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Covid19 – Online classes for kids – Is it effective?

I was talking to one of my relative who is in Tier 3 city about Covid19 situation and discussion came to college & studies for their son. They informed me that their son is attending online classes. When i asked them how is he doing it, i understood he is attending the classes over “Mobile“. I started to think how effective 3 to 4 hours of online class over a mobile phone would be.

Representational Image | Wikimedia Commons

I personally have problems to go through online content (any content for that matter) on smaller screen and would prefer a large screen to expand and see the content clearly. Thinking more about this made me realize what these kids are going through.

As I started doing some research on this. I stumbled upon 2 reports from Unicef & UNESCO published on 14th & 21st April 2020 respectively. As per Unicef, More than 1.5 billion children and young people have been affected by school closures worldwide.

Millions of children are at increased risk of harm as their lives move increasingly online during lockdown in the COVID-19 pandemic.

Unicef Report – 14th April 2020

Half of the total number of learners – some 826 million students – kept out of the classroom by the COVID-19 pandemic, do not have access to a household computer, 43% (706 million) have no internet at home & about 56 million learners live in locations not served by mobile networks

UNESCO Report – 21st April 2020

As i dug in more, I realized that both the persona’s of Students & Teachers are facing challenges in this method of study.

For Students:

  • Those who are in cities with good internet connection have been able to attend classes where as those who went to their native villages are not able to attend.
  • Don’t have the kind of devices, laptops, smartphones… or money to keep the Internet connection going.
  • Spending more time on virtual platforms can leave children vulnerable to online sexual exploitation and grooming.
  • May expose children to potentially harmful and violent content as well as greater risk of cyberbullying.

For Teachers:

  • Need training to deliver distance and online education effectively, but such support is particularly scarce in low-income areas.
  • No reliable network to deliver 40 – 60 min video / online class
  • No clear instructions on how different apps need to be used for different purposes (PPT, Online class, video recording..etc)
  • Older teachers (50+) have challenge to adopt to the new technology

Though there is no immediate & permanent fix for this issue, we can look at few of the options to mitigate the risk

  • Parents to make sure that devices students are using have the latest software updates & antivirus installed
  • Bolster core child protection services & make it available throughout the pandemic.
  • Provide online learning to only those classes / students who need it.
  • Make lessons available on DTH platform & All India Radio.
  • Provide internet connectivity to improve access for disadvantaged children in low-income households.

Overall i feel, now is a good time to do a feedback check with the students & teachers to see the effectiveness of this initiative, take corrective action before proceeding. We should make sure educational institutions does not use this opportunity to push ahead with academic calendar completion.

Blog

Strategy for Entering a Red Ocean Market

Red ocean are all the industries in existence today. It’s a known market space, where industry boundaries are defined and companies try to outperform their rivals to grab a greater share of the existing market. Cutthroat competition turns the ocean bloody red. Hence, the term ‘Red’ ocean.

sunset-473604_1920

Blue Ocean denote all the industries not in existence today. It’s an unknown market space, unexplored and untainted by competition. Like the actual ‘blue’ ocean, it is vast, deep and powerful –in terms of opportunity and profitable growth.

blue-ocean-h2o-nature-1802268

It’s imperative that all markets will turn to Red ocean at some point. When that happens to survive some of below strategies will help.

battle-black-black-and-white-1498958
  1. Be Different: New product features may be enough to differentiate the product, and enter a world free from competition, even within a competitive industry. As far as possible define your differentiation or explore a specific niche within the mature industry
  2. Target Demographics: You can also target a different demographic, or capitalize on consumer preferences that aren’t being met by the leading competitors. Focus on the demography what you are comfortable with
  3. Price Points: If all your competitors are selling something around the same price, you could easily capitalize on their existing audience by offering the product at a cheaper price.
  4. Geographic Location: You could also feasibly find more opportunities in a different geographic area. If there’s a specific business, product, or service that’s popular in one area of the country, you could bring it to a location that’s unfamiliar with it.
  5. Peripheral Services: It’s also possible to stand apart from the competition by offering services that aren’t available from mainstream competitors.
  6. Increased visibility: Being different immediately helps you stand out. Capitalizing on what makes you different from the major players in a mature industry is a strategy certain to attract attention. This will aide you in your marketing and advertising efforts.
  7. Leveraging Untapped Channels: There are invariably marketing and advertising strategies that your main competitors aren’t currently using.
  8. Piggy back on existing brand value: As long as you aren’t lying about your competitors, you can mention them directly in your marketing and advertising campaigns, as a way to capitalize on the brand value they’ve already established.
  9. Competitor Reduction: If you are following all the above steps, you are already charting a path of your own which instantly reduces the number and ferocity of competitors you’ll face.

As is normally the case, timing is everything. How do you know when is the right time?

background-black-and-white-blackboard-745365
  1. Conflicting Beliefs: When there is a conflict inside red ocean, That’s an amazing opportunity to enter
  2. Too Many Product Options: And when you start to see tons of products competing on ‘better,’ that’s one way to know that the Red Ocean is ripe.
  3. Customer Innovation: If customers are starting to innovate on the products in the Red Ocean then its right time
  4. Rise of C-level influencers: When you see the rise of C- level influencers. The third tier influencers; that’s a big sign that you’re ready to branch out and take people from the Red Ocean to a new Blue Ocean

Strategy is about making choices, trade-offs; it’s about deliberately choosing to be different. – Michael Porter

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Artificial Intelligence (AI) & Insurance

New age technologies such as AI, ML & NLP are poised to reimagine the entire insurance lifecycle from customer acquisition to claims processing. 

The Artificial Intelligence (AI) market was valued at USD 16.06 billion in 2017 and is expected to reach USD 190.61 billion by 2025, at a CAGR of 36.62% during the forecast period. Asia pacific region would exhibit the highest CAGR of 59.8% during 2018-2025. 

KPMG’s Insurance practice estimates that AI will reduce accident frequency by 80% by 2040. This will result in a potentially drastic reduction in loss costs and premiums.

Many insurtech are leveraging AI technologies to slash costs, speed response times and improve customer service. Here are some of the top 10 use case where AI can be leveraged in Insurance

  1. Usage Based Insurance / Behavioural Policy Pricing: IoT sensors will provide personalized data to pricing platforms, allowing safer drivers to pay less for auto insurance and people with healthier lifestyles to pay less for health insurance. 
  2. Customer Experience: AI will enable a seamless automated buying experience, by leveraging on customers’ geographic and social data for personalized data.
  3. Customized Claims Settlement which is faster: Virtual claims adjusters along with Online Interface will make it more efficient to settle and pay claims following an accident. This will also help in simultaneously decreasing the likelihood of fraud.
  4. Chatbots/AI assistants: Having Chatbot to respond to customer and also settle claims without human intervention will create an Insurance experience that is fast, simple and delightful.  
  5. Re-imaging Claim Processing: Use image recognition software or computer vision to settle auto claims without the need for a visit from an adjudicator. Home sensors, drones and smart devices will often generate a first notice of loss (FNOL) before the customer needs to contact the insurer
  6. Better Claim management process: AI can identify patterns in data and help identify fraudulent claims in the process. Using machine learning capabilities business can capture patterns and traits that would be invisible to the human eye
  7. Customer Care done right: Use AI Capabilities to improve the process of Customer care during the process of filing a claim with the call center team
  8. Customer Segmentation: AI perform customers’ segmentation according to their financial sophistication, age, location, etc.
  9. Customer Lifetime Value Prediction: Using AI algorithms to predict the likelihood of the customers’ behaviour and attitude, maintenance of the policies or their surrender.
  10. Claim Prediction: Forecasting the upcoming claims helps to charge competitive premiums that are not too high and not too low. It also contributes to the improvement of the pricing models. This helps the insurance company to be one step ahead of its competitors.

McKinsey found that 82% of enterprises adopting machine learning and AI have gained a financial return from their investments. 


At the same time one of the key concern introducing new technologies will be in convincing the public that automation isn’t simply a Trojan horse for denying their claims — a worry that 60% of consumers have expressed about purchasing coverage via chatbot, according to a recent survey by Vertafore.

Blog

Strategy for Entering a Red Ocean Market

Red ocean are all the industries in existence today. It’s a known market space, where industry boundaries are defined and companies try to outperform their rivals to grab a greater share of the existing market. Cutthroat competition turns the ocean bloody red. Hence, the term ‘Red’ ocean.

sunset-473604_1920

Blue Ocean denote all the industries not in existence today. It’s an unknown market space, unexplored and untainted by competition. Like the actual ‘blue’ ocean, it is vast, deep and powerful –in terms of opportunity and profitable growth.

blue-ocean-h2o-nature-1802268

It’s imperative that all markets will turn to Red ocean at some point. When that happens to survive some of below strategies will help.

battle-black-black-and-white-1498958
  1. Be Different: New product features may be enough to differentiate the product, and enter a world free from competition, even within a competitive industry. As far as possible define your differentiation or explore a specific niche within the mature industry
  2. Target Demographics: You can also target a different demographic, or capitalize on consumer preferences that aren’t being met by the leading competitors. Focus on the demography what you are comfortable with
  3. Price Points: If all your competitors are selling something around the same price, you could easily capitalize on their existing audience by offering the product at a cheaper price.
  4. Geographic Location: You could also feasibly find more opportunities in a different geographic area. If there’s a specific business, product, or service that’s popular in one area of the country, you could bring it to a location that’s unfamiliar with it.
  5. Peripheral Services: It’s also possible to stand apart from the competition by offering services that aren’t available from mainstream competitors.
  6. Increased visibility: Being different immediately helps you stand out. Capitalizing on what makes you different from the major players in a mature industry is a strategy certain to attract attention. This will aide you in your marketing and advertising efforts.
  7. Leveraging Untapped Channels: There are invariably marketing and advertising strategies that your main competitors aren’t currently using.
  8. Piggy back on existing brand value: As long as you aren’t lying about your competitors, you can mention them directly in your marketing and advertising campaigns, as a way to capitalize on the brand value they’ve already established.
  9. Competitor Reduction: If you are following all the above steps, you are already charting a path of your own which instantly reduces the number and ferocity of competitors you’ll face.

As is normally the case, timing is everything. How do you know when is the right time?

background-black-and-white-blackboard-745365
  1. Conflicting Beliefs: When there is a conflict inside red ocean, That’s an amazing opportunity to enter
  2. Too Many Product Options: And when you start to see tons of products competing on ‘better,’ that’s one way to know that the Red Ocean is ripe.
  3. Customer Innovation: If customers are starting to innovate on the products in the Red Ocean then its right time
  4. Rise of C-level influencers: When you see the rise of C- level influencers. The third tier influencers; that’s a big sign that you’re ready to branch out and take people from the Red Ocean to a new Blue Ocean

Strategy is about making choices, trade-offs; it’s about deliberately choosing to be different. – Michael Porter

Blog

Digital Payments – Is it a norm or exception?

Had been to my local milk booth. Lady at the shop had payment stickers for @Paytm & UPI. At the end of my shopping i asked if i could make the payment through @Paytm, she said “NO“, she needs cash.

I asked then why has she put stickers of Paytm & UPI? for which she replied that it was put by her boss and she does not use it. She literally told me “Boss stickers hakthare and nanu stickers thegithini” which basically means “Boss puts the stickers (payment options) & i keep removing all the stickers“.

I asked her for the reason and she had a genuine concern, she said

  1. She does not understand it, especially when there is a failed transaction it is difficult to handle
  2. Milk van from Dairy does not accept @Paytm and she needs cash to pay him. If she takes only @Paytm, then she will not have any cash to pay.

Thinking about this, it made sense. Digital transactions dont work unless complete chain accepts the same. I started thinking have we gone back to pre-demonetization era? What do you guys think? how do we solve these challenges?