Technology

suryachoudhary published in Technology

IoT in Insurance: How Connected Things are transforming the Industry

IoT in Insurance

Insurance companies can make use of IoT for aiding communications with clients and for streamlining underwriting and claims management, along with fraud detection. IoT in insurance is also useful in risk management and default prediction. For example, insurers previously relied on driver information such as their age and address while calculating premiums. However, with telematics data available, agencies can now access their driving behavior, vehicle health, and other metrics that may finetune the specifics of the policy.

Benefits of IoT in insurance

The advantages of implementing IoT in insurance are far and wide. We have narrowed down the top benefits of IoT for insurance businesses to these three areas:

Lower Costs

New and emerging insurance companies can really benefit from implementing IoT-powered solutions as they help in reducing business costs and drive profits by cutting the day-to-day running expenses. IoT in insurance primarily achieves this goal by streamlining operations and processes to increase the ROI through effective and hands-on management.

One of the many ways in which IoT boosts cost-effectiveness is by stimulating the productivity of staff. Given that salaries and wages form the greatest cost component of operating an insurance business, making the best of available human resources is the recipe for cost optimization. As such, employees can use IoT to overcome barriers and bottlenecks that may be limiting their potential. As a result, everyone, from a policy underwriter to a claims adjustor can contribute to the growth of the business.

Better Use of Resources

IoT networks optimize the use of resources in multiple ways. For a start, you have sensors capturing remote data and offering a wealth of data that was not accessible previously. Plus, once data gets involved, it is only about cleansing and filtering it to make it more actionable in multivariate ways. Switching to a data-driven model also unlocks the possibility of introducing automation to schedule and monitor the business processes from a top-level view. And once you have enough data at hand, you can also prevent wastage, say, compare efficient routes, idle times of vehicles, etc.

In a nutshell, IoT in insurance streamlines the use of human, technological, and data resources to derive maximum value.

Customization Capabilities

As seen above, IoT in insurance can capture high volumes of data that will unlock the potential for personalizing products and services. It helps insurers align their offerings in line with real-world conditions and as per the customer requirements. Apart from guiding businesses on what they should do, it also prevents them from doing something that could gather flak.

For instance, someone who does not even own a vehicle would naturally not be interested in automotive insurance. But if your marketing efforts are pushing this in their faces, then it would put your agency in a bad light.

Additionally, it also contributes to the post-sales customer experience by enhancing support and service. Executives can pull up customer information to offer appropriate and more relevant solutions to the customers.

Concluding Thoughts

In a nutshell, technologies like IoT in insurance have made several elements of business operations easier and more effective for insurers. It has brought about a host of advantages and opportunities for insurance businesses. It has helped insurers improve their customization capabilities, make better use of resources, and decrease operational costs. The merger of the Internet of Things and insurance is profitable for the customers as well.

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Lakshmipuleti published in Technology

What is the Impact of Digital Transformation on Workplace Learning?

We have seen a tremendous revolution in the way organizations across industries and countries do business within a year of the COVID-19 epidemic reaching us. “Companies have accelerated the digitization of their customer and supply-chain interactions and of their internal operations by three to four years. And the share of digital or digitally enabled products in their portfolios has accelerated by a shocking seven years” – according to a McKinsey Global Survey of executives.

The report also states the following facts: A considerable number of respondents said that organizations had put a hold on reactive, transitory initiatives to satisfy the new demands placed on them. And reaction times have increased dramatically, with corporations responding even faster than before.

Organizations have turned to a range of long-term investments because they want the improvements to be long-lasting. According to many of the CEOs polled, the financing for digital efforts has increased more than anything else. The number of individuals working in technology, as well as the number of clients, has increased.

The Pandemic of COVID-19 and Digital Transformation

So, in this new business and economic environment, how can businesses stay ahead of their competitors? The answer resides in your ability to integrate new tactics and procedures effectively. What is one of the most critical aspects of your company’s strategy? Adoption of technology!

Most organizations that have effectively responded to the crisis have done so by introducing technological capabilities. Their reaction entails bridging technology talent gaps and implementing modern technologies, and increasing the speed with which they experiment and innovate. In this crucial sector, digital transformation has taken on a significant role.

Most of a company’s customers are now online. As a result, businesses must react quickly to the shift by shifting their interactions with customers to digital media. Products must be available on both online and offline venues. Indeed, according to the same report described above:

“Across regions, the results suggest a seven-year increase, on average, in the rate at which companies are developing these products and services. Once again, the leap is even greater—ten years—in developed Asia. Respondents also report a similar mix of types of digital products in their portfolios before and during the pandemic. This finding suggests that during the crisis, companies have probably refocused their offerings rather than made huge leaps in product development in the span of a few months.”

Aside from customer-facing aspects, businesses must also concentrate on their essential internal procedures. In areas like back-office, production, and R&D, digital transformation has become a requirement. With most employees working from distant locations, firms must change how they reskill and upskill their personnel. Some of the instruments contributing to a quicker evolution in workplace learning include cloud migration and online learning platforms. These actions are not only cost-effective but will also be helpful in the long run.

Why is Workplace Learning such a good fit for Digital Transformation?

Any transformation exercise for a department must provide at least one, preferably more, of the following benefits: BETTER – FASTER – CHEAPER. L&D function’s digital transition can fulfill all these promises. Here’s how you can do it.

FASTER: Companies can deliver digital sessions anywhere, at any time, thanks to technologies like microlearning and m-learning. Even if your workforce is diverse and dispersed across several countries, your organization can roll out learning materials to several employees at once. While traditional ILT classes waste time on operations such as venue booking and travel, e-learning saves time.

BETTER: Breaking down eLearning modules into microlearning bits makes it easier for students to absorb knowledge. It also leads to a higher rate of retention. Plus, there’s more. You can ensure uniform learning across the board by implementing eLearning. You can send your staff your training materials directly, giving them the freedom to do it on their own time and in the privacy of their own homes. Training materials that do not require a trainer’s interpretation are more likely to produce training consistency.

CHEAPER: There are various additional costs associated with offline lessons, including teacher fees, venue rentals, and travel expenditures. When you employ digital learning technology like an LMS, you only must go through the setup procedure just once. You eliminate almost all the additional excess costs. Consequently, you get a more cost-effective solution with a higher return on investment!

Suggestions for Workplace Learning’s Digital Transformation

With the entire world becoming digital, technological advancements in learning and development have become essential. By providing organizations with improved learning and skill development methodologies, digital transformation pushes the evolution of workplace learning. Let’s have a look.

Modifications to Training Modules

Your company is made up of individuals from different generations that work side by side in a single location. You may provide a tailored learning experience to your learners by incorporating digital transformation into your training programs and adopting online platforms like PlayAblo. Businesses can select whether or not to have video content, text-based modules, mobile-friendly micro-learning, brief sessions, or long classes by utilizing technology such as Machine Learning and AI.

Increased Accessibility

The invention of mobile learning is one of the best contributions to digital transformation. Consider incorporating modern technology to promote workplace learning, such as merging IoT capabilities with other devices such as home assistant gadgets and wearables. When you use these factors to accelerate your workplace learning development, you enable information absorption that is neither time nor geographically constrained.

Technologies of the Future

Incorporating augmented and virtual reality, Blockchain, and AI technology into workplace learning and upskilling is another critical benefit of digital transformation. AI can help with the transition to personalized learning programs even more. On the other hand, Blockchain assures that employees’ data is secure and breach-proof due to its anti-hacking promise. You may also use this technique to create digital certificates. Finally, AR and VR allow you to provide your staff with a hands-on learning experience. It is most commonly used in the healthcare and manufacturing industries.

Obstacles to Overcome When Implementing Digital Transformation in Your Company

So, indeed, digital transformation is critical in the evolution of workplace learning. But, if you use it in your business, would you have any problems?

In the field of digital transformation, there are no experts.

The lack of digital transformation expertise in-house is one of the key hurdles to digitally reforming your L&D operation. Most businesses can not realize that a comprehensive shift is an ongoing process rather than a one-time solution. You can engage a consultant to help you get started. However, in the long run, you should use the services of a reputable supplier such as PlayAblo.

Silos of data

Companies store data in silos, which is another reason why most digital transformation programs fail. Frequently there are no centralized systems to hold the data in typical enterprises. As a result, data that could aid in the learning process is stored in different silos. There is no way for the data to get mixed up. As a result, making critical business decisions or implementing digitally embedded training efforts becomes difficult.

Materials from the Past

What is the definition of legacy content? It is like a technology-driven system and infrastructure that isn’t updated regularly. What happens is that when a legacy system is in existence, it is difficult to absorb new ideas. You must consider how to upgrade, replace, or delete the outmoded data. And there are costs and money involved throughout the process.

Conclusion

In a nutshell, it should be evident that digital transformation may improve the efficiency of corporate learning and skill development. However, there are certain hurdles that you must face when putting the plan into action. We’re only a phone call away if you need advice on how to overcome the challenges!

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Ellionza-Lopez published in Technology

7 must-have accessories for Gamers

Gamers everywhere use a number of accessories, most of them are standard, a few unique, and some just for fun. With advancements in technology, we are in an age where we can feel the consequence of our actions through our gaming accessories. Gaming accessories can be a result of a personal choice or public opinion for gamers around the world. Either way, most of the gaming community likes to invest quite a lot in gaming accessories. Are you someone who is interested in upgrading your setup or simply wants to know what all you should have for gaming? Below is a list of 7 must-have accessories for gamers that will boost your experience.

A Monitor A monitor can make quite a lot of difference when gaming. The refresh rate plays an important role in deciding who will buy them and for what purpose. Frames Rate matters Monitors can be a bit expensive but trust us they are worth it since they are so integral for any and all setups. If you would to marvel at the graphics of a beautiful game or simply want a smooth performance. Performance and graphics are quite important since frame/quality drops when playing online competitive games can be disastrous. Choose wisely Frame rate just like graphics is an important part of gaming. Thus, you should select your monitor wisely. Monitors can come in all sorts of shapes and sizes. They range from below 20 inches to above 28 inches. Expensive monitors have a 240Hz refresh rate as well-advanced features such as G-sync. These features enhance a game’s visual and provide smoother, sleeker, and faster gameplay. With that said various companies like LG, Acer and Acer are among the best and most trusted brands when it comes to monitors. A good pair of earphones/headphones Now that you can see some amazing graphics and visuals, you deserve a good pair of earphones or headphones. We mean some good noise-canceling earphones with inbuilt mics.

It’s an investment Don’t be that guy in a multiplayer lobby whose mic sounds like a jet engine. Don’t be drawn out by noises around you and don’t let them break your immersion. Investing in a decent headset allows you to experience games and communication in a much better way. Razer and SteelSeries provide some of the best and highly rated headsets and are worth checking out. WIFI-ROUTER/REPEATER It’s time to invest in a router or a repeater if your gaming cave doesn’t get a good internet signal. Good Internet connectivity is vital since lag can be the difference between dead or alive in multiplayer games. Increased range Another cheap solution is to look for WIFI-Repeaters. These devices are much more economical since you don’t have to buy another connection. they are quite mobile and can work with different networks. A repeater will basically increase the range of your wireless network enabling you to get better connectivity. External Speakers This is an essential accessory since most gaming systems and consoles do not have their own speakers. Laptops get an in-built speaker but an external speaker can really give you a full range of audio effects and some amazing music. While this is a personal choice since you can just buy a headset instead of the speaker and vice versa. Multiple purposes Speakers have more purpose than just gaming and can be quite useful for just playing music. From home theatre systems to basic speakers, External speakers can come in different shapes and sizes. You can really just buy them based on your budget since most of them provide you with similar quality. VR Headset One of the best technological advancements made in the last decade is the development of Virtual headsets. They let you experience some of the best the gaming industry has to offer, and you should definitely have one. VR can let you experience simulated reality. For example, VR has been used to simulate escape rooms in a virtual environment. For anyone out there reading this, if you know how escape rooms work then being able to access one from the comfort of your home is bliss and a blessing in disguise. A Good Chair Yes, gaming is a tough hobby to keep if you can’t maintain your position for hours, and what happens when you fail to do so? Bad posture, which is quite horrible, to begin with. Get a good ergonomically good chair that supports your back and provides comfort to your body for long gaming sessions

A great pair of controllers Now whether you game on a PC, Laptop or console, an extra pair of controllers is always ideal to have. The rise of Co-op and Multiplayer games allow you to enjoy games with other people. Having an extra controller also allows you to experience games differently on a PC. REMARKS Yes, Gaming is incomplete without a mouse and Keyboard but they are too common for such lists. These seven accessories all enhance your experience and you should definitely consider buying them since they are absolute must-have. Most of the stuff on this list can be bought on a budget meaning gaming is not that expensive. Moreover, these accessories just enhance your experience, thus despite them being a must-have, you can invest in them slowly without breaking your bank account.

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