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5 AI Trends Reshaping the Insurance Sector in 2019

NewVantage Partners Executive Survey 2019 report states- 92% of the C-Level Executives are increasing their pace of investment in big data and AI. Artificial Intelligence brings forth revolutionary benefits to enterprises like personalization, automating customer interactions, real-time assistance, and much more.

Here are 5 flourishing artificial intelligence trends in insurance.

Infographic for 5 AI trends in Insurance

#1 Data from Smart Devices

Smart devices like fitness bands, home assistants, smartwatches, etc. are meteorically becoming integral to our lifestyle. Smart clothing and medical devices are soon going to join the bandwagon.

The insurance sector can dive into the data generated by these smart devices to better understand their user preferences. This data can further help insurers create new and more personalized product categories. 

#2 UAVs for Extreme Surveillance

AI-driven unmanned aerial vehicles (UAV), also known as drones can examine sites, which are otherwise extreme for humans to visit. Using such technologies for geological surveys can make the underwriting process more accurate. Also, deploying drones and robots can revamp insurance risk management strategies. 

“It is estimated that by 2025 the number of autonomous vehicles will increase by 25%”

Source: doi.gov

#3 Channelized Data Sharing

Everyone needs data. Every industry is thriving to provide personalized products and services to its customers. Thus, one can expect private and public entities collaborating to create common platforms for data sharing. 

The data-sharing platforms are GDPR-compliant and adhere to a common cybersecurity framework. Tech giants like Google, Amazon, and Apple have already sailed into this venture. They are able to bond with the lifestyle of users through cloud connectivity and smart devices and wearables. Technology can track instances of customers’ life. Guided data sharing can enable insurance companies to provide real-time assistance to their customers.

#4 Evolution of Cognitive Technologies

Cognition is an important aspect of Artificial Intelligence. Cognitive technologies in AI mimics how the human brain works. The recent improvements in technology can provide a better framework for processing humongous data, specifically gained from active insurance products tied to definite individuals.

With cognitive technologies, carriers can constantly learn and adapt to the world around consumers. This can enable insurance companies to not bring new product categories and engagement techniques but also respond to changing underlying risks in real-time.

#5 Blockchains or Distributed Ledgers

Breaking the traditional barriers of silos and centralization, 2019 is leaping towards the combination of the best of AI and blockchain for businesses.

For example, Smart contracts can automatically determine whether an asset can be transferred to a nominee or back to the source, or a combination of both. Blockchain can also simplify claims management, reinsurance, and underwriting.

Here’s more about how distributed ledgers can accelerate insurance workflows.

Well, the benefits of blockchain are not limited to large-scale insurance companies. Any InsurTech or FinTech firm or even e-commerce marketplaces can use blockchain to distribute micro insurances. The following infographic illustrates the projects successfully harnessing AI and blockchain.

Source: LiveTiles

We help startups and enterprises, build & scale AI-driven products and solutions for last-mile environments. Reach out to us on hello@mantralabsglobal.com to learn more.

Contributing Authors: Nidhi Agrawal (Content Writer @Mantra Labs)

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The Pet Tech Boom You Can’t Ignore: How Smart Devices Are Revolutionizing Pet Care

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What’s your first thought when you see a puppy strutting around in a tiny sweater or hear about luxury pet spas? Maybe, “That’s adorable!” or “Why don’t I have that life?” And let’s be honest—some pets have social media accounts with better engagement than most of us. Beyond the cuteness, these trends signal a deeper shift. The global pet care market is booming, with India’s pet Industry alone hitting $3.20 billion. It’s the age of pet tech, Today, pets are family—sharing our homes, routines, and emotional lives. 

It’s not just technology for convenience’s sake, these innovations address real pain points. By solving pet-owner concerns, pet tech transforms pet care into a proactive, data-driven, and deeply connected experience.

Innovations Driving the Pet Tech Revolution

Here’s how technology is reshaping the industry:

  1. AI-Powered Insights
    AI doesn’t just automate, it learns. Devices now recognize pet behavioral patterns of the pets to make personalized recommendations, whether it’s switching a pet’s diet or alerting owners to early signs of illness. 
  2. Wearable Tech
    These aren’t just GPS trackers; they’re fitness and health monitors for pets. From tracking activity levels to monitoring heart rates, wearable technology for pets is becoming an essential tool for modern pet parents. For instance, a dog recovering from surgery can wear a tracker to alert you if they’re too active, preventing injury.
  3. Smart Devices
    Automating routine tasks like feeding, watering, and waste management frees up time while ensuring your pet’s basic needs are met. Think smart pet feeders that portion meals based on your pet’s diet plan or self-cleaning litter boxes that operate automatically after every use.
  4. Telemedicine Platforms
    Virtual vet consultations are game-changers, especially in urban areas where time and traffic are challenges. Imagine spotting unusual behavior in your cat and connecting with a veterinarian online instantly through video for advice.
  5. Interactive Gadgets
    Smart pet toys and cameras aren’t just fun—they address pet anxiety, loneliness, and boredom. Treat-dispensing cameras let you check in on your dog and reward them with a snack while you’re away.

Startups: The Powerhouses of Pet Tech Innovation

Pet tech’s meteoric rise is fueled by ingenious startups redefining what’s possible:

  • Pet Wireless: Tailio, their health monitoring platform, combines non-wearable sensing devices, cloud-based analytics, and a mobile app. It empowers pet owners with insights and helps vets deliver superior care.
  • Dinbeat: This startup specializes in wearable tech for pets, offering devices that remotely monitor vital signs. Alerts via a mobile app ensure timely intervention.
  • Obe: By harnessing real-time consumption data, Obe’s digital wellness platform allows pet owners to make informed health and nutrition decisions. Early diagnosis capabilities are a game-changer.
  • Scollar: Their full-stack platform integrates a modular smart collar, mobile app, and cloud data service. Scollar offers comprehensive solutions for managing pet and livestock health.
  • Mella Pet Care: Known for its AI-assisted, non-rectal thermometer, Mella provides fast and non-invasive temperature readings. Its seamless integration with apps and patient management systems enhances diagnostics.

Globally, the pet tech industry is riding a wave of growth, driven by innovation and shifting consumer behaviors: Market reports predict continued expansion, highlighting the rise in demand for smart pet care solutions and personalized offerings.

Conclusion: A Revolution in the Making

Pet care technology is transforming, blending tradition with technology to create a seamless and smarter experience. As brick-and-mortar pet stores evolve with online conveniences like home delivery and smart pet toys become everyday essentials, the possibilities of pet tech are redefining what it means to care for our furry companions. Advanced analytics now tailor diets, grooming, and preventive care, ensuring our pets get the attention they deserve.

Yet, amidst all the innovation, the essence of pet care remains rooted in love, connection, and trust. While gadgets can simplify tasks, they can never replace the joy of a wagging tail, the warmth of a purr, or the bond that comes from shared moments. As we embrace this technological revolution in pet care, we must also prioritize ethical innovation—where privacy, security, and empathy lead the way.

At Mantra Labs, we are committed to building solutions that empower pet parents without compromising the human-animal bond.

The pet tech revolution isn’t just about innovation—it’s about elevating how we care for our pets, ensuring they live happier, healthier, and more connected lives. Whether you’re a pet parent, an industry leader, or simply curious about the future, one thing is clear: our pets aren’t just part of our lives; they’re part of our hearts. And with technology, we can give them the care they truly deserve.

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