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Aug 2018

AI sweeping changes in insurance technology

Artificial Intelligence (AI) or enabling computers to mimic human behaviour and decision-making process is no longer a distant futuristic dream, it is a foregone conclusion in the reality of the present. Advanced technology has become an integral part of our lives. Our private and public lives, the spaces we occupy, the products we consume, and the services we opt for, are all becoming more intelligent thanks to AI and machine learning based on the enormous volumes of user data being collected every day.   It is no surprise then that the corporate sector across industries is rapidly waking up to...

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Jul 2018

How agile testing leads to happy customers

Testing is one of the most important processes in the software development life-cycle (SLDC). A great product in theory can fail spectacularly in the real world in the absence of exhaustive testing on the basis of detailed use case scenarios. Despite being an integral process in determining success and ensuring that product owner does not have to suffer an embarrassing loss of reputation, not to mention the time and money cost of failure, testing often tends to get overlooked due to aggressive timelines for product launches. We’ve discussed previously, the key features of the agile development and testing methodology, and...

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Jul 2018

How Machine Learning is aiding Insurers

At its core, machine learning is the science of finding patterns in large volumes of data in an automated manner using complex algorithms. Since the key focus, as well as the most pressing challenge for insurance companies today is to improve compliance, refine cost structures, and stay ahead of the competition by predicting the types of insurance and coverage plans new customers want and are likely to buy, machine learning is proving to be a game-changer because with its predictive and descriptive data models. Artificial intelligence and machine learning help insure companies reduce the time-to-market for their new product launches,...

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Jul 2018

5 best practices for Agile Testing

As important as it is to build a great product or create a sophisticated software, testing is the only way to know, without a doubt, what the real quality of the product is and how it will function in real time, once released to the end-consumer. Ignoring the testing phase can expose the company to easily avoidable and costly risks – in terms of time, financial costs, and reputation. While testing should be intrinsic to the software development lifecycle, it is often overlooked in the race to release the software first and fastest in the market. Agile development mitigates many...

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May 2018

Engineering Challenges in Building Enterprise Applications

Engineering Challenges in Building Enterprise Applications Part IV our series on “Challenges in Building Enterprise Applications” looks at the engineering challenges faced by companies in building a comprehensive and cohesive IT backbone to a modern enterprise.”  It is a capital mistake to theorize before one has data.  Sherlock Holmes, in “A Study in Scarlett”  Sir Authur Conan Doyle could not have possibly known how prescient this line would be when he first wrote it in the 1880s. Now of course, data is the bleeding heart of a modern enterprise. No manager at any level or any organization takes decisions that...

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Jul 2018

Can blockchain mutate the insurance industry?

For a while now, especially since Bitcoin’s implementation of blockchain technology as the backbone of its digital transactions, emerging blockchain technology has been considered the buzzword and one of the greatest revolutions in the way we do business since the advent of the Internet, 30 years ago. But blockchain is more than just a buzzword. Realising the huge innovation potential of blockchain to create and efficiently provide advanced, relevant and personalised products and solutions to customers’ problems in the BFSI sector, investments in blockchain-related startups across industries grew to more than $800 million in 2014-15. Blockchains are decentralised, mutually (peer-to-peer)...

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Jul 2018

RPA: Changing The Insurance Landscape

Robotic Process Automation, or RPA, means using a new class of softwares to automate business processes. Successful RPA involves replicating menial and repetitive activities that are currently manually performed. Using RPA, these tasks can be completed at a fraction of the cost and in a shorter time frame by using existing core applications, websites, spreadsheets, documents and emails. The reason RPA trumps traditional solutions in terms of cost and time efficiency is that it doesn’t need to change current IT systems to be able to streamline business processes. While individual elements within the RPA software have been around for a...

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Jun 2018

Why Do Financial Institutions Need QA Automation

It is true that the future is digital, but the breakneck speed at which the digitization of businesses is being undertaken requires caution, even while embracing disruption. In today’s world, financial institutions find themselves in a uniquely precarious position — while the demand for digital financial products is increasing, the industry, and institutions to operate at the highest levels of security and performance quality due to the sensitive nature of the information it transacts in. The stakes are higher than ever before for institutions as they struggle to provide high-quality, error-free products and services that cater to the individualistic nature...

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