Technology trends remodeling the motor insurance sector in India

The business ecosystem is changing with the rapid emergence of new-age technology such as Artificial Intelligence (AI) and the Internet of Things (IoT).

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The Indian insurance sector is experiencing a technological shift. Technology in the insurance sector is transforming the ecosystem not just in scale but also in fundamental aspects. The digital-first business model is the result of companies using data and technology more than ever, testing new business models and revenue streams fueled by new technology. Advanced insurance technology is now already an integral part of the industry, for both insurer and insured.

Today’s consumers have more complex needs and are more knowledgeable and aware of their choices than ever before. They want personalized offerings and tailored communications which leads to insurers digitizing their services and optimizing all interactions.

The business ecosystem is changing with the rapid emergence of new-age technology such as Artificial Intelligence (AI) and the Internet of Things (IoT), and the incumbents of the market are strategizing to enable their businesses to transform digitally. The implementation of any emerging technology is a top-down exercise for the industry, from evaluating the acceptance of new-age technology to shifts in customer behavior, the insurance company has to run the show and usher in the digital transformation.

The insurance industry in India has adapted to numerous developments, amendments and trends such as:

Artificial Intelligence (AI)

Consumers are always looking for personalized experiences, especially when purchasing something as important as insurance. AI offers insurers the ability to create these unique experiences, meeting the high-speed demands of modern consumers.

With AI, insurers can improve claims turnaround cycles and fundamentally change the underwriting process. AI also helps insurers to access data faster and cutting out the human element that leads to more accurate reporting in shorter periods of time.

Machine Learning

Machine learning

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Monday Sector Leaders: Auto Parts, General Contractors & Builders

The MarketWatch News Department was not involved in the creation of this content.

Sep 28, 2020 ( via COMTEX) —
In trading on Monday, auto parts shares were relative leaders, up on the day by about 5%. Leading the group were shares of Commercial Vehicle Group (CVGI), up about 14.1% and shares of Workhorse Group (WKHS) up about 12.1% on the day.

Also showing relative strength are general contractors & builders shares, up on the day by about 4.6% as a group, led by Beazer Homes USA (BZH), trading higher by about 7.2% and Hovnanian Enterprises (HOV), trading higher by about 6.8% on Monday.

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How Prefabrication Is Helping the Hospitality Sector

Travelers expect great memories from their hotels and that involves the entire hotel experience, including the bathrooms. The design and functionality of the bathroom is a key factor in customer satisfaction, and thus it must be factored into the overall comfort and quality enjoyed in the hospitality industry, especially in the case of larger hotels or hotel chains, where large numbers of bathrooms must be constructed. Prefabricated bathrooms and other prefabricated elements, using prefabricated construction modeling, such as walls and floors, cater to this need efficiently and also proffer a cleaner, safer workplace, help reduce labor, materials, waste, cost, time and improve occupancy speed.

A favorite bathroom experience has been known to even attract customers and increase earnings. Driven by technological advancement, hotels now provide in-room Wi-Fi, advanced climate control and mirror televisions. To maintain a competitive edge, these facilities are sometimes offered in bathrooms too. Some of the bathroom features on show in luxury hotels include heated toilet seats, self-cleaning toilets, heated towel racks, directional water jets, water massage functions, dryers, deodorisers and entertainment sets.

Including these features in prefabricated bathrooms or bathroom pods for the hospitality sector is becoming popular popular in Western nations. Prefabrication or modular construction or a system known as Design for Manufacture & Assembly (DfMA), with DfMA modeling and drawings, are being used for bathroom design and manufacture.

In the course of prefabrication in construction, bedrooms and bathrooms can be built off site, in a climate-controlled factory for the hospitality industry. When the modules are complete, they are transferred to the construction site, where the base and frame of the structure await. Typically, a crane then stacks the units in place. At this point, workers complete electrical, plumbing and HVAC system connections. This construction process is becoming increasingly favored by hotels because it significantly …

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