Insurance industry is gradually raising the bar with IoT technology. Insurers have begun to apply the technology in several ways. Sensors connected to cars, clothing, smoke and burglar alarms and several other appliances have helped to reduce risks. The idea here is simple. Insurers are using IoT to prevent accidents so they will pay less compensation. They are hiring iOS and android app development companies
for this exercise.
These sensors help to harvest and transfer volumes of data to insurance providers so that they can analyze the data and fix appropriate prices for different policies. There is nothing as beneficial as having access to real-time data. That is exactly what IoT brings to the table. This also promotes iOS and android app development because many apps depend on real-time data.
The sensors connected to cars collect data on driving habits of policyholders. This is necessary for fixing appropriate premium prices for different drivers. Some driving habits are safer than others. For instance, some drivers apply brakes at a reasonable distance before the obstruction while others wait until they are close. Of course, doing latter is bad because there could be brake failure.
Furthermore, some drivers don’t exceed certain speed while some others are “speed demons”. In short, drivers with safer driving habits are rewarded with lower premiums. And other drivers are advised on adopting safer driving habits to earn reduced premiums.
Sensors connected to clothes help to gather lifestyles of policyholders. This helps insurers to determine the policyholders with healthier lifestyles. That way, those that engage in regular exercises will earn reduced premiums and others that live a sedentary lifestyle are advised.
Even home appliances are not left out. Chips are embedded in them so that they could notify extended warranty insurers of potential faults and they in turn alert users to get the appliance serviced to avoid a total breakdown. It is needless to remind you that a total breakdown will cost more. This is another reason android app development companies are smiling to the bank.
The use of IoT technology
in the insurance industry also has its flip side for insurers. It could alert policyholders of risks and help them take preventive measures and risks will be reduced tremendously.
Healthcare IT providers can also emulate all these. Here are a few ways IoT can improve healthcare in West Palm Beach.
The use of IoT solutions can connect healthcare providers to their patients and help them (healthcare providers) monitor patients in real time. The solution will not only help them monitor patients’ health, they will also be able to monitor how the patients are taking their drugs. That way, if a particular medication is not working, it can be changed as quickly as possible.
With IoT, doctors can also have real-time information on the new treatments for different conditions. In addition, access to more accurate date will also help with diagnosis accuracy. So, healthcare IT
providers should be planning on how to use the IoT technology for their clients.
Why you need to keep your customers close
There is no doubt, the competition among retailers is becoming tougher and new strategies are being adopted. Subscription is becoming the new trend now. Industries are moving towards modeling their services around subscriptions as a way to improve customer retention.
This is important because retaining existing customers is much cheaper and easier than attracting new ones. Subscriptions has become an effective method to secure continuous patronage and customer retention is the most appropriate vehicle for that.
However, you need to understand the 5 elements of customer retention. These elements will serve as a guide towards customer retention. These elements are:
* Customers’ experience
* The ease with which they enjoy your service
* Cost of enjoying your service
* How to maximize their usage
* The challenges they have with your service
You need to understand your customers’ experience while using your service. It is possible to find out what they like about your service and what they don’t like. This will help you improve their experience and prevent them from switching to a competitor that offers better experience.
The ease with which they enjoy your service
Your service should be very easy to use. If it is not, you must find a way to make it easier. For instance, people delete a mobile app that they don’t understand easily. If your service or product does not come with ease of usage, chances are high that your customers will migrate to another service that is easier to use.
Cost of your service
Cost is the biggest factor in choosing which company to patronize. So, you need to constantly monitor what your competitors offer in terms of cost. When the cost of your service is too high, it is not likely that customers will renew their subscription. It will be worse if several competitors offer lower charges. So, you need to monitor what others offer so that your price will not be too high.
How to maximize their usage
You need to help customers to maximize the usage of your service. In other words, you should find a way to give them more value for their money. For instance, telecommunication companies may decide to add free or unlimited SMS services to a particular service plan. This is another way to compete. Instead of reducing your price, you could increase the value for each price.
Challenges with your service
Every service comes with a challenge. You need to understand the challenges that your customers are facing so that you can alleviate the situation for them. It is needless to remind you that removing the challenges will improve their experience. For instance, All Nokia smartphones used to run on windows but Nokia realized that a lot of mobile apps developed by android app development companies
do not work well on Windows, so they launched a few models built on android. Now their customers can either go for windows models or android models.
You need to keep your customers close to be able to get the necessary information for the five elements outlined above. In other words, you need to keep them close to find out ways to retain them. Back