High-tech Technologies That Will Mark The Future Secrets Revealed

high tech 

 High-tech Technologies That Will Mark The Future Secrets Revealed

In 2025, 1,682 billion dollars will be invested globally in digital transformation and 50% of the world's GDP will come from businesses affected by it, according to the IDC consultancy. A process that will unfold around high-tech technologies without which we will not conceive of business in the future. Its widespread development and implementation will allow gains in productivity, improve the design of products and services and return on investment, thanks to in-depth knowledge of customers and streamlining of processes.

BLOCKCHAIN

"Without a doubt, it is one of the high-tech technologies that will have the most influence, not only because it can give rise to new forms of contracting between companies and clients, but also because of the information exchanges that take place between entities," highlights Germán Cueva, deputy director of Development at Tirea business.

Blockchain technology has the added component that the huge transfer of information between thousands of connected computers around the world is done safely and reliably, and is verified -employing a security consensus based on cryptography- by the community members themselves.

Thus, it will allow information to be communicated with all kinds of agents of interest or direct and secure money transfers in a matter of seconds and at a low cost. It will have special relevance in the spread of smart contracts, capable of executing themselves, without intermediaries, causing certain clauses or limitations to be activated when a series of specific conditions are met.

According to Rodrigo García de la Cruz, CEO of Finnovating and president of the Spanish Association of Fintech and Insurtech, some of the advantages that this high-tech technology will have in the insurance sector will be: “optimal identity management (eliminates identity theft, impersonations, and errors in claims management), the elimination of fraud, an increase in confidence in peer-to-peer (P2P) insurance, the mitigation of errors (through cross-checking) and risks (allows risk diversification with other insurers, as well as refine the client profile)”

INTERNET OF THINGS (IoT)

The IoT floods reality with countless devices interconnected with each other and with the cloud, providing all kinds of relevant data from the environment (home, car, office...) that can be managed later, through advanced analytics, with countless utilities.

Its possibilities are endless if we transfer it to the business environment since it will allow us to measure productivity, improve task management or facilitate industrial processes. In short, to develop more efficient and safe operating models, generating products that better meet the needs of customers since their habits and the risks to which they are exposed will be known in real-time.

Its growth is immense, since, as forecast by the consulting firm Gartner, while in 2016 there were already 6,000 million devices and sensors connected to the Internet, by 2023 that figure is expected to reach 26,000. And it will go from a turnover of 638,000 million euros in 2022 to 1.8 billion in 2022, according to IDC. As soon as regulations for devices are unified and data protection and security guarantees are improved, this high-tech technology will be expansive.

In the insurance sector alone, the IoT has already had telematics initiatives in Autos; wearables in Health; or home automation and sensors in Multirisk, as recalled from Tirea. "It facilitates the collection of data that refers to the behavior of the client, thus allowing the personalization and adaptability of insurance premiums and the minimization of risk", they abound from Finnovating, who highlight their help in the control and management of claims.

BIG DATA

“The use of data analysis high-tech technologies, under the Big Data model, is not something that is going to happen in the next few years, but is already part of the agendas in the technological and business areas,” says Cueva. Many infrastructures, tools, and services already operate to process large and complex information, whose growth potential is incalculable.

“The IoT facilitates the collection of data regarding customer behavior, thus allowing the personalization and adaptability of insurance premiums and the minimization of risk”

The advanced analysis of data from all kinds of sources, whether they are messages on social networks, mobile signals, audio files, sensors, digital images, emails, etc., will allow companies to understand consumers and their needs in-depth, adapting and personalizing their services and products, and creating new digital business models.

However, the processing of this large volume of information is its main obstacle, since it requires minimal investment from companies to optimize their strategy and complete a powerful storage system. In addition, a large volume of information is obtained, much of it without business interest, so it will be necessary to invest in a specific and useful data processing system.

García de la Cruz emphasizes that the collection of data from different sources will allow, for example, insurance companies to more accurately calculate the premium and the coverage they have to charge, as well as to know the history of the referring client. to past false claims, which will help mitigate fraud.

ARTIFICIAL INTELLIGENCE

Robots, increasingly integrated into everyday life, are already capable of performing tasks that are normally carried out by people, as they require human intelligence to be able to discern visually, recognize faces and speech, translate languages ​​or answer small questions. Chatbots already exist in many companies, a customer service capable of solving simple questions. And many financial institutions already use AI to organize operations, invest in stocks, and manage properties.

In the report 'Reality and perspectives of artificial intelligence in Spain 2018', published by PwC, it is found that more than half of the large Spanish companies are already applying some type of solution related to AI, of which 10% has already managed to generate benefits thanks to its implementation.

“More than half of the large Spanish companies already apply some solution related to AI”

Although the lack of talent, the excessive implementation time, and the generation of ROI are delaying its application, its availability 24/7/365, objectivity, versatility, and storage capacity; the analysis and learning of data will allow, according to the CEO of Finnovating, the personalization of the user experience, as well as the reduction of operating costs. For Tirea's deputy director of Business Development, AI will be very useful in assessing risks, as well as in identifying fraud, although he believes that its incidence will occur in the long term, given its complexity.

MACHINE LEARNING

As one more step in Artificial Intelligence, the algorithmic analysis of as much data as possible will result in the ability of machines to learn on their own based on this information and predict future behavior or trends, as well as improve their performance automatically. autonomous.

Until now, business intelligence was limited to collecting data from the past and classifying it to analyze the current situation and design future strategies through general behavior patterns. With machine learning, it will be possible to anticipate the behavior of each consumer individually, which will allow the design of commercial campaigns and provide each one with a customized product or service.

Such will be its impact, that in 2021 15% of customer experience decisions will be made entirely by algorithms, according to IDC Research Spain. Its main challenge for the future will be to obtain the maximum precision of the data, for which the programmers will have to guarantee the correct analysis of the same, although there are already intelligent algorithms that allow to automate the storage of data from various documents and to carry out analyses.

Relevant sectors such as tourism, e-commerce, or marketing already rely on this high-tech technology to optimize their results and make intelligent use of the information with which to make better decisions. In the insurance field, as indicated by Finnovating, the automatic learning of machine learning will allow the algorithms used to train the Insurance Artificial Intelligence to generate more intelligence.

VIRTUAL AND AUGMENTED REALITY

While augmented reality maintains the existing tangible environment, incorporating technologically created elements, in virtual reality the entire environment is computer generated. Both one and the other are widely used in the field of entertainment, but for a few years, they have begun to have an increasing impact on business sectors, thanks to the digital reconstruction of contexts or situations.

However, these technologies, so common in video games, have already spread to fields such as medicine, art, architecture, engineering, etc. In fact, according to the consulting firm Digi-Capital, in 2022 the augmented reality business could reach a total figure of 90,000 million dollars and virtual reality of 30,000 million.

Its business application areas will be multiple, from training and security to production and marketing since it will be possible to practice new procedures, simulate critical environments, remotely attend incidents or carry out remote maintenance of certain equipment. All of this will reduce errors in processes, speed up task development and optimize product designs.

They will not be its only practical applications. The superimposition of real and virtual images will be a support in the work of an auto expert, in the same way, that these high-tech technologies are currently used in training, as Cueva points out, and will facilitate better management of claims to displaced technicians, as García de la Cruz points out.

It will be possible to simulate critical environments, remotely attend incidents or carry out remote maintenance of certain equipment.

AUTONOMOUS VEHICLE

These vehicles incorporate technology capable of analyzing the environment in which they move through a series of sensors that will recognize all kinds of data that, once processed, will allow these cars to circulate with greater safety, efficiency, and performance than traditional ones, reducing the accident rate According to a report by McKinsey & Co, autonomous cars could reduce accidents in the US by 90% and save 190,000 million dollars in damages and costs per year.

Without a doubt, it is one of the technologies that has attracted the most expectations in recent times.

What is certain is that it will revolutionize the way of working in many sectors, from construction to logistics, through telecommunications services and travel agencies.

BIOTECHNOLOGY

Biotechnology has lived with us for decades, but its innovation potential is so high that, although it has been developing for some time, it is considered one of the technologies that will have the greatest impact in the future.

Until now, technological applications that use biological systems and organisms for the creation or modification of products or processes with specific uses, have allowed genetic manipulation for the cure of diseases, the production of more suitable drugs, sustainable fuels, and even the creation of smart fabrics or enzymes for detergents and cosmetics that replace other components that are more harmful to the environment.

But it has not been until the last five years that scientists from all over the world have made the most important advances in this field, especially in the food, agriculture, and medicine industries. Its enormous innovative capacity glimpses the transformation of many of the sectors and daily uses that we know, such as the construction of sustainable infrastructures or the regeneration of all types of fabrics (natural and artificial).

In the insurance field, García de la Cruz considers that it will have an impact above all on Life and Health insurance, in conjunction with advanced wearables and techniques to improve life expectancy with the control of vital variables. Although the long duration of the profitability periods and the high cost of innovation make it one of the technologies whose impact will take longer to be noticed.

WEARABLES AND MONITORING TOOLS

Although gadget lovers are the most enthusiastic about each new device that comes along, many companies are already taking an interest in the advantages that wearables can offer to improve processes and gain efficiency and productivity.

A large number of industrial sectors are already adopting smart devices frequently in their production centers. Through glasses or watches, together with technologies such as augmented reality, all kinds of information and resources necessary for the work to be carried out are received, documentation is accessed and remote support is provided in real-time, without the need, in any case, to take your hands off from the task at hand or divert your attention.

All this will generate significant cost savings by reducing response times with remote support from experts and will reduce workplace accidents through step-by-step guidance in risky tasks and errors in the execution of complex jobs, also improving customer service in maintenance tasks, revision, or the resolution of incidents. With a very important challenge ahead: guarantee security in the management of business data on corporate networks and third-party equipment.

Given its association with the IoT, it allows consumer behavior to be stored in real-time in the areas of health and driving, mainly. “It stands out for its accessibility, its dynamism through gamification, its bonus for good behavior and the personification of both the premium and the coverage, in the user experience”, highlights the CEO of Finnovating.

DRONES

The speed of flight and the load capacity will revolutionize business in the logistics sector.

The global market for solutions using drones for various industries reached a value of 127,000 million dollars worldwide in 2020, as revealed by the report 'Clarity from above: Leveraging drone technologies to secure utility systems', by PwC, in which it is highlighted that the use of this type of unmanned aerial vehicles, which for years has been more aimed at recreational issues, is already beginning to transform how many companies build, operate and maintain their networks. In addition, the regulatory changes on the use of drones in urban spaces, recently announced by the Government of Spain, will cause their use to skyrocket in our country.

The speed of flight and the load capacity will revolutionize business in the logistics sector. But its advantages go further since it will allow obtaining high-quality information in real-time in a cost-effective way, geospatial elevations in prior investment planning, carrying out risk tasks in substitution of people, or monitoring of processes. construction and asset management.

“Its application in the insurance sector is mainly based on the optimization of expertise and the reduction of time and costs. This improvement also allows us to reduce the price of the premium and offer a higher quality of service to the insured”, says García de la Cruz.