For the last 10 years or so, blockchain technology has gained great visibility and ‘buzz’ in media. Originally meant to serve as the underlying technology for the cryptocurrency Bitcoin, it has been portrayed as a panacea for many industries or at least as a ‘must-have’ for enterprises. Aside from the hype, it has received its share of ridicule too from different quarters. So what is the reality? What are the use case of blockchain across industries? Let’s start with the basics:

What is blockchain?

Blockchain is a universally distributed open ledger system. It comprises a sequential list which records every transaction that has ever occurred in a process. A blockchain is made up of many blocks containing user transactions – and each block points to the previous block. The process of adding new blocks is called mining – a concept made popular in the context of Bitcoin, the crypto currency system. It needs to be clarified that blockchain is not  bitcoin – the technology behind the latter is blockchain. Interestingly, blockchain is referred to as a meta technology as it impacts other technologies. Over the years many blockchain systems have been developed: Ethereum, Hyperledger Fabric and Ripple to name a few.

Some of the hallmarks of blockchain which play a role in its acceptance include:

• Distributed trust
• Chronological nature and time stamp
• Immutability
• Cryptographic seal

Blockchain: impact beyond finance

The popular perception is that blockchain technology is utilized only by the finance industry. However, the basic nature of the technology makes it suitable for usage across domains.

The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

~ Don & Alex Tapscott, authors Blockchain Revolution (2016).

A few major applications of blockchain include:

• Smart Contracts: any contractual transaction and agreement which is digital
• Record Keeping: usage across healthcare, real estate, voting
• Securities: global payments, P2P lending
• Digital Currency: equity markets, crowdfunding

There are several types of blockchain systems including:

• Ethereum: Mature Smart Contracting Cross-Industry Platform
• Hyperledger Fabric: B2B-focused Modular Blockchain Platform
• R3 Corda: an Operating System for Financial Services
• Ripple: Enterprise Blockchain Solution for Global Payments
• Quorum: Enterprise-focused Version of Etheruem

Let’s look at some use cases across select domains:

Retail

Blockchains can help retailers that offer gift cards and loyalty programs make those systems cheaper and more secure. Gyft, an online platform for buying, sending and redeeming gift cards that is owned by First Data, has partnered with blockchain infrastructure provider Chain to run gift cards for thousands of small businesses on the blockchain — the new program is called Gyft Block.

Travel

Singapore Airlines launched KrisPay – a digital blockchain wallet that allows frequent fliers to convert air-miles into digital currency. It will enable travelers to spend their air miles at retail establishments, hotels, petrol stations and other partner merchants.

Logistics

Moving freight is a complex process involving different parties with different priorities. An IoT enabled blockchain can store the temperatures, position, arrival times, and status of shipping containers as they move through the system. Indelible blockchain transactions ensure that all parties can trust the data and take action to move the product quickly and efficiently.

Banking

Majority of banking systems are built on a centralized database, which makes them more susceptible to attacks as all information is stored locally in one place. Also, many banking systems are outdated and are, therefore, more vulnerable to new forms of cyber-attacks. With banking systems built on top of blockchain technology chances of fraud and data theft can be reduced as the distributed ledger technology encrypts and verifies every single bit of data in a transaction.

Automobile Industry

Volkswagen AG is testing three concrete potential applications for distributed ledger technology: mileage clocking system, protecting cars from hackers (for Porsche) and streamlining business contact between providers and customers of electric charging stations.

Real Estate

Blockchain can play a role in buying property to conducting due diligence to enabling crowd-sourced investments. For example, Hilton Worldwide has begun using a blockchain-based property management system. The Dubai Land Department authority used blockchain in Ownership verification, property sale by the developer and smart leasing process.

While Blockchain has use cases across domains its use in Digital Health, Pharma & Life Sciences can perhaps be the most impactful. Currently the healthcare industry faces three major challenges in data collection, data accessibility and data privacy.  To illustrate, counterfeit drugs is a major problem in the healthcare industry: 10% to 30% of the drugs sold in developing countries are counterfeit. WHO estimates that 16% of counterfeit drugs contain the wrong ingredients, while 17% contain the wrong levels of necessary ingredients. Blockchain technology can play a role in drug traceability as the manufacturer produces the drug and marks it with a unique code after which a hash is produced. According to a definition, hashing is the process of taking an input of any length and turning it into a cryptographic fixed output through a mathematical algorithm. Various subsequent steps between the wholesaler, pharmacist and the patient are then added to the blockchain.

Applications of blockchain in healthcare include:

• Solving for Interoperability
• Securing supply chain
• Giving patients control of their data
• GDPR and HIPAA compliance
• Smart contracts and automation
• Accelerating clinical trials and R&D

Clinical trials have data management issues leading to inefficiencies in time management. Blockchain can solve such issues by standardizing data sharing. Robosoft’s Blockchain Solution utilizing distributed ledger scripted smart contracts based on Hyperledger Fabric offers guaranteed anonymity required for PHI, fully audited verification of data and more.

As a Top App Development Companies for enterprises, we truly appreciate the role of emerging technologies in crafting digital experiences. Among emerging technologies which have the potential to deeply impact the digital experience and the process behind it, blockchain seems to garner great share of voice. Connect with us to discover how blockchain can play a role in your enterprise.

What Is Smart Home Technology?

Did you remember to turn off all your house lights in the morning, adjust your thermostat, or arm your security system before you left for work or on an extended trip? Smart home technology today enables users to manage these small but significant tasks to reduce the stress and costs associated with these household necessities.

“Smart home” is an umbrella term for the automation, digitization and interconnection of household tasks that can be set up automatically and controlled remotely, thereby making our daily lives more efficient. The United States alone will see over 42 million smart home devices installed by end of 2019. Globally, experts predict the home automation market will reach $21.6 billion by 2020 and upwards of $53.5 billion by 2022.

Smart home technology as we know it began with the invention of the thermostat; today’s uses include home security, energy use monitoring, remote elderly or disability care, appliance and lighting control, and many more. The Internet of Things, or IoT, is the connecting of devices to the Internet (home appliances, thermostats, vehicles); tech like voice assistants and AI also form a part of home automation. According to ADT, a leading home & business security provider, nearly 4 in 5 smart home device owners preferred to control their device through voice command.  In this post, we cover technologies that are fuelling the growth of home automation, the security concerns associated with these innovations, and a few notes on the future of home automation.

Recent Innovations in Smart Home Technology

In the past, home automation technology varied from country to country, but advances in industry standards have enabled manufacturers to focus their efforts in improving the connectivity through mesh networking. Current major players include Google (Nest), Alexa, Apple (HomeKit), Amazon (Echo), Belkin, Wink, Logitech and Honeywell. Smart speakers are the second most common type of smart devices in home (with Smart TVs being the most popular) with wireless audio gaining in popularity.

Throughout most of 2017, home automation applications revolved primarily around security and thermostat control. In 2018, however, these devices were actually speaking to each other, connecting users to their homes and devices through a platform-focused approach. We saw data and analytics give homeowners a more comprehensive understanding of household operating expenses, and remote access gave them control over how effective those devices were practically helping them live simpler lives.

One of the recent innovations in smart home tech, WooHoo is a central hub for controlling all IoT devices in your home. This wifi-enabled device uses a 360-degree camera to detect which household member is speaking, using both voice- and facial-recognition software to learn the commands and preferences of each member. “If you’re in a smart car and you’re coming home,” explains Joseph Santos, Chief Digital and Marketing Officer at Smart Beings, “it will interact with your vehicle and know that someone is coming home, so it will turn on the thermostat, turn on the lights.”

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Reactive Technologies uses smart meters and IoT devices (smart grid technology) to merge the telecommunications and energy sectors to better manage energy consumption for its users across specific regions. Through a recent project in France, Reactive is changing the “energy consumption of fridges and freezers in hundreds of retail locations, making adjustments throughout the day to free up energy when energy demand is high.”

While these changes don’t make a huge impact per household, smart home devices can collectively help reduce energy consumption and not only cut costs per household but also ensure that energy is better distributed to reduce both shortages and overages in the long run.

Security and Privacy Concerns

Convenience in the Digital Age has prompted us to share our digital footprint with a number of companies, which they use to create and market products they think we’ll use. With the advent of smart home technology, users are also sharing their physical footprint, both at home and while away. “It is not a matter of if but when these systems will be compromised, and the consequences could be much more severe than lost social security numbers,” shares Dimitri Stiliadis of Aporeto. “Addressing security and privacy will become a fundamental concern that will shape this industry.”

For example, many people leave their lights on while they’re traveling in the interest of deterring would-be burglars. Security concerns that can be addressed with something as simple as a lighting system app that allows you to remotely access your lights with a variety of controls while away offers the peace of mind needed to enjoy a vacation.

Homeowners may also be concerned that their home could be vulnerable to a hack or break-ins, such as having their home security apps fail, being robbed, or having their passwords leaked. For others, they’re concerned “about the privacy implications of living and working among so many Internet-connected cameras and microphones.” Some experts are also worried that IoT is “a security nightmare” because many technology companies don’t possess the technical and practical expertise required to ensure their consumers’ data is protected at a high level.

As with anything technology-related that handles consumers’ personal information, companies in the smart home space must prioritize privacy and security strategies to minimize the risks involved when these situations arise.

The Future of Home Automation

The latest home automation devices not only use wifi but also AI, “the ability to learn patterns, recognize faces and voices”, to gather and learn about the user and what their preferences are. The smart home tech that harnesses the power of voice control through your phone, television, and car is becoming more ubiquitous; companies that prioritize devices that can seamlessly integrate with smart home features and apps will see a distinctive edge in the marketplace.

Devices sharing homeowners’ data with businesses will be the next big thing…imagine having your refrigerator order your groceries for you because it already knows what items you are low on, or your light fixtures sending an order to Amazon for new bulbs when they’re nearing the end of their lifecycle.

Expect to see greater cross-compatibility across devices and platforms, and apps that allows users to control more than one aspect of their home (ie: not just lighting, but also heating, security and appliance control). IoT appliances will also take on more of the workload, alleviating the burden on homeowners…such as having your crockpot connected to your smartphone, so you know when dinner will be ready, or heating your home to your preferred temperature 30 minutes before you arrive, rather than waiting for the heat to kick in after you walk in the door.

As the technology continues to evolve, we won’t even need to manually set up these automations. AI tech will enable these devices to not only learn our preferences over time, but to also anticipate our needs and those of our family, leading to a truly automated lifestyle.

Technology has caused major upheaval in the retail landscape — from smartphones to social media to e-commerce — and has permanently altered both the ways in which retailers entice customers and the way people shop.

Individual consumers can more readily adapt to new technologies; smart retailers, however, are taking a futuristic approach to adopt technology to entice the consumer, by researching which established and emerging tech will help to further their brand and presence both online and offline.

People still value shopping for the inherent experience of picking out the products they need and love and don’t view shopping as simply transacting with retailers. Omnichannel approaches consider how people use technology and offer repeatable, consistent service that anticipates what they’ll want.

Shifting Consumer Behaviors Online and Offline

According to Forrester’s The State Of Retailing Online 2019 report, stores are growing but so are eCommerce expenses. So the industry continues to face the reality of physical store dominance combined with the necessity of digital presence. In fact, it goes beyond mere digital presence but fully optimizing various digital technologies and channels. In this context, it is important to highlight that many enterprises confuse multi-channel presence as being omnichannel. The former is about gives an opportunity to interact with the brand across channels but the latter makes it personalized and seamless. A truly omnichannel experience is a catalyst for both online & offline purchase – such shoppers spend 15% more per purchase than those who shop just on one channel.

The influence of digital in offline purchases is also a reality. According to a 2018 article, multi-touchpoint consumers are very valuable, and, by 2021, digital touchpoints will influence 41% of U.S. and 38% of E.U. offline retail sales.

A report from Digital Consumer Study also found that over 50% of consumers say they have used their mobile device to price-match, research product information, or make a purchase within the last three months.

Retailers are using technology to offer customized online experiences

Research shows that updates and changes in mobile payment, customer service chatbots, and AI-driven digital assistants have catapulted mainstream adoption of technology in retail, creating the feel of more “bespoke” shopping experiences. With more intuitive technology comes the ability for retail leaders to manage a nuanced approach to their omnichannel strategy.

Taking a cue from this shift in consumers’ shopping habits, retailers are striving to build relatable marketing campaigns, friendly customer service, rewards for customer loyalty, and personalized shopping suggestions that can help create an amazing omnichannel experience.

Retailers are using new-age digital solutions to engage with consumers offline

Consumer offline buying behavior has been shifting as well, and while more than half of shoppers view online shopping as cold and impersonal, three-quarters of cross channel shoppers expect the same high-quality customer service online as they would expect to receive offline.

A report from Ernst & Young (E&Y) states:

“Compared to offline grocery shoppers, high-use early adopters of online grocery shopping reduced their spending at physical grocery stores (by 18% in the first month and 4.5% over two years). Interestingly, shoppers’ new spend on online grocery sites was higher than their reduction in offline grocery dollars, indicating that online grocery platforms might also cannibalize offline retailers with overlapping assortments such as restaurants and drugstores.”

How omnichannel retail experiences are changing with technology

Omnichannel incorporates multiple touch points through both technology and in-person interactions to curate a seamless user experience for consumers. Importantly, it differs from multi-channel, in that omnichannel accounts for every platform that users will access and integrates these multiple channels so effectively that a consumer’s interaction is consistent across websites, social media accounts, apps, and in store.

Retail leaders should keep in mind that the priority or focus in developing a seamless omnichannel experience for consumers is not strictly to drive sales and revenue, but rather to build and maintain customer loyalty in their brand(s), creating lifetime customers.

Channels Involved in Omnichannel Experiences

Buying cycles have changed due to digital experiences. Mobile apps now offer rewards programs for customer loyalty and coupons for discounts both online and offline, and more than half of people state that they’d be willing to get discount notifications and coupons via text message. Almost one-third of shoppers browse products at a nearby retail store and then shop online to find the lowest prices and confirm quality.

Online shopping is undeniably convenient, but it’s still an inherently impersonal channel; 75% of cross channel shoppers want the same quality of customer advice provided online as in-store (chatbots). Digital assistants offer customized product suggestions with the personal information consumers share online. Voice assistants can offer faster, more personalized customer service, after either an online or offline purchase is made.

Customers also use mobile technology while in the store, great news for companies with a mobile marketing strategy. This includes push marketing using location-based advertising for suggested products while walking through a store; displays that offer on-the-spot, discounts-based, past-purchase history; mirrors that provide a 3D view of customers wearing products; and real-time inventory checks on items in-store.

Social media content marketing has reshaped the way we shop, too (for example, Instagram’s recent update to allow users to immediately purchase products they see in their feed).

Omnichannel Retail Experiences in Retail Today

Large offline retailers such as Walmart have focused resources on building up their online shopping support; on the flip side, online retailer Amazon has been acquiring brick and mortar stores, such as Whole Foods or their pilot AmazonGo location in Seattle.

• Digital Mall of Asia (DMA) recently announced a partnership with Robosoft to recreate in-store experiences through a “high-tech virtual mall,” where customers can try out digital products much like they would in store.

• In the States, Bonobos has created a store where customers can visit and try on various items, but they must purchase online; termed a “guideshop,” these stores “guide” customers to find the perfect fit. Orders are then placed online and shipped to their homes.

In conclusion, retailers can create a memorable experience through a seamless, nuanced approach. Staying abreast of changing technologies and updated methods of communication with consumers will enable you to adapt to changing consumer wants and needs. It’s “Digital Darwinism,” a world in which the most adaptable companies will survive.

Last Thursday, we conducted a webinar on how to build and grow an audience for mobile apps. The webinar was conducted in association with Pyze Inc., with Nikunj Sanghvi and Prabhjot Singh being the hosts. In case you missed the webinar, here some salient points discussed.

First, some hard truths:

• 77% of users never use an app again 72 hours after installing.
• 34% of app usage lasts less than one minute
• 92% of the 4+ million apps fail

It was emphasised that the chances of success will increase only if the app engagement increases and we give enough reasons for the user to keep using the app again and again. And the only way to improve app engagement is to make every user interaction memorable and delightful.

Further, the following tips were shared on building apps for growth:

1. Use device sensors & features: smartphones and mobile operating systems come with incredible features nowadays. Apps should attempt to make use of device sensors, integration with in-built hardware features, OS gestures to improve interactivity and engagement. The WWF Together app was showcased as a reference.

2. Appeal to user instincts & emotions: understanding the consumer and using insights about their behavior towards the category is a key element for success. This was demonstrated through the use of a ‘bargain’ (a trait common among Indians while shopping) feature in an e-commerce app

3. Architect with scalability and flexibility in mind: an app which scaled from a simple recharge and bill pay app into a full-fledged e-Commerce space one was showcased – the scalable architecture helped them build customizable UIs to showcase products in different verticals

4. Think beyond the app: in many cases, it helps to think of your offering as a service, and not just an “app”

5. Adopt new features and update often: frequent updates help apps to remain on top of users’ minds and drive increased engagement and growth.

6. Go native when applicable: a native app has access to features and hardware that a cross-platform app often does not

The second half of the webinar focused on organic growth. It was highlighted that while some top app publishers generate over
$1M of revenue a day, most app publishers make less than $500 a month. The key, it was pointed out is that app publishers who use data intelligence are growing while a majority struggle. Top apps from Facebook, LinkedIn, King, Niantic, Supercell & others use sophisticated intelligence to Engage, Retain & Grow users.

The 5 pillars of growth intelligence are:

• Deep Understanding of user behavior
• Behavioral User Clustering & Macro analysis
• Right-time per-individual Interactions
• Automate engagement, retention & growth
• Personalized content, experience & interactions

Want to know more? We have a recording of the webinar which you can watch at leisure. Just head over here to signup and we will send you the link.

Digital transformation is changing the face of every industry today. Though the insurance sector has been a late adopter of the technology boom, it is definitely catching up. Digital transformation has become a priority for many insurers and that’s why they are investing not just in technology but are also building teams adept in taking their digital strategies a step ahead. According to a 2019 survey done by Accenture, 40% of the insurers say technology can improve customer loyalty and around half as many say it can help in boosting operational efficiency.

For most insurers going ‘digital’ implies having online portals, a mobile app, some automated processes etc. While this may be a good start, it will still keep them at a very nascent stage of the ‘digital transformation’ journey.

Imbibing true transformation will require a change in the broader ecosystem, including both front-end and back-end systems

Digital Transformation in insurance –need and the opportunities

In the near future, the insurance marketplace is going to exist and operate out of the digital environment. Earlier, going digital was mostly limited to e-commerce, but with the rapid adoption of the internet, mobile, technologies like wearables, social media, big data and cloud computing the need to go digital is irrefutable and opportunities are immense.

The digital disruption in the insurance sector is primarily driven by market forces like changing consumer preferences, competitors, technology innovations and the ever-changing regulatory model.

Here is a view on how these factors are changing the insurance landscape.

Changing consumer preferences

By 2021, e-commerce sales are expected to reach $4.5 trillion nearly double its value from 2017. However, the insurance sector has a long way to go when it comes to providing seamless and delightful digital experiences.

Customers are demanding more customized and digitally optimized solutions from insurers. 90% of insurance respondents say that in five years, consumers will buy most of their insurance through online and mobile apps. However, the sector has taken only baby steps to cater to those. While nearly half of the customers expect more digital transactions, a survey suggests only 22% of insurers have launched personalized, real-time or mobile solution.

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The paper-based processes and legacy systems of the insurance sector rarely meet the expectations of today’s technology-savvy consumer. Hence, consumers prefer digitally mature insurance partners who can provide faster and advanced solutions.

With the number of mobile users set to cross the $5 billion mark in 2019, today’s consumer is more connected than ever. Their expectations have also risen. Today’s digitally savvy consumers expect their insurers to provide value at every stage of the sales cycle and even post-purchase.

Prudent insurers are already using digitization to provide consumers personalized experience. According to Oracle analysts, insurance companies deem customer experience more important than the product or sustainable growth.

Many insurers are already moving away from mere transactional relationships with the consumer, to a more engaging one. They are looking at partnerships beyond financial enterprises to provide value-added services to their customers. For e.g. “Panasonic Smart Home & Allianz Assist” have partnered to provide integrated solutions which provide home monitoring and control systems along with home protection services. This solution protects people’s home from potential damage like break-ins, glass/window breakage, water leakage etc.

The emergence of a new breed of competitors

Legacy insurers are waking up to competition not just from direct insurance players but also from Insuretech start-ups. While new entrants impose significant competition for the established players, many foresee competition coming from outside the insurance industry.

According to a survey, 74% of insurers believe that some part of their business is at risk of disruption from Insurtech startups moving into their market.

Digital stalwarts like Amazon and Walmart are capitalizing on the insurance industry’s sluggish evolution into the digital world to disrupt the market and scoop their share of the insurance space by catering to niche customer groups. Digital maturity is enabling these competitors to move and innovate with agility and offer personalized customer experience.

The rise of aggregators’ business model has also given the power in the hands of consumers to compare quotes and coverage from multiple players, hence making the competition even stiffer for insurers.

Technology Disruption in the Insurance sector

The emergence of technologies like Blockchain, Artificial Intelligence, Internet of Things (IoT), Predictive Analytics, Telematics etc., presents a huge opportunity for insurers to collect and exchange data about consumers, identify new growth opportunities and personalizing consumer experience.

Here is how the rise of technology is disrupting the insurance space:

Blockchain – Increasing digital transactions, complex compliance protocols third-party payment channels fraudulent claims, etc. are some of the challenges that the insurance sector faces. According to Mckinsey, five to ten percent of all insurance claims are fraudulent. This is where the insurance sector is starting to see the potential of blockchain technology. For instance, Blockchain Insurance Industry Initiative, B3i, launched by organizations such as Swiss Re, Aegon, Allianz, Munich Re, and Zurich aims to explore the potential of distributed ledger technologies to better serve clients through faster, more convenient and secure services.

Internet of Things (IoT) – Insurers are using IoT and the ever-connected ecosystem to provide proactive solutions to consumers. IoT is opening up non-traditional insurance data to insurers which could reveal risk factors, enabling insurers to offer a price differentiation or new value propositions.

Mobile-Based Telematics – Mobile-based Telematics enables innovation in usage-based insurance (UBI). Telematics mobilizes the data collection process using telecommunications and information processing tools. Right now, it is largely used in the auto insurance sector where data collected through mobile devices deployed in the vehicles can help in analyzing driver behavior and provide customized services accordingly.

Predictive Analytics – Predictive analytics techniques can help insurers analyze real-time data from the web and social networks and reach out to the right audience with personalized products and services.

Gamification – Gamification as a tool helps in gaining higher customer engagement. Insurers are using it to incentivize customers through rewards and loyalty points or discounts. Gamification apps using fitness data from wearables can help insurers to incentivize with lower premiums for maintaining healthy habits.

Artificial Intelligence – According to IDC, by 2020 the amount of data available will grow 10-times, and there will be 1.7 megabytes of new information created every second for every human being on the planet. In the next few years, we will be collecting more data on how people make decisions on a day-to-day basis and this will give insurers more understanding of the personal risk attitudes of people and therefore drive better insurance products and coverage in new areas.

AI can be useful in analyzing real-time data and assist with fraud identification, identifying subrogation opportunities, shorten claims cycle time, improve claims forecast etc. According to a survey, 79% of insurance executives believe that AI will revolutionize the way insurers gain information from and interact with their customers.

In 2017, Lemonade Insurance made headlines when its AI Jim settled a claim in less than 3 seconds, while the topmost insurers take 316,800 times longer to complete the settlement vs Jim.

Changing regulations of the insurance industry

The compliance regulations of operations in the insurance industry are constantly changing and the legacy systems requiring tons of paperwork is not built to keep up with the ever-changing nature of the industry. Automated digital platforms make it easier for insurers to comply with regulatory guidelines, reduce the number of resources required for managing compliance and mitigate risks.

The insurance industry is seeing the emergence of RPA (Robotic Process Automation) to deal with the ever-changing regulations system. RPA can help in capturing the changes in the business rules, interpret data sources and communicate the changing compliance regulations to the current systems.

Creating a successful digital transformation model for insurance firms

Becoming a digital insurer is not just about implementing technology at an organizational level. Instead, it’s about creating a wider platform that can connect customers, partners, and employees all at the same time.

Here is how insurers can implement a successful digital transformation plan for their organization.

Mapping your digital maturity

Assessing where you lie in the digital transformation map is the first step towards this journey.

The ‘Not Digital’ status was common for most insurers several decades ago, when everything was produced through a paper-based model. For many legacy insurers, it is still a reality. The categorization in the below figure will help you in mapping where your organization lies on a scale of ‘not digital’ to ‘extremely digital’

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Aim for an organizational transformation

Becoming a true digital insurer, cannot be limited to operational automation, it has to permeate every aspect of the organization from front end to back end processes, from policy to purchase claims and from finance to HR.

Achieving an organization-wide change would require commitment at every touch point. Digital transformation is not just meant to benefit the end user, but also making your organization change ready and agile enough to adapt quickly. That’s why aligning the organization for the change is an important step towards this journey.

Implement an agile approach.

Creating a step by step plan for digital transformation is critical and planning ahead is required, but over planning should be avoided. Change is the only constant and it is as true for the insurance industry as well. The digital transformation plan for your organization should be flexible enough to incorporate the changing dynamics and technological advancements getting introduced in the industry during the course of implementation.

The best approach would be having a long-term goal but a phase-wise plan. Insurers can start with analyzing market trends and start with the markets where digitization would solve most problems or bring the most benefits. For eg: bringing improved experience in areas with most consumer activity.

The next rational step would be to develop a plan to modernize core systems with cloud-based technologies to better support middle and front-office systems. This will help in improving the technical efficiency, streamlining costs and schedule risks of the modernization efforts.

Some of the process integrations that insurers can bring in their existing systems can be:

Mobile Capture — this process can help in expediting the applications and claims process significantly by allowing policyholders to apply for policies or initiate claims digitally at their convenience. It takes away a lot of manual processes like data entry or postal efforts because insurers can use mobile capture to send in forms, reports, and status to clients.

Customer Communications Management (CCM) — establishing a CCM system will help insurers built better customer relationships by enabling timely communications with relevant information. CCM can take care of real-time tracking, status updates, on-time alerts etc. leaving employees to focus better on other business tasks.

Robotic Process Automation (RPA) — RPA can help insurers to improve customer management and making sure that compliance requirements are met. RPA system can collect and integrate data from the external website, portals, and applications and therefore automate activities like price matching, coverage comparisons or keeping a tap on regulatory compliances etc.

Case Management — one of the major challenges that the insurance sector face is doing away with the highly paper-based system. The automated case management system can help in digitization of documents, tracking case status, managing caseloads etc. With the help of Business Process Management (BPM) and Enterprise Content Management (ECM) systems case management system can be highly effective. Integrating the case management system with CCM can lead to highly optimized and enhanced customer experiences as well.

Set up a dedicated “digital transformation team”

70% of Life and P&C insurers lack the confidence to execute complete digital transformation because they feel they don’t have an achievable plan with critical elements such as a clear vision, compliance, and risk processes.

A digital transformation plan cannot be successfully implemented with an ‘ad hoc’ team; doing so will only complicate the process. In fact, a poorly implemented system will lead to insurers spending more time, money and effort in managing the disparate system. Therefore, it is important to build a “digital transformation task force” for the job. Prudent insurers are realizing the importance of having a dedicated team in a survey almost 87% of insurance firms said they have a dedicated ‘digital innovation’ teams.

The dedicated team should comprise of members from each area of digital impact in the journey, this will help in bringing expert advice and planning across each touch point in the journey.

Create a robust IT infrastructure to support digital strategy

The infrastructure is the backbone of the entire process. It will play an important role in the seamless implementation of the digitization process (release cycles, automated testing, and deployment) and managing interactions across the partner ecosystems. Therefore, it is important to have a robust infrastructure which can help in redesigning of the front-end systems to provide rich user experience and also their integration with the back end operations.

A typical insurer’s operational cycle would resemble the below matrix.

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The above image represents the core function of an insurance policy lifecycle at the top, from left to right(New Business, Underwriting, Policy Maintenance, and Claims). Any core function of the business will have a trigger to initiate, then data collection, data evaluation, customer/stakeholder interaction and closing the deal. All of these functions at an organizational level would be supported by functions like HR, Marketing, Accounting, IT etc.

This means the insurance process is highly integrated across organizational levels and therefore it is important to have a robust IT infrastructure to support each and every element of this integrated ecosystem.

Leverage data and technology to innovate and create a personalized user experience

The new-age consumer is evolving into a more technology savvy and connected consumer, resulting in an explosion of data through multiple channels data through multiple technologies like IoT, wearables, social media etc. Drawing actionable insights from all this data like analyzing customers’ pain point, anticipating their needs and providing a customized solution will help insurers stay ahead of the curve.

In the healthcare insurance sector, health insurance provider Humana in the United States has partnered with Apple, and they let consumers share their Apple HealthKit data with the Humana Vitality app.

Any digital transformation plan should involve a process to unlock internal data sources, leverage external data sources and better gather, mine, analyze and visualize that data with advanced analytics technologies and finally, turn this data into action to provide a personalized experience to the user throughout the value chain.

Choose the right technology partner

Choosing the right technology partner is the most important step in implementing a successful Digital transformation plan. Many insurers have started realizing this fact.

51% of insurers plan to partner with major digital technology and cloud platform leaders within the next two years.

It is important to carefully choose a partner who understands not just your business well but is also capable of understanding your operational processes well. The digital transformation process is going to be integrated across all your processes, therefore it is critical to work with a partner who is comfortable with your processes, knows the limitations and will help you in improvising during the course of implementation.

Digital transformation in the insurance sector – opportunities that lie ahead

Digital transformation in the insurance industry is not just a means of adopting market trends but is an ongoing process to innovate, stay relevant and stay ahead of the competition. The legacy insurance ecosystem is usage based and telematics- led industry and incorporating advanced digital propositions will help insurers capitalize on the future.

A fully digitized process can go a long way in optimizing processes and reducing costs. For e.g. an integrated claims supply chain can enable insurers to reduce costs across the enterprise, improve customer service and mitigate risks even before an event occurs. Forty-seven percent of insurers say a lack of collaboration with the IT function is preventing them from realizing their technology investments’ value. Digitization of operations will help to break down silos within the organization and allow for faster processes.

In this age becoming a digital insurer is a mandate for insurers to stay relevant, sustain growth and increase profitability. However, it requires an org-wide transformation to reap the true benefits of digitization.

In the light of changing consumers needs, increased competition, technology, and data disruptions and ever-changing compliance landscape, it has become a must for the insurers to choose the path of digitization.

However, a successful digital transformation requires a broader approach, than just introducing automated processes. It will require these 7 steps to truly transform your organization: assessment of your digitization capabilities, stakeholders buy-in, an agile plan, dedicated task force, robust IT infrastructure, capitalizing on data, and most importantly choosing the right digital partner.

If done right digital transformation can enable your organization to not just stay relevant but gage and capitalize on the upcoming opportunities as well.

With the hustle and bustle of shopping bags, the excitement of the Holiday season hangs in the air. While customers may find themselves excited to hit stores to find that perfect gift for their special someones, e-commerce platforms must focus on giving those customers an unforgettable, seamless, enjoyable holiday shopping experience.

Online retailers get swamped with surges of traffic hitting their platforms during this season. In 2017 alone, companies such as Macy’s, Square, Walmart, and Amazon all saw web outages that likely cost them millions of dollars. These issues can lead to frustrated customers and sales losses this year and for years to come if online retailers cannot adequately mitigate these disasters before they occur.

In this article, we outline eight tips e-commerce platforms can follow to prepare for the holiday season to ensure a seamless experience for their customers.

Optimized for Mobile

“Mobile is undoubtedly the most disruptive force in retail since the onset of e-commerce,” says Salesforce Head of Consumer Insights Rick Kenney.

Your customers shouldn’t be restricted to your desktop site to find a seamless shopping experience when searching for those perfect holiday gifts. Based on a recent report from Salesforce, almost 70% of ecommerce visits and almost 50% of online orders were done using a mobile device.

Even while in-store shopping, 83% of customers between 18-44 years old are on their devices interacting with those retailers in real time. If you don’t prioritize the medium where they spend most of their time, you’ve missed the mark.

Even simple UX features can make a great impact when it comes to offering delightful experience on an e-commerce platform. For instance, online footwear retailer JustFab does an excellent job of simplifying their checkout page by allowing users to log in with their Facebook account to save time and effort filling in form fields.

Ensure Your Website Is Prepared

You can prevent your site from crashing during peak periods and sustained, heavy website traffic by preparing with a few of the following considerations far in advance of the season:

• Confirm (and update) your bandwidth and capacity for spikes
• Install new hardware and software
• Review performance expectations and SLAs
• Monitor SSL certificates for validity and expiration
• Host stress tests

Ensuring your company has made these preparations and advancements to your site will significantly reduce errors and blackouts, enhance your UX/UI design, and increase consumer confidence during an otherwise stressful season. Optimizing your site is one of the most critical things you can do to help increase e-commerce sales.

Add a Progress Bar to Your Checkout

Showing customers where they are in the online buying process gives them time to prepare the information they’ll need to have ready next to complete their purchase. Research shows that the greatest drop-off point is at the checkout stage. This simple design feature gives customers a sense of organization and control over their purchasing power, which instills a sense of trust and, subsequently, creates a loyal customer base.

Nixon has only 3 tabs on its progress bar, enhancing the simplicity of the checkout process for customers while also offering other features on the related pages, such as guest or member sign-in and various payment options, as customers work their way from “Add” to “Purchase.”

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Save Their Spot

Customers appreciate small but significant features such as saving their spot from when they last visited your site, should they need to leave suddenly or want to return to shopping when they have more time and focus. Saving their spot gives customers the impression you have been patiently and eagerly waiting for them to return, at their leisure. Use local storage features to track and store unique customer data to ensure a smooth transition back to your site.

Walmart allows shoppers to select their items and return later to schedule a time for delivery or pickup, depending on the items and time frame they’ve selected.

Proper Labelling and Layout

Don’t leave your customers guessing what info you need from them to make a purchase. Make it clear and eliminate any unnecessary information, graphics, and words. Customers read in an F-shaped pattern, so consider what information is important and place it near the top left corner of your site or in bold headlines.

Stats show that “the average e-commerce site can gain a 35.26% increase in conversion rate” by designing a better checkout process, even for large retailers such as Walmart, Wayfair, and ASOS. This increase in conversion rates, through better page layout and design, means big dollars…of the roughly $740 billion USD e-commerce market in the US and EU, this could mean an additional $260 billion in sales.

Keep the Questions to a Minimum

Ensure your purchase process is simple from adding items to their cart to entering payment details. According to the Baymard Institute 2017 survey, “28% of US online shoppers have abandoned an order in the past quarter solely due to a too long/too complicated checkout process.”

For those questions that must be asked during the checkout process, ensure that you let your customers know why you are asking, so they can see the value to them if they answer.

Ensure Products Shown Are Available

As a rule, don’t show items that you can’t offer your customers.

If someone uses filters to narrow down exactly the right gift for their friend or relative, only to find out that it is out of stock, they’ll likely be frustrated and leave without purchasing anything…even if they had items in their cart when they left.

Live Chat Feature

H&M is an excellent example of a retailer using chatbots effectively, providing fashion advice based on consumers’ preferences and offering to help if customers find themselves stuck on a decision about a product.

Chatbots and live chat features can offer customers an infinite amount of accurate product details.

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Summary

Retailers should remember that their potential customers begin preparing and planning well before the holiday season starts. A November 2018 report from the National Retail Federation reported that, of the 164 million customers that will shop through the Thanksgiving long weekend, almost 25% said that’s when they start their holiday shopping.

Many sites have compiled a handy checklist of UX basics retailers should consider when implementing UX strategies, especially when typical website traffic is expected to increase. Don’t be caught in a tidal wave of traffic that debilitates your customers’ experiences with your company.

As a famous, anonymous individual once said, “There’s only one shopping day left until tomorrow.”

With the growth of eCommerce market, retailers across the globe are working towards creating delightful digital experiences for their consumers. UX/UI design plays a critical role in creating such experiences.

Over the years, we at Robosoft have created such experiences for global retail brands and its an honor to be recognized for our work. We are thrilled to be named as one of the Top eCommerce web design agencies by Design Rush a leading listing platform for full-service agencies, web design companies, digital marketing firms & top technology companies.

You can see more of our work here.