"In employee & group health benefit placement ecosystem, brokers /employers /employees/ insurers now have to log on to five or six different systems to get complete information about policies, quotes, payments, benefits, OPDs and gets difficult to exchange information to each other,". "So the Semantic Web could be a critical part of the way these things are translated for them."

There are some similarities between Web 2.0 and the Semantic Web. For instance, Web 2.0 is characterized by the use of HTML, computer code attached to documents, images and other forms of data that enables anyone using a Web browser to find that data no matter where they are online.

If you are still trying to understand the world of blogs and wikis " so-called Web 2.0 " you might not feel ready to take on the next iteration of the Web. It's Web 3.0 " otherwise known as the Semantic Web " and it could ultimately have the biggest impact on health care.

Although Web 2.0 is seen as an extension of the Web as its inventor, Tim Berners-Lee, first envisioned it, the Semantic Web could move the online universe into a completely different dimension.

"It's about transition rather than innovation," "Web 3.0, on the other hand, is a radically different approach that will allow humans to interact much more meaningfully with computers."

The development of Web 2.0 started some 10 years ago, he said, and the recent proliferation of applications is simply a sign of its maturity. During that time, people have learned how to traverse the Web and discern whether the information they find is reliable.

"In health care, people now have to log on to five or six different systems to get complete information about patients," "So the Semantic Web could be a critical part of the way these things are translated for them."

However, unlike Web 2.0 technologies, which people can manipulate and use to navigate the Web, Semantic Web technologies are meant to be used by software agents running on computers. The workings of the Semantic Web will be largely invisible to users.

As futuristic as it sounds, early-stage applications of the Spatial Web or Web 3.0 are already here. Now is the time for leaders to understand what this next era of computing entails, how it could transform businesses, and how it can create new value as it unfolds.

Today’s technology applications are just glimmers of the emerging world of the Spatial Web, sometimes called Web 3.0, or the 3D Web (see sidebar, “Emerging definitions: Web 3.0 and the Spatial Web”). It is the next evolution in computing and information technology (IT), on the same trajectory that began with Web 1.0 and our current Web 2.0. We are now seeing the Spatial Web (Web 3.0) unfold, which will eventually eliminate the boundary between digital content and physical objects that we know today. We call it “spatial” because digital information will exist in space, integrated and inseparable from the physical world. (To read an example of how it might work in reality, see the sidebar, “A vision of the Spatial Web in health care.”) (Source)

A VISION OF THE SPATIAL WEB IN HEALTH CARE

Step a few years into the future, where connectivity, processing power, digital devices, and our ability to analyze and contextualize data have advanced considerably. In this world, much of our interaction with digital information happens away from traditional screens, tablets, and phones. Here, we meet a leading heart surgeon and researcher of cardiovascular health. She is starting her day, not by checking her phone, but by turning on her hands-free, intelligent interface.8 This advanced device curates multiple media channels that filter contextual information into her field of view, from social media and the news to her work schedule and secure patient information. This morning, she uses it to call a self-driving car to take her to the hospital; on the way, she attends a brief, holographic video conference with her child’s teacher. As the car reaches the hospital, the device shifts settings to enable a secure and rich mixed-reality medical environment, lowering the priority of notifications from her personal life.

She begins work by digitally “scrubbing in” for robotic surgery on a patient thousands of miles away.9 In this procedure, she will virtually guide her onsite human and robotic colleagues, who are present with the patient in the physical operating room. She’ll administer the procedure using combinations of “see-what-I-see” features, haptic-enabled and custom 3D-printed surgical instruments, and hands-free digital models. But before they begin, the team virtually convenes around a 3D digital twin of the patient’s heart.10 This exact digital replica has been a valuable tool in helping establish a surgical plan; thus far, it has been used to collaboratively monitor the patient’s condition, customize the surgical implants,11 and help the patient visualize the procedure. As the team moves into surgery, this digital twin provides real-time, AI-supported insights on the patient’s condition, poised to alert the surgical staff to potential alternate interventions. Fortunately, this surgery goes as planned; our surgeon successfully completes the procedure, and onsite colleagues close the patient for recovery.

As the team finishes, data from the procedure is collected, analyzed, and collated for a variety of purposes, based on the need and security permissions of whoever is accessing it. It will be used to support the individual patient’s postoperative care team; other parts of the health system may simultaneously draw off the same database using the billions of data points to help monitor public health and system capacity, run simulations, and improve outcomes.12

We are already seeing the early signs of this imagined future, although the interconnected network required across patient care, R&D, hospital systems, and other supportive industries may be a number of years away. However, we can see the value of these new interfaces and digital threads intertwining seamlessly for more effective results, both for the individual and the system. This integrated physical and digital network is expected to be constructed over time, built on the convergence of advanced technologies layered and designed both securely and interoperably.13

Building the Spatial Web

While we can’t predict precisely when Spatial Web maturity will arrive, the trend line toward this future has been emerging for decades. Just as earlier capabilities gave rise to Web 1.0 and Web 2.0, today’s leading technologies are fueling and informing the evolution into the Spatial Web as they advance across the three basic tiers of IT architecture (see figure below):

• Interaction: The software, hardware, and content that we ultimately interact with

• Computation: The logic that enables the interaction

• Information: The data and structure that allow computational functions to be completed accurately, efficiently, and securely

Gabriel René, executive director of the Spatial Web Foundation, notes: “Downstream of these technology investments are the combinatorial benefits that come when you are not implementing them entirely separately, but as part of a larger strategy. This is how we upgrade to Web 3.0.”14

Building Ecosystem of Shared Employee & Group Health Benefits for Insures, Brokers, Employers & Employees

While we can’t predict precisely when Spatial Web maturity will arrive in healthcare & insurance sector as general but ASPIRE Health by Artivatic.ai is leveraging the future power of web 3.0 to building next-gen shared & automated employee health benefit system.

Why Artivatic.ai is choosing to rely on Web 3.0 for this health & insurance exchange platform ASPIRE HEALTH:

• Employee & Group Health Benefits rely on exchange of private /confidential information

• There are many stakeholders are involved in this process as insures, employers, brokers and employees

• Insures, brokers, employers and employees uses multiple systems, emails, excel sheets, documents to get quote & benefits needed, consumes lots of time, efforts and delay the entire process, increases the risk of data and more.

• Provider /Hospital /Pharmacy/Wellness/Doctors for employees on a single network to access information, consulting, and provide benefits in real time

• Instant claims with universal health data access on Web 3.0

ASPIRE Health vision is to build next-gen ecosystem that decentralize entire network of insures, brokers, employees, employers, hospitals, OPDs, Doctors, Mental health & wellness, and Pharmacy on single chain.

SaaS Driven platform that allows a network to connect via single APIs and with driven workflow built on Web 3.0.

ASPIRE Health is aimed to be pioneer in the journey for shared health & insurer network. Wants to have demo for APSIRE Health, write to layak@aspirebq.com

Website: www.aspirebq.com

Artivatic Website: www.artivatic.ai

When it comes to buying, selling, and even managing employee benefits, an old adage hits too close to home: the only consistency is inconsistency. Today’s processes are not only entirely manual, but also managed through siloed systems. This is especially true when you’re placing insurance coverage.

>90% of the organization /employers take help from brokers to manage their employee’s benefit programs. These programs can include medical, dental, vision, and other health, doctor consulting, OPD, family protection and wellness offerings. This is also because Carriers systems are brokers too and hence not only manual, delays but there is 100% inefficacy in the process.

There are many issues exists in the process:

Problems:

• Insurance businesses finds it difficult to manage SME/Business customers

• SME/Businesses have no process, systems where they can buy insurance, file claims, upload required documents by themselves

• There is no option to make payment online, no option to customize products

• Insurance companies delay in processing insurance, issuing policy documents, losses revenue and more tracking the risks of businesses for better insurance. It takes average 15-30 days

• Manual process leads to difficult communication, issuance, payment, claims, quote and more.

• To provide their employer clients the best options, brokers collect spreadsheets of employee demographic data and PDFs of policy documents to send to insurance companies.

• Insurance companies review each document manually, reach out to brokers for missing details (somehow something is always missing), and put together quotes for the upcoming year’s plan.

• Quotes come in as extensive, text-based documents, which brokers review to manually copy important insights into another spreadsheet to help their clients choose the best plan.

• The whole process is hyper-customized, time-consuming, and error-prone.
  

  And it takes place throughout the year, as benefits are renewed or new options are explored. Brokers and carriers are in a constant state of busy—doing more, yet accomplishing less; experiencing frustration and burn out. At ASPIRE HEALTH, we call this the productivity gap. What’s been missing is a meaningful way for brokers and carriers to collaborate; a way to enable them to be more efficient, effective, and ultimately productive.
  

We believe that the right solution can address this productivity gap and pull the industry forward. We built the AI & Data Analytics focused first Employee Benefit & Group Health System (EBHS), a new category of enterprise software for brokers and carriers, to do just that. A EBHS enables brokers and carriers to manage the entire placement process in one shared system. To be successful, a BPS must have three core features:

• Purpose-built. There’s so much nuance in our industry. This is especially true in the mid-to-large market, where custom underwriting is required on every client. An effective EBHS accounts for the specific workflows and dynamic relationships across stakeholders—brokers, carriers, third-parties, and the client.

• Supports the entire placement process. Whether collecting a renewal or marketing for new business, a EBHS addresses end-to-end needs: from data collection to underwriting review and client presentation to implementation.

• Serves as a true shared system. A EBHS is one system that provides real-time, shared visibility and enables brokers and carriers to deliver the best possible outcomes for their mutual clients.

‍

Modern, Automated & Shared Employee & Group Health Benefit Platform

ASPIRE HEALTH by ARTIVATIC is proud to provide a MODERN & AUTOMATED PLATFORM FOR EMPLOYEE & GROUP HEALTH BENEFITS.

ASPIRE HEALTH is aimed to drive better outcome, efficiency, standardization, simplification, and connecting as Shared Platform for brokers, carriers, TPAs, 3rd Parties and customers (SMEs, Businesses etc.) to on one Unified Platform.

For demo, write to contact@artivatic.ai

Insurance industry is witnessing high growth on distribution as more and more people are buying insurance, businesses are selling embedded insurance BUT?

Is the existing insurance infrastructure scalable? connected? API driven? - Answer is NO. As per survey done by KPMG for insurance transformation, states that >45% CIOs wants to have digital transformation.

Insurance industry needs re-thinking towards their business & process transformation using new age technologies. >79% People said to have increase in automation.

Automation increase happens via APIs infrastructure. Insurance & Healthcare industry need to rethink their technology integration to Improve:

• Operational Processes

• Data Driven Focus

• Customer Experience

• Reducing Risk & fraud

• Turnaround Time

• Digital Journeys

• Product Design

• Claims Processes

• Health Ecosystem

• Cost & Efficiency

• and More

ARTIVATIC Launches INFRD - Insurance APIs Cloud Platform (Beta Version)

To Enhance the same and change the way Insurance & Healthcare Industry Operates, Artivatic is launching first of its kind AI Insurance Cloud APIs Platform, called ‘INFRD’.

INFRD is an Insurance & Healthcare APIs Cloud Platform for all your needs. Embed Our Insurance/Healthcare Services into your products using our modular building block APIs for on-boarding, claims, risk, fraud, underwriting, KYC, Sales, Services, Hospital and more.

We have launched BETA VERSION of INFRD Insurance APIs Cloud Platform today with 15 APIs. We will be launching more than 400+ APIs by Mid July 2021.

What you expect from INFRD in BETA VERSION:

• KYC APIs

• Social & Digital APIs

• Masking APIs

• Financial APIs

• Self Signing - API SaaS Platform for Every Insurance, Finance Developer & Businesses

• Setup your own APIs

• Use & Pay as per need

• Check API Usages

• API Documentation

Future Forward for INFRD 2.0 - In Jul 2021:

• Underwriting APIs

• Alternative APIs

• Risk & Fraud APIs

• Claims APIs

• Speech, Video APIs

• SME UW APIs

• Health Risk APIs

• Health UW APIs

• Environmental APIs

• Device APIs

• Non-Invasive Health APIs

• Property & Motor Insurance APIs

• Product Design APIs

• Distribution APIs

• Sales APIs

• Marketing APIs

• Handwritten OCR/ICR APIs’

• Govt & credit bureau APIs

• IndiaStack APIs

• Journey & Embedded Insurance APIs for health, Life

• Telematics APIs

• More than 400+ APIs you can expect in coming months

Signup Now to Test BETA VERSION of INFRD - Insurance & Healthcare APIs Cloud Platform: SIGN UP HERE.

Need a demo of INFRD, write to apisupport@artivatic.ai

To Know more About Artivatic: Click Here

About Artivatic: Artivatic is a global risk & decision-making platform that

automates human decisions in insurance & healthcare to provide efficiency,

transparency, risk assessment, personalization and digitization in entire

lifecycle of operations.

Artivatic has launched many platforms in recent past to empower Insuretch to drive future of insurance:

• AUSIS: AI Smart Underwriting [Life, Health, SME, Alternative]

• MiO: AI Sales & Marketing Platform

• Onboarding: Onboard customers faster & seamless way

• ASPIRE SME : Personalized Employee Health & Business Insurance

• ASPIRE Customer: Self & Personalized Platform for policy manage, claims, family, health, mental health and communities

• DARVIN: AI Healthcare Platform

• ProdX Design: Product & Rules Design Platform

• ProdX Distribution: API Driven Distribution for B2B2C

• ALFRED: AI Claims Platform [ Accidental, Death/Disability, Health]

Looking forward to building the Operating System of Insurance!

To know more, listen to podcast.

Lets just have some statistics for the same:

In India, The small and medium businesses (SMEs) in India include 63.4 million units and accounts for nearly 30% of India's GDP, employing about 460 million people. The sector also makes up for 33.4% of the India's output in manufacturing, giving employment to around 120 million Indians, according to CII.

As of September 2020, there were over 1.26 million registered companies in the India. Out of these, over 1.25 million were companies limited by shares.

The approximately 400 million SMEs are the backbone of economies around the world. They are the main source of job creation globally, accounting for over 95% of firms and 60%-70% of employment. SMEs generate a large share of new jobs in OECD economies, and even more in the EU, where they represent approximately 99% of all businesses, create around 85% of new jobs and provide two-thirds of the total private sector employment. Similarly, in the Global South, growth in overall employment is generally connected to the development of SMEs.

There are approximately 41 000 listed companies in the world with a combined market value of more than USD 80 trillion. This is equivalent to the global GDP. More than half of this amount is held by institutional investors and the public sector, according to a new OECD report.

Impact & Need of Insurance

These businesses has been impacted a lot due to pandemic not only in terms of revenue but also in terms of existence of the businesses itself. Businesses involve in multiple activities as contracting, code writing, managing vendors, managing offices, contracts signing, sales, services, manufacturing processes, buying equipment’s, managing employees, transportation, finance, and more.

We already know that 75% of businesses are underinsured, and 40% of small business owners have no insurance at all. When faced with a disaster or lawsuit, many small businesses don't have insurance to cover their costs.

But how often do top risk events happen?

For the business, more than a third (35.2%) experienced an event last year that could have led to an insurance claim.

Here's a snapshot of the most common incidents business owners experienced in 2019, all of which can be covered with the appropriate small business insurance policy:

22.2%: Client complaint or contract dispute. Professional liability insurance can cover claims related to client dissatisfaction, including alleged work mistakes, undelivered work, or negligence.

10.6%: Employee injury. Workers' compensation insurance can pay for medical bills and partial missed wages when employees are hurt at work.

8.8%: Burglary or theft. Commercial property insurance can help pay to replace stolen business property.

6.6%: Fire, storm damage, or cracked pipes. Property insurance can also pay to repair property damaged by fire or certain weather events.

2.4%: Customer injury. General liability insurance can help cover costs when customers are injured on business property.

2.3%: Product that caused injury or damage. The product liability portion of general liability insurance can pay for legal expenses associated with damage from goods you sell.

Challenges

Commercial insurance have always been challenging and also more pressed with last minute need or sometime, ignoring the need. The challenges for the same are:

• No Digital or Process itself:

• 100% Offline & manual

• High costs and unwanted benefits

• Process takes not just days but months or quarters

• No process of renewals, self manage

• No personalized risk based insurance coverage & benefits

• No self buying or customization process/ journey

• Too much of documentations

• Lack of awareness

• Complicated claims processes

Current pandemic has hit badly to these businesses and its employees too. >80% of the businesses don’t have proper systems to manage their employee policies, their own liability, indemnity policies.

This is needed a change,

Can we build a Solution to solve these? We can, Artivatic is doing the same to solve these issues.

A change that transform the way SMEs/Businesses/ Corporates/ Startups buys, employees or liability or indemnity insurance. They need simple, digital, self-risk assessment, self-managed, and instant process /system that provides them insurance/coverage/benefits based on their risk need whenever they need, without putting too-much efforts.

Artivatic is pioneer in building next-gen insurtech platform that enables insurance businesses to drive easiness of business, increasing efficiency, improving transparency, enhancing TAT, improving customer experience, use of data driven technologies /solutions.

ASPIRE BUSINESS is the SOLUTION.

Artivatic’s Product ‘ASPIRE BUSINESS’ enables the same in seamless way to change the way ‘how commercial /business insurance are bought/renew /personalized /make payment /manage and buy based on risk assessment as per need.

Enabling SME/Enterprises to Self Buy, Manage Personalized Insurance for Employee & Indemnity Digitally via ASPIRE BUSINESS

ASPIRE BUSINESS: SaaS Based, Self Managed, Data Driven Personalized Insurance Platform for SME/Businesses for Buy, Renewal, Manage : Employees Health  + Indemnity /Liabilities

WHY ISNURANCE BUSINESSES OR BROKERS MUST USE ASPIRE BUSINESS?

• Fullstack API Based self-managed business insurance platform that allows create account, buy policies digitally, connect to 3rd parties, build risk and more.

• Allows SME/Businesses to personalise insurance based on business insights, risk insights, location insights etc.

• Helps Businesses to file claims, track, get settlement digitally. [No manual ore email based process]

• Instant Underwriting with use of 3rd party, govt, financial and many more data

• Enables business to track their finances, alerts, employees, wellness and more

• Allows businesses to manage multiple locations, warehouses, delivery centres, partners, clients etc.

• Policy /Document Digital Vault for simplifying insurance

• No Self onboarding process for buying insurance

This ASPIRE BUSINESS will change the way commercial insurance is bought or sold.

Partner with Artivatic.ai to launch next-gen insurance platforms for business /SME/Start-ups customers.

Interested in DEMO, write to contact [at] artivatic.ai

Visit Artivatic: www.artivatic.ai

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