Day: February 28, 2023

How AI Helps Insurance Companies Deliver a Better Experience

Post author By geekytech
Post date February 28, 2023

I recently wrote a post about why insurance companies should consider data consolidation. In that article, I discussed how having your business data in one place could help you make better decisions for your business.

And, at the same time, create a better experience for your customers.

Of course, one might argue that all of that data being streamed into this central “vault” would need to be assessed and analysed to get any value from it.

That’s where artificial intelligence (AI) and machine learning (ML) come into the picture.

Repairer Driven News, a news site for collision repairers, very recently discussed how technology—specifically AI—makes it easier for insurance companies to produce quotes.

Whilst this article discusses auto insurance specifically (given the nature of the publication), what it says is just as easily applicable to other parts of life that require insurance.

Using AI to Calculate Risk

In the past, risk calculations were done manually, based on information provided by the customer. With AI, however, risk calculations can be automated. And, they tend to be more accurate.

Accuracy, as it turns out, is extremely desirable in the world of insurance. That leads to a more logical premium for the customer, which is good for them and the insurance provider.

At the same time, AI is much better at detecting fraud.

Fraud detection requires pattern detection. And, if the fraud is sophisticated enough, humans might not be able to see that pattern. AI, on the other hand, can and will.

According to this article by Business News Daily, machine learning algorithms can detect fraudulent claims with a 75% accuracy rate. Of course, as technology evolves, fraudulent schemes will as well. However, all that means is that data scientists will need to keep up so that AI/ML can keep up as well.

Using AI to Calculate Cost

The article discusses how predictive analysis can determine if a vehicle can be repaired or if it should be written off. It can do that based on information such as the year and model of the vehicle, the type of impact, whether the airbags deployed, and so on.

It also talks about how AI heat mapping technologies can identify which areas of the vehicle were damaged.

With all this information at its “fingertips”, AI can very quickly complete an estimate with no additional help.

In the same way, AI could be used to predict risk and come up with personalised quotes for health and medical insurance, home insurance, pet insurance, and more.

Again, with a better understanding of the cost of treatment or reparations, insurance companies can service their customers better.

Using AI to Mitigate Risk

Safety technology in vehicles is reaching a point where cars can safely (well, more or less) drive themselves. While not all vehicles are autonomous, they do have features that can help human drivers operate a little more safely.

Some of these features, such as parking sensors, rear-facing cameras, and lane detection, can also gather information. This information, in turn, can be processed by AI to help drivers make better decisions; better decisions that lead to fewer collisions.

Helping Insurance Companies Harness the Power of AI and Data

Insurance software providers like Zinnia are offering solutions that help businesses make the most of their data. At the same time, these solutions also help them design better products for their customers, giving them the best experience as well.

For example, Zinnia’s life insurance solutions include data consolidation as well as management. This secure “source of truth” can be used by AI to generate better outcomes for everyone.

And, isn’t that what you want for your insurance business?

Home & Garden Living Real Estate U.K

London Landlords Can Justify Higher Rents By Setting Their Rentals Apart

Post author By geekytech
Post date February 28, 2023

London’s rental market is in a deep crisis.

The inflated cost of living, hefty hikes in rents, and the risk of inflation looming over the UK have led to a record exodus of renters, as many plan to move to other parts of the country in search of more affordable accommodation.

The result: rapid cooling in rental home demand leading to a sharp fall in rents.

For landlords whose incomes are getting hard hit by inflated mortage rates, this could be a ‘perfect storm’.

In light of the current state of housing, the London Post has shared a guide for landlords looking to improve their homes’ value to entice more tenants.

How to Increase Your Home Value

Except for the location of your home, there’s a whole lot of things you can do to justify higher rent and increase your profit margin, such as:

Improve Curb Appeal

Improving the curb appeal for a rental property is a great marketing strategy for homeowners looking to draw the attention of prospective tenants.

One of the best yet affordable ways to boost the marketing of your rental property is to spruce up your building’s paint job with a new colour or a fresh coat. Nothing says quirky quite like a bold colour. A brilliant splash of colour makes the exterior of a property visually appealing, thus attracting more prospective tenants to land on your advertisement. However, you don’t need to turn your grey and white house into pink and blue. Brightening up the siding, mailbox, or front door can help bring in a bit of character to even a basic palette.

Apart from that, well-manicured landscaping, a squeaky clean exterior, attractive lighting, a high-tech entrance, etc., can help improve your rental property’s curb appeal.

Add Luxurious Fixtures

To increase your home’s appeal to high-net-worth renters, upgrading to luxury fittings and fixtures is always a sensible investment.

Adding deck lighting, upgrading bathroom fixtures, replacing outdated bathtubs for designer tubs, etc., are a few ways you can create a buzz around your property.

Boost Your Online Presence

Advertising your rental property is critical, with at least 73% of prospective tenants turning to online sources for their search.

With digital marketing, you can add an upswing to your renter selections while also minimising empty rental periods.

For landlords who want to be less hands-on yet need professional marketing for their homes, hiring a real estate service like award-winning Quintessentially Estate is a sensible business decision.

Combining a multi-faceted, multi-channel property advertising approach with a thought-out marketing strategy, a professional service ensures a client’s property gets maximum traction on rental sites.

On top of that, high-end real estate services frequently collaborate with blue-chip and leading relocation businesses to ensure landlords get access to a greater pool of high-calibre renters.

Make Sure You Have All Relevant Checks Up to Date

As a landlord, you have a spectrum of compliance obligations to adhere to, and it grows year by year.

Ensuring all regulatory compliance checks are up to date is a legal requirement that ensures your renters are safe in a home that’s energy efficient and offers deposit protection, fire and gas safety, and more.

Failing to meet regulatory compliance can lead to hefty fines or charges, so it’s not something to skirt around.

Being transparent and explaining everything to your renters is an impactful approach that exhibits your care for your property.

Wrapping Up

Even though the current economic upset and soaring rents are forcing tenants to leave London, landlords can maximise their property value by following the home improvement tips featured above.

Business Employment Media & Communications Technology U.K

How Tech Startups Can Make Themselves Recession-Ready

Post author By geekytech
Post date February 28, 2023

The start of 2023 has seen big tech companies laying off employees in the thousands. To make matters worse, there’s talk of a potential recession happening this year.

If tech giants are having a rough time, how will smaller tech startups fare in this market?

As a smaller tech company, you’d be justified in getting a wee bit concerned. Fortunately, even when the near future looks bleak, there are ways your business can avoid the doom and gloom that comes with economic downturns.

Here’s how:

Focus on Your Team

A business is made up of not just the brand but also its people. And, as a startup, you want each member of your team to be a valuable asset. The more you invest in them, the more they will be invested in you.

That’s why continuous improvement and on-the-job training are invaluable. Technology changes and grows rapidly, and you want your employees to keep up. Not only are you building a stronger foundation for your business, but you’re also giving your employees a reason to care about the company’s growth. The more you grow, the more they grow.

This is one of the best ways of showing them you believe in their potential. And, also of creating a lean team that will keep your business afloat when times are rough.

Understand the Recession Market

Let’s face it. Recessions are nothing new. And, whilst technology might not have been the same, business principles tend to work in the same way, generation after generation.

So, take a look at what other successful tech companies did in the past. See how you could apply those principles to your business.

That should give you a good baseline for a set of revised business goals for your company during a potential recession.

It helps to have a multilayered strategy with different sets of business goals for various situations. Things might not be as bad as you think. Alternatively, things might be worse.

If you have a plan for every situation, including the worst-case scenario, you won’t be left floundering when (or, if) things do go south.

Be Prepared to Offer New Products

When COVID-19 started spreading in 2020, many countries enforced a strict lockdown. The UK was one of them. Businesses that were deemed non-essential had to close operations. That included manufacturers as well.

However, seeing that there was a shortage of ventilators in the country (at a time when the NHS would require more ventilators than normal), the Government issued the Ventilator Challenge.

Manufacturers who agreed to take part in it got together to make 20 years’ worth of ventilators in 12 weeks.

If you look at other businesses during the lockdown, you’ll see a number of them did have to change their product offerings in order to stay relevant.

In a recession, you may find that the products you normally make are not required. So, you need to be prepared to change your offerings.

(And, if you paid attention to my first point, you’d have a team that would be able to handle that change!)

Focus on Retention, Not Acquisition

You know that saying—a bird in hand is worth two in the bush?

It applies—very strongly, I might add—to customers.

It is always easier to retain existing customers by keeping them happy than it is to acquire new ones.

And, if you’re in the middle of a recession, new customers are even more difficult to find.

So, spend time on building those existing relationships instead of focusing on new ones. Reach out to your customers and find out if their needs have changed. If times are difficult, it might be possible for you to help each other out.

Plus, marketing to existing customers doesn’t have to be tedious or boring. As Bold Content pointed out, B2B videos don’t have to be boring. Build a connection with emotional, funny, relatable content.

(Plus, Bold Content is already helping produce content that could help your workforce grow—check out the story about the animation they created for Tech She Can, which encourages young girls to take up STEM studies.)

So, there you have it. Keeping your tech startup going during a recession is all about having a plan and building human connections. Stay creative, and maybe I’ll be writing a case study on your business in a couple of years.