Navigating the Tech Revolution Transforming Industries, Insurance, and Life Through New-Age Technologies

Sankaranarayanan Raghavan

In a rapidly evolving world, technology is steering monumental changes across various sectors. From autonomous systems and augmented reality to blockchain and voice technology, innovations are reshaping industries and enhancing our daily lives. This article explores the transformative impact of these technologies, synthesising insights from three distinct perspectives.

Autonomous things: Revolutionising industries

The integration of Autonomous Things (AuT) is set to revolutionise industries ranging from agriculture to defense. In the Indian Agriculture Industry, Smart Sowing Vehicles equipped with AI can automate processes, from seed sowing to crop cutting, transforming the agri-eco system. This innovation, coupled with drones connected to weather forecasting systems, can enable real-time monitoring, insecticide spraying, and personalised recommendations for farmers. Beyond agriculture, defense services can leverage autonomous vehicles with thermal imaging sensors for patrolling, ensuring the safety of personnel. Emergency response, smart city development, and elderly care are additional arenas where AuT is proving its transformative potential.

Immersive learning with AR/VR: Beyond gaming

The utility of Augmented Reality (AR) and Virtual Reality (VR) extends beyond gaming, particularly in the healthcare sector. In the era of remote consultations, AR/VR technologies facilitate immersive experiences, allowing medical students to virtually engage in surgeries and medical procedures. These technologies find applications in diverse fields, such as interactive user manuals for home appliances, vehicle claims investigation, and enhancing retail shopping experiences amid a pandemic. The convergence of AR/VR with healthcare, manufacturing, and retail demonstrates the adaptability and versatility of these technologies.

Blockchain: Reinventing finance and beyond

Blockchain technology is poised to create a profound impact on sectors such as banking, insurance, and even electoral processes. In insurance, blockchain ensures secure maintenance of patient medical records, providing insurers with transparent access based on customer consent. The technology streamlines claims processing, triggering automatic notifications to insurers in the event of hospitalisation and, unfortunately, demise. Beyond insurance, blockchain’s transparency is reshaping electoral polls and expediting real estate transactions, reducing the complexity of lengthy processes.

Voice Technology: A shift in user interface

Voice technology is emerging as a transformative force, not only in customer service but also as a new interface. The rise of voice-based bots, IVR handling, and inbound calls marks a transition toward more user-friendly interfaces. Personal voice assistants, controlled by voice commands, are becoming integral for enterprises aiming to provide differentiated customer experiences. The ability of voice technology to facilitate conversations in regional languages enhances accessibility, opening new avenues for financial institutions and insurance companies to connect with a broader population.

Technology as a safety net in insurance

The insurance sector, inherently a safety net against risks, is undergoing a seismic shift with technology at its core. From product suitability to automated processes and analytical models, technology is redefining the insurance landscape. Insurers leverage AI and Optical Character Recognition (OCR) to digitise records and automate processes, minimising errors and expediting closures. Chatbots, WhatsApp integration, and voicebots enhance customer interactions, providing convenient, accessible services. Analytical models play a pivotal role in underwriting, fraud detection, and customer engagement, reshaping the entire customer journey.

Contactless channels: Accelerating digital transformation in insurance

The global shift in consumer behaviour towards contactless transactions has accelerated the pace of digital transformation in insurance. From sales pitches via video calls to 100 per cent digital onboarding processes and contactless payouts, technology is reshaping every aspect of the insurance sector. Engaging prospects through video-based calls, deploying AI in pitch monitoring, and integrating WhatsApp and SMS for document delivery exemplify the industry’s adaptation to changing consumer behaviours. The shift to digital application forms, OTP-based digital consent, and third-party integrations underscores the industry’s commitment to enhancing efficiency and customer experience.

In conclusion, the amalgamation of autonomous systems, immersive technologies, blockchain, voice interfaces, and digitalisation is shaping a future where technology is not just a tool but also an integral part of our daily existence. Embracing these innovations is not just a choice but a necessity for industries and sectors aiming to thrive in this era of rapid technological evolution.

Views expressed by Sankaranarayanan Raghavan, Chief Technology & Data Officer, IndiaFirst Life Insurance

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