Today, the insurance industry is at a digital transformative phase to enhance the business models. There are few key areas we can expect insurers to embrace as they seek to create more automated, user-friendly processes in Insurance sector.

Use of automations and artificial intelligence

Insurance industry is shifting towards exploring automation of more complex and risky processes rather using of traditional method, which is less effective in case of time and accuracy. Using of emerging technologies like Artificial Intelligence and Machine learning provide the scope of intelligent automation for analysis of huge amount of data generated by IoT and smart wearables devices. These Analysis and cross checking of data help understanding the better customer insights, fraud detections, claims verification and processing.

With the more refined automated technologies and capability of analysing more data, insurance companies like AIG started employing smart drone for automated property assessment and claims processing, which not only helps in accurate assessment but reduces the operational cost also.

Redefining of Insurance distributions

For better user experience, insurers have already generalized the new channel of distribution such as online research, comparison platforms and chatbot for better interaction and understanding, which already impacted in the market of personal insurances. The new direct distribution channels and online comparison platform for direct small insurances are likely to be more effective in coming days.

Companies like Allstate is already allowing small business owner to buy policies in just five minutes, or P2P platform like Gather giving the opportunity to small business owner to self insure and coverage is offered through a captive which is owned by the businesses it insures.Thus offering greater transparency and reducing cost in policies for these type of enterprise.

Insurance through value chain disaggregation

As the market is growing, the specialization in sectors is becoming more popular. As insurers move into advanced and extreme digital stages there is more use of data, automation, connectivity, ecosystem integration, new development methodologies, and a smarter use of IT resources. Some of these companies are providing customer interface with a unique value propositions, some companies provides tools for specialized software solutions for the insurers.

Companies like PolicyBazar provides insurance comparison and gives customized suggestions and recommendations based on the customer needs and choices, using their artificial intelligence.

Data analytics to improve profitability and better customer experience

The exponentially greater data availability and better analytical capability of softwares provide the base of making decision. Cross checking and analysing on the large amount of data coming from various unstructured resources such as social media real time data through various connected devices, helps in better risk management to drive greater profitability as well as better customer experience. Applying a combination of techniques such as predictive modeling, text mining, databases searches and exception reporting, insures are able to understand better customer insight, fraud analytics which help them in making insight driven strategies and risk mitigation strategies.

Sensors, Detectors, and Telematics for building data

IoT or internet of things refers to the physical objects that are embedded with sensors, which gather information about specific objects and transmit it. These transmitted data are then analyzed as discussed earlier.

In insurances, using of IoT technologies is becoming more popular. In case of home insurances, smart homes is one of the fastest growing segment. Insurances companies are giving more discount on policies for an internet connected Home/Smart home.

Various wearable devices are also in demand as it enables life and health insurers to better engage with customers while obtaining real time insight into risk. Aditya Birla Health Insurance is offering their policyholders health benefits and rewards for connecting their approved apps and wearable devices to their health app so they can track one’s activity.

Property and casualty insurance companies like AIG , are going to use smart drone for better property assessment.

Blockchain Technology for fraud detection

In coming days Distributed Ledger Technology(DLT) or Blockchain Technology is going to be leveraged across all sector including Insurance for its revolutionary way of sending, receiving and storing information in a secure and decentralized way. Using of Blockchain technology in insurance will improve the quality of service, increase in the volume of data from new data sources, automate claims, also will reduce the operational costs. It has the potential to ease out fraud detection and risk prevention as per a report from EY.

Once insurance and blockchain technology are interconnected, key business process like policy management and claims management are likely to transformed and new business model are expected to emerge using Blockchain.

Augmented Reality/Virtual Reality in Insurance

Though Augmented Reality is leveraged by many other sectors, like in social media or in gaming and other sectors, insurance sector still is limited to areas like marketing or training by simplifying complex explanations, meant for customers and employees. How about a 3D modeling and simulations help customers in making insurance claims easier and faster? Or how about before you go for the home insurance a simulation helps you pinpoint all the areas under insurance rather than reading the lengthy document?

There are big challenges ahead for insurers. With more changing technologies, executives will need to carefully consider the opportunities.

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

By : Sampada

Published on Jan 22, 2025

Pet Tech Pet Technology

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:

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.
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.
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.
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.
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.

A Booming Market: Trends and Insights

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.

Loading More Posts