance companies to process claims quickly and efficiently. While Big Data is inherently vast and contains extremely useful information, it is also its nature to be superfluous and chaotic. Too much information and data can actually cause difficulties for insurance companies which often seek specific information and data about customers and insurance trends. This is where data analytics comes riding on horses. In this article, let us take a look at how Big Data improves claims process and saves the day for insurers. Why do we need Big Data Analytics in claims process? Because claims is a complicated business. As an insurer can vouch for it, claims processing is no easy business. Most insurance professionals consider the processing of claims the most arduous and difficult part of their professional duties. Yet, it is also the most important and crucial aspect of policy handling and processing. Processing of claims consists of four important steps: Intimation or communication: The policyholder communicates his claims to the insurer Registration: The insurer makes note of this communication, and begins the process of approving or disapproving the claim Handling: In this step, the insurer has to verify and assess the nature of the claim, and its validity Settlement: If the claim is found valid, the settlement is made, and payments are processed While it may seem simple on the outside, it is a gnarly and prickly business for those who are actually involved in the claims process. This is because care needs to be taken that customers do not feel offended at any point and that each sub-step is smooth and transparent. We must also remember that each of these four steps have multiple ramifications for the insurer, intermediaries if any, and the claimant. The claims process and the four sub-steps involve a number of decision points all of which are based on verification of data and analyzing what is already known and predicting certain outcomes. These outcomes involve operations, management of risk, settling the final amount, and ensuring that customers remain loyal to the insurance brand. Claims analytics makes sure that all these steps in claims process are easily handled, and processed quickly and efficiently, without any errors. Claims Analytics to the rescue Claims Analytics is a unique technology that uses Big Data Analytics, Predictive Analytics and programming to make sense of structured and unstructured datasets during all the four steps of claims processing. Predictive analytics helps in recognizing trends and predicting outcomes, while prescriptive analytics helps insurers to take decisions quickly. Claims Analytics as a tool can be customized for each insurer so that their tool is perfectly tailor-made for their unique product and market requirements. Claims Analytics helps pick and choose relevant datasets from a seemingly chaotic Big Data, to arrive at solutions automatically. Claims Analytics helps insurers to : Detect fraud: Insurers no longer have to worry about unpleasant conversations, and wasted man-hours in trying to assess the veracity and authenticity of claims made. Claims Analytics can be programmed to automate the process, the verifications and detecting fraudulent claims. Track renewals: Insurers can quickly renew automatically and track when policies are not being renewed so that reminders can be sent. This step also involved predicting future risks and assessing if a policy is worthy enough of being renewed. Predict outcomes: This has a variety of implications. Predictive analytics helps insurers to predict if a customer is going to be high-risk or a desirable customer. It also helps to predict market trends and claim outcomes. Gain business and market insights: Market and sales forecasting are very important for insurers to gain a competitive edge. Big Data analytics helps insurers to look at the macrocosm of the insurance market and gain business insights, so that they serve their customers better, and also grow profitable. In which areas can analytics enhance insurance claims data? Claims Analytics can help insurance industry in a number of ways when it comes to enhancing insurance claims data. Let us take a look at some of the areas that are currently being supported by Claims Analytics. Fraud: Predictive analysis uses advanced statistics and programming to make use of Big Data and derive analytics. Fraudulent claims can be identified quickly at every step thanks to algorithms, data mining, and other methods. Subrogation: Insurers can initiate subrogation processes to claim losses caused by a third party to the claimant if the situation allows for it. Claims Analytics helps wade through medical and police records, adjuster notes, social conversations, etc. to identify subrogation opportunities. Sooner these opportunities are identified, the lesser the insurer’s losses will be. Predictive analytics helps identify such opportunities quickly. Settlement: Claims Analytics helps in analyzing claim histories effectively and shorten the cycle of processing. This enhances customer satisfaction and reduces insurers’ labor costs. It also has ramifications in claim settlements made. Loss reserve: Claims Analytics can also be used to predict the magnitude of a claim that is made. Similar claims made elsewhere can be compared with current claims, and losses and expenditure can be estimated. Activity: Claims Analytics comes empowered with powerful data mining techniques which help in assigning importance to claims so that each claim can be assigned to an adjuster appropriate for the situation. This helps avoid assigning seemingly complex claims to the most experienced adjusters, only to find out the claim could actually have been processed automatically. Litigation: Litigation

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Forbes CIO Summit, 2018

April 17, 2018

With the rapid progression in the digital space and the advent of emerging technologies like machine learning, artificial intelligence, big data analytics, robotics and more, it has never been more challenging time to be a Chief Information Officer. It is time for the CIO to take the centre stage. Forbes CIO Summit held on 15-16 April at Half Moon Bay, California brought together the most influential CIOs from around the globe to explore the biggest technological challenges, generate new ideas and to build a better corporate ecosystem to encourage amazing innovations. Here are some takeaways from the Forbes CIO Summit: "A new breed of CIO is rising. They see that we can no longer treat humans as machines to fit into our machines made of business process code, and instead curate human/machine teams that do what each member of the team does best.” -Senior Advisor Mickey McManus #ForbesCIO pic.twitter.com/wfASowspao — Boston Consulting Group (@BCG) April 16, 2018 https://twitter.com/AccentureTech/status/985996146588827648 Before we try to tackle the evolution of work and the future of jobs and automation, we have one important question to answer: How do we put people first? Senior Advisor Mickey McManus elaborates: #ForbesCIO pic.twitter.com/37oJGVCell — Boston Consulting Group (@BCG) April 15, 2018 ~2000 years ago the "Boss" knew everything and then everyone reporting to boss and their reports all knew subsets of what the boss knows. Today as a leader, you have to lead people that know more than you do. Andrew Ng #ForbesCIO pic.twitter.com/SDA5LjBgbp — Stephen Gillett (@stephengillett) April 16, 2018 According to @Walmart CIO, companies need to shift from a project mentality to product mentality in order to deliver rapid values to the business. #ForbesCIO — Victor Thu (@VictorThu) April 16, 2018 Just like electricity has made our lives so much better, AI can transform multiple industries. #AI can make #healthcare more high-quality and low-cost, let every child have a personalized tutor, self driving cars an everyday reality — @AndrewYNg @Forbes #ForbesCIO pic.twitter.com/VccoxXkOyK — Anuneha Mewawalla (@AnunehaM) April 16, 2018 Diana McKenzie CIO @Workday: 4 elements of #datastrategy: leverage org credibility and find functional collaborator, have a revenue based data conversation, make data transparent across the org, don’t lose sight of the business problem being addressed #ForbesCIO @peterahigh — Metis Strategy (@MetisStrategy) April 16, 2018 Tough to find mobile developers 5-10 years ago, orgs creating central Mobile dev teams, now Mobile is mainstream every CS grad can develop on IOS and Android, AI talent like mobile 10 years ago. Design org accordingly -Andrew Ng #ForbesCIO pic.twitter.com/0CmUgGZIZS — Stephen Gillett (@stephengillett) April 16, 2018 One of the two former presidents at #ForbesCIO: @IlvesToomas, who spoke about how he helped turn Estonia into the most digitally savvy country on Earth.Presented by @AccentureTech pic.twitter.com/nHHpz8F4pL — Forbes (@Forbes) April 17, 2018 “Smarter technology empowers people – #AI will be the difference between leaders and laggards” @pauldaugh in discussion with @peterahigh shedding light on what CIOs & biz leaders need to do now to equip their organization to succeed in “The Age of Applied Intelligence” #ForbesCIO pic.twitter.com/u2IhWiPsWY — Anuneha Mewawalla (@AnunehaM) April 16, 2018 https://twitter.com/Anand__Pillai/status/986046360456712193 @JayVijayan: differentiating factor in @Tesla’s approach that sparked his idea for Tekion: seamlessly integrated customer feedback loop that enhances #CustomerExperience and ability for @elonmusk and others to always know what open issues and opportunities are #ForbesCIO pic.twitter.com/RuWtXf1peZ — Metis Strategy (@MetisStrategy) April 16, 2018 Artificial intelligence & machine learning has already begun to revolutionize businesses all over the world, and the time is ripe now to adopt in small and incremental phases, using agile methodology. Read our blogs for more such updates!

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Robotics: Not an experiment anymore, its real, it’s here and it’s making things better

April 10, 2018

Self-driving cars will continue to depend on Robotics more than ever, to be on the roads as soon as possible. This will also be used to help vehicles communicate with each other in order to avoid accidents and road fatalities. Banking and insurance sector will continue to make self-service aided by artificial intelligence & robotics, mainstream. Other areas which will see an increased use of Robotics are supply chain, manufacturing, agriculture, automation, inventory management, mechanical tasks to robot swarms supporting search and rescue operations. As the west is celebrating National Robotics Week, here we accumulate some of the interesting inventions & discussions on Robotics creating buzz around the globe. Humans are awesome. But we can’t do everything. Let’s outsource tasks so we can focus on what we do best #robotics #AWSSummit @spaceguytye pic.twitter.com/r2a6Zh9Zso — marcooda (@marcooda) April 9, 2018 Japan launches long-term #ArtificialIntelligence strategy and initiative. https://t.co/b187aygD79 @MikeQuindazzi via @antgrasso #MachineLearning #DeepLearning #Robotics #NLP #DataScience #IoT #tech #innovation #DigitalTransformation pic.twitter.com/qSBFc9VqLY — Antonio Grasso (@antgrasso) April 10, 2018 Robotic swarms! #ai #machinelearning #Ai #robotics pic.twitter.com/UJ6xW1djXK — Evan Kirstel #B2B #TechFluencer (@EvanKirstel) April 9, 2018 Next in #agritech? #Robotics researchers are pioneering #robots for #farming and #driverless tractors. #AI #ArtificialIntelligence #IoTRT @MikeQuindazzi pic.twitter.com/S3Q4M7iopX #InternetOfThings — Dean Anthony Gratton (@grattonboy) April 10, 2018 This #robot uses artificial muscles! #robot #robotics #AI #innovation pic.twitter.com/EZsyxDQWiJ — Evan Kirstel #B2B #TechFluencer (@EvanKirstel) April 9, 2018 Great session by @DocJordy on the #human side impact of #technology. #SuperHuman #AI #Robotics #Innovation #AWSSummit #AWS pic.twitter.com/0HMX0PMK8y — Sabhari Bala (@SabBala_PoV) April 10, 2018 The Future of Jobs in the World of #AI and Robotics – Knowledge@Wharton https://t.co/4aUoyd3GYX — Evan Kirstel #B2B #TechFluencer (@EvanKirstel) April 9, 2018 https://twitter.com/BristowColin/status/983404542984273920 The 3 Dimensions of #Disruption. #Infographic @Fisher85M @DisruptionHub via @antgrasso #ArtificialIntelligence #3Dprinting #Cloud #sensors #APIs #InternetOfThings #VR #Robotics #business #technology #innovation #DigitalTransformation pic.twitter.com/vbrtTbTira — agrassoblog.org (@agrassoblog) April 10, 2018 What’s happening with wearables in #healthcare? #IoT #CyberSecurity #VirtualReality #DigitalTransformation #Health #innovation #infosec #Robotics @raconteur @antgrasso @MikeQuindazzi https://t.co/XwHCpVDybF pic.twitter.com/7NxLbrSWNE — Michael Fisher (@Fisher85M) April 9, 2018 8 predictions when #AI and #Robotics will overtake #Human performance. Via @wef #IoT #Robots pic.twitter.com/PaqMkNrFci — Jonathan Aufray (@jonathan_aufray) April 9, 2018 21% of #enterprises lack confidence their #workforce skills ready for #Industry40 and #EmergingTechnologies! via @Barclays @MikeQuindazzi #AI #Robotics #Drones #Blockchain #RPA #VR #AR #IoT #BigData #DataScience #Industry40 HT @MikeQuindazzi pic.twitter.com/MCn7q7TjYm — Kim Muro (@WorldTrendsInfo) April 10, 2018 What are the 7 outcomes for #AI? Infographic#IoT #BigData #MachineLearning #DataScience @fisher85m #Robotics #innovation #startups #ML by #BonnieFRobinson pic.twitter.com/YdbpRRBHdv #InternetOfThings — Dean Anthony Gratton (@grattonboy) April 10, 2018 #InternetofThings – Cognitive Clusters |https://t.co/rXI70g2iBS#Analytics #IoT #M2M #MachinetoMachine #Robotics #SmartTraffic #SmartCars #Sensors #Smartcity #SmartHomes #IIoT #IndustrialIoT #RT cc: @darpa @gpsbusinessnews @iotonehq @ibmiot @openai @data_nerd @100rescities pic.twitter.com/4L3tMKZ5d4 — Ronald van Loon (@Ronald_vanLoon) April 9, 2018 Robotics is swiftly transforming our lifestyle & work culture and will have more revolutionary impacts in the coming years. Make sure to check this space often to have such interesting updates from the world of technology & innovations.

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Winds of Change in the Insurance Sector : Blockchain in InsurTech

April 4, 2018

When Kelly Thomas started to work as an independent insurance broker in 2003, she only had a brick-like cellphone and a clunky laptop on which she made her presentations to company directors, hoping they would buy policies for their employees. Fast forward to 2018, Kelly has a successful insurance consultancy in New York and is often asked when she is going to adopt blockchain technology. She feels overwhelmed but is constantly looking for ways to implement blockchain. Overview of Blockchain For the uninitiated, blockchain as-we-know-it-today began its journey in 2009, when crypto-currencies such as Bitcoin started to become popular. What was initially a vehicle for the digital currency, quickly metamorphosed into the next big thing after the Internet. In a Blockchain, transactions are stored in discrete data blocks. These blocks are stored on decentralized registers, also known as “ledgers”. Every transaction is immutable, which means, once a transaction is registered as “having taken place”, no one can edit it. This is the very premise of Blockchain and the reason why it is so secure. Human intervention cannot alter previous transactions, and every human intervention is recorded, and for it to take place, there needs to be the consensus of the sort. This consensus can be mutually agreed upon so that future transactions take place automatically, over a super-secure and decentralized network. In short, Blockchain makes sure that every event or transaction is recorded permanently, and the transaction goes through only when certain pre-agreed conditions are met, and there is absolutely no room for hacking, tampering, altering of facts, or unsupervised editing. Such a technology finds itself invaluable in various industry sectors such as insurance, banking, and finance, identity management, healthcare, etc. Evolution of Blockchain in the insurance industry The insurance industry is one of the most conservative environments in the world, alongside banking and finance. Insurance entities need to be conservative because claims handling are based on trust, and both insurers and policy-holders depend on mutual trust for creating an environment of security against various threats (against which policies are bought, and risks are underwritten). Insurance industry’s reluctance to adopt newer and innovative technologies is often viewed as its tendency to be recalcitrant towards innovation. However, this is not true. The insurance industry has traditionally adopted the “wait and watch” approach when it comes to making big changes, and this tendency has helped it to survive for centuries. The situation today is no different than when insurance agents were skeptical about using online methods and mobile applications to process policies and claims. The insurance industry consists of $1.2 trillion of global economy, and 74% of this space is dominated by online policy purchases. Technology adoption has so far been from the side of consumers, who have adopted IoT technology in cars, and incorporated “smart home” technology to lower their premiums and insurance costs. However, insurers and underwriters too have slowly adopted technologies such as data analytics, predictive analysis, and artificial intelligence to determine risk and assign premium costs accurately. These technologies are part of what is now termed as “InsurTech”, a space that consists of various technologies to help move the insurance industry forward. Blockchain is increasingly part of InsurTech because it adds a layer of trust and safety that other technologies simply cannot. Indeed, the most successful insurance companies have already begun to implement blockchain to validate transactions and to authenticate claims processing. Insurance giants which have remained reluctant to adopt blockchain stand the risk of becoming irrelevant or losing out to competitors. Let us take a look at how blockchain helps insurers. Insurance policy criteria are programmed into smart contracts Smart contracts determine if insurance claims are authentic and if they meet the criteria set by authoritative sources Once authenticated, Smart Contracts use Blockchain to process payments automatically. Blockchain eliminates biases and prejudices on the part of the insurer while processing payments, while it also eliminates false claims made by consumers. How Blockchain can be used in insurance Let us take a look at how Blockchain can be used by insurers, and why it is so important to begin now. Identity management The identity of the policyholder is one of the most crucial factors while processing claims. Blockchain is the safest and quickest way to authenticate an individual or a group of individuals’ identity. Using blockchain-based identity management helps insurers to eliminate identity thefts, impersonations, and errors in claims processing. Fraud detection Insurance frauds are etched in popular memory, with Hollywood noirs often using them as the basis of their plots. Billy Wilder’s 1944 film noir Double Indemnity comes to our mind. Whether it is a well-planned insurance heist or an unethical insurer trying to outwit a genuine claim, it is straight down the line for both the insurer and the policy-holder. Blockchain eliminates all kinds of frauds and helps reduce costs associated with fraudulent insurance claims. Peer-to-peer insurance P2P insurance consists of a group of individuals with similar interests, who pool their premiums to insure against a certain risk. Blockchain helps to authenticate claims processing in P2P insurance, and eliminates false claims altogether, and automates the process of claims processing. P2P insurance is also known as social insurance, and Blockchain can help increase trust in such P2P models. Minimize errors Claims processing is often riddled with errors, both intentional and unintentional. Blockchain helps to mitigate this by automatically cross-verifying with various data sources before authorizing transactions or events. This reduces the probability of errors and minimizes unwarranted payouts. Risk reduction Blockchain technology helps bring like-minded people together and work on a consensus basis to authorize transactions automatically. This means multiple insurers can come together and agree to share risks by taking a portion of the responsibility when huge losses occur. Participants in such a model can consent to use Blockchain as their reference data as it is immutable and transparent. Smart contracts One of the reasons why Blockchain is so popular is because of Smart Contracts. Smart Contracts work on the principle of Blockchain, and approve

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What we learnt from Tech Events from around the world this month?

March 23, 2018

The spring & summer are the starting point for tech events, conferences, summits, and exhibitions across the world. Whether you could attend or simply tracking the social media, these events truly give you a wide knowledge of activities in the world of technology. In this blog, we have carefully curated some of the best tech events held in March 2018 across multiple industries, all around the globe, from Silicon Valley to Las Vegas, Nepal, Sydney, London, Japan & more. Strategies & trends revolving around latest emerging technologies like Data Science, Cyber Security, Front-end development trends, Blockchain, Robotics, AI & Machine Learning were the main focus for all these events. Let’s quickly roam through the significant happening in these events : Women of Silicon Valley : Listing to the great @ariannahuff “Culture is key, if a culture is toxic it is going to effect the bottom line. When a culture is driven by burnout people act out and when men act out women pay the price.” #WinTechSeries #womenintech #leadership pic.twitter.com/Jdoeb3Ajia — Stacy Wakefield (@smwakefield) March 21, 2018 DigiDay Publishing Summit : Interesting results from the poll at the top of the #DigidayPublishing Summit. Ninety-four percent of conference attendees think there is a UX crisis. pic.twitter.com/w1ZboBdIph — Brightcove (@Brightcove) March 21, 2018 “We’re trying to shift our subscription acquisition efforts to lead with the benefits our brands provide in local communities.” –@Gannett CMO @atyost. Our product design team is leveraging @claychristensen’s “Jobs To Be Done” framework in support of that goal. #DigidayPublishing pic.twitter.com/Yh7H0CgLO8 — Jason Jedlinski (@JasonJedlinski) March 21, 2018 IBM Think 2018 : The #IBM motto THINK came into use in 1920s by founder Thomas Watson. In 1990s Denny Wainwright came up with ThinkPad based on notepads used by IBM staff that had leather cover printed with word « Think » https://t.co/c8ZQ5cyrfj @baumtweet #think2018 pic.twitter.com/y6LIbmoHOI — Evan Kirstel #B2B #TechFluencer (@EvanKirstel) March 19, 2018 https://twitter.com/IBMFinancing/status/976428386963791872 #IBM #Chairwoman #Ginni #Rometty addressing 30K+ clients joined all across the globe during IBM #Think2018Great start with amazing addresses. Lot to learn from her as an individual She is undoubtedly among the great #Leaders and #InspiringWomen #thINK2018 https://t.co/jXk44jygzc — Rudra Shankar Roy (@rudrasroy) March 22, 2018 Token 2049 : … "One day Syrian refugees will return home to find someone else living on their property, they'll be asked to prove it was theirs, how will they when all records were destroyed along with the old government. Blockchain will benefit these kind of people the most" #Token2049 pic.twitter.com/NvsBIJ0YsE — Daniel Dumbrill (@DanielDumbrill) March 21, 2018 Predictions for the next years in the crypto and broader economy from @SimonDixonTwitt: 1. Decentralisation of tokens & exchanges2. More regulation3. Bitcoin to become crypto reserve currency 4. Tokenisation to disrupt IPO and govt financing#TOKEN2049 pic.twitter.com/8L3vFzfMwb — TOKEN2049 (@token2049) March 21, 2018 Tech4SGDS Nepal : Great experience interacting w/ @RealSophiaRobot at the #Tech4SDGsNepal event to showcase how #Innovation can foster development & improve public service delivery @UNDP_innovation @UNDPNepal @UN_Nepal @ASteiner @UNDPasiapac @NepalYIL @nehub_ @HaoliangXu @NYCNepal pic.twitter.com/SoytiUYMul — Renaud Meyer (@renaudmeyer) March 21, 2018 AdTech: Sydney : https://twitter.com/Ben_Shute/status/976665679658041344 “Create, don’t compete”, “Redraw boundaries” – @isobarAU Sandipan Roy @adtechANZ #adtechSYD pic.twitter.com/4ThTQr7b0Y — B&T (@bandt) March 22, 2018 Dev Mookerjee #IBMWatson delivers keynote speech @adtechANZ Infuse your marketing stack with AI #adtechSYD pic.twitter.com/fuqONuJD8a — Annette (@Carey001ane) March 22, 2018 Future London Academy: Design Thinking & Innovation Week : This is the new branding and packaging for Archer Farms coffee. These illustrations and design allows for a clear and engaging way to show flavour cues, origin, roast levels, etc. We absolutely love this design! ☕️? #archerfarmscoffee #archerfarms pic.twitter.com/L6lGzTNgAK — Future London Academy (@FLondonAcademy) March 20, 2018 As the year progresses, we will be coming up with more such updates. Make sure to check this space often!

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The Evolution of Blockchain as a Cultural Phenomenon

March 20, 2018

What seemed like a buzzword just a few years ago, is now the harbinger of change and innovation. Governments and organizations across the world are scurrying to deploy blockchain to enhance security, efficiency, and probably change the world as we know it. While blockchain has been around for a while, it started to gain traction in 2015, when it became a topic of discussion across boardrooms. Before it could stand on its own, blockchain was a niche topic discussed only by the tech-savvy, and often understood as being a data structure that could magically change things. That sense of wonder and amazement has now evolved into a sense of urgency, and blockchain has evolved too in the last few years. In this article, let us take a look at how blockchain has come to be a cultural phenomenon of contemporary times, from being a technological buzzword just a few years ago.  In short, the evolution of blockchain is no less Darwinian, and it probably has the potential to undo the damage that modern technology and science has caused to the world. The evolution of blockchain can be broadly classified into three stages. Blockchain’s evolution can be roughly categorized into the era of cryptocurrencies, the era of contracts, and the era of distributed applications. When blockchain came to be discussed as a niche technology, it was from the standpoint of currency and Bitcoins. Blockchain 1.0, as it is also known in some circles, heralded an era of cryptocurrencies, enabling people to make transactions bypassing standard currencies. Cryptocurrencies such as Ethereum, Bitcoin, and AltCoin made use of blockchain’s growing list of records (blocks) to verify transactions using distributed ledgers. As each transaction comes with a timestamp and can be verified permanently, blockchain gave rise to peer-to-peer financial services. Within no time, savvy entrepreneurs began to provide services ranging from currency transfers to remittances made online. In other words, Blockchain 1.0 ushered a radical digital payment system that the world wasn’t yet prepared for. So much so that it felt subversive and almost destabilizing to traditional financial and banking institutions. Blockchain 2.0: The era of contracts The evolution of cryptocurrencies and Bitcoin encouraged traditional banking and financial institutions to adopt blockchain as well. It was during this phase that blockchain ceased to be subversive, but began to be viewed as something phenomenally important and profound. Blockchain 2.0 garnered the interest of every C-level executive and that of every investor. Within no time, legacy institutions began to consult their IT departments and started to implement and deploy blockchain technology to verify property records, implement smart contracts, verify share purchases, and even manage identities of customers. Very quickly, blockchain’s applications rose above and beyond financial transactions, and it became the de facto method to manage contracts. As each transaction is immutable, and distributed ledgers can’t be tampered with, governments, real estate agencies, financial institutions, and even health entities started to use blockchain to verify identities and information, manage contracts, and ensure safety and security. This was the era of Smart Contracts, tiny computer programs that remain embedded in the blockchain, that automatically facilitate, verify, and enforce contract performance. Ethereum Blockchain is a popular Smart Contract service that many would recognize. Blockchain 3.0: The era of distributed applications With organizations from a small business entity to actual government agencies using blockchain, it evolved into something larger than anybody could ever have imagined. Currently, we are in Blockchain 3.0, which is dominated by decentralized applications also known as DApp. DApps make use of blockchain’s decentralized communication and storage to run backend codes. What started as a cryptocurrency tool evolved into a contract management method. Currently, blockchain’s decentralized models have given rise to cultural shifts,  that involve verification sans human intervention. As the human activity of all sorts is vulnerable to falsification, trustless technologies such as blockchain provide the solution that the world needs today. Blockchain’s decentralized applications are distributed across networks, making sure that there is absolutely no room for hacking or vulnerabilities. While blockchain is not a utopian solution, it is the best model that we currently have, to ensure safety and security for all kinds of human activities. Decentralized applications have begun to reduce human errors, human intervention, and even the very real threat of crimes committed by humans. DApps have resulted in blockchain being used to achieve consensus, verify using digital IDs, protect IPs, manage media, and enhance governance and healthcare. In other words, blockchain is no longer limited to currency, market, or contracts. It is now used to verify, record, and arrive at a consensus on data and information. Blockchain’s evolution has helped modern businesses to meet various demands that previously were unattainable. Blockchain has made it easier for automation, ERP, and software integration easier and more trustworthy. Blockchain is now being used to program machines to autonomously place orders when replacements parts are required, eliminating human approvals. If something goes wrong with a machine or a computer, or even a system, the programmed tool recognizes when there is a flaw, and places a replacement order using blockchain autonomously. This is one example of how human intervention can be eliminated to enhance security and trust. These implications can be witnessed in the Internet of Things, health and asset management, governance, etc. The cultural implication of blockchain The cultural implication of Blockchain 3.0 is the question of trust. Blockchain has reinforced the idea that technology is more trustworthy than humans, and that humans can be corrupted while technology can’t be. Traditionalists would have argued that technology can be corrupted too, by humans who are determined to, such as hackers. However, Blockchain negates this argument simply because of its decentralized nature, immutability, and permanency of records. Blockchain raises a number of ethical questions, including asking ourselves if we have lost trust in humans. While this is beyond the premise of this article, it suffices to say that using a trustless technology such as blockchain will help avoid the many blunders that humans have already committed.

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Twitter Chat : CIO’s Perspective on #DigitalSuccess for 2018

March 16, 2018

We just organised an interesting & thoughtful Twitter Chat session today between 3PM- 4PM (IST). In this virtual panel discussion, we aimed to help our audience understand CIO’s perspective on #DigitalSuccess for 2018. This intuitive discussion was led by the country’s top CIOs and they shared their valuable insights on three major parameters like challenges, expectations, and solutions to achieve #DigitalSuccess in 2018. Let’s take a visual tour of this amazing session: Q1: What are the digital goals for your company in 2018-19? connect our employees more seamlessly and understand our customers better leveraging technology — Darshan Appayanna (@darshan_dash) March 16, 2018 To this Abhishek Rungta, CEO, Indus Net Technologies added “Connecting seamlessly with all stakeholders using the connected ecosystem is key to #DigitalSuccess. Well said :)” #DigitalSuccess creating a two way dialogue with our consumers is an imperative for great customer service, digital mediums are a great enabler of thy. — Akash Tyagi (@AkashTyagi17) March 16, 2018 Digitization of system controls in critical processes such as AP, AR, WMS , Internal , external stake holders , Automation of certain production tasks , driving division making with Analytics and use of cloud for critical loads are certain important goals for this next year. — Abhay Karhade ( मोदी का परिवार) (@abhaykarhade) March 16, 2018 We have gone ahead on the innovation platform developments , using business groups as well as collaboration very effectively — Abhay Karhade ( मोदी का परिवार) (@abhaykarhade) March 16, 2018 Q2: At what point will you consider your efforts towards digital initiatives to be successful? What does #DigitalSuccess look like for you? #DigitalSuccess I believe there has to be continuous milestones for measuring success in digital. It’s a journey and establishing a pragmatic roadmap of digital implementation is necessary. Though it varies across industries but KRAs could be Number of Influencers across social — Akash Tyagi (@AkashTyagi17) March 16, 2018 He continued, “Followers, ability to create consumer segments from data, customer adoption of any digital initiative like a new app downloads/MAUs etc.” A question was put forward by Abhishek Rungta:  We are relatively new to the digital world and must confess with constrained resources, our focus is indeed growth. Though at the back of my mind I do know that at at some stage soon, we need to work on a long term strategy, keeping our vision and brand at the centre. — Sanjay chakrabarti (@Sanjaychakrabar) March 16, 2018 Akash Tyagi replied to this saying: “#DigitalSuccess aside to growth, right impact across all customer touchpoints in creating a sticky experience propels loyalty and retention.” I also think digital is a very abused word. We have been doing this all our lives. what has changed is the pace at which you need to engage with people, how you engage and the technologies that enable this — Darshan Appayanna (@darshan_dash) March 16, 2018 For me, #DigitalSuccess begins with quicker launch of campaigns, more measurability and fast updates based on results. — Arun Agrawal (@ebizindia) March 16, 2018 Yes, it would be essential to celebrate smaller wins so as to build confidence in organizations on the Digitization initiatives — Abhay Karhade ( मोदी का परिवार) (@abhaykarhade) March 16, 2018 He went on to add “It’s very long way ..We all just started ..Many new techniques ..Technologies are disrupting market and one has to keep close eye on its impact…” Q3: What are CIO’s key challenges to achieve #DigitalSuccess for their organizations? #DigitalSuccess as many say Data is the new fuel, getting all that data under one view is of utmost importance, analysis could feed into multiple functions however as an Organization we must gather all possible consumer data under a singular view. That’s quite challenging — Akash Tyagi (@AkashTyagi17) March 16, 2018 Managing experiences is definitely key to success and also a challenge, specially with multiple devices, operating system, browsers and internet speed. — Abhishek Rungta (@abhishekrungta) March 16, 2018 #digitalsuccess in legacy companies, organizational change has been a big hurdle. The reason as i mentioned earlier, is the way people interact, needing instant access to information, self help, etc — Darshan Appayanna (@darshan_dash) March 16, 2018 #digitalsuccess "Culture" is the biggest hurdle you need to overcome. You can have the best technology, best customer engagement means, best data collection tools. but if the person who is interacting is not "culturally savvy" with the digital age, you have a problem — Darshan Appayanna (@darshan_dash) March 16, 2018 Q4: What can CIO’s do to make their #Digital initiatives more successful? CIOs , CEOs and CMOs need to put Fullest efforts in this Transformation journey. Support from Board, CEOs and other TOP management would be very critical aspect. Fear of loosing ..Should be eliminated to encourage Digitization culture … — Abhay Karhade ( मोदी का परिवार) (@abhaykarhade) March 16, 2018 Q5: Are you finding practical and measurable results from emerging technologies like AI/ML? #DigitalSuccess these are very early days but there is a huge scope for AI and ML based technologies. Being a leader in Media industry these are some immediate technologies adoption on our roadmap, since our job to provide personalised content to our consumers across all screens — Akash Tyagi (@AkashTyagi17) March 16, 2018 New Technologies are in early adoption stages ..But we can expect great amount of outcome as far as as stated earlier ..System controls , smoothen information flow , visibility across the operation , logistic chain ..Would be visible in time to come … — Abhay Karhade ( मोदी का परिवार) (@abhaykarhade) March 16, 2018 Q6: How does #DigitalSuccess responsibility distribute between CIO, CMO, and CDO? Two distinct responsibilities. CMO is business, CIO is enabler. when the CIO is not proactive in understanding business and talking to CMO, CMD, etc on how sales, revenue, operations can improve, the CMO becomes the driver! — Darshan Appayanna (@darshan_dash) March 16, 2018 #DigitalSuccess it’s important for a single person or team to drive an overall vision and digital roadmap for the Organization (typically a Chief Digital Officer) and work with CIO, CMO and CSO, to chalk out

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Top 10 Technologies Poised To Transform the Retail Industry In 2018

March 9, 2018

Contrast the experience of the shoppers until just a few years ago to the kind of experience some brands manage to offer today: quick, intuitive tech has replaced the tedium of standing in long checkout lines, complicated online checkout processes, and erratic online shopping experiences. Today technology has made the buying experience, streamlined, fast, stressfree and user-friendly. Technologies such as RFID to read barcodes, beacon-based functionalities to locate stores and intuitive tools to help people find exactly what they are looking for, have transformed shopping into that which, until some years ago, we could have envisaged only in Sci-Fi fiction! In the near future, cashierless stores, driverless cars, and 3D manufacturing are also going to become realities and transform the way we shop! We predict that 2018 is going to be transformative for retail buyers thanks to some or all of these technologies, which either are already in use or are being refined for wider and more effective application: Artificial Intelligence– Embedded into online stores, AI helps personalize shopper experiences, generates search results with precise accuracy. AI can also help reduce costs by obviating the need for models, photographers, and a studio to create quality product images. AI can help retailers and brands make accurate predictions to help with merchandising and capacity planning. One instance of effective AI application is the outdoor wear brand North Face’s use of IBM’s Watson’s Cognitive Computing tech that helped refine the shopping experience. Data collected from 55,000 users indicated a 60% click-through rate and 75% total sales conversions due to the computing tech that initiated a customer conversation to help determine exact product requirements. Augmented reality– Helping create a real-world atmosphere is another aspect that augments shopping experience. Cosmetic brands such as L’Oreal have most effectively adapted this tech to the online store experience. The Makeup Genius app brought the AR experience to shoppers; permitting them ‘try out’ makeup on their handheld devices to make a better choice. In times to come, more brands and varied products will tap the potential of this tech. Facial recognition– The obvious uses for retail are many here: stores can help personalize the shopping experience based on collected data about the shopper’s gender, age, ethnicity and other details. There are diverse ways to apply facial recognition into the retail space; one example being an FR based system called ‘Smile to Pay’ installed in a KFC outlet in China; which was used to measure user satisfaction. While cultural and privacy concerns remain, tech refinement may be able to address these concerns effectively in times to come. Blockchain– The ever-growing ‘blocks’ of records employing cryptography are predicted to find their place in 2018, according to Forbes. Blockchain tech is already moving the needle for product manufacturers and sellers in terms of increasing transparency, penetrating emerging markets, maintaining virtual warranty wallets and enhancing global supply chains. In the insurance space, for instance, blockchain application can assist in parametric insurance, peer-to-peer insurance, and microinsurance. Wearable tech–Smartglasses, smartwatches, wearable scanners, wearable cameras and ‘hearables’ are transforming retail, and have the potential to further revolutionize the space and customer behaviors. At a time when e-commerce is diverting customers from bricks and mortar stores, wearable tech holds the potential to redirect buyers to physical stores. Data relating to location, body temperature and motion can also help refine decision-making and the overall user experience. The GoInStore’s application lets customers ‘browse’ without having to go into a store; while still receiving any personal assistance required. The Pinnacle Response wearable camera helps with crime detection and control while wearables such as Onyx by Orion labs helps workers communicate and deal with customer requests effectively. RFID – Radio frequency identification, which has been the default system for billing at checkout counters for many years, also helps address security concerns by offering elegant solutions against shoplifting. It helps track inventory and is a hugely important tool for consumer research. Brands such as Amazon Go have already incorporated the use of RFID in the way that they permitted customers to make purchases off shelves and leave without actually checking out of the store. Purchases are charged to the buyer’s Amazon account, who receives a digital receipt of payment. Such examples of practical use of RFID to ease the shopping experience are only going to increase in times to come. Virtual /Digital assistants– The use of this tech to enhance buyer experience is at a nascent stage but presents exciting possibilities particularly when leveraged by AI.The expected demand for these automated software apps and platforms will double in2018 and possibly garner 1.6 billion active users by the year 2020. Features such as natural language interface, the ability to personalize and fine-tune product offerings to individual buyer preferences and access to a wide spectrum of data make this almost inevitable. Refinements in Apple’s Siri, a new device for Microsoft’s Cortana, and new features for Amazon’s Alexa seem to indicate the use of virtual /digital assistants is only set to rise. Drone delivery –The concept of unmanned vehicles or drones to transport packages, deliver food and so on still sounds rather fantastical, but this is closer to reality than we think. Forbes thinks that drone deliveries will play a huge role in the next decade or so. A JLL (Jones Lang LaSalle) report predicts that drone products will start out being used in the store my retailers, then perhaps for boosting the security of store perimeters and warehouses as well as for construction management. Convenience store 7-Eleven has already tested out drone delivery systems by successfully delivering chicken salad, coffee, ‘Slurpees’ and Donuts to a Reno, Nevada family. In the future, the possible applications are only poised to increase, given crowded roads and difficult to navigate traffic. Robotics retail – Robots as shop assistants and robots functioning autonomously in manufacturing and packing seemed far-fetched a while ago, but today Amazon uses a 45,000 strong robot ‘fleet’ to help fulfill warehouse orders. Robotics in retail opens up some exciting possibilities in terms of warehouse

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How CIOs Can Prepare for the Brave New World that 5G Is Going to Usher

February 27, 2018

With most countries set to start rolling out 5G networks late this year, businesses have wondered what it means to them, and they would need to prepare themselves for the changes. 5G is poised to be at least 10 times faster than 4G, and five times more responsive than its predecessor. This means, consumers are going to download movies, play games, and run complex applications effortlessly. 5G is expected to connect 100 times more devices than 4G did, giving rise to a deluge of IoT-enabled gadgets and devices. C-level executives such as Chief Information Officers will need to upgrade their skillsets in order to ready themselves for an ultra-fast future. In this article, let us understand how 5G is going to affect enterprise IT, and what skillsets CIOs and other C-level executives will need to acquire in order to implement 5G networks successfully and enhance products optimally. 5G’s impact on Enterprise IT With ridiculously high speeds, 5G is set to revolutionize the way internet-of-Things (IoT) is imagined and used currently. With more devices being connected to the internet, the resulting data deluge will be something that businesses will have to deal with. However, this data also provides them with opportunities to access rich insights. In addition, people will be able to use applications that are stupendously quick. This may give rise to security issues, and mobile security will be an issue that most businesses will have to deal with once 5G is rolled out. As 5G enables speed and mobile responsiveness, businesses will have to focus more on upgrading their applications to meet the standards of 5G speeds. This means, user experience and user interface design will be something that every business will have to consider improving. 5G requires complex infrastructure, and many businesses will have to focus on upgrading existing infrastructure or investing in newer networks and systems. Enterprise IT will also need to reassess the skill sets of its IT teams, and probably hire developers with advanced programming skills. It is important to remember that 5G will spur a different kind of mobile revolution where applications will be more complexly built, with a more minimalist UI/UX. The top implications of 5G on enterprise IT are : Cloud-enabled applications Enterprise applications so far have been limited by 3G and 4G devices that aren’t exactly impressive when it comes to speed. Cloud applications have often failed to load or even crashed when network signals haven’t been strong. With more employees using cloud-based enterprise applications on their devices, 5G provides the necessary speed to successfully run enterprise-grade applications. this mans, businesses will find it easier to use cloud-based applications, many of which are subscription-based. This will lead to reduction in infrastructural expenditure. AR and VR technology Augmented reality and Virtual Reality will find an impetus thanks to the 5G network. Both AR and VR technologies are likely to be used in situations outside entertainment. For instance, businesses may begin to use virtual reality in shipping and transportation. With robotics improving alongside, 5G will help in remote management of many tasks that were previously done manually. Being able to remotely control and manage logistics, shipping, and other processes will likely be a groundbreaking scenario for eCommerce entities. Fast-loading applications 5G is likely to encourage developers to create fast-loading applications, which are free from bugs. Launch-time performance will take the center-stage among developers and will be an important criteria while conceptualizing applications. The implication for businesses here is, they will be able to get more users to take action. It is a well-known fact that even a millisecond of delay in app-loading results in the user not using the application at all. 5G will encourage users to engage with an application for a longer time. Smart devices Tremendous speeds will help businesses to toy around with IoT-enabled devices, giving them opportunities to access data that probably wasn’t available previously. businesses may also benefit from Big Data, specific instances of which may be shared via Blockchain. Speaking of Blockchain, enterprise IT will find itself having to worry less about security as Blockchain adoption is going to grow alongside 5G, enabled by its speed. Blockchain, IoT, artificial intelligence, and other emerging technologies will help build better smart devices, which will perform better thanks to 5G. Mobile responsiveness With speeds come responsiveness, and that is where enterprise IT will need to focus on this year. 5G has the resilience and capacity to support really complex applications while also making sure that responsiveness is not at risk. This means, users get to engage with complex applications intuitively, without realizing that underneath the simplicity, the code is unfathomably complex. This also means, businesses will begin to focus a lot more on UX/UI than they ever did before. Sales and marketing A surprising outcome of 5G rollout will be the effect it will have on sales and marketing departments. This will necessitate enterprise IT to develop better strategies to deal with data that results from customer interactions. Data resulting from social conversations will need to be managed ever more deftly, as 5G will definitely encourage people to interact with companies and product manufacturers/developers more frequently. Security This whitepaper by Ericsson explains why 5G requires additional security aspects to be considered. 5G is not exactly a faster version of 4G. It involves a very different kind of technology, which necessitates a different kind of infrastructure. Consequently, the biggest implication for enterprise IT will be that of security. IT departments will need to plug in all holes to ensure security and privacy are protected. As 5G will encourage more employees to use mobile devices for most enterprise-related tasks, BYOD policies need to be bolstered with adequate security measures as well. With 5G spurring changes with enterprise IT, there will also be a need for CIOs to develop new skill sets or hone existing ones. 5 skill sets that are closely associated with 5G rollout are : Programming knowledge As 5G will herald superfast mobile apps, complex AR and VR enabled

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