Blog On Technology

Tuesday, April 26, 2022

Artifical Intelligence: A Step Forward To Easy Life

Artificial Intelligence, a self-exhibiting term, when heard is thought of something, the existence of which is neither around us nor anywhere on this globe.

Today, a bond between a life and the technology is getting strengthen day by day with the advancement software development of the artificial intelligence. The technologies that have a tie-up with AI are used mostly in the business, corporate training, household tasks, teaching etc.

On spinning our eye-lids on the other side, we'll be able to notice that the chances of the human-made errors have decreased much with the latest AI domain discoveries. As a being, we all are aware of a fact that "men are a statue of mistakes". On the contrary, the machines are the experts in their respective fields. In fact, these perform flawlessly, unless caught by any malfunction.

So, here from the next paragraph, we are going to check out, how the artificial intelligence has led to an easier life through humanizing technology. Before that, let you know about the word, "humanizing", it's the way of bestowing the intelligence to machine, quite akin to humans.

Let's get started:

1. Smart Mobile Phone

We all know that the mobiles are becoming smarter with every second and you know what, it's the only conclusion of the virtual aid usage. This is actually a great invention that allows its users to get the things done just by uttering the relevant terms.

Here, the most significant object that magnetizes your attention is the technology, which is the gift of artificial intelligence. A mobile phone is just an inauguration glimpse, there is much more to witness that's hard to predict.

2. Shopping on the Web

Most of the times, we have perceived that while surfing any of the site the list of our wanted products starts appearing on our screen. Moreover, the items that seem to be unexplored by us, too get visible to us. Have you ever thought of the same? Why such usually happens? Why are the websites acting like a human? Wait! Wait! Wait! We already know the answer of these.

In the point of the fact, the AI algorithms are being used in the development of such sites. While browsing such, these serve our likes and this brings an amazing practice to us.

The entire E-Commerce world can get huge encroachment in the same system.

3. Face Recognition System

This feature might not be a stranger to you. But still, you should know it thoroughly. When it comes to a non-attackable security, the face recognition software comes like a tradition. There is no requirement of typing passwords repeatedly for login. Just, show your fascinating face to the system and yes, it'll allow you to get in.

Passwords protection systems were also best at some time, but with the progress of this earth, the technology too was in a need of an innovative step ahead.

Except for the fact of "identical twins", there is a well-known datum that these face recognition systems will never let us down. So, to take the advantage of the same, many private companies, social sites, security agencies and too the government areas are taking the same along.

4. Machine taking Dictation

Synonym of the same, Window Speech Recognition system is also proving to be among the unbeatable security systems. It's just obliged to get a training and after that, it'll attain a calibre to recognize your voice too in a crowd. It'll follow up with an output either by the texts or a progressive task.

The main working behind this, is simply the conversion efficiency, the transformation of the words spoken into the written form. This revolutionized advancement has sunk much work of the user.

This is not the much, as the AI researchers are still doing hard for its advancement. This will upshot into the reformation of the machinery world. Soon, in a specific second, a particular task will get achieved simply by speaking out.

5. Security Stakeout System

Just before the passed time, the theft reports were stated in spite of the installed cameras at the corresponding locations whether it's a residential area or the factory one.

Today, this has no such prints, as of now, the artificial intelligence has proved to be a health drink for the video surveillance. Now, the detection is done automatically and in case any mishap is trapped, the security head is reported instantly and again, on its own.

We should be much grateful to the AI as it's too lending its helping hand towards our security. Similarly, such beneficial systems are gifted to the roads just after the accomplishment of fewer formalities.

6. Solar Bursts Felt System

In the past year, the news headline of shattering solar storms has left us shaken from the inside. The sun gives birth to the flares, which is meant a chaos to the earth. But thanks to our skilled inventors, they have come up with a method of the learning machine. It just notes down the origin and lastly, proves to be the expert predictors of distinctive parameters of flare.

Besides, this machine will also foretell horrible tsunamis and earthquakes that is going to be an aid to the beings by preventing many disasters.

7. Auto-Driven Car

The evolution of self-driven car was caused to avoid the accidents. This car drives itself but too safely, we just have to feed it our destination path. The installed system of the car get the path pre-programmed and takes you securely at the recorded point.

It's not the end here, some other ethics are too need to be installed in the system of this kind of car. Right now we may just dream to be sitting in the car and let it drive robotically.

8. Programmed Writer Robots

Another fresh and pioneering invention by the specialized developers is the "robot", which is filled with the capabilities of copying and writing. Dysgraphia, a name for the children who are unable to write will get the advantage from it. The only thing as a user you have to do is input different writing styles.

Monday, October 25, 2021

Technology Adoption Trends in Insurance

The future may be hard to predict, but need not be hard to prepare for. Insurers are grappling with the tough new business, investment and regulatory environments that are emerging from the financial crisis. The industry, however, also faces far broader challenges. Demographic shifts, the rise in power of theemerging markets and changing customer behavior will all help shape the sector's longer-term future.

Digital technology is a global megatrend which is transforming a variety of industries that includes the insurance sector. Insurance sector has been a bit slow to IT adoption due to rapid changes in technology and because their distribution channels are still conservative, i.e., handled by agents and brokers and were in fact not ready to adopt new technology. However, digital technologies adoption by customers that include social media, smart phones, electronic transactions, etc., enabled by cloud service models, e-commerce and mobility are making an impact on the technical and commercial capabilities for many insurance companies. Insurers are quick to capitalize on this trend.

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The factors that we believe bringing these changes can be categories in:

Social: The balance of power is shifting towards customers.

Technological: Advances in so ftwareand hardware that transform 'bigdata' into actionable insights.

Environmental: The rise of more sophisticated risk model sand risk transfer to address the increasing severity and frequency of catastrophic events.

Economic: The rise of economic and political power in emerging markets.

Political: Harmonisation ,standardisation and globalization of the insurance market.

Key business drivers for IT adoption in insurance:

Engaging customers using multi-channels of customer interaction and include all age segments

Devise strategies to include the growing investments in internet and mobile channel strategies for faster and instant communication

Collaborate with partners to launch innovative products in areas such as micro-finance, wealth management, etc.

Automate underwriting processes using data analytics and business intelligence (BI) and predict real time fraud analysis, risk analysis

Leverage Bancassurance banking systems and regulations available in each country to explore cross-selling of insurance products, particularly in emerging markets like India

While 63% of insurance businesses report that they are ready to move towards more digital practices, only 23% of these businesses are ready, reports a joint Forrester and Accenture study. To accelerate this process and ensure successful transition to digital workflows, there are a few key areas we can expect insurers to embrace as they seek to create more automated, user-friendly processes.

Embracing a cloud-based and on-premise infrastructure

Just two years ago, 84% of companies were operating in the cloud and more than half of these companies reported that the cloud reduced the amount of work from IT teams, says PC World. Still, IT teams in the insurance sector struggled with what information is allowed by regulators to be stored via cloud vs. on-premise. To add to this, the proliferation of legacy technology is challenging the cloud-based-only approach. Many insurance entities are running off 40-year old administration technology designed to manage the claims process, says a recentTrustMarque report. This kind of technology is hindering innovation, but insurance agents are far from instantaneously replacing such mainframe technology.

This year, as the insurance sector adopts a more streamlined workflow, we can expect a significant increase in the use of technology that can be operated via hybrid cloud and on-premise, ensuring ultimate flexibility for customers and clients and strong adherence to the ever-changing government regulations within the insurance environment.

Automating business processes where necessary

The key to moving toward a more digital environment and improving customer service is to automate workflows where necessary. With the excessive use of social media on the rise, and on multiple channels, customers expect ultimate interaction and personalization from their insurance agents and brokers.

While standard face-to-face interaction may be less common between insurance entities and their clients, relationships are still just as important, if not more important than in the past. As such, insurance agents need more time to interact with their customers and less time sorting papers, scrolling through documents and staying on top of processing claims.

Choosing programs and systems with customers in mind

A Forrester-Accenture report recently dubbed this year the "age of the customer," where the customer experience is at the heart of the digital movement. This means that technologies and new digital processes can't be implemented with an administration-first mind set.

Take for example, something as simple as a digital application. While some technology may truly require three different phone numbers or two different emails from the client, how convenient is that for the customer filling out the application? Today's customers expect a seamless, intelligent process from insurance businesses. While this may signal some disruption to internal processes for the agent, the end result must be to make programs easier to use for the customer, not merely just the IT team.

Social media analysis

Insurers are turning to social media as a marketing medium and a platform for collaboration. Social media is widely used for networking with friends and business partners. The usage of social media is made easy by smart phones and mobile devices. Insurers are able to target new customers based on their life events and also use social media networks to communicate with internal and external stakeholders.

Focus on SaaS solutions

Insurance companies are deploying applications by adopting SaaS solutions because it offers superior infrastructure, high levels of security and low risk. Insurance companies have the advantage of access to latest infrastructure and IT platforms at low cost. SaaS offers a perfect solution for insurance to improve their efficiency at minimal capital costs.

Real time architectures for agility

Real time data sources are mobile technologies and social media which can be leveraged by insurance companies to become more competitive. Capturing real time data from online channels is proving a gold mine for insurance companies because they provide insights on customer behavior based on which insurance products are strategized. Insurance companies are deploying data analytics tools, BI platforms and data visualization tools to derive full benefits of real time data.

Data analytics and big data

The ability to capture real time data, big data and analytics play an important role for insurers in terms of potential customers. The recent trend is the adoption of sensor technologies named telematics used to monitor driving behaviors of the individual. These technologies help insurance companies to provide usage-based insurance policies.

Information plays an important role in the insurance sector in terms of product pricing, development, risk management, claim processing and fraud detection. These functions can be executed by collecting data from multiple sources and by using software tools to obtain meaningful insights from data. In order to effectively implement insurance operations, insurance sector needs to adopt IT systems, new technologies and networks to capture real time data and bolster their data storage capacity for analysis in order to capitalize more customers.