InsurTech is a buzzword nowadays where a variety of technologies are set to transform the traditional insurance industry. In the last two years, insurers have already transformed themselves digitally to offer convenience, security, choice, and a seamless experience to their customers.

Accenture estimates that insurance companies can increase their annual profitability by 20% with the right investment in the technology.

Internet of Things (IoT), telematics, drones, the blockchain, smart contracts, and artificial intelligence (AI) are providing new ways to measure, control, engage customers, reduce cost, improve efficiency and increase customer experience.

Here are five ways Insurers can stay ahead in the market and successfully fulfill high customer expectations.

1. Lower Insurance rates:

– Fitness apps or wearable devices:

Staying fit has many perks. Some of the fitness apps like Wysa and wearable devices help maintain weight, and food habits and boost energy and mood. And most importantly they can help save a huge amount of expenses related to health insurance costs. Numerous insurance providers have tapped into wearable devices to keep motivating their customers to stay fit and healthy and offer them discounts and benefits based on fitness levels.

– Self Driving car:

Self Driving cars can help in reducing the chances of accidents and lower life insurance rates. Since road deaths are a significant percentage of deaths in the entire world, any slight downward change will ultimately lead to lower deaths and hence life insurance claims.

2. Fraud Prevention:

Insurance fraud costs companies billions of dollars per year across the globe. Insurance companies should establish a technology framework, tap into advanced automation and analytics, and take steps to prevent it.

– Digital Signature:

Digital signature technology is without a doubt lowering fake insurance account activation and hence a fraud. For example, a digital signature can prevent fraud- insurance purchased after the accident can be brought down with digital signatures verifying the actual date.

– Data analytics:

The technology involves data mining tools and quantitive analysis. Data analytics can be applied to detect fraud. Predictive analytics is useful to improve the fraud detection process, helping prevent claims payouts. Analytics on claims and fraud transactions helps enhance risk management.

3. Lower underwriting cost:

–IoT

According to IoT Analytics, the global number of connected IoT devices is likely to grow at 9%, with 12.3 billion active endpoints. By 2025, there will likely be more than 27 billion IoT connections, which will have a significant impact on the availability of real-time information that insurers can use for better pricing/underwriting. Drones are satellites on steroids at least as far as underwriting is concerned. Satellites have dramatically changed how home insurance policies are written due to fire. Everything can be captured via drone footage even the houses that get covered behind the trees. Captured data can be used for underwriting purposes.

4. Billing efficiency:

Billing systems are not only integrated but now can accept varied forms of payments allowing ultimate flexibility to the customer and thereby making the billing systems efficient. The automated systems inform and remind customers of approaching due dates for premiums thereby lowering unintentional defaults.

Digital wallet has become one of the most widely used platforms for payment systems. Insurance companies are leveraging payment gateways like Google Play to sell insurance to users. Last year, SBI General Health Insurance launched Arogya Sanjeevani on Google Pay Spot to offer standard coverage at affordable premiums and improve the penetration of health insurance in the country.

5. Specialized insurance:

Each type of insurance is different from the other and the factors that are suited to one are not suited to the other. This requires the insurance agents to have specialized knowledge and the internet helps. however, Machine learning is vitally important here. It has the capability to learn and analyze billions of patterns and identify suitable underwriting clauses as well as identify specific customized plans for the customers based on the data provided. This can change the customer perception of the insurance company and provide an engaged customer who is likely to stay longer.

Dinghy, is a pay-by-the-second insurance provider that customizes coverage for freelancers and businesses where customers may switch their policies on and off as needed without any upfront premiums, interest, credit checks, or fees.

6. Smart and Faster Claim Processing and Settlement:

–AI-Powered Chatbots:

Claim settlement has been one of the pressing issues in insurance. With intense competition looming in the market, delay in the claim settlement gives a bad experience to the customer who prefers to switch to another brand. Insurance providers worldwide have been investing in AI-powered insurance chatbots to enhance customer experience. Metromile can validate 70% to 80% of claims instantly using AVA, an app based-claims assistant.

7. Data-driven pricing

–Telematics:

Innovation has become one of the top priorities for insurers today due to rapid change in customer demand. The usage-based insurance market is projected to hit over $190 billion by 2026, telematics is allowing carriers to capture user data and create personalized usage-based insurance products.

For example, auto insurance was based on a pay-as-you-drive model where customers use to pay a premium based on the distance covered. But with technological innovation, insurers are working on a pay-how-you-drive model where customers can get discounts based on their driving skills.

Rise in demand for innovative solutions, intelligent experiences, and speedier processes has led to technological disruption in the insurance industry. According to IDC, IT spending in the insurance industry will increase globally at a CAGR of 6.0% by 2024, touching $135 billion. With continuous investment in technology, insurers are working on improving customer experience and operational efficiency to maximize profitability in the long run.

Thanks you Scott W Johnson, owner at WholeVsTermLifeInsurance.com for providing your valuable information on how technologies are helping Insurance industry.

Smart Machines & Smarter Humans: AI in the Manufacturing Industry

By : Sampada S M

Published on Feb 19, 2025

AI Artificial Intelligence Manufacturing

We have all witnessed Industrial Revolutions reshape manufacturing, not just once, but multiple times throughout history. Yet perhaps “revolution” isn’t quite the right word. These were transitions, careful orchestrations of human adaptation, and technological advancement. From hand production to machine tools, from steam power to assembly lines, each transition proved something remarkable: as machines evolved, human capabilities expanded rather than diminished.

Take the First Industrial Revolution, where the shift from manual production to machinery didn’t replace craftsmen, it transformed them into skilled machine operators. The steam engine didn’t eliminate jobs; it created entirely new categories of work. When chemical manufacturing processes emerged, they didn’t displace workers; they birthed manufacturing job roles. With each advancement, the workforce didn’t shrink—it evolved, adapted, and ultimately thrived.

Today, we’re witnessing another manufacturing transformation on factory floors worldwide. But unlike the mechanical transformations of the past, this one is digital, driven by artificial intelligence(AI) working alongside human expertise. Just as our predecessors didn’t simply survive the mechanical revolution but mastered it, today’s workforce isn’t being replaced by AI in manufacturing, they’re becoming AI conductors, orchestrating a symphony of smart machines, industrial IoT (IIoT), and intelligent automation that amplify human productivity in ways the steam engine’s inventors could never have imagined.

Let’s explore how this new breed of human-AI collaboration is reshaping manufacturing, making work not just smarter, but fundamentally more human.

Tools and Techniques Enhancing Workforce Productivity

1. Augmented Reality: Bringing Instructions to Life

AI-powered augmented reality (AR) is revolutionizing assembly lines, equipment, and maintenance on factory floors. Imagine a technician troubleshooting complex machinery while wearing AR glasses that overlay real-time instructions. Microsoft HoloLens merges physical environments with AI-driven digital overlays, providing immersive step-by-step guidance. Meanwhile, PTC Vuforia’s AR solutions offer comprehensive real-time guidance and expert support by visualizing machine components and manufacturing processes. Ford’s AI-driven AR applications of HoloLens have cut design errors and improved assembly efficiency, making smart manufacturing more precise and faster.

2. Vision-Based Quality Control: Flawless Production Lines

Identifying minute defects on fast-moving production lines is nearly impossible for the human eye, but AI-driven computer vision systems are revolutionizing quality control in manufacturing. Landing AI customizes AI defect detection models to identify irregularities unique to a factory’s production environment, while Cognex’s high-speed image recognition solutions achieve up to 99.9% defect detection accuracy. With these AI-powered quality control tools, manufacturers have reduced inspection time by 70%, improving the overall product quality without halting production lines.

3. Digital Twins: Simulating the Factory in Real Time

Digital twins—virtual replicas of physical assets are transforming real-time monitoring and operational efficiency. Siemens MindSphere provides a cloud-based AI platform that connects factory equipment for real-time data analytics and actionable insights. GE Digital’s Predix enables predictive maintenance by simulating different scenarios to identify potential failures before they happen. By leveraging AI-driven digital twins, industries have reported a 20% reduction in downtime, with the global digital twin market projected to grow at a CAGR of 61.3% by 2028

4. Human-Machine Interfaces: Intuitive Control Panels

Traditional control panels are being replaced by intuitive AI-powered human-machine interfaces (HMIs) which simplify machine operations and predictive maintenance. Rockwell Automation’s FactoryTalk uses AI analytics to provide real-time performance analytics, allowing operators to anticipate machine malfunctions and optimize operations. Schneider Electric’s EcoStruxure incorporates predictive analytics to simplify maintenance schedules and improve decision-making.

5. Generative AI: Crafting Smarter Factory Layouts

Generative AI is transforming factory layout planning by turning it into a data-driven process. Autodesk Fusion 360 Generative Design evaluates thousands of layout configurations to determine the best possible arrangement based on production constraints. This allows manufacturers to visualize and select the most efficient setup, which has led to a 40% improvement in space utilization and a 25% reduction in material waste. By simulating layouts, manufacturers can boost productivity, efficiency and worker safety.

6. Wearable AI Devices: Hands-Free Assistance

Wearable AI devices are becoming essential tools for enhancing worker safety and efficiency on the factory floor. DAQRI smart helmets provide workers with real-time information and alerts, while RealWear HMT-1 offers voice-controlled access to data and maintenance instructions. These AI-integrated wearable devices are transforming the way workers interact with machinery, boosting productivity by 20% and reducing machine downtime by 25%.

7. Conversational AI: Simplifying Operations with Voice Commands

Conversational AI is simplifying factory operations with natural language processing (NLP), allowing workers to request updates, check machine status, and adjust schedules using voice commands. IBM Watson Assistant and AWS AI services make these interactions seamless by providing real-time insights. Factories have seen a reduction in response time for operational queries thanks to these tools, with IBM Watson helping streamline machine monitoring and decision-making processes.

Conclusion: The Future of Manufacturing Is Here

Every industrial revolution has sparked the same fear, machines will take over. But history tells a different story. With every technological leap, humans haven’t been replaced; they’ve adapted, evolved, and found new ways to work smarter. AI is no different. It’s not here to take over; it’s here to assist, making factories faster, safer, and more productive than ever.

From AR-powered guidance to AI-driven quality control, the factory floor is no longer just about machinery, it’s about collaboration between human expertise and intelligent systems. And at Mantra Labs, we’re diving deep into this transformation, helping businesses unlock the true potential of AI in manufacturing.

Want to see how AI-powered Augmented Reality is revolutionizing the manufacturing industry? Stay tuned for our next blog, where we’ll explore how AI in AR is reshaping assembly, troubleshooting, and worker training—one digital overlay at a time.

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InsurTech: 5 benefits of technologies in Insurance Sector