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How Insurance industry is leveraging the Artificial Intelligence

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For more than 100 years Insurance industry has been functioning in very similar fashion but the recent developments in technology and its adoption by the people has made the insurance industry rethink about how it goes about its business.

A study by Mercer identified Technology and Big data as one of the top 6 challenges the industry is facing followed by Industry problems of Growth and Customer Focus issues.

This should not be worrying because the industry can start solving the issues of growth and customer focus using the new technology available now. A specific branch of FinTech has been carved out to cater to insurance. It is called the InsurTech. This class of technology is being specifically focused on Insurance industry use cases.

InsurTech is about leveraging the Artificial Intelligence capabilities that are evolving and working on Big Data available from various sources. One of the biggest use cases involves using Machine Learning algorithms to mine data to get better insights about consumers, their shopping patterns, lifestyle choices from huge data sets that are now available thanks to mobile and web adoption in the world. It can be safely said that innovation starts from looking and analyzing data, and the Insurance Industry is for sure to benefit from doing it.

The individual companies are transforming the way they handle selling insurance to processing and settling claims. Artificial intelligence is being used to completely handle insurance claims, making the whole process faster, in a recent announcement Lemonade Insurance demonstrated doing this in mere 3 seconds.

AI can not only help in claims processing, however, can also help in setting prices, modeling the risks associated with insurance, customer acquisition, distribution, and operations. It can solve problems across the whole value chain of the insurance industry. It does not take much to start as well. One recommended approach by Mantra Labs is to start with Digital Transformation and in the process start implementing the AI related improvements in the systems and processes.

Mobile Apps, Chatbots, improved Web interfaces are some key elements to improving the customer focus issues highlighted earlier and these can be assisted by AI to provide customised experience to individuals.

In Summary, we can say that AI is already transforming the insurance industry and it’s here to stay.

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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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