Technology

In the last few years, customers have come to expect streamlined digital experiences from every company they do businesses with.  Companies are evolving to meet these changes, adopting technology tools to reach out to customers through various digital channels. This year we’ve seen the importance of those technology tools more clearly than ever as companies have had to quickly adapt to doing business remotely. Digital transformation is no longer a far-off ideal; it’s a necessity. Read more about creating your company’s digital presence.

For more traditional companies, it may be helpful to think of your company’s interconnected technology tools in terms of the role they play in your digital “office.” Your company’s digital space can augment your physical office and extend your agency’s capabilities. It can make it easy for clients to do business with you even when they can’t come into your company’s physical office.

Websites: your digital storefronts

Your website is where many customers start their digital journey with your company. As a basic starting point, make sure your website is well-designed and easy to use – just like you would want your storefront to look clean and professional.

It’s also a good idea to test your website’s loading speed and mobile-responsiveness. Potential customers are going to bail if the pages are slow to load or if they have to pinch to zoom in to see the website on their phone.

You can test your website’s responsiveness with the Google mobile friendliness test.

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Technological innovation is revolutionizing one of the oldest professions in the world. Augmented Reality has just broken onto the scene and has already been transforming civil construction. The changes are seen not only in designing and modeling but also in building. Augmented Reality benefits the entire construction team: engineers, designers, architects, project managers, and service providers.

Unlike Virtual Reality, which creates a totally new and independent environment of the real world, AR includes virtual elements that interact with what already exists. It is thus possible to combine virtual architectural designs with the reality of the construction site, increasing efficiency and accuracy, reducing the occurrence of errors, saving time, money, and resources.

Construction sites are often chaotic, noisy, and dirty spaces. Although the adoption of the BIM system reduces many of the incompatibilities and unpleasant surprises during the construction process, it is inevitable that doubts arise and errors occur during construction. And, more importantly, every mistake or redo costs a lot of money and time.

The idea is that AR applications can provide a more accurate view of what will be built, including layers of materials and installations that are often complex to understand through drawings. For this, 3D plans and even virtual model holograms are used to improve the understanding of the project and facilitate the execution of projects. And even during construction, the ability to see through walls and understand the path of the technical installations facilitates the process, reduces the possibility of errors, and even guides the construction of complex geometrics.

To fully use AR you need a device (usually goggles or glasses). Currently, several companies manufacture AR hardware, but the most popular used in construction is Microsoft HoloLens. One of the big reasons why home builders choose Microsoft HoloLens is the price and the fact that it is now certified as basic protection glasses. The company DAQRI has developed a safety helmet integrated into the glasses, to facilitate even more use by construction professionals.

Below are some Augmented Reality technologies that can revolutionize the way companies approach the construction industry:

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COVID-19 hasn’t just shut down huge swaths of American businesses and sent many employees scrambling to work from home – it’s also driving the acceleration of technological adoption. As people adapt to new modes of life, start-ups and small businesses that enable us to work, study, shop, and interact virtually have skyrocketed to mainstream adoption. Driving these companies are key underlying technologies that have been growing in importance slowly for years and now have become essential; maybe the tech trends developing out of the COVID chaos are a silver-lining of sorts.

“Businesses that had not only developed digital strategies but executed on them prior to the pandemic are now in a position to leapfrog their less nimble competitors,” writes consultancy BDO in a report on how COVID is accelerating the rise of the digital economy. “That isn’t to understate the COVID-19-related challenges they now face, irrespective of their current level of digital maturity. Going digital in and of itself isn’t a panacea to all that ails businesses in the current economic environment. They do, however, have significantly more tools at their disposal to not only weather the storm, but to come out the other side stronger for it, ” stated BDO.

The fact that these companies, since day one, have focused on cloud connectivity, digital marketing and distribution to consumers, and virtual rather than in-person interactions, gives this group an advantage. Many have hired new employees since the pandemic began – that’s a direct result of many of them scaling faster to meet surging demand before the coronavirus pandemic. Some of these companies report demand for their core products has more than doubled since the coronavirus crisis unleashed itself across the world. Being digital-first put many companies in a position to quickly develop and introduce new products or services to meet the challenges of the pandemic.

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The global (re)insurance market is undergoing a transformation from manually run processes to a technology-driven business model, enabling companies to tap into the full potential that data has to offer.

A surge in fast-paced innovation and the utilization of machine learning (ML) with cloud-technology has enabled automation, streamlined efficiency, and provided access to more comprehensive analytics fed by this data.

While more than two-thirds of individuals believe that the use of emerging technology trends could transform the insurance industry and increase performance in their organizations, a recent Deloitte Survey noted that less than 30% of organizations are actually deploying these tools — creating a missed opportunity for many (re)insurers.

The industry as a whole believes that these emerging technologies have the ability to unlock hidden value, especially from data, but the complexity and sophistication of these tools have made their use limited to a select few that have the adequate skills and resources.

Now, however, new advancements in ML and cloud technology are helping underwriters, actuaries and executives alike access and use the data, making it possible to achieve business growth and underwriting profitability.

These technologies provide companies with a competitive edge, but the question remains as to how long it will take for data processing automation to become the standard for property & casualty (P&C) insurers.

Looking to machine learning in the cloud

In 2018, net premiums recorded by the P&C industry totaled $618 billion, an increase from the 2017 net premium totals of $558.2 billion. The pressure to grow will continue but there will be even greater pressure to achieve underwriting profitability, especially in the current economic environment.

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