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The Cognitive Cloud Insurer is Next

4 minutes, 8 seconds read

Today’s Insurance enterprise is moving away from the all-too-familiar ‘reactive-only’ approach to a new predictive-first model. The sector is seeing dramatic changes, as we enter the fourth Industrial Revolution (Industry 4.0) — or The Connected Age. Digital businesses are gradually realizing the limitations of human and machine systems without any real intelligence or computing power behind it. Between human prone errors and the scalability challenges of traditional technologies — a new mechanism is required to learn and adapt better. 

Enter Cognitive Computing. But what is it?

The short answer is — it has everything to do with interpreting data. Big Data, to be precise. This activity is particularly hard because most of the data in use remains unstructured. In insurance, for example, nearly 90% of carrier data is disparate or partially structured as text & image data, in varying formats. With cognitive computing, data can be made meaningful and then used to derive new insights for future use.


To achieve this, ‘Cognitive Systems’ leverage the use of distinct technologies such as natural language processing, machine learning and automated reasoning. It helps in processing great volumes of complex data and can aid faster & accurate decision-making by breaking down the complexities in big data. When done right, a cognitive computing system can comprehend, reason, learn and interact with humans naturally ultimately enhancing the enterprise’s digital intelligence capabilities.

Another aspect of cognitive computing is the ‘Cloud’ advantage. Cloud computing is not new, however, when fitted with a cognitive solution — it can foster dramatic agility to organizational workflows. 

For the digital insurer, this means that all aspects of the value chain can be transformed, ushering in a new business model that seamlessly engages with both customers and prospects in near-real-time, at all times. 

Also read – How does XaaS help your business?

The Cognitive Insurance Transformation Journey

Transitioning from a digital to a cognitive business enabled by the ‘cloud’ has a clear business objective behind it — evolve the model to improve profitability. The addition of the cognitive component allows smart systems to free up critical manned resources and drives greater (STP) straight-through processing. 

Take ‘underwriting’ for example, which is an area of insurance that necessitates looking at  vast heaps of unstructured data. Without the supporting information, the risk cannot be precisely measured or priced. 

Accelerating data analysis from historical information can improve the underwriter’s efficiency in the manufacture of meaningful and personalised insurance products, within short turn-around time. This is how insurance carriers will stay their competitive advantage when vying for the wallet-share and mind-share of tomorrow’s customer.

The Cognitive Insurer in cloud is Next

Source: The Cognitive Insurance Value Chain

Yet, the redesign of the underwriting process is only one of many insurance processes that has the potential for Cognitive enhancement. The number of connected things will grow to 25 billion by 2021, which will increase the amount of data. Insurance data alone is expected to grow by 94%. Other parts of the value chain like claims processing, new business and underwriting, rapid customer onboarding, rules-based processes and contract validation are also experiencing cognitive upgradation.

In the past few years, the number of cognitive projects in insurance is on the rise. Carriers are running pilots, testing and validating the right use cases to invest in. For instance, Australian Insurer, Suncorp used IBM’s Watson for ratifying a specific use case — determining who is liable for causing a motor accident, by studying 15,000 historical records of de-personalised claim files.

The Cognitive Insurance process and application

Source: CognitiveScale

Intelligent and cognitive systems like these can do a lot more. From cognitive claims to cognitive chatbots — AI and Machine Learning are behind new behaviour-based, pay-as-you-use products in insurance. Automated post-hospitalisation claims, Motor damage estimation using advanced image recognition, Cognitive mail handling through intention analysis, etc. among others are just a few examples of AI solutions being deployed by Insurers, who are evolving their business models along their transformation journey.

Our own SaaS-based intelligent platform built for improving insurer workflows, FlowMagic takes advantage of cloud-based capabilities to enhance business automation. The intuitive Visual Platform uses AI-powered applications that are easily configurable requiring zero-coding effort, while the jobs can be visually monitored continuously to give real-time decision-ready insights.

Cognitive-Insurance-Ecosystem-Flowmagic

FlowMagic — Visual AI Platform for Insurer Workflows

Here’s a simple 3 step formula for a successful cognitive cloud transformation journey:


1. Identify (internally) use cases with a potential for a high degree of market disruption.

2. Validate (both internally & externally) the use cases through small-scale pilot deployments.

3. Define areas in your operational value chain ripe for transformation, that will enable new processes, engagements and business models through it.

By 2020, 25% of customer service and support operations will integrate with cognitive cloud-enabled chatbots to deliver natural, conversational guidance to users. Solutions like these have proven demonstrable ROI in both front & back-office operations, creating over 80% FTE savings for the enterprise.

Mantra Labs is an InsurTech100 company, that helps digital insurance enterprises enhance agility and operational efficiency through new Cognitive Cloud capabilities. To know how, reach out to us at hello@mantralabsglobal.com

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Design Systems: Building and Maintaining Consistent UI/UX

In the world of product design, consistency is the cornerstone of delivering a seamless user experience. As digital products evolve and scale, the challenge of maintaining design consistency across multiple platforms, teams, and touchpoints becomes more complex. This is where design systems come in. A design system is a comprehensive set of guidelines, components, and tools that help designers and developers create a consistent and cohesive user interface (UI) and user experience (UX). From a designer’s perspective, building and maintaining a design system requires a strategic approach to ensure scalability, flexibility, and alignment with business goals.

Why Design Systems Matter?

Design systems are more than just style guides or pattern libraries. They offer a unified language for design and development, bridging the gap between creativity and functionality. Here are a few reasons why they are critical:

  1. Consistency Across Products

      One of the primary goals of a design system is to ensure uniformity across different platforms and devices. When users interact with a product, whether on a website or a mobile app, they expect a consistent experience. A well-implemented design system ensures that visual elements, interactions, and behaviors are aligned, offering a familiar and intuitive experience for users.

2. Faster Iteration

      With a design system in place, teams can reuse components and patterns rather than reinventing the wheel for each new feature. This speeds up the design and development process, allowing teams to focus on solving new problems instead of reworking existing designs. For designers, it means less time spent on repetitive tasks and more time dedicated to innovation.

3. Scalability

     As products grow and new features are added, maintaining a coherent UI/UX without a design system can become chaotic. A design system provides a scalable framework, enabling teams to add new elements or modules without compromising the overall consistency of the product.

4. Improved Collaboration

      A design system fosters collaboration between designers, developers, and other stakeholders by providing a shared language and reference point. This ensures that design decisions are communicated effectively, reducing friction and misunderstandings between teams.

Building a Design System: A Designer’s Perspective

Designing a system from scratch can seem like a daunting task, but with a clear roadmap and understanding of core principles, it becomes a powerful tool for creating scalable and user-centered products.

1. Define the Core Principles

Before diving into visual components, it’s essential to establish the core principles of your design system. These principles serve as the foundation and guide decision-making throughout the process. Ask yourself:

• What are the key values of your brand?

• How should the design reflect the needs and emotions of users?

• What goals are you trying to achieve with your design system (e.g., accessibility, flexibility, innovation)?

   For instance, if accessibility is a top priority, you’ll need to ensure that your design system accommodates users with different abilities, by providing color contrast guidelines, clear typographic hierarchies, and accessible components.

2. Create a Unified Visual Language

Once the principles are established, the next step is creating a cohesive visual language. This includes defining elements such as:

Color Palette: A well-structured color palette ensures harmony across different UI components. It’s crucial to include primary, secondary, and accent colors, along with usage guidelines to avoid inconsistency.

Typography: Define a typography system that establishes hierarchies and clarity, including font styles, sizes, line heights, and spacing. Consistent typography helps users navigate content effortlessly.

Spacing and Grids: An established grid system ensures a balanced layout and harmony between different UI elements. Proper spacing guidelines prevent crowded or misaligned components.

Iconography and Illustrations: Design guidelines for icons and illustrations help maintain visual consistency. Icons should follow a standard style (outlined, filled) and size, ensuring they align with the overall visual language.

(I

Iconography and Illustrations: Design guidelines for icons and illustrations help maintain visual consistency. Icons should follow a standard style (outlined, filled) and size, ensuring they align with the overall visual language.

Image Source: https://designerup.co/blog/10-best-design-systems-and-how-to-learn-and-steal-from-them/)

3. Design Reusable Components

A design system is incomplete without reusable UI components. These components include buttons, forms, modals, and navigation elements that can be used across various features and pages. Each component should be:

Modular: Components should be flexible and adaptable for different contexts. For example, a button should have variations for different states (hover, active, disabled) and types (primary, secondary, destructive).

Documented: Each component needs comprehensive documentation that explains how it should be used, its variants, and the rules governing its application. This ensures consistency when different team members use the same component.

4. Implement Accessibility Guidelines

Accessibility should be at the forefront of every design system. As a designer, consider:

Color Contrast: Ensure sufficient contrast between text and background for readability.

Keyboard Navigation: Ensure that interactive components are navigable via keyboard for users who rely on keyboard shortcuts.

Responsive Design: Components should be responsive, adapting seamlessly across different screen sizes and devices.

Assistive Technologies: Design components should be compatible with screen readers and other assistive technologies to provide an inclusive experience.

Maintaining a Design System: Evolving with the Product

Once a design system is in place, the work doesn’t stop there. Maintaining it requires ongoing effort as the product evolves and new design challenges emerge. Here’s how designers can ensure the design system remains relevant and effective:

1. Regular Audits and Updates

A design system should be treated as a living document that evolves with the product. Regular audits are necessary to identify outdated or unused components. Designers should collaborate with developers to ensure new features are aligned with the existing design system, and updates should be documented to avoid fragmentation.

2. Version Control and Documentation

Version control is essential for keeping track of changes in the design system. Documenting why and how changes are made ensures that the design system grows in an organized manner. It also helps onboard new team members quickly, as they can reference updated guidelines.

3. Foster Collaboration Across Teams

Designers need to maintain an open line of communication with developers and other teams using the design system. Tools like Figma, Sketch, and Zeplin allow designers to share components and guidelines in real-time, fostering collaboration and ensuring that everyone is aligned.

Some well-known examples of design systems that have set benchmarks in the industry:

1. Google Material Design

  • URL: Material Design
  • Overview: Google’s Material Design is one of the most comprehensive design systems available. It provides guidelines on how to create visual, motion, and interaction design across platforms and devices. Material Design is known for its grid-based layouts, responsive animations, and depth effects like shadows and lighting.
  • Features:
    • Comprehensive color palettes, typography, and iconography.
    • Extensive component library (buttons, cards, etc.).
    • Customizable UI components for both web and mobile applications.

2. Salesforce Lightning Design System

  • URL: Salesforce Lightning
  • Overview: Salesforce’s Lightning Design System provides a comprehensive library of UI components and resources to help build applications on the Salesforce platform. It ensures a consistent experience across Salesforce products and enables developers to create custom apps easily.
  • Features:
    • Ready-to-use components, design tokens, and code snippets.
    • Comprehensive accessibility guidelines to ensure inclusivity.
    • Detailed documentation for developers to integrate components into Salesforce applications.

3. Microsoft Fluent Design System

  • URL: Fluent Design
  • Overview: Fluent Design is Microsoft’s design system, created to provide an engaging and scalable UI across all Microsoft products. It is heavily focused on interaction, animation, and motion while ensuring accessibility across various device ecosystems.
  • Features:
    • Focus on depth, motion, and light to create modern and interactive UIs.
    • Cross-platform components supporting web, desktop, and mobile applications.
    • Accessible components with detailed guidelines for developers.

Conclusion

Building and maintaining a design system is an investment that pays off in the long run. It ensures consistency across your product, improves collaboration between teams, and allows for faster iteration and scalability. For designers, a design system is more than a collection of reusable components — it’s a framework that enables you to create user-centric products with confidence and clarity. By embracing modularity, documentation, and accessibility, you’ll ensure that your design system remains a valuable asset as your product grows.

About the Author:

Shristi is a creative professional with a passion for visual storytelling. She recently transitioned from the world of video and motion graphics to the exciting field of product design at Mantra Labs. When she’s not designing, she enjoys watching movies, traveling, and sharing her experiences through vlogs.

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