Category: Technology

India’s UPI Revolution Will Leave You Behind If You Don’t Act Now

November 19, 2024

In 2024, India’s Unified Payments Interface (UPI) recorded remarkable growth with a surge in transaction volume. This growth underscores the increasing shift towards digital payment solutions, reflecting not only advancements in mobile payment technologies but also changing consumer behaviours in India’s banking sector. But what’s fuelling this rapid adoption, and what might the future hold? UPI Revolutionises Digital Payment in India with Unprecedented Growth in 2024 The surge in UPI transactions in 2024 marks a pivotal moment in India’s digital payment evolution. With transaction volumes swelling, UPI has solidified its position as the backbone of India’s mobile payment infrastructure. This growth has been driven largely by UPI’s accessibility, allowing seamless transfers with just a bank account, mobile number, or QR code. Furthermore, this expansion is reconfiguring India’s online banking landscape, reducing dependency on cash and catalysing a nationwide shift to digital payments, especially in small businesses and among young users. Key Drivers Behind the Surge in UPI Transactions Several key drivers have catalysed this impressive rise in UPI transactions: Comparing UPI Growth Trends: What We Learned from 2023 Reflecting on 2023, UPI has already become a dominant force in India’s digital payment ecosystem. Monthly transactions routinely crossed billions, and the growth rate set high expectations for 2024. By analysing the 2023 trends, we saw how reliable access to mobile payments, collaborations between banks and digital platforms, and the prioritisation of user-friendly banking interfaces laid a solid foundation. This momentum has amplified in 2024, proving that strategic investments in digital banking and payments were instrumental in scaling the UPI user base even further. The Role of Government Initiatives in Boosting UPI Adoption Across India Government-backed initiatives have been instrumental in expanding UPI’s reach across India. Policies promoting cashless payments have encouraged widespread adoption, with a particular focus on banking inclusion for rural areas. Programmes like the Digital India initiative have played a pivotal role by facilitating necessary digital infrastructure and advocating the adoption of mobile payment systems. Additionally, the Reserve Bank of India’s regulatory support has enabled faster integration of UPI in various banking systems, driving more transactions and financial inclusion. Future Prospects: How UPI is Poised to Transform Banking and Transactions in India The future of UPI looks promising, with potential developments poised to revolutionise banking and digital transactions. Upcoming innovations, such as integrating UPI with international payment networks, could further extend its utility for cross-border transactions, a move that would reshape India’s digital payment landscape. Moreover, AI-driven insights may enhance security, making digital banking safer and more personalised. With UPI’s capacity to evolve alongside global standards, India’s digital payment ecosystem is set to become even more inclusive and adaptive to technological progress. Challenges Ahead: Ensuring Security and Accessibility in India’s UPI Ecosystem Despite its success, UPI faces challenges, especially in terms of security and accessibility. The vast volume of digital payments has attracted cybersecurity concerns, with fraud prevention becoming an urgent priority. Protecting user data and ensuring secure transactions will be essential to sustaining consumer trust. Moreover, while UPI has penetrated urban areas, rural accessibility remains limited. Bridging this gap through targeted government and banking initiatives will be crucial to fully realise UPI’s potential across India. Ensuring digital literacy and infrastructure in remote regions can strengthen the UPI ecosystem, enabling equitable access to secure mobile payment services. FAQs 1. Why Are Experts Saying 2024 Is the “Last Call” to Ride the UPI Wave Before It Evolves? UPI has seen unprecedented growth in 2024, transforming India’s digital payment landscape. With recent innovations like AI-driven security and potential cross-border capabilities, UPI is poised to evolve rapidly. Businesses and consumers adopting UPI now are gaining a competitive edge, but delaying could mean missing out as new features and competition reshape the ecosystem. Don’t miss the chance to be part of India’s digital payment revolution. 2. How has UPI transformed India’s digital payment ecosystem? UPI has revolutionised digital payments by offering secure, instant money transfers using mobile phones, QR codes, and digital wallets. Its integration with banks and support for small merchants has made it a cornerstone of India’s cashless economy, driving financial inclusion and reducing dependency on physical currency. 3. What role has the Indian government played in UPI’s growth? Government initiatives like Digital India and policies promoting cashless transactions have significantly boosted UPI adoption. Regulatory support from the Reserve Bank of India (RBI) has facilitated banking inclusion, particularly in rural areas, enabling UPI to become India’s preferred digital payment method. 4. What are the latest innovations in UPI technology in 2024? Recent innovations like UPI Lite, scheduled payments, and potential cross-border integrations have made transactions faster and more user-friendly. Upcoming advancements, including AI-driven fraud detection and personalised banking features, are expected to enhance security and convenience in the digital payment ecosystem. 5. What challenges does UPI face in ensuring secure and accessible digital payments? While UPI is a game-changer, challenges remain, including cybersecurity threats, fraud prevention, and limited penetration in rural areas. To ensure sustainability, efforts must strengthen security protocols, improve digital literacy, and expand infrastructure to bridge the urban-rural divide in mobile payment adoption.

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AI is Cashing In, But Can It Actually Cash Out for Insurance Tech by 2025?

October 29, 2024

The Rise of AI in Insurance: What to Expect by 2025 Today, AI handles only 10% of insurance processes, but that number is set to soar, with experts predicting a 24% annual adoption rate.The goal – A customer files a claim, and within minutes, AI in insurance assesses risks, detects fraud, and offers a tailored solution with no lengthy calls and no endless paperwork. By 2025, over 50% of insurers could integrate AI-driven tools, transforming customer experiences and business efficiency. The push is clear: AI is set to streamline, secure, and redefine insurance. The question isn’t if AI will become essential but how fast it will become indispensable. Key Innovations Transforming the Insurance Landscape AI is reshaping insurtech with innovations that go beyond traditional practices. Machine learning analyses massive data sets to predict claims and detect fraud, helping insurers make smarter decisions faster. Meanwhile, chatbots provide 24/7 customer support, answering questions and assisting with claims without long wait times. Imagine being able to handle an entire policy change through a quick message. Predictive analytics, another game-changer in insurtech, enables insurers to forecast risks accurately, creating personalised plans for customers. These tools don’t just boost efficiency; they make insurance accessible and responsive, aligning the industry more closely with customers’ needs. Consumer Expectations: How AI Is Changing Customer Experience Today’s insurance customers crave quick, personalised experiences, and AI insurance is stepping up to deliver. Imagine logging into an app and instantly receiving tailored policy recommendations based on your lifestyle and needs. This is AI in action, learning from user data to craft unique offers that truly fit. Beyond personalisation, AI-driven chatbots and virtual assistants provide round-the-clock support, answering questions and handling claims efficiently. Insurers also use AI to streamline claim approvals, cutting wait times from weeks to days, sometimes even minutes. This shift is making insurance less about paperwork and more about real-time solutions, changing how customers experience and expect service in the digital age. Challenges Ahead: Can AI Overcome Industry Hurdles? AI in insurance holds promise but faces hurdles that can’t be ignored. The biggest? Data privacy. Customers worry about how their sensitive information is managed, and strict regulations are adding layers of complexity. Then, there’s the tech itself that AI needs vast quality data to work well, and that’s not always easy to access. But there’s hope. Insurers are exploring advanced encryption and decentralised data storage to keep information safe. Meanwhile, partnerships with regulatory bodies could pave the way for smoother compliance. These solutions hint at a future where AI can thrive in insurance, but the road is anything but smooth. Expert Insights: Predictions on AI’s Role in 2025 Industry leaders are optimistic about AI’s transformative power in insurance. “AI will reshape our competitive landscape,” says Sarah Thompson, a technology analyst. She envisions a future where AI not only enhances efficiency but also drives innovation. As companies adopt advanced analytics and machine learning, the gap between traditional insurers and tech-savvy newcomers will widen. “AI predictions show that insurers embracing this technology will thrive while those that resist will struggle to keep up,” notes John Carter, an insurance executive. By 2025, AI is expected to empower insurers to make data-driven decisions faster than ever before, changing customer interactions and reshaping market dynamics. The race to innovate is on! Future-Proofing Your Insurance Business with AI To thrive in the evolving insurance landscape, businesses must embrace AI technologies now. Start by identifying repetitive tasks that can benefit from automation. Implement AI-driven chatbots to enhance customer service and streamline claims processing. Training your team on AI tools will empower them to harness the technology effectively. Additionally, focus on data analytics to gain insights into customer behaviour and preferences. This proactive approach not only improves efficiency but also builds trust with clients. Remember that adaptability is key. Regularly evaluate and update your AI strategies to align with market trends. By investing in AI today, your insurance business will be ready to face the challenges of tomorrow. FAQs 1. How will AI revolutionize the insurance claims process by 2025? AI is set to revolutionize insurance claims by automating tasks like document verification, damage assessment, and fraud detection. This will significantly reduce processing time and improve efficiency. Additionally, AI-powered chatbots will provide 24/7 customer support, answering queries and guiding claimants through the process. 2. What are the key challenges the insurance industry faces in adopting AI? Key challenges include data privacy and security concerns, the need for standardized data, a shortage of skilled AI professionals, and regulatory compliance. Overcoming these hurdles is crucial for successful AI adoption in the insurance industry. 3: How can AI improve customer experience in the insurance industry? AI can enhance customer experience by providing personalized services, 24/7 support, and faster claim processing. AI-powered chatbots offer instant assistance, while predictive analytics enable insurers to tailor products and services to individual needs. 4: What are some specific examples of AI applications in the insurance industry? AI applications in insurance include: 5: What steps should insurance companies take to prepare for an AI-powered future? To prepare for an AI-powered future, insurance companies should:

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The future of work

The Future of Work: How Fintech Startups Can Adapt and Thrive with Technology

August 23, 2024

Fintech has been a key buzzword in the banking, financial services, and insurance (BFSI) sector worldwide. It essentially encompasses a broader range of technological innovation aimed at elevating, automating, and simplifying financial services and products. Of course, now we associate fintech jobs with everything from mobile banking, blockchain and cryptocurrencies, AI and machine learning, and even peer-to-peer lending to Chatbot driven customer service, automated underwriting, and more. But what does the future of work look like for fintech startups? How can they adapt and thrive by leveraging technology? Here’s a closer look below. Fintech Customer Experience A major part of fintech innovation and technological upgrades are expected to be directed towards boosting customer experiences even more in the near future. Going beyond 24-7 access, swift transactions, and automated service and support, there will be increased emphasis on hyper-personalisation and financial inclusion. Fintech startups are expected to come up with simpler and more effective products and offerings that help them cater to wider audiences that are otherwise unbanked or under-served by the conventional financial services sectors. Here are some other technology-driven aspects that may come into play. Fintech Security Challenges This is another aspect where fintech startups will leverage technology for thriving in the new digital age and also to combat these challenges head-on.  Here are some key pointers worth noting: Fintech Jobs- How they May Evolve With the growing emphasis on fintech innovation, there will be an impact on jobs in the sector in the future as well. Here is how it stacks up for fintech startups. Some Other Ways in Which Fintech Startups are Expected to Evolve Here are some other pathways that fintech startups may take in the near future, according to industry watchers. Tech Innovation Case Study- Square Often times, fintech innovation is not just about up-skilling, adapting to newer requirements, or transforming the workforce. It is sometimes about taking something that exists and making it better. Square was launched in 2009 by Jack Dorsey, the co-founder of Twitter, and it wanted to fill up a major gap in terms of payment processing for small businesses. While this already existed in multiple forms, it was mostly expensive and complex for this target audience. Square came up with a unique POS (point-of-sale) system with a micro card reader that could easily be plugged into smartphones. This portable card reader was easy to set up and Square also retained its relevance by offering additional like analytics, inventory management, and loans. By 2023, the company had 4 million+ sellers on the platform with $4.68 billion with sizable revenue increases and more. Square has also expanded its entire ecosystem, offering everything from payroll to cryptocurrency trading via its Cash App. The customer-centric focus and user-oriented design were major USPs along with the ability to offer integrated solutions swiftly. This eventually built customer trust and ensured huge lifetime value, particularly with flat-rate pricing and overall transparency. What’s the Key Approach for Fintechs Going Forward? Fintech startups will have to continually innovate, adapt, and learn. These are the three buzzwords that should define the approach for the future years in an increasingly complex regulatory environment and fast-changing technological ecosystem. Fintech startups will have to leverage technological expertise and skilled personnel towards staying relevant and adapting towards industry changes. There will be more training and up-skilling needed for the present workforce, while new recruitments will mostly revolve around domain experts with sizable expertise in core areas like blockchain, AI, machine learning, and so on. At the same time, fintechs will also have to keep pushing the boundaries higher in terms of customer service, personalisation, data analytics, and also Cybersecurity and data privacy. These are all areas which will require sizable investments of time and resources to not just survive but also thrive in the global financial landscape. FAQs 1. What are the biggest technological trends shaping the future of work for Fintech startups? Some of the major technological trends that are shaping the future of work in the space include the pivot towards AI and machine learning-driven personalisation, automation, data analytics, blockchain, and decentralied finance. 2. How can Fintech startups leverage technology to attract and retain top talent in this competitive landscape? Fintech startups can make use of dynamic technological tools to find the top talent in a more competitive landscape. AI and machine learning can play a major role in skimming through vast datasets to come up with professionals who can be the right fit. At the same time, Applicant tracking systems can also manage applications and communicate with candidates. 3. What technological challenges will Fintech startups face in the future, and how can they prepare? Some of the future technological challenges for fintech startups include regulatory complexities, data security and privacy hurdles, and so on. At the same time, there will also be a challenge related to finding competent professionals to manage the next level of tech-driven solutions. 4. What specific technologies can Fintech startups adopt to improve efficiency, security, and customer experience? Some of the technologies that fintech startups can adopt for higher security, efficiency, and better customer experiences include automation, AI, machine learning, blockchain, and IoT (Internet of Things). 5. How can Fintech startups stay agile and adaptable in a rapidly evolving technological environment? Fintech startups can stay more adaptable and agile in a fast-evolving technological environment through setting up frameworks to continually track and implement new regulatory laws, and explore new technological products/solutions. At the same time, they will also have to invest in lifelong learning and up-skilling models for the workforce.

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Hiring strategies

Anchoring Innovation: Hiring Strategies for Tech Startups

June 6, 2024

In the fast-moving tech startup world, having access to the right talent is not merely a critical requirement: it is a critical enabler for innovation and success. Tech startups are more agile and innovative via creative problem-solving, which means that every new hire has a large impact on the course of the company. This blog will explore effective hiring strategies, and how to leverage global talent acquisition to anchor innovation in tech startups. Understanding the Unique Needs of Tech Startups Startups in the tech sector frequently focus on inventing brand-new technology, which develops fast; however, it is also high-risk. Therefore, tech startups look for people who not only can do a good job in their particular field of work but are also versatile enough to adapt their talents towards something new and innovative. Therefore, it is important for tech startups to adopt hiring strategies that can boost innovation. Crafting a Compelling Employer Brand Here are some strategies to help you develop a compelling employer brand: Creating an Attractive Employer Brand Showcasing Company Culture Utilizing Social Media and Online Platforms Sourcing Top Talent Talent sourcing should not be neglected by any tech startup in today’s competitive market. Here are some strategies that may help. Networking and Referrals Engaging with Universities and Bootcamps Leveraging Online Job Portals and Communities Onboarding and Retention Strategies Onboarding and retention can be challenging, if not tackled properly. Here are some tips: Leveraging Technology in Hiring Here’s how technology can be seamlessly leveraged throughout your hiring process. Applicant Tracking Systems (ATS) Applicant Tracking Systems (ATS) are powerful tools that can significantly streamline your recruitment process. By efficiently organizing applications, tracking candidates, and automating communication, an ATS can save time and effort for your hiring team. This not only leads to a smoother and more organized hiring process but also ensures that no promising candidate slips through the cracks. AI and Machine Learning have revolutionized the way organizations approach candidate matching and evaluation. These advanced technologies have the capability to analyze resumes, extract crucial information, and predict candidate success based on data-driven insights. By leveraging AI and machine learning, you can make more informed and data-backed hiring decisions, ultimately leading to better recruitment outcomes. Virtual Interviews and Remote Hiring The rise of remote work has opened up a world of opportunities for global talent acquisition. With the ability to hire from anywhere in the world, organizations can now tap into a global pool of talent. Virtual interviews and online collaboration tools play a crucial role in facilitating remote hiring. Video interviews provide a convenient way to assess candidates, while online collaboration tools enable seamless communication and interaction with remote team members. Embracing virtual interviews and remote hiring not only expands your talent search but also promotes a more diverse and inclusive workforce. Concluding Thoughts Effective hiring strategies are crucial for tech startups looking to anchor innovation and drive growth. By understanding the unique needs of tech startups, crafting a compelling employer brand, and leveraging modern recruitment tools and strategies, you can attract and retain the best talent. Remember to prioritize diversity and inclusion, and learn from the success stories of other startups.

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The Rise of Smart Stores: How Retail Tech is Transforming the In-Store Experience

The Rise of Smart Stores: How Retail Tech is Transforming the In-Store Experience

December 18, 2023

Smart stores are poised to usher in a mega revolution for the global retail industry. There will be a complete transformation of in-store experiences for shoppers shortly with smart retail solutions. Let us take stores like Amazon Go as examples to decode the biggest ways in which retail tech is already revamping the future of retail stores.  How Amazon Go is a Glimpse of Things to Come  Amazon Go already offers shopping experiences without cashiers. These smart stores come with several advantages for customers and retailers alike, enabling time and monetary savings along with lower errors and more contactless shopping experiences. These stores deploy cutting-edge retail tech including artificial intelligence, computer vision, and sensors for enabling smoother shopping experiences. The aim here is to do away with time-consuming physical checkouts and lines at stores along with the tedious procedure of scanning items. A network of sensors and cameras are deployed throughout the store which track items picked up by customers from shelves and those put back by them. When customers complete shopping, they can walk out of the premises without going in for traditional checkout.  At Amazon, for instance, customers have to download the Amazon Go app and link the same with their Amazon account to get this option. Once they enter, there is full tracking of items chosen and movements. Shoppers can easily add items to virtual carts which are updated instantly. When they exit, the account is charged for the items bought, with receipts dispatched to their accounts. Technologies like door trackers also detect departure automatically. Each item picked up is recorded more accurately and linked to customer accounts. They can also review receipts on the mobile app before leaving. This helps verify the charges and items. Amazon Go is a glimpse into the future of retail stores throughout the world. This will boost customer convenience and overall efficiencies greatly. Here are some of the advanced technologies that will soon play a vital part in the creation and running of smart stores. Smart Store Technologies for the Future When it comes to enhancing the in-store experience for customers with smart retail solutions, here are some technologies that will soon gain ground throughout the sector.  The future of retail stores appears to be in embracing more advanced technologies that will boost in-store experiences and enable greater personalisation and convenience for customers. Smart stores will steadily be in vogue with the popularity of Amazon Go being an indicator of things to come.  FAQs What specific technologies are driving the evolution of smart stores and enhancing the in-store shopping journey?  Several technologies are enabling the evolution of smart stores and boosting in-store shopping experiences. These include easy mobile app-based and contactless payments, automated tracking and verification of customer items, and of course, technologies like AR, VR, AI, ML, robotics, and more.  In what ways do smart stores improve customer engagement and satisfaction through retail technology? Smart stores have a crucial role to play in enhancing customer engagement and satisfaction levels. Customers can easily walk in and walk out of stores and pick up items without waiting in lines or needing any cashier. They can simply pay online with receipts delivered to their accounts. Automated support and service will also help them find their chosen items with ease. These are some of the innovations that will help them save time and energy while contributing greatly towards the overall experience. 

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Understanding and Tackling Cart Abandonment in the Retail Industry

Understanding and Tackling Cart Abandonment in the Retail Industry

November 8, 2023

Cart abandonment is a common issue plaguing retail brands today. To get more customers to convert online, you will naturally require a better interface and site design along with more effective marketing. However, a whopping 70% of customers, on average, leave after they add items to their carts as per Baymard reports. This phenomenon, known as cart abandonment is one of the biggest problems for the retail industry today. Before delving deeper into strategies for reducing cart abandonment, it is important to calculate the rate of abandonment first. This is possible by dividing the total completed purchase count by the number of carts created and subtracting the same from 1. This will help you work out the ways and means to lower your cart abandonment rates and bolster revenues accordingly. Here are some reasons for cart abandonment, which is different from e-commerce checkouts where customers abandon the purchase while checking out.  Reasons for Cart Abandonment and Solutions for the Same Here are some of the major reasons behind abandoned shopping carts and ways in which you can fix them.  These are some strategies that will help you reduce cart abandonment, along with ensuring a better mobile-friendly platform while also ensuring that discount codes are integrated with the checkout process. The idea will be not to deter customers without codes from finishing purchase, while making it easier for customers with promo codes to checkout seamlessly.  FAQs What causes cart abandonment in the retail industry, and how can businesses identify the underlying reasons? Cart abandonment takes place due to several reasons including lengthy checkout processes, inadequate shipping and payment options, lack of a mobile-friendly website, higher additional costs, and so on. Businesses can identify these major reasons by using analytics and calculating their cart abandonment rates.  What strategies can retailers implement to reduce cart abandonment rates and improve online conversion rates? Retailers can implement several strategies for lowering cart abandonment rates and enhancing their rates of online conversions. These include providing cost-related information upfront, offering guest checkouts without forcing them to create accounts, enabling a mobile-friendly and responsive platform, offering multiple payment and shipping choices, and so on.  How can personalised marketing and retargeting campaigns help re-engage potential customers who abandoned their carts? Personalised retargeting and marketing campaigns can work excellently for re-engaging potential customers who abandoned their carts earlier. This helps in reaching out to them with tailored solutions at the right time along with building a higher value proposition for them which will encourage them to start buying again.  What role do user experience and website optimisation play in preventing cart abandonment and enhancing the online shopping journey? An optimised and easy-to-navigate website plays a huge role in combating cart abandonment and boosts the online shopping journey. At the same time, better user experience and mobile-friendly platforms also encourage people to spend more time on the e-commerce or retail portal. This makes them more comfortable in terms of online purchases and conversions. 

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5 ways Tech is building better customer experiences in Insurance and Banking

5 ways Tech is building better customer experiences in Insurance and Banking

September 28, 2023

Tech innovations have steadily reshaped the insurance industry and banking landscape in recent years. There are several ways in which this digital transformation is enabling superior customer experiences in the space. Multiple financial technology-driven innovations are steadily coming to the forefront and are completely reshaping the sector. For instance, reports state that several insurance players are looking at AI and only a few have upgraded their abilities throughout the spectrum.  One of the biggest trends will be applying AI for disrupting claims, distribution, services, and underwriting, which will create models more familiar as humans in the loop. This enables better customer touch points along with scaling up productivity simultaneously. Distributed infrastructure and cloud will be crucial game-changers along with virtualization and automation in addition to trust architecture. Let us first look at how tech stacks up in the space before examining the ways in which it is creating improved customer experiences.  Where does tech stand in the scheme of things?  Tech innovations are already revamping the insurance industry and here is where they stand currently.  As can be seen, customer experiences can improve in the near future, with suitable financial technology implementation. Here is a closer look at the ways in which the insurance sector has steadily evolved over the last few years.  Benefits that tech brings to customer experiences  Some of these advantages include the following:  Many customers may testify to their insurance experiences improving over the years, particularly with technological advancements. Apps and online platforms have changed the game while multiple background or back-office procedures have also become more streamlined. Technology has also enabled higher cost and time savings for insurance companies while enhancing customer experiences considerably in turn.  FAQs 1. What is customer experience in insurance? Customer experience or CX is the entire process and stages of interaction between insurance companies and customers. This covers queries, inquiries, responses, feedback, guidance, paperwork, applications, claims filing, processing, and more.  2. How can the insurance industry improve customer experience? The insurance industry can considerably enhance customer experiences by lowering claims processing timelines with AI-driven automation. With accurate and swifter evaluation, companies can lower claim payment times considerably. At the same time, they can leverage modern technology to update and remind customers periodically, while using technological tools for responding to customers and providing them ample guidance whenever they need the same.  3. Why customer experience is important in the insurance industry?  Customer experience matters immensely in the insurance industry since it can make or break relationships. Customers may discontinue or not renew policies due to poor experiences in terms of solving their problems, getting information, or completing claims processing or paperwork.  4. What is the best way to improve customer experience?  The best way to boost customer experiences is to focus on resolving customer processes and formalities (including paperwork) in the quickest possible time. At the same time, there should be an emphasis on directing customers to the right resources whenever needed. 

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Social Media Polls of INT- Interesting Revelations That You Should Not Miss

Social Media Polls of INT- Interesting Revelations That You Should Not Miss

September 18, 2023

Analytics are the transformational tech tools of today. This statement is almost undisputable in the current scenario, particularly when you take social media into account. Social media marketing, campaigns, branding, and doing business on these platforms as a whole, is vastly dependent upon analytics today. Generating actionable insights is invaluable for businesses in terms of product or service strategies, customer offerings, feedback, performance reviews and more.  On that note, keeping social media at the forefront, INT (Indus Net Technologies) conducted a unique social media poll. Here are some fascinating revelations that emerged from the exercise, covering multiple industry domains: A whopping 48% voted in favour of analytics benefiting disease diagnosis the most, followed by monitoring health trends. 11% favoured patient outcome predictions while 7% talked about treatment recommendations. Keeping an eye on the pulse merits a statement that analytics will ultimately become the tried and tested tool for monitoring health trends in a more personalized manner while generating continual insights that will ultimately help diagnose diseases more effectively. Faster diagnosis may help in quicker treatment and care strategies that will prevent issues from snowballing into bigger worries for patients. Insurance is no stranger to analytics, having already started leveraging the same for improved outcomes in multiple departments. As per the survey, the highest numbers (39%) were seen in favour of sales tracking, with regard to the domain that benefits the most from analytics-driven reporting and analytics. Claims tracking and risk management got 22% of the vote while market trend identification polled 17%. This indicates that analytics will enable quicker tracking of insurance sales while claims processing will eventually become faster and more customer-friendly due to easier tracking and risk management.  Most businesses are no strangers to billing errors. For a Billing and Premium module, analytics will benefit billing accuracy the most as voted by 41%. A high 27% also voted for its role in enabling enhanced customer insights, while 18% and 14% voted for better decision-making and cost-reductions respectively. As for credit card fraud detection models, analytics are poised to enable early fraud detection the most as per 53%. 19% alike voted for real-time alerts and customer data protection, while 9% voted for precise transaction monitoring. This goes to show a use case for analytics as a tool towards swiftly detecting frauds by identifying anomalies and fraudulent patterns. It will help companies stem fraud losses greatly in the near future. Respondents were asked about the potential benefit that they found most attractive for an insurance call volume prediction model. A high 45% voted in favor of enhanced customer service, while 36% voted for improved resource allocation. It indicates the potential of tech-driven models for helping insurers improve customer service standards while also streamlining allocation of resources to save time, energy and costs. 18% were in favor of proactive issue resolution while one voted for effective call routing. With regard to boosting accuracy levels of demand forecasting, 53% voted in favor of time series analysis while regression analysis was favored by 19% of respondents. 11% voted in favor of simulation models while 17% were in favor of data mining. These insights offer clues into the preferred paradigms for the space going forward. Customer feedback management is a key aspect for most businesses today, in an increasingly customer-is-king landscape. With regard to the customer feedback management aspect that may benefit the most from GenAI and other AI integration, 58% voted for real-time sentiment analysis. 21% alike voted for actionable insights detection and personalized customer responses. Going by these findings, it is apparent that feedback management will be drastically revamped in the coming days with companies utilizing sentiment analysis in real-time to shape decision-making and plug gaps. The INT social media polls were an exhilarating exercise, throwing up interesting insights, linked to the future potential of AI and analytics for various use cases. The results are fascinating to say the least and may indicate the direction that the wind is blowing (to take liberties with the phrase).

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Latest Technologies and Future Trends by Top Key Players Forecast to 2030

Latest Technologies and Future Trends by Top Key Players Forecast to 2030

September 15, 2023

Several emerging technologies are poised to bring about a massive industry transformation as per reports. What is the forecast for future trends and the top key players till 2030? Here’s finding out.  Major Findings Here are some interesting findings related to technological advancements and technological disruptions throughout industries. It also offers insights into the future trends regarding emerging technologies.  Some Other Crucial Insights Here are a few other innovation forecast moot points for the period till 2030:  As can be seen, widespread transformation is at the core of business operations and efficiencies in the period till 2030. What the world is currently witnessing is a transitional phase with several emerging technologies being adopted by leading players in the Asia-Pacific and even worldwide. What is evident is that 2030 will push the bar well higher in terms of disruptions and eventual progress.  FAQs Some of the technologies that are already shaping the business landscape include automation and artificial intelligence, along with machine learning and IoT (Internet of Things). Other examples include data analytics and cloud computing along with blockchain technology. Organizations are steadily embracing these technologies to boost efficiency and offer more personalization to customers while also streamlining their internal operations or business processes. By 2030, the physical and digital worlds will also merge with technologies like AR, VR and 3D being used for creating digital twins in sectors like healthcare, manufacturing, real estate and more. There will also be a shift towards data native from cloud-native along with generative AI usage for closing up gaps between insights and data.  2. Who are the key players in these emerging technologies, and what are their roles in driving innovation? There are several key players for these emerging technologies from multiple standpoints. Countries like Japan, India, South Korea, and China are at the cusp of greater breakthroughs in terms of technological integration into the public and corporate spheres for greater efficiency, mitigation of risks, and many other purposes. At the same time, leading tech giants have a big role to play in terms of innovation and experimentation in order to drive future progress. The biggest players in these segments are chief technology officers or CTOs of companies. They have a vital role in terms of encouraging more innovation and building future technology blueprints for organizations.  There are a few challenges linked to the adoption of new technologies. These include legacy systems and perspectives, lack of training or skill sets, costs of new technologies and tools, and the speed of technological advancements, along with privacy concerns. The latter can be addressed through encryption measures, audits, and compliance with better regulations. Steady investments in up-skilling, training, and future-ready digital infrastructure are also the way forward with regard to tackling these challenges.  Several emerging technologies are poised to have a disruptive effect on various global sectors. Retail will witness a complete revamping of business strategies and models, becoming more personalized and data-driven with technological disruption. Industries like healthcare, manufacturing, insurance and finance should also witness major disruptions in the near future. 

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How Insurance Companies Can Leverage Tech For Good When Things Feel Bad

How Insurance Companies Can Leverage Tech For Good When Things Feel Bad

September 11, 2023

Insurtech innovations have rapidly changed the industry landscape in recent years. The growing advent of digital transformation has also led to a paradigm shift in the insurance sector. After several life-changing events in the last couple of years, the world is at a crucial juncture where diverse natural, geopolitical, and cultural aspects are steadily intertwining. This is leading to something of a widespread crisis. With multiple overlapping issues, it becomes more challenging to fix them all, based on their origins and unique aspects. Rather than getting down to the brass tacks of every individual problem, businesses can focus more on making a difference by tackling what can be called the cumulative impact of such circumstances on the masses.  This is where technology has become an immense enabler for ensuring higher support and assistance in unique ways, right from delivering supplies during disasters to boosting mental health and wellness and more. Here is how an industry like insurance can also leverage technology to do more good when things do not quite feel right from a sociocultural perspective.  A Multi-Dimensional Insurance Shift  Digital transformation in the insurance sector holds the potential to do more good than ever before. The industry has always had to deal with numerous complications, including the difficulty of marketing and selling products that people may not require. Yet, due to the risk management and financial security insurance provides, suitable offerings may also promote wellness which is an oft-neglected aspect of what it can do very well.  An increasing number of health and life insurance policies are now providing wellness benefits including fitness memberships, mental health services, preventive health screenings, and a lot more. This is enabling customers to focus on their health requirements, thereby impacting their quality of life positively amidst the crisis mentioned earlier. Here are a few aspects where insurtech innovations can bring the doing good bit into the picture:  How It All Stacks Up  Insurers can do good in multifarious ways as highlighted above. They can use technology to improve customer access to necessary offerings, streamline policy purchase and issuing procedures, underwrite risks more effectively and personalize offerings. They can also ensure faster claims and engagement with customers for better experiences.  At the same time, Gamification will help them create an ecosystem where positive healthy behaviours are encouraged. Companies, however, should be careful about integrating multiple teams to take care of everything seamlessly, right from product development and sales to underwriting and more. They should create digital frameworks to implement analytics and gather customer feedback in order to come up with suitable solutions accordingly.  The eventual goal is to make insurance something of regular or everyday value to customers instead of a future safety net that is tucked away in the financial portfolio. Insurance is estimated to have assets worth $13 trillion worldwide although it does not still have the customer trust that it deserves. Studies have discovered how a whopping 68% still do not trust their insurance companies, while there is negligible delivery of value or engagement on a daily basis. Hence, there is a pressing requirement for insurance companies to scale up regular engagement with the customer base. With 70% and more of deaths resulting from chronic ailments as per reports, there is a growing need for insurance companies to prioritize tech-driven initiatives that contribute towards improving the daily well-being and lifestyles of customers. Technology is the game-changer in this case, something that can truly take the industry forward towards positively impacting more people amidst challenging and stressful times.  FAQs Technology can vastly contribute towards better agility and customer-centric approaches in the insurance industry. It can help streamline and automate repetitive procedures to ensure faster policy issuing, documentation, underwriting, claims processing, and payouts. It can also help contribute towards improved wellness through greater personalization of offerings and behavior-linked products. It can help enable value-added services for customers that enhance their overall well-being and quality of life.  Net leverage is a significant term in the insurance sector. It is the sum total of the net written premiums ratio of an insurance company and the net liability ratio. This figure helps work out the exposure of any insurance company towards errors in pricing and the estimation of claims. It is used to effectively assess the financial health of insurance companies.  Several emerging technologies hold immense potential in the insurance industry. Some of them include artificial intelligence (AI), machine learning (ML), data-driven analytics, Gamification, automation, trust architecture, IoT (Internet of Things) and more.  The insurance industry has leveraged technology for faster claims processing and underwriting along with using big data and reporting through the visualization, collection, and analysis of data. They are also tapping predictive analytics to predict customer actions and behaviours that may lead to claims. Customers are getting increasingly personalized offerings based on their health-related and other behaviours. Several value-added resources are being offered to benefit and retain customers, while automated claims processing is enhancing overall convenience greatly. These are only some of the ways in which the insurance industry is leveraging technology to drive growth. 

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