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Security in InsurTech – Predictions for 2018

The new year is right around the corner and we want to take a look at what will be the future of InsurTech in the coming year. This year 2017 was great for InsureTech with a lot of focus on AI, ML and related technologies trying to make the insurance industry ready for the future. 2018 is going to take this forward.

The insurance industry would be in lockstep with the new technology and as the advances happen in the AI and ML, they would be picked up. Our focus for this article is around security related use cases that will help the insurance industry.

Advances in analytic technology such as Machine learning and AI are crucial in the fight against insurance fraud. To keep pace with sophisticated rings that constantly develop new scams, here are some trends to keep an eye on in 2018.

Ellen Roberson, Director of Insurance Marketing at SAS offering following insights

* Digital Policy Shopping: In 2018, millennials and other generations will continue to use mobile and online channels as a way to shop and service their policies. It’s a boon for convenience as more insurers focus on digitization to align with consumer expectations, but this digitization comes with risks, including an explosion in fraudulent claims.

* Real-time Authentication: Increasingly, authentication won’t just focus on prospects and customers. To prevent data breaches, insurers will increasing apply real-time authentication to everyone logging into their portals throughout the extended ecosystem, including brokers and agents.

* Premium Leakage: Premium leakage is defined as missing or erroneous underwriting information. Personal lines automobile insurers will face at least $29 billion in premium leakage – missing or erroneous underwriting information that undermines their rating plans.

* Health Care Fraud: State and federal authorities have reported increases in fraud, such as identity theft, fraudulent billing and deceptive sales practices.

* Agent Gaming: Premium misappropriation is the most common type of insurance fraud. Insurance agents, especially those who manage one person groups, can have access to vast amounts of their client’s funds. If they are under extreme financial pressures, they often rationalize their actions. Insurers must be vigilant in order to protect their customers and their reputations.

It is going to be an exciting year ahead. Insurance industry is on a path to making itself more technology oriented and reap the benefits of technology even more in the coming year.

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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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