Property Management Technology Trends 2021

A look at how the use of latest property management technology trends are helping real estate firms to thrive through the post-pandemic season

With the pandemic refusing to slow down, it is difficult to predict what the future will be like. But as Winston Churchill said, “Never let a good crisis go to waste.” Despite the economic slowdown and an achingly slow market, the pandemic has given us some serious lessons in resilience. The property sector is no different and was quick to alter its ways to match steps with others through digital adoption.

The use of technology in property management have given property managers the much-needed traction to grow their business while improving operational efficiencies and streamlining processes. With these technologies at the helm, property managers must match the latest trends to mitigate risks and create opportunities.

The real estate market globally is predicted to touch $ 4,263.7 billion1 by 2025, while the global property management market size in 2020 was $ 13.88 billion. Technology applications are currently being used for everything from rent collection and maintenance requests to accounting and sales. The tech portfolio is continuously swelling, giving them greater power and impetus to manage their business. While 86% of respondents2 in a survey saw digital & technology innovation as an opportunity, 49% expect to collaborate with an existing or new supplier to enhance their technological innovation capability.

So let’s dive in to know the latest property management tech trends or proptech trends that are currently changing the tide for the property sector.

  1. Greater convenience with cloud-based technology

Thanks to the cloud, real estate stakeholders can access data on a particular property from wherever they are, thereby saving a significant amount of time and effort. Cloud computing with SaaS (Software-as-a-Service) integrated services that operate on a subscription-based model is emerging as a preferred option. SaaS solutions simplify tedious processes by automating workflows to manage property portfolios efficiently.

What’s more, the SaaS model is also ideal for legacy systems to ensure multi-vendor device compatibility. Property managers often leverage SaaS solutions to integrate advanced payment systems in their property management solutions to simplify and accelerate transactions.

WeWork, a leader in providing shared and private working spaces for tech startups, allows you to specify the desired parameters and locations through their online platform. With niche services, this category is called SpaaS (Space-as-a-Service) that provides tenants everything they need. Companies like Spaceos offer a fine blend of tech and tools through a cloud-based SaaS platform that allows you to manage everything in a hybrid workplace.

  1. Energy and cost savings with smarter homes

The concept of ‘smart’ homes or smart buildings caught on pretty quickly for the sheer convenience they gave to residents. These homes were made extremely intelligent with home automation to ensure comfort, safety, and efficiency from the very beginning.

Millennials and Gen-Z residents are now used to living in such homes, and anything less will not cut ice. Right from opening and closing of doors to switching on the lights and air conditioning, everything can be managed with a remote control device.

Intelligent thermostats and HVAC help save energy and predict your bills based on usage, while sensors and integrated systems ensure security. And of course, there’s Alexa showing us more intuitive ways to control lights and devices with voice commands.

WeMaintain, for instance, has been using tech to place sensors onto elevators to enhance efficiency, drive cost savings in commercial buildings, and even help owners make greener decisions. Says Benoit Dupont, cofounder of WeMaintain, “If you know when people are moving into the building with the elevator, and at which floor they’re stopping, you can compare that to the heating systems. So if a building turns its heating on at 6 am, but really people only start using it from 9 am, that’s three hours of heat that could be saved.”

  1. Enhanced security with automated security systems

The growing need for security is driving modern homes to have automated access systems. Access control technologies ensure that you are able to guard a property with just a few clicks. Area surveillance via drones is becoming increasingly common too. In fact, drone technology is being used extensively to record everything around high-rise commercial properties due to its ability to capture extraordinary aerial imagery.

Motorola recently acquired LA-based proptech startup Openpath that specializes in touchless, cloud-based access control and safety automation. Its solutions with remote management capabilities ensure powerful safety for every door. Instead of a key card, the automated security systems rely on smartphones and face recognition to authorize access.

It also helps in contactless visitor management to ensure deliveries are handled securely 24/7. With its two-way video intercom and video conferencing facility that enables visual verification of visitors or deliveries before granting access, the company is playing a huge role in property management. Its advanced capabilities facilitate remote monitoring and management thus preventing theft, tailgating, and unauthorized access.

  1. A more connected, data-driven world with AR, VR, AI, Machine Learning, and Big Data

Virtual home tours are now extremely popular as social distancing becomes the norm. Even otherwise, virtual viewing of homes closes the gap between owners and tenants as Augmented Reality (AR) and Virtual Reality (VR) facilitate enhanced 3D experiences and a 360-degree view of the property. Viewers can view every nook and corner and get a sense of space through virtual visits.

Virtual tours also come in handy while selling properties since they can be viewed from any part of the world. AI in tandem with machine learning and big data is doing the necessary digital footwork for property managers. These technologies assess property demand and price trends to ensure that buyers and renters get exactly what they are looking for. This in turn allows you to showcase more relevant properties based on what they are looking for.

Big data also gives you a better picture of what’s happening with your property and allows you to have a solid grip on things in general in real-time. Then of course there are AI-powered chatbots that help property managers offer complete support, be it by handling tenant inquiries or by replying to their emails. Chatbots are also being integrated into websites to track leads and garner higher lead-to-lease conversions.

The final verdict

Proptech is just what everyone needs in the real estate business irrespective of the size of their business. It isn’t going anywhere and will in fact continue to offer better functionalities as it evolves. It is the only way to tide over all the hurdles that the ongoing pandemic has brought along. It improves your performance with better reporting, monitoring, and prediction capabilities.

All you need is a perfect technology partner who can help you get started. As Mark Rojas, CEO and Founder of Proper points out, “Property managers don’t often come from an accounting background — usually, they have a real estate license, so that lack of expertise can put them in a position where they can’t scale their portfolio, or if they try to, things break.”

Build your Proptech stack with Trigent

A cloud-based property management platform can do wonders for your real estate business. Though moving manual processes to automated platforms can be a bit overwhelming for the uninitiated. Trigent with its competent team of technology experts can help you build a robust proptech stack aligned with your business goals to help you drive growth and revenue.

Allow us to partner with you to do more. Call us today for a business consultation.

References

  1. https://www.grandviewresearch.com/press-release/global-real-estate-market
  2. https://assets.kpmg/content/dam/kpmg/tr/pdf/2017/12/proptech-bridging-the-gap.pdf

Top 3 Insurance Industry Trends in 2021

According to a recent poll, 54% of CIOs believe that insurance companies are resilient and will continue to remain so if they move quickly and decisively. Although this is not big breaking news, we have all witnessed how insurers have evolved in the last few years, to meet the changing requirements of policyholders. Several new trends have emerged as more insurers adapt to these changes. Leading insurers like Allianz, Munich Re, Nationwide, and Liberty Mutual are pouring in money to find the next best thing in insurance.

3 key pillars defining the strategy for the insurance industry trends

As the business dynamic has changed in the last few months, insurance organizations continuously anticipate, adapt to, and manage risks and assess the appropriateness and completeness of their strategy during and post-pandemic. The following three pillars have defined insurers’ core value proposition, go-to-market, and technology adoption:

Redefine purpose: “There’s never been an era where the world was more in need of a high-performing insurance industry. But to meet the moment and return to growth, insurers must rationalize and rethink their core strategies — from what products they offer, to how they operate, to which markets they serve”, stated EY in their Global Insurance Outlook 2021.

Agile and customer-centric approach: Everything insurers started doing -product portfolios, organization structures, and technology reflected deep insights into market needs. Right products delivered through the proper channels earn customer loyalty and enhances operational efficiency.

American Family Insurance started by implementing Agile within their digital experience team to aid informed decisions in 3-6 days. Today they use Agile CX Sprints for Marketing and Innovation programs as well.

Value-based services: As the pandemic changed the customer needs, the insurer in the health and auto sector shifted towards ‘usage-based insurance.’ This approach optimized the cost structures, strategically prioritizing investments for insurers.

Key insurance industry trends

Leading carriers worldwide have reimagined their insurance products and offerings to thrive in the new reality with these guidelines. Here are three insurance industry trends you cannot miss in the insurance sector

Becoming more human with automation: 79% of insurance executives believe collaboration between humans and machines will be critical to innovation in the future. Intelligent process automation helped insurers transform their business, become more human, and better adjust to market volatility.

As per a report by Juniper, “Intelligent automation adoption will boom over the next five years, with more than 65 percent of carriers adopting the technology by 2024. The study found that they’ll do so to cut operational costs and remain competitive as they counter flat premium growth”.

Intelligent Automation helps in delivering significant benefits such as:

  • Efficiency, by automating the mundane tasks and minimizing manual data handling.
  • Customer satisfaction, by reducing the turn-around time and improving speed and accuracy.
  • Scalability, by enabling faster decision-making processes and new business generation.

Tailored solution for the customer: Millennials and Gen Z, who are used to stellar online services by Amazon and Apple, expect every company and industry to offer the same level of personalized services. Your customers want immediate access to payments, claims status, and policy information.

Allianz uses five steps to offer personalized policies:

  • Listen to customer
  • Figure out their stated needs and latent needs
  • Review current scene of system and process
  • Re-align them to customer’s requirement and
  • Deploy the right technology

Other insurance brands like Lemonade, Allstate, Nationwide allow full customization, which can be achieved through their app or their company website, within a fraction of a second.

Another category of personalized insurance products that are in high demand in 2021 is Switch-on and Switch-off insurance. An excellent example is Usage-based car insurance. It allows car owners to insure their vehicles for kilometers; they tend to drive instead of the run-of-the-mill full year.
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Auto-insurer Metromile Insurance Co.’s revenue grew from $4 million in 2017 to a massive $106.4 million in the last quarter of 2018. Metromile tapered its services by providing personalized suggestions depending on miles driven.

Pro-active fraud and risk management: Insurance frauds are not new but have now been amplified. The Federal Bureau of Investigation (FBI) estimates that the total cost of insurance fraud in the United States alone is more than $40 billion per year. Gartner developed the CARTA approach that goes beyond single-point risk assessments to encompass continuous fraud prevention and detection across a customer’s journey on all channels.

The CARTA strategic approach specifies that effective fraud and risk management require:

  • 100% device visibility and automated control
  • Continuous monitoring, assessment, and remediation of operational risk
  • Micro-segmentation to contain breaches and limit lateral movement/damage
  • Technologies and products from several vendors
  • Detection, posture assessment, and control of physical and virtual devices as well as cloud infrastructure

Technologies to boost digital trends in insurance industry

While Insurance organizations are tracking these trends, their key enablers are technological innovations to become an agile, customer-centric, and data-driven organization. In 2019, insurers spent nearly $225 billion on InsurTech and the number grew in 2020.

Here are the technologies that are driving transformation in the industry:

Robotic Process Automation (RPA) to overcome operational roadblocks

Insurers adopting process automation in areas ranging from underwriting and claims management to fraud detection and customer service have witnessed significant changes. Early adopters of Robotic Process Automation (RPA) have noticed reduced labor and claims processing costs and increased efficiencies in document and data management.

MetLife conducted a value stream analysis within its U.S. to determine how to minimize the mundane, rote tasks employees need to do, enabling them to focus on more value-added, customer-facing tasks. This exercise picked approximately 60% of processes that could be reengineered, and 40% could be automated. As a result, by the end of 2018, they have used more than 110 robots to optimize customer and employee experiences through simplified, digitized, and automated processes.

Automated data crunch

Data-related automation helps insurers unlock rich insights that range from understanding clients’ needs to make personalized promotions to offer data-backed advice to drive real-time decisions. For example, Planck, an AI-based data platform, reviews online images, text, videos, reviews, and public records and helps the insurer determine premiums, process claims, and give SMEs faster quotes.

Virtual assistants with AI-powered web & mobile chatbots

Another application of cognitive technology is AI-enabled Chatbots and Virtual Assistants. They interact with the customer in natural language processing and add a human-like touch. For example, Juniper Research claims that conversational AI chatbots for insurance will lead to cost savings of almost $1.3 billion by 2023, across motor, life, property, and health insurance. ( up from $300 million in 2019)

Predictive analytics in proactive fraud and risk assessment

The use of predictive analytics in identifying fraud risk indicators allows early flagging and response to any potential incidents. Here are three absolute favorite methods by the insurer to proactively detect fraud:

  • Social network analysis: The hybrid method includes statistical methods, network linkage analysis, organizational business rules, fraud-pattern analysis, etc., in identifying fraud clusters to see correlations between clusters and aid fraud detection management.
  • Big data, predictive analytics detection: This method is proactive and can handle Big Data sets and make predictive analytics reports.
  • Customer relationship management: This method interlinks to social media placing customers in control of their information and enabling customer transparency.

The future of insurance industry

The pandemic has elevated the insurer’s role in envisioning potential future disruptions and strategic opportunities and defining the future customer experience, business models, and capabilities needed to capitalize. Front-runners already see results; many others are following.

Among these, what trend do you expect to take the forefront of your organization? We can help you to pick the one that suits your requirements. Book a consultation today to know more.

Steps to Achieve EHR/EMR Interoperability to Put Patient at the Center of Healthcare

The US healthcare system has been battling quite a few challenges as they continue to track outbreaks, and stay abreast of the latest developments on vaccines and the spread of the disease. But what became glaringly evident during the pandemic was the lack of EHR/EMR interoperability that made sifting through patient information and providing seamless quality care pretty difficult. Although the federal government pumped in billions of dollars to accelerate the adoption of electronic health records, we are still far away from rising to the information challenges clinicians are facing on a day-to-day basis.

A classic case in point – California! It went through public health crises in 2020 as the state with the second-highest number of COVID-19 cases, pinning its hopes on a robust health data exchange. As Claudia Williams, CEO of Manifest MedEx (MX) points out, “Smaller practices don’t know what kind of hospital care the patient received, they don’t know what drugs the patient is on, and they don’t have the tools to conduct that level of risk stratification.”

The Department of Health and Humans Services (HHS) recently published its 2020-2025 Federal Health IT Strategic Plan based on recommendations from more than 25 federal organizations.

Quality of data, user interfaces, and usability concerns, along with the inability of data to adequately support discovery and interoperability among systems – all underline the need to have better EHR/EMR interoperability to put patients at the heart of healthcare.

It’s time we dive deeper into the challenges stakeholders are facing as they proceed towards achieving EHR/EMR interoperability and how we can work towards making it a reality.

EHR and EMR: The fundamental difference

An electronic health record (EHR) is an electronic version of a patient’s medical history that includes test results, present illness and its history, progress notes, immunization, medications, etc. Often confused with an electronic medical record (EMR), an EHR is much broader in scope and offers a comprehensive view of the patient’s health. An EMR also contains medical history along with a treatment plan but it’s often pertaining to one practice and the details will therefore stay with that particular physician or provider and is never really shared when the patient moves on to another physician or provider.

The fact that EHR travels with the patient wherever they go, it gets shared with other physicians and providers helping them make informed decisions. EHR helps maintain continuity of medical care even when patients are moved to a different facility.

But in a complex healthcare environment, EHR integrations are not so easy. EHR solutions used by different medical facilities can differ in features, capabilities, workflows, and infrastructure requirements. Seamless sharing of information will therefore be possible only when we introduce interoperability into the system. This would require stakeholders to tide over the many challenges in attaining healthcare data interoperability.

The top ones include:

  • Absence of a unique patient identifier – Absolutely no or minimum standardization for identifying patients makes data exchange between EMR and EHR extremely tedious.
  • Lack of standardized data – With different standard formats for collating data, the information exchanged varies in format. This poses a barrier to analyzing, storing, and exchanging data seamlessly.
  • Slow FHIR adoption – The use of Fast Healthcare Interoperability Resources (FHIR) is recommended since it describes data formats and APIs for health record exchange and integrates the best of HL7, v2, HL7v3, and CDA while leveraging the best of web service technologies. It provides agility, efficiency, and security to data exchange with perfect standardization of data. The adoption of FHIR application programming interfaces (APIs) has a long way to go before it touches the finish line. While FHIR apps do extract data, they lack the ability to write data back.
  • Data privacy and security issues – Healthcare compliances such as HIPAA can impose limitations on how stakeholders share and exchange data amongst each other and third-party vendors.
  • The relatively high cost of integration – Traditional models can be a tad out of reach of small and mid-sized organizations from a cost perspective.

Interoperability for patient-centric care

Interoperability allows patients to be informed all the time irrespective of which vendor they choose. It ensures:

  • Better patient health outcomes
  • Better quality of care
  • Lower healthcare costs
  • Tailored treatments based on individual history and preferences
  • Greater patient engagement
  • Reduced ambiguity
  • Data devoid of redundancies

Interoperability initiatives should be patient-centric and revolve around improving patient care. The chief objective should be to safely and securely exchange patient information across the healthcare ecosystem where interoperability serves as the linchpin.

As Dr. Farzad Mostashari, the National Coordinator for Health Information Technology at the U.S. Department of Health and Human Services iterates, “(the agency wants to ensure that) information follows the patient regardless of geographic, organizational, or vendor boundaries.”
A CHIME KLAS report suggests 67% (up from 28% in 2017) of providers admitted they often or nearly always had access to the needed patient records in 2020 while only 15% (up from 6% in 2017) believe data exchange has impacted patient care. The Cures Act and many other federal initiatives are now focused on improving patient care through data sharing. Significant progress has been noticed in data sharing across disparate EMRs.

The way to interoperability

There are certain milestones to touch on the road to attaining interoperability. Just like the banking sector where current systems are modified instead of being recreated, the EHR too will benefit from suitably modified systems wrapped in applications and added capabilities.

Here’s what we need to do:

  • Use a population health management system – This will make providers accountable for caring for populations with common health conditions. The system will use data from various sources including EHRs, EMRs, claims, monitoring devices, etc. to give a 360-degree view to providers while helping patients with regular alerts and messages.
  • Leverage the services of Health Information Exchange (HIE) – HIE connects healthcare organizations across the state to allow them to exchange patient data. So if a patient gets admitted into an emergency room, the HIE will access data from other care centers too so as to give an accurate clinical picture of the patient to providers and alert them when a patient checks in to some other facility.
  • Deploy health management apps designed for patients – These are typically expected to help patients aggregate their health data, get health status, track appointments, manage healthcare plans, etc.
  • Employ big data analytics systems – These systems are expected to review large amounts of data to compare the effectiveness of treatments, aid medical discovery, analyze shifts in patterns of diseases and response to diseases, safety issues pertaining to healthcare equipment, etc. They rely on artificial intelligence for automatic correction of data inconsistencies and other chores such as extracting data from images, free text, etc.
  • Integrate APIs in healthcare – APIs allow developers to build applications quickly and protect patient data from malware and other malicious threats. They save storage space and allow users to pinpoint the exact source of data and get precise data. APIs are thus playing a pivotal role in alleviating clinical burden helping third-party apps and programs analyze data and enhance clinical decisions. As an integral part of healthcare, they now lead the way for successful interoperability.

Tread on the road to interoperability with Trigent

It’s easy to get lost in the shuffle, but with Trigent by your side, you can surely adopt best practices to shift your focus and achieve EHR/EMR interoperability. No matter how far you are on the road to interoperability, we will take you there with the necessary solutions. A few workflow changes and technologies should get us started.

Allow us to tell you how the new interoperability standards can help your practice. Call us today.