From AI to Blockchain: Max Life is Leveraging Insurtech Transformation

From AI to Blockchain: Max Life is Leveraging Insurtech Transformation

While blockchain and AI were some of the foremost common buzzwords in 2017, there’s little question that it’ll still feature dominantly within the coming years too.
Financial organizations have been among the early adopters of this game-changing technology. While it’s nevertheless to be accepted as a thought technology within the insurance sector, blockchain and AI are certainly creating the right amount of buzz. It has an excessive potential for the whole value chain of the insurance sector from underwriting, payments, claims, back-office functions, and risk capital.

Life insurance-specific potential implications:

  1. In combination with automated underwriting, reduce the need for consumers applying for life insurance to see a physician or, in some cases, take additional lab tests.
  2. Reward members who engage in healthy behaviors such as exercise (e.g., data from an exercise tracker could be uploaded to the blockchain and the insurance company could access it, with a smart contract triggering the appropriate incentive).
  3. Reprice policies or provide other financial or non-financial rewards based on current health information.
  4. Automatically method new business, claims, in-force transactions, disclosures, agent information, and other transactions.

A blockchain-based system may allow more carriers to directly own the client relationship while supporting a wider variety of consumer-driven purchase options. Indeed, blockchain’s ability to validate and execute transactions without an institutional intermediary may make consumers more likely to seek emerging arrangements to buy individual life insurance, such as:

Online insurance markets

Blockchain could be deployed to accelerate the development of web-based portals for life coverage, combining centralized customer records, advanced analytics, telematic transmission of wellness information and third-party data to dynamically profile and recommend insurance products best suited to each consumer.
Prospects could more easily shop for individual coverage on their own via these virtual exchanges by providing access to their blockchain-protected medical and wellness histories, or allow an online insurance navigator access to their blockchain to assess policy opportunities among a range of
carriers.

Given blockchain’s capability to automatically execute coverage terms and conditions through smart contracts, increasingly data-driven, technology-savvy, “do it yourself” shoppers could more easily compare and purchase insurance on their own, while maybe seeing lower premium prices because of the elimination of brokerage services. Blockchain could increase the security and even the usability of health insurance exchanges by enabling sensitive information to be entered, accessed and processed quickly and efficiently.

Peer-to-peer exchanges

Blockchain might support the formation of additional various risk transfer vehicles, such as peer-to-peer (P2P) or crowdfunded insurance exchanges. These evolving, mutual-risk-pooling arrangements are actually a throwback to the insurance industry’s original business model.
However, blockchain may help these new grassroots online arrangements unite a broader segment of consumers that seek standard or customized insurance products by more reliably and transparently recording and storing medical information, activities, and transactions and by using smart contracts to enforce and automatically fulfil the obligations when prearranged conditions are met. Moreover, blockchain’s encoded rule sets allow decentralized transaction execution, supporting a more cost-effective and efficient insurance process.

Max Life is considering to optimize this transformation through a bigger client-centricity by digitalizing its existing processes and informal interfaces like AI-enabled chatbots, in the areas of recruitment, sales, and services.
Max Life Insurance has deployed blockchain specifically for risk choice and claims functions. On the AI front, to assist its customer the company is using Interactive Voice Response (IVR tree) along with voice biometric mechanisms for sentiment analysis. While on the seller side, the insurer has developed digital pipes to streamline its policy underwriting, issuance, renewals and servicing process.
Blockchain’s added security and ability to establish trust between entities are two reasons why it can help solve the interoperability problem better than today’s existing technologies. With blockchain, providers could either select which information to upload to a shared blockchain when a patient event occurs or continuously upload to the blockchain. Adoption of blockchain technologies by insurance companies can have long implications because it won’t solely alter the economical delivery of services however additionally facilitate insurance firms to stick to regulatory requirements.

Blockchain and AI

Blockchain and AI

The term AI might bring in lots of thought bubbles of robots taking over the world or Sophia (robot) gaining more than 50 facial gestures. However, what we will touch upon here will be the integration of the blockchain and AI, which seemingly will bring more prosperity to the world rather than conspiracy theories. The potential amalgamation of blockchain technology and Artificial Intelligence are raising so many questions and are fundamentally changing the way we look and operate the world. It is increasingly becoming a topic of heated and excited debate providing the pros and cons of both. Instead of harping on the drawbacks of it, which is by the way almost zero, let’s focus on what it will give the world.

The blockchain is already revered as the next frontier of a free, secure and open way of transaction. The AI, on the other hand, has mixed reactions from all corners of the globe. It is a must say that AI only brings on lots of fear on to the table, because unfortunately only the ‘AI-apocalypse’ is discussed rather than the benefits it can bring to the world. Even though the world sees mixed reactions to AI, it has been incorporated by tech mammoths to take their innovations to the next paradigm. Similarly, the integration of Blockchain and AI is nothing but a natural innovation which was due in the world. The combination of Blockchain and AI brings forward some interesting questions and concepts that belong to two different branches of philosophies. The blockchain is decentralized, and the AI is centralized. The amalgamation of both will give interesting touch points to focus on, that being said, it will mostly benefit sectors that are already in need of new ways to functions and trade.

The next frontier is Blockchain and AI - Parangat
The next frontier is Blockchain and AI

As said above, the centralization and the clashes of both the pillars can be hard. On one hand, we have the blockchain, which is an open to code, highly decentralized, distributed in a peer-to-peer network and establishes a secure and updated transaction chain that acts a safe box and a record! On the other hand, AI is centralized, owned by few powerful organization which has the resources and intellect to create and deploy AI machines, uses probability to function and is also feared mainly in the common circuit of people. Centralized AI is also concerned with using technologies like facial recognition and surveillance to spy on people. While the fact is that there are a lot of differences, it can be said that integrating both the blockchain and AI would bring forth some fantastic systems that will help in better trade and monitoring.

AI algorithms incorporated with the transparent verification process of the blockchain technology will assist in enhancing the verification process. Even though the whole process is automatic and secure in the blockchain, the introduction of AI will provide better surveillance tripled with cognition and efficiency. AI has many branches like machine learning and data analytics (backed by AI) which will have a significant impact on the decentralized blockchain and help this novel technology in verifying identities. As AI is not decentralized like the blockchain, this merging can also lead to AI automatically branching into the decentralized marketplace where it will be of great help to individuals and the network they share.

Integration of AI with Blockchain has a huge upside

We cannot deny the fact that with new-age technologies, age-old systems don’t die quickly. You have the financial system, database servers – systems and physical knowledge that cannot transform soon. AI will have to tap into blockchain and provide the edge on energy consumption, scalability to introduce new ways, integrate gigantic volumes of blockchain data, security of the blockchain, reducing network latency of the blockchain, and curbing financial costs required to run the peer-to-peer network. Similarly, the blockchain technology will also amplify AI and help alleviate some of its latencies it brings with it. The blockchain, being the transparent, secure and distributed network that it is, increase the validity of AI information, the collection of useful and massive data, increase trust in the AI-blockchain regulated data, and several other opportunities of change that comes with it.

Blockchain and AI efficiently elevates each other - Parangat
Both blockchain and AI can efficiently elevate each other.

The world of cryptic data and AI-run mechanisms are blooming and seeing new developments with more extensive research done by tech companies and innovators. The massive potential of the blockchain and AI also has caught the eye of companies that are just interested in investing because they see the profit and huge scope lying ten years down the line. In history, we have seen several industries merging and working together, like the fitness and pharmaceutical, food and travel industry, and several others. The gates of amalgamation have also been opened to blockchain and AI that sees nothing but a bright future in the coming years.

How is Artificial Intelligence transforming the Mobile App Industry?

How is Artificial Intelligence transforming the Mobile App Industry?

In recent years, Artificial Intelligence has become a trend. 2017 has been the year that thrived to flawlessly integrate the AI with the mobile app world. Now AI, machine learning or computer learning intelligence have become a trend to perform the continuous tasks that are expected to be performed by humans. Companies are performing their tasks by using a joint approach to knowledge management, machine learning, language processing, and machine vision.  Let’s see how Artificial Intelligence is revolutionizing mobile app world:

The need of the Hour

Initially, when Android, Apple & other Smartphone verticals started gaining attention, it has become a need of an hour to share or market the app among audiences. And for that power of voice search is proving handy and easily accessible.

Undoubtedly,  Interntet of Things (IoT) has become a really amazing and that’s why integration of voice interface is laying a lot impact on mobile app world. Now things can be easily controlled. Since mobile app world is always full of surprises and innovation. And with the emergence of AI, mobile app industry is seeing a lot of opportunities.

Personalized User Experience

Today Appstore and PlayStore are flooded with a lot of enticing apps. And these are designed to make the life of users easier, thus improving the user experience. With the flawless integration of Artificial intelligence with the mobile app, we at Parangat are helping our clients in meeting their business expectations. Almost every industry or vertical is embracing Artificial Intelligence to get exceptional and market-centric mobile solutions for their businesses.

As the integration of artificial intelligence with mobile apps make it user-friendly, compatible and easy to reach. By leveraging Augmented Reality, devices can get the location-based solutions for each and every query. The key features will easily compute the behavioral aspects of clients and help them getting what they want.

App developers pushing the boundaries!

In the era of the technological and modern world, people have numerous options for getting more apps than what they expect. Thus, app developer should always look opportunities to build highly engaging and innovative mobile apps. Hence, in coming years, Artificial Intelligence and Internet of Things are two key features that are really going to rule the mobile world.

Being the leading and top-notch mobile app development company, we at Parangat is helping brands and businesses in meeting their business expectations and goals. Since inception, we are working with numerous companies to deliver robust, scalable and cost-effective solutions that not only meet industry standards but also can also help our clients in staying ahead of the competition. Our proficient team of highly expert mobile app developers has worked on exceptional web and mobile solutions. Bestowed with a team of adept and highly skilled mobility experts we are among the leading names in mobile app space. So if you are looking for a team that can help you develop solutions that can not only help you earn revenue but also value, then you’re at a right place. Just shoot us an email at [email protected] and our expert team of consultants will connect with you soon.

This is how Artificial Intelligence can be pivotal in your business transformation journey

This is how Artificial Intelligence can be pivotal in your business transformation journey

An intelligent technology can make your brand and business more intelligent. And, that’s already happening: AI or Artificial Intelligence based applications are built to revolutionize various sectors majorly business sector. They help in automating tasks and making it more efficient. And, for repeated return on investment, organizations and businesses should make perfect choices on when and how to introduce new and advance technology.

AI has already taken over business arena with its intuitive and highly engaging apps that help in multi tasking each and everything, right from cutting down costs to efficiently handling tasks. Artificial Intelligence can easily check deceitful transactions by flawlessly analyzing regular data trends and by leveraging few exceptional tools like biometric and iris recognition etc. Undoubtedly, Artificial Intelligence is the next big thing and will be in top charts in the coming years.

AI’s Key Strength – Personalized Customer Experience

We all are in a world where customer acquisition and attention span is just a few seconds. According to a recent study, more than 40% of the customers leaves website right away if it is taking more than 3 seconds to load. Today, even merchants and online retailers are experiencing challenges in reducing their shopping cart neglect ion. And, the reason behind to it is failure in engaging with customers.

Artificial Intelligence has successfully and completely penetrated into various industries including retail, healthcare, finance and marketing. And, in the near future, Artificial Intelligence will definitely empower industries including logistics, education, eCommerce and public sector. Artificial Intelligence is something new for its users and that’s why it is enticing users and enabling them to buy products that they have only thought of in their dreams.

Let’s see how to successfully implement AI in your Business:

AI’s potential for brands and businesses is huge. But, its successful implementation is the key question that every brand owner and entrepreneur faces. AI requires assessment in four levels-

  • ·         Mitigate
  • ·         Seclude
  • ·         Substitute
  • ·         Initiate

Mitigate– Since inception, technology enhances and eases up the work processes just by allowing employees to get engaged in a task that needs more skills. And, tailored approach allows brands and businesses in reducing pending tasks and allowing workers to shift towards more revenue generating tasks.

Seclude– The Seclude approach involves easy splitting up a specific job in order to decide which task needs automation and which is not. Machine learning can automate only a certain factors of the job, that too initially. But the decision of choosing the right task for automation is the only challenge that a business is facing.

Substitute– This involves a lot of belief and confidence. If the AI technology for human beings is substituted with the manual work, then work will be done faster and efficiently.

And, technology will do the whole work once performed by the chunk of individuals.

Initiate– By initiating AI in their regular tasks, employees are adding more to their skills.

So, the true assurance of AI is: properly twinning technology and human skills together in order to achieve faster and better results and  doing what humans are unable to do alone all these years. And, the advancements and enhancements in medical and scientific research are the key samples of this approach.

As a leading Mobile App Development Company, we at Parangat, work with our clients to build robust, optimized, innovative and cost-effective AI mobile solutions across all the major platforms. Our extensive experience, apparent methodology and in-depth industry knowledge enable us to give you a technical hand and be your strategic partner in leveraging this dynamic mobile technology to increase business efficiency and maximize profit. Be it custom mobile application development, or Application Migration / Application Porting, Parangat, a top-notch mobile apps development agency, provides all app development and consultancy services, right from the ideation to launch. By employing latest project management techniques, best application development practices and top-notch UI/UX designs, we deliver end-to-end business solutions to meet expectations and maximize business profits.