15 Sep 2020
Every organization needs to onboard good talent, retain, engage them and work with them to increase efficiency and productivity. Huge amount of time and money is spent to search, select, interview and hire the perfect candidate. Artificial Intelligence (AI)/ Machine Learning (ML) integration into human resources (HR) practices make organizations better as AI applications helps the HR Team to analyze, predict and diagnose for better decisions. According to a report published by Grand View Research in February 2020, the human resource management market is anticipated to reach $38.17 billion by 2027, registering a CAGR of 11.7 % from 2020 to 2027.
Delhi based startup, ReferHire, has created a peer-to-peer (P2P) networking platform to bring together organisations and those seeking newer career opportunities. Jobseekers have to identify the companies they are interested in and then ReferHire introduces them to peers in those organizations. These peers help job seekers in placing their application internally in the organisation and assist during the recruitment process.
Culturro, Gurugram-based startup has developed an Artificial Intelligence-based NLP bot platform Agnya which helps companies to build the right workplace experience and identify the drivers. It recommends actionable insights for HR heads and also influences behaviour modification in individuals to create the desired workplace experience. Post action, it constantly monitors the progress.
Bengaluru-based Equiv.in launched AI tool which aims to solve talent assessment and hiring while keeping diversity in mind. Equiv.in is exclusive for women, differently-abled individuals, members of the LGBTQ community and army veterans where the jobseeker can sign up with AI Equiv tool. Some of its clients include Indeed, ThoughtWorks, Infosys, Societe Generale, Microsoft and Blackrock.
Similarly, 19th Mile has developed Analytics-driven automated sales coaching system that provides personalized, data-driven coaching to sales representative. The app tracks individuals’ daily sales activities using data from its inbuilt mobile CRM or from the organization’s CRM and uses it to intelligently coach users towards meeting their specific sales targets.
On the other hand, HireSure.ai uses blockchain technology to store employment-related records. Its predictive tools use AI to offer insights related to employee compensation and offer acceptance behaviour, which helps companies increase their offer-to-join ratio. This brings down hiring costs by up to 50 %.
Hiring is a challenging process in any organization and if not addressed efficiently they end up losing good candidates. There is also rapid evolution in business dynamics and therefore several startups are using new age technologies to fill up these gaps.
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Geospatial Analytics in Insurance
Insurance industry is slowly embracing remote property intelligence as a quick, dependable, and cost-effective alternative to relying on estimates based datasets. COVID-19 lockdowns and corresponding physical-distancing protocols have double-downed the need to rethink underwriting.
High-resolution aerial imagery can reveal the underlying risks of the properties and add to the details in application data for underwriting purposes. According to a report by Markets & Markets, the global geospatial imagery analytics market size is expected to grow from $6.9 billion in 2020 to $27.9 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 32.1% during 2020-2025.
Insurers are likely to increase the use of geospatial analytics to take advantage of the latest in AI & ML advancements to allow for automated damage classification by combining this with location information such as an address and other information like the extent of damage. Pre and post-disaster imagery also will provide intelligence needed to expose insurance fraud.
Companies such as CAPE Analytics provides instant geospatial property intelligence for buildings across the USA and have now expanded to Canada. When integrated with Guidewire, Cape Analytics and Betterview offer insurers improved visibility and actionable insights into damage or risk so they can more accurately price, underwrite and adjudicate commercial and personal lines.
InsitePro by Intermap is a cloud-based software solution that brings together all the necessary data and analytics for underwriting natural catastrophe risk. Detailed elevation and terrain knowledge provides critical data giving underwriters the ability to expand portfolios and reduce risk exposure.
Under GOI’s crop insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY), agencies will be conducting large-scale pilot studies for technology-based gram panchayat level yield estimates, using Geospatial Analytics.
Skymet in India is opening up its 10-year geospatial proprietary farm-level data repository through a digital platform ‘SkAlgeo’. It can help the banking and insurance sector to create programmes after evaluation of crop risks using different indices. Some banks are using a digital lending solution built using the SkAlgeo platform to assess the risk profile of the farmers.
The pace of change has been augmented by the industry’s need for quick decision making, driving down costs and optimizing the customer experience. We believe, geospatial analytics can help insurers make more accurate underwriting decisions, help reduce losses and assess claim payouts judiciously.
Credits : Akhil Handa,Aparna Anand
Insurance, through Crowdfunding
With the emergence of Uber and AirBnB, ‘Sharing Economy’ has proven to be beneficial on a real-time basis across multiple industries, including transportation, real estate and hospitality.
Even in the Insurance sector, numerous InsureTech start-ups are enabling P2P or crowd-based models that leverage crowdfunding. It allows for more people to be insured by aiding underserved markets. Collective purchasing yields preferential pricing to those subscribed to peer-based insurance programs.
Acknowledging this innovative approach, insurance, financial services and e-commerce sites around the world have begun to offer crowdfunding approaches to covering expenses. For instance, Love Upgrading is a crowd-funded insurance service offered on WeChat, China’s voice and text messaging app. Clients on the platform can pay an initial premium of US16 for one year of insurance with USD 8,000 of coverage. By sharing the link on WeChat and invite friends, the insurance amount can be raised upto USD 15,000.
Similarly, China’s second-biggest e-commerce player JD has launched a Kickstarter-like crowdfunding platform, Coufenzi, which allows participants to invest in a movie of their choice, with deposits as low as ~USD 20. These deposits are then bundled into the company’s wealth management and insurance products that pay a fixed interest rate.
On the other hand, Friendsurance follows similar method to offer cheaper insurance to customers using an innovative peer-to-peer method. Customers can connect online and create their own insurance pool. Small claims are paid out of this pool, with bigger claims covered by traditional insurance.
To leverage the power of crowdfunding, number of insurance companies are partnering with crowdfunding platforms like Kickstarter, Indiegogo, Wishberry to raise funds. On the other hand, some insurers like TIAACREF are hosting campaigns on a dedicated social network called the Communities, on which members can discuss their financial health, exchange ideas and host campaigns.
In today’s age of technology-enabled collaboration, crowdfunding has a great potential to make inroads in insurance focussing on under-served population. Given the ever-growing proportion of non- or under-insured individuals, crowdfunding could be a lucrative way of addressing mass market needs, especially individual disability benefits, retirements and pensions, as well as group plans.