Article Synopsis :
Predictions for the key trends in the coming year are thought on the ground at the moment. This one from Analytics India Magazine & AnalytixLabs identifies 10 key trends as to how AI and data will transform the Indian market over the coming year.
Below are the top 10 trends identified that are going to contribute to business transformation in India in 2019.
Trend 1 – More and bigger AI
AI and machine learning will be adapted to deliver better customer experience. There will also be a transition to an API-based ecosystem with AI and analytics all over it.
Trend 2 – Swapping models for real life
Real-time analytics unlock key insights and up to 70% of companies have increased their spending in this area. The growth of connected devices has driven this and increases the demand for real-time edge analytics which exposes correlations and hidden patterns. The growth of connected devices and their connection to the internet of things (IoT) is increasing demand for edge-based computing rather than everything being based in the cloud.
Trend 3 – Customers at the heart of everything
This year, customers will be at the heart of digital transformation and become a part of building new business models that will engage users better. This includes putting data back into the hands of users in order to improve their experiences.
Trend 4 – Hey, you, get off my cloud
Cloud is central to this transformation as AI services have fuelled the growth of public cloud providers. Cloud giants want an AI-lock in by providing open source AI-related services. Public cloud is key, as the industry doesn’t think a DIY approach is feasible, sensible or cost-effective.
AI platforms will dominate the cloud market and the main providers will further expand their AI cloud portfolio.
Trend 5 – AI is everywhere and increasingly transparent
AI proved its worth in 2018, but now cognitive technologies will proliferate. This goes beyond automation to computer vision, deep learning and language technologies including speech recognition, sentiment and text analytics, natural language processing and generation.
Trend 6 – Collaboration is the way forward
The scale of change requires greater collaboration. It will be the only way to resolve the friction points that present themselves in product lifecycle management. New tools will be adopted that simplify workflows and coding.
Trend 7 – Taking everything personally
AI-helps businesses deliver customised communications and services. It allows more effective segmentation and provides a better understanding of user behaviour. This allows the system to deliver the right products to serve consumers, revolutionising customer engagement models.
Trend 8 – Analytics become more, not less, human
AI may mean less people doing manual jobs in insurance companies, but that AI has to be able to interact like a human if it is to be successful.
Tech giants like Microsoft and Google have formed ethical committees to monitor how technology impacts human lives and also to eliminate bias in data. Think tanks are working with governments to help companies create new economic opportunities for citizens that are beneficial to society as a whole.
Trend 9 – All for one and one for all
The growth in data volume is pushing businesses towards enterprise data management platforms that provide insights faster by dismantling the data silos. Integration is always a challenge, yet we will see more data being brought together into a single, central repository.
Trend 10 – The voice of reason
2019 will be the year of conversational AI and digital voice assistants dominating finance and retail sectors in India. Tech giants have released APIs for voice-based conversational AI, which has allowed businesses to build intelligent services. This will become increasingly common.
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Digital Insurer's CommentsThere are a number of interesting trends identified here. OK, so there’s nothing you haven’t heard before, but importantly, it appears that India – and the financial services sector in particular – is going to see considerable adoption and implementation of these transformative technologies this coming year.
This is important, as only a couple of months ago, we featured two reports on the Indian insurance industry that were poles apart – one very much glass half full, the other glass half empty – and it was difficult to get a feel for which was the true picture of Indian insurance.
In truth, they were probably both right – India’s insurers have lagged behind the technology curve, but know the shortcomings and are looking to make the change.
This is really not much different from many mature markets, where 2019 could be the year to sort the men from the boys – in purely insurtech terms.
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