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What is Proptech?  

Proptech refers to the practice of incorporating technology into the real estate industry. Proptech players are committed to creating efficient & customized digital solutions for real estate developers, investors, insurance providers, brokers, and property management companies. This cross-industry technology collaboration is set to change the way people research, rent, buy, sell, manage, and invest in real estate.  

Here is a list of Proptech technologies redefining the real estate industry:

Artificial Intelligence & Machine Learning  

AI and machine learning-enabled platforms allow enterprises to make insightful decisions. Processing a huge amount of available data enables companies to personalize and offer properties based on individual customer preferences, personality traits, and values, rather than just geographic location or size. It can also analyze and predict any safety hazard or construction defects, saving time and money. It also helps enterprises foresee future competition concerning any geography by evaluating the probability of occurrence of relevant events such as changes in the demographic pattern of the micro-market, income distribution of individuals in the vicinity, project viability in the future. Furthermore, correctly trained and designed Artificial Intelligence & Machine Learning algorithms are helpful to determine the property valuation and help predict the pricing trends more precisely.  

Augmented Reality and Virtual Reality  

The digital era has changed customer behavior – people now search online before making any purchase. Potential real estate buyers are no exception. Augmented Reality and Virtual Reality technologies open a new arena for real estate providers to make the buying experience more exciting and accessible. Maintaining a demo project has been a pain for real estate developers, costing them time and money. AR/VR enables them to create and conduct virtual tours of properties for their potential customers, which will allow them to experience the final product even before construction begins from the comfort of their own homes. This will also benefit long-distance customers who can’t physically visit the project. Real estate providers can use virtual tours that detail various parameters of the property, such as temperature control, safety precautions, community guidelines and help them get acquainted with the property well in advance. Virtual tours can also provide a realistic view of the project to the prospective customer. Their expectations are set before project initiation and can help deliver the final project by meeting the customer’s expectations.  

Robotic Process Automation  

Real estate and property management involve multiple documents that are data-heavy & rules-based, which reduces the productivity of employees and the business. Real estate companies can now bank on robotic process automation to automate these rule-based tasks and enable valuable human resources to focus on business-critical functions. Real estate operations such as tenant onboarding, portfolio management, payment reminders, NAV calculations, KYC compliances, maintenance scheduling, work orders, listing management, rent management, etc., can be automated leveraging RPA. Focusing on business-critical functions, such as interacting directly with potential buyers and sellers, enhances the probability of more closed deals, resulting in positive revenue growth. RPA improves transparency and visibility into various business processes, thus enabling realtors faster and wiser property management.  

Internet of Things (IoT)  

The Internet of Things (IoT) is helping the real estate industry grow and manage businesses more efficiently than ever before. IoT devices can send alerts and notifications to tenants or property managers in case of a safety hazard or other emergency issues. They can also keep track of maintenance history, identify potential problems and allow for predictive maintenance. IoT devices can also help property managers understand tenant behavior and preferences to improve properties and provide a superior customer experience. Before making a purchase, any prospective customer or tenant can evaluate the property’s history on maintenance, electric works, plumping, fire incidents, etc., through its connected IoT devices. Processing the immense variety of data available from IoT sensors through advanced analytics poses the enormous potential to offer meaningful & valuable insights that will change the way real estate works.  

The Future of Proptech  

The Proptech ecosystem is rising and will undoubtedly continue to grow, with budding start-ups becoming larger, global enterprises. Proptech will redefine the real estate industry, just like FinTech transformed financial services and InsurTech transformed insurance services. For real estate organizations to thrive and prosper in the increasingly digitalized future, understanding and effectively utilizing Proptech solutions is the way ahead.   

But the question is, how can enterprises be prepared to leverage the Proptech revolution? How can you future-align your real estate & construction business? Black Rock IT Solutions can help! Drop a mail to sales@blackrockdxb.com. Our real estate professionals have the in-depth industry knowledge and the technical experience needed to help you achieve your business goals. 

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From Industry 1.0 to Industry 4.0, intending to reduce cost and to improve efficiency, organizations have always tried to automate business processes with whatever technology or machinery is available to them. With the widespread adoption of digital technologies, automation has evolved quickly during the last few years. Though traditional automation has been around for quite some time, the introduction & adoption of Robotic process automation (RPA) has taken the automation industry by storm. RPA streamlines & automates business processes that are repetitive and manual-labor intensive – it has transformed human lives, the business ecosystem, and the global economy in an unprecedented way. 

What is Intelligent Automation? 

With advancements in digital technologies such as Artificial Intelligence and Machine Learning, a smarter version of RPA that analyzes the vast amount of data generated, then decodes and learns the business process itself with context, rather than perform a series of rule-based tasks, has paved the way for Intelligent Automation. 

IA combines artificial intelligence and automation to create smart business solutions that can analyze, learn, and adapt to improve the efficiency and productivity of any organization. It leverages natural language processing, computer vision, machine learning, and machine vision to understand and solve complex business challenges.  Intelligent Automation automates any business processes that leads to reduced operational costs, improved efficiency, and enhanced customer experience. 

Let’s explore how Intelligent Automation Solutions are disrupting different industries. 

Healthcare   

 With the implementation of Intelligent Automation solutions, healthcare providers can devote more human resources towards patient care as the mundane & time-consuming tasks are taken care of by IA. The Healthcare industry struggled with the processing of unstructured data involving text, videos, and images – intelligent solutions took over the unstructured data processing and automated tasks such as collecting and interpreting diagnostic results, pharmacy & laboratory operations, etc., in a short time frame with increased efficiency.  Digitization of health records, inventory management, automating unstructured data processing, automating contact center operations, patient journey management, etc., are some of the ways automation has made an impact in healthcare. 

With virtual caregivers, patient management robots powered with speech & facial recognition, and AR/VR technologies, the healthcare industry can offer personalized patient care, ensuring superior patient and employee satisfaction. 

Retail 

Artificial intelligence infused into Robotic Process Automation (RPA) has enabled retailers to offer personalized offers to each customer. Intelligent Automation solutions analyze the massive amount of data generated via various customer touchpoints to create a seamless and error-free shopping experience for their customers. Assistive body measurement solutions by leveraging cutting-edge Artificial Intelligence & computer vision technologies to automate and fast-track body measurement and apparel-size recommendations for their customers accurately and efficiently is one of the applications of IA in retail industry.  

Pricing analytics, a sub-discipline of Intelligent Automation, helps retailers adjust prices based on customer’s intent and real-time market conditions. It can also gather customer sentiments from various social media platforms and allows retailers to make informed decisions. IA significantly improves the retailer’s operational efficiency, reduces costs, and ensures superior customer experience. 

FinTech 

FinTech organizations embraced Intelligent Automation solutions to automate almost every aspect of their business process. Combining technologies such as Artificial Intelligence, Machine Learning, Natural Language Processing, Computer Vision, etc., Intelligent Automation enables FinTech providers to offer cognitive agents such as virtual assistants and chatbots. These cognitive agents are capable of learning complex structured and unstructured data to make logical decisions and have disrupted the way customers engage with financial institutions. 

Intelligent Automation solutions help wealth management organizations analyze the vast amount of available data to understand stocks’ historical performance, make more accurate predictions in the future, and help gauge market movements in near real-time. These solutions can also help FinTech providers to meet regulatory compliances and standards as they reduce the risk of human errors significantly.  

Transportation & Logistics 

In recent times, automation in transportation industry has made significant advancements. Intelligent Automation solutions enabled the highly fragmented and complex Transportation & Logistics industry to become more efficient and transparent with fewer resources – autonomous trucks, driverless cars, and drone taxis are some of the most exciting intelligent automation applications within the transportation & logistics industry. 

With the widespread adoption of digitization, the customer’s logistics & transportation expectations have changed enormously. Intelligent Automation solution providers help organizations streamline & optimize their business processes such as transportation planning, route planning, warehouse network management, and inventory management to meet the rising and fluctuating market demands. Driven by insights and predictions, IA solutions help organizations be more efficient, meet customer demands, and make better faster decisions.  

In Conclusion 

Intelligent Automation solutions are designed to address complex business problems, simplify business processes, reduce costs and improve efficiency. With increased market demand and dynamic customer expectations, if businesses don’t automate everything they can, they may not survive.

At Black Rock IT Solutions, we understand the intelligent automation ecosystem and can help build customized solutions for organizations across industries. To know more about Experion’s automation capabilities and how we can support your journey towards automation, contact us at sales@blackrockdxb.com   

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In this article, we are looking back at some of the key changes the pandemic brought to the world of technology – here are the digital trends that shaped 2020. 

Automation

Enterprises across industries aggressively leveraged automation to reduce costs, increase performance, and become more productive during 2020. Though automation was on the rise before, this year witnessed widespread adoption of automation by organizations of all sizes and has climbed the ladder from being a low priority concern to a mission-critical area of interest. Organizations that adopted automation before the pandemic have weathered the disruption better than others. They have experienced fewer disruptions to their operational processes, supply chains, workforce productivity, and have continued to ensure an improved customer experience. 

Artificial Intelligence and Machine Learning 

2020 witnessed a staggering adoption of Artificial Intelligence and Machine Learning technologies. These technologies played a crucial role in building a digital ecosystem where humans and machines can collaborate to harness data-driven insights. With growing advancements in the technology spectrum, AI & ML technologies will change the way businesses operate and compete. Organizations must identify and embrace technological advances in the emerging technology spectrum to stay afloat and thrive in the coming years.

Cloud computing

In 2020, cloud computing has become a metaphor for modern computing, and enterprises continued to embrace cloud computing. With COVID-19, most countries enforced stringent lockdowns with stay-at-home policies,  increasing the demand for cloud solutions and services. Enterprises realized the cloud’s potential as a reliable option for ensuring business continuity and embraced it because of its scalability and reach. To ensure maximum efficiency, cost-effectiveness, and to reduce the chances of vendor lock-in, enterprises adopted a hybrid cloud strategy to meet their end-to-end requirements. Enterprises that embrace the cloud intending to improve their flexibility, efficiency, and agility to their existing operations, will have a competitive edge over other industry players. 

Data Analytics

Data is an untapped goldmine in the digital landscape, and business executives across industries are trying to unlock its real potential. Before COVID-19, though enterprises of different types and sizes were aware of data analytics and started adopting the concept, they haven’t integrated it into their daily operations. Enterprises that identified and adopted data analytics well in advance have successfully served customers, hired employees, streamlined demand and supply, and optimized operational processes during this pandemic. In 2020, data analytics has reiterated its position as a crucial factor for thriving and surviving in this digital business ecosystem. 

Conclusion

These trends are likely to continue influencing and disrupting how business models are built and operated. To stay competitive in this ever-changing, fast-paced digital world and to be prepared for the digital disruptions in the coming years, enterprises need a reliable partner to consult and develop the solutions that will keep them future-proof.

At Black Rock IT Solutions, we are committed to ‘future-proof digitally’. We assist enterprises on their journey towards business resilience – we understand the changing patterns in consumer behavior and technology and can help you adapt to changes quickly and efficiently. Drop a mail to info@blackrockdxb.com to know more about how we can help you stay ahead of the ‘wheel of disruption.’

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Digital disruption has invariably affected the health insurance industry as well.  Several players in the industry are now leveraging the latest digital technologies such as Artificial intelligence (AI), Big Data Analytics, and the Internet of Things to customize their offerings, reduce cost, and enhance their customer experiences. As predicted by Accenture, the majority of insurance executives believe that artificial intelligence (AI) will significantly transform the industry, and McKinsey estimates that AI and Analytics will have a total potential annual value of up to $1.1 trillion if AI tech is utilized to its full potential in the Insurance industry.

In this article, we will look at how and where the healthcare insurance market is adopting Artificial Intelligence, and the multitude of value-adds it makes possible within the domain. 

Claim management

Reviewing and processing submitted claims is a time and labor-intensive task.  With Artificial Intelligence, insurance providers can make the claims management process faster and better, with fewer errors. Artificial Intelligence reduces human intervention by identifying and routing claims with the incorrect information for further evaluation by actual people, and routing submissions with correct information towards fully automated background processing.

AI-based claim management enables automated report generation, database updation for future reference, and communication with the end-user, ensuring seamless customer experience. A modern claim management platform leveraging artificial intelligence can help insurance providers optimize the claim management process.

Fraud detection & prevention 

Combating insurance fraud has always been a nightmare for health insurance providers. Artificial Intelligence is the perfect solution to this problem. Handling insurance fraud is a costly, time-consuming process if insurance providers rely on traditional methods. With the introduction of AI-based solutions, it is possible to analyze a humongous amount of data within the shortest possible time. AI-enabled systems can analyze entire medical histories without any hassle and identify patterns a human might overlook. When the system comes across any possible anomalies, it will be marked for closer scrutiny. With more data, AI-based systems will become more intelligent to identify which parameters or instances might be a fraud and which might not. However, even though artificial intelligence-based solutions are the best way to handle the quantity and complexity of data, human intervention is likely to remain a key element in making the final decision. 

Operational efficiency

The insurance industry is generating a massive amount of data, thanks to accelerated digitization. Health insurance companies have been storing this data on legacy systems that are often incompatible with each other. Stakeholders within the organization may work in silos, and this leads to substantial manual dependency as well.

Implementing AI-based systems addresses this issue by standardizing the data structures and reducing the manual effort for mundane, repetitive tasks. AI-based systems handle external data (client-focused) and internal data (process, operations, etc.) for insurers. By analyzing the available internal data, these systems help insurers develop risk mitigation and cost reduction strategies by optimizing their processes and standards. These systems can also be leveraged to assess the company’s performance and predict possible undesirable outcomes even before they occur. 

Personalized product offerings

Traditionally, insurance companies have designed their offerings based on the risk pools determined by statistical sampling. With dynamic consumer behavior, this “one-size-fits-all” approach for product offerings may not be efficient or sustainable. Though companies provide personalized offers such as critical illness coverage, heart disease coverage, etc., customization at an individual level is yet to be seen. 

AI can disrupt the insurance ecosystem by providing consumer behavior-based personalized product offerings. AI systems can analyze individual medical records ( age, gender, job nature, family health history) to personalize the product, the premium, and the coverage list. If integrated with IoT devices like smartwatches, fitness bands, and other wearables, insurance providers can predict and personalize insurance coverage for each unique customer.

Conclusion

The insurance industry is still in the nascent stage when it comes to utilizing the vast possibilities that artificial intelligence offers. With accelerated digitization and change in consumer behavior, the health insurance industry will witness increased adoption of AI-based systems to reduce costs, improve operational efficiency, and provide superior customer experience. The future of AI in healthcare insurance is to create a better health experience for all stakeholders. 

Black Rock IT Solutions has been providing AI-based solutions to enterprises across the globe to accelerate their digital transformation journey – we have built AI-based solutions such as automated claim detection using deep learning, automatic information extraction from claim forms and real-time emotion detection through facial expression analysis. Our team of experts in the insurance and healthcare industry enables organizations to craft better customer experiences and introduce innovative business models. 

To know more about our AI solutions, write to sales@blackrockdxb.com

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A hill-state in the north of the Indian subcontinent – famed for its untouched natural beauty, snow-capped mountains, and pristine lakes – has been especially vulnerable to fatalities caused by road accidents. 

Although not wearing seatbelts and drunken driving are among the leading causes for these accidents, a surprisingly high number of them were also caused by bad road conditions like potholes, steep gradients, a lack of crash barriers and roads under construction. Adding to this are the accidents caused by extreme weather conditions – the state has extremely different weather conditions than the rest of the country, with snowstorms and hail being a regular occurrence. 

The government realized that in this era of digitization, a comprehensive digital solution to manage road accidents and safety is one of the primary tools they should consider using to minimize the losses these accidents cause, and began to search for a solution that could effectively capture the complex data that needs to be recorded in the difficult terrain of their state.

Why go digital for road safety?

In most of the countries, stakeholders in the transportation sector currently depend on legacy software platforms and solutions to perform different operations for generating accident and safety reports, analyzing issues, and recommending countermeasure actions. The tools and techniques employed are also holding back their capability to process data from different sources. There are also challenges in terms of rigidity while accepting inputs, user-friendliness, and so on. To overcome these inabilities of the outdated legacy systems, and to approach road safety management scientifically, to arrive at targeted solutions that improve road safety, a digital solution is the need of the hour. 

Enter Experion

Experion, in a project funded by the World Bank, worked with a renowned the British transportation firm to develop an ingenious digital solution that brings all types of data sources, analytics, and dimensions into a single solution framework and makes it easy to perform all analysis and recommendations on a single platform.

The solution is a step towards scientifically addressing road safety management – it helps identify accident-prone spots, reasons for accidents, and measures for taking remedial action in this direction. This solution also helps vital stakeholders such as the Public Works Department, Police Department, Transport Department, and Department of Health and Family Welfare to collaborate effectively and efficiently to ensure road safety.  

The State  Govt zeroed in on this solution to help them battle the number of road accidents they had been facing, and to help minimize the number of lives lost to these avoidable mistakes. They have implemented the solution and have been successfully working with it for over five years now. 

What features does a road safety management system need?

The solution should provide near real-time, complete, and relevant information on road accidents occurring in any part of the country or state to concerned authorities.  

The solution should identify accident-prone locations and analyze trends in road accidents to monitor the roads’ safety. This will enable stakeholders to plan more efficient strategies in line with international safety standards to reduce the number and severity of road accidents and their impact on human lives. 

Advanced geospatial algorithms must be used to identify road safety problems of each specific region and recommend counter-measures to reduce casualties from road accidents. 

How solutions like this one can help 

The solution is equipped with a real-time alert mechanism that enables the concerned stakeholder to reach the accident site and capture various critical parameters of the accident like the GPS coordinates of the accident location, type of vehicle, details of those involved in the crash and pictures. This data can be analyzed and generate meaningful insights such as accident data status, accident severity analysis, reasons, and impacts of the accident, etc. 

As a platform that would be used by different members of the local government bodies, it was built to ensure a superior user experience to all stakeholders, making it easier for them to report even the minor accidents that go unreported due to the complex manual procedures involved previously.

Leveraging the meaningful insights our system provides, the concerned authorities can develop and implement safety performance indicators – measurements that are statistically related to accidents or injuries and are used in addition to accident or injury statistics to indicate safety performance or to understand the process that leads to accidents.  

The digital solution monitors and assesses the road safety situation in each stage of road development and enables stakeholders to make interventions early if they show undesirable results. The solution also allows users to measure and compare safety measures implemented in different countries and compare the before and after scenarios and data after specific actions were taken. 

The solution tracks, stores, and analyses the most salient road safety issues and sorts them according to their contribution to fatalities and injuries. With this, the road authorities can set road safety targets and relevance standards. These targets and standards can be used to educate the road users, the drivers, the vehicle, and the infrastructure manufacturers to improve the road safety situation. 

The solution enables authorities to formulate and develop superior road safety strategies and action plans based on inputs, targets, and safety performance indicators customized for each geographical region. The system also allocates each action plan to the most suitable department for implementation and monitoring. It collects feedback and analyzes its effectiveness and suggests alternatives or tweaks if the accident rates do not reduce.

Conclusion

Our transportation practice is determined to contribute towards safer roads, utilizing advanced digital technologies like artificial intelligence, machine learning, IoT, and advanced analytics. If you have a requirement we can help with, please contact us at sales@blackrockdxb.com.

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Imposing personal safety adherence measures such as redesigning the floor layouts, marking safe social distancing, etc. are immediate solutions, but they may end up creating discomfort in the long term. In this scenario, adopting technology can help retailers tackle these challenges while reducing costs and improving efficiency.

In this article, we look at how retail analytics can play a significant role in helping businesses to overcome these challenges.

In-store analytics

In-store analytics empowers retailers with interactive, dynamic, and real-time dashboards with insights into the customer’s in-store behavior. For instance, customer interaction in a specific zone or an area in the store. In-store analytics’ unprecedented potential to track and analyze customer store behavior patterns enables retailers to adopt better in-store product placement strategies ensuring customer engagement and, in turn, a superior customer experience. These insights coupled with geographical data can also help stores to evaluate the COVID-19 exposure in the geographies where their stores exist. 

Footfall analytics

Measuring the number of visitors will enable the retail stores to analyze and compare store performance over a period of time with respect to customer visits. People analytics can be leveraged to assess employee – visitor ratio, employee performance, schedule employee shifts, predict visitor trends, and forecast optimum recruitment intervals. Various departments such as facilities management, operations, inventory management, and supply chain management, can utilize the insights generated to make faster and smarter decisions. 

Customer sentiment analysis

Capturing customer sentiment on the retail premise helps retailers gauge the efficiency of the services they offer. Customers can be asked to share their feedback using their mobile phones at the entrance or exit doors about various parameters such as safety, comfort, and confidence. They can also run sentiment analysis on data from facial analysis, social media networks, and different online forums. These can help them to improve their offerings and enhance the customer experience.

Cross-platform analytics

Customers today are more empowered and connected than ever before. Retailers must track customer intent much before they visit the store by analyzing their behavior from across touchpoints such as a desktop webpage, native & third-party applications, and mobile sites in one place. This cross-platform analytics will help retailers understand how the customer moves through various channels before they visit the store for purchase. They expect companies to provide seamless experiences across channels that reflect their history, preferences, and interests. Understanding the whole customer journey and discovering their behavioral insights allows retailers to create a consistent and unified experience through all the different channels.

In Conclusion

Retailers who want to thrive in the future must leverage the vast potential that retail analytics offers. They must make smarter and faster decisions based on meaningful insights from retail analytics to ensure increased revenue, higher profits, enhanced customer engagement, and superior customer experience.   

Black Rock IT Solutions has developed retail analytics solutions to help global retail enterprises operate more efficiently. Experion’s expertise and experience in assisting organizations to realize their strategic and operational goals has enabled us to gain an edge in the workings of the retail industry. To know more about how we help businesses ensure business continuity and enhance customer satisfaction amidst the COVID-19 crisis, drop a mail to sales@blackrockdxb.com.  

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Here are some of the new avenues InsurTech players need to focus on going forward, to ensure they stay on top of their game in an ever-evolving playing field. 

Artificial Intelligence

McKinsey reports a total potential annual value of up to $1.1 Trillion for AI adoption across industries. Though industry experts have been urging insurance players to embrace digital transformation solutions to offer better, faster, and cheaper services for quite some time, organizations were moving at a snail’s pace. Artificial Intelligence can transform the insurance industry by replacing frustrating, time-consuming, bureaucracy-dependent systems with fast and tailor-made solutions. Organizations can leverage AI to customize their offerings such that customers can avail them whenever or wherever they want. Personalized pricing is another area where AI can be utilized. This will allow customers to pay only for the package they wish to avail rather than opting a comprehensive package. AI will revolutionize the way companies operate in a post-COVID-19 world. 

Predictive Analytics

A data-driven predictive analytics system predicts the behavior of the insured, delivers better insights, and enables the insurance providers to make better decisions. Predictive analytic systems can be leveraged to personalize and optimize offerings. For instance, by analyzing historical consumer behavior, customer preference, risk exposure, etc., Predictive analytics can also be utilized to anticipate and prevent fraudulence, predict customer churn and application manipulation, and ensure superior customer engagement. In a nutshell, predictive analytics will be the ‘insurance package’ that insurance providers must opt to continue offering their services in a highly competitive market.

IoT

Market research firms are expecting the IoT insurance market to be worth around US$ 192 Billion by 2025 at a CAGR of 65.5%. Real-time collection and analysis of data from IoT devices or wearables enable the insurers to improve efficiency, reduce costs, and optimize resources. With proper data analysis and meaningful insights, insurers would be able to offer customized solutions for each customer and establish strong and ongoing personal relationships. They must monetize the data generated to develop new services and business models with an objective to create additional revenue. The success of insurers depends significantly on their preparedness to embrace technology advancements and innovations to create value for their customers in the long term.

Chatbots

Like in any other industry, customers in insurance would love to compare different packages without having to speak to an agent and make the purchase of their customized insurance services online. Chatbots offer superior customer assistance instantaneously rather than having a customer wait to talk to a customer service representative, ensuring faster and more efficient services. Insurers must utilize chatbots to offer a higher level of personalization while crafting policies for customers. Along with guaranteeing prompt customer responses, chatbots must be used for recommending new policy suggestions based on customer behavioral traits. If designed and implemented correctly, chatbots can enhance the relationship between customers and providers. 

Telemetry

With connected devices going to rule in the future, Telemetry provides a great opportunity for insurers to maximize their value propositions.  Telematics can change insurance equations and disrupt the business as well as operations models – from risk assessment to customized and competitive pricing, improved fraud detection, reduced claims resulting in superior customer experience, and increased customer retention. They must position the societal and environmental benefits of having telematics in place in collaboration with the government and other regulatory bodies.

The world is going through a very challenging and uncertain time. The pandemic has caused the global economy to contract sharply in the near to medium term. With a global recession looming on the horizon, it is natural to adopt a cost optimization strategy. But we believe that time is ripe for InsurTech companies to invest in innovation and digital transformation initiatives. InsurTech companies need to adapt to new technologies and technology-led business model innovations to remain competitive.    

Black Rock IT Solutions has a long history of working with InsurTech companies to build solutions that enable insurers to craft better customer experiences, navigate regulations faster, reduce manual processes, and introduce innovative business models. To know more about our InsurTech offerings please contact sales@blackrockdxb.com.

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E-learning platforms have been around for many decades, but haven’t been able to create the kind of  ‘transformational’ impact that has long been promised. With the Coronavirus ‘black swan’ event, all of these remote learning platforms have gotten a sudden push into the mainstream, even in places where people could not envision such options earlier due to poor infrastructure and other socio-economic issues. 

The size of the E-learning market had already been pegged to cross USD 240 Billion by 2023, and now this projection is going to go up further. It is no wonder then, that in the coming days we will see newer companies entering the remote learning race utilizing emerging technologies like Artificial Intelligence, Big Data Analytics, Cloud Computing & Augmented and Virtual Reality to compete with established market leaders.  

Emerging technologies that are set to take e-learning solutions to the next level

Artificial Intelligence

According to Forbes, “Artificial intelligence can act as a virtual tutor and answer questions on the fly”.

Artificial Intelligence-powered E-learning platforms will be equipped to identify and assess learners’ levels of understanding and suggest customized paths of learning. Content analytics powered by AI makes personalized and learner-centered approaches possible – these would be based on the learner’s intellectual level, from kindergarten through higher education to even corporate training. Developing these solutions is no longer a daunting task with the advent of AIaaS or “AI as a Service” – now these solutions are easy to implement and come with enticing benefits. 

Augmented Reality (AR)

AR solutions bring more engagement, excitement, and innovation to e-learning platforms making content more consumable, enjoyable, and valuable. Augmented Reality techniques will be widely utilized to increase engagement for learners through activities, rather than the traditional read and write learning methodology. Augmented reality can also be used to offer customized learning options to suit differently-abled students with special needs to learn better, as AR includes gesture, voice recognition, and image rendering experiences.

Virtual and Remote Laboratories

Laboratories are some of the best places to learn – they allow students to acquire knowledge, experiment with different methods of arriving at answers, and experience real equipment, inculcating active learning and the development of skills based on solving challenges. Simulating labs virtually makes it possible for the users to stay connected through the internet to a remote physical system, and conduct web-based technical experiments. Students can extend their depth of knowledge in areas of control systems, programming, database, various other web-based applications, tools, and technologies. 

Virtual labs are also extremely beneficial to run experiments that are normally too expensive, unsafe to run, or unavailable.  They also allow students to repeat an experiment multiple times,  giving them the opportunity to see how changed parameters and settings affect the outcome without wasting resources.

The Internet of Things

The number of devices that will be a part of the Internet of Things (IoT) by 2025 will be around 75 billion in number. The rise in IoT is going to further improve the e-learning experience. Already we see how mobile learning allows learners to access E-learning courses with absolute freedom of time and place. In the future, we are going to see more content in the form of images and videos.  24X7 access to the internet across a number of wearables will make teachers redesign assessment from “remembering and writing down”, to “evaluate and elucidate concepts on the go”.

If you’re thinking of using these technologies to your advantage to build or improve your E-learning systems and solutions, reach out to the expert technology consultants at Black Rock IT Solutions. blackrock has built spectacular EduTech platforms for organizations across the globe – with our years of experience and know-how in the latest technologies such as AI and AR/VR, blackrock is certain to deliver the best solution with minimum time investment.

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