Try : Insurtech, Application Development

AgriTech(1)

Augmented Reality(20)

Clean Tech(8)

Customer Journey(17)

Design(43)

Solar Industry(8)

User Experience(66)

Edtech(10)

Events(34)

HR Tech(3)

Interviews(10)

Life@mantra(11)

Logistics(5)

Strategy(18)

Testing(9)

Android(48)

Backend(32)

Dev Ops(11)

Enterprise Solution(29)

Technology Modernization(7)

Frontend(29)

iOS(43)

Javascript(15)

AI in Insurance(38)

Insurtech(66)

Product Innovation(57)

Solutions(22)

E-health(12)

HealthTech(24)

mHealth(5)

Telehealth Care(4)

Telemedicine(5)

Artificial Intelligence(143)

Bitcoin(8)

Blockchain(19)

Cognitive Computing(7)

Computer Vision(8)

Data Science(19)

FinTech(51)

Banking(7)

Intelligent Automation(27)

Machine Learning(47)

Natural Language Processing(14)

expand Menu Filters

The Importance of Data Ethics in Insurance

4 minutes, 38 seconds read

In a world where digitization is rapidly making its way into our everyday life, challenges come as an add on package. Amongst many others, Data and Privacy are the most raised concerns. Be it any sector, consumers need assurance that their data is safe with the company. Insurance is one of the sectors that banks highly sensitive data of its customers. Data breaches, wrongful processing of customer data, using the personal information of customers without consent, etc. puts a dent in the company’s image. We have seen the scandal caused by the data breach at Facebook. 

In September 2018, Facebook announced that an attack on its computer network exposed the personal data of over 50 million users. According to Facebook, hackers were able to gain access to the system by exploiting a vulnerability in the code used for the ‘View as’ feature. The attackers stole the ‘access tokens’, which took over the user’s accounts and got access to other services. 

The need for data protection in Insurance

‘Trust’ is an essential part of the Insurance industry, failure of which can lead to loss of customer loyalty and subsequently loss of business. Insurance companies need to process customer data for calculating premiums, customized policies, claims, etc. 

In India, The Information Technology Act, 2000 (IT Act) and the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 (SPDI Rules) set out the general framework for data protection. However, given the nature of the Insurance business and intermediaries, the Insurance Regulatory and Development Authority of India (IRDAI) has prescribed an additional framework for the protection of policyholder information and data, which Insurers need to follow in addition to the general framework under the IT Act. 

As India moves towards digitization, the IRDAI and IT Act are not enough to ensure proper compliance of data. The nation needs a comprehensive Data Protection law along with a governing body to oversee the implementation of the law. A draft of the Data Protection Bill was introduced in July 2018 which later was tabled on 11th December 2019 by the Indian Parliament. However, the Bill is being analyzed by a Joint Parliamentary Committee (JPC) in consultation with various groups. Indeed a groundbreaking step for our country, but it might have dangerous implications. The bill gives power to the government to access customers’ private data or government agency data on grounds of sovereignty or public order. 

The question is that will the government adhere to data ethics while processing this private data? The answer is unknown, but this step puts Insurance companies and TPAs under pressure to take steps towards data protection.

How can Insurers ensure data ethics

To ensure the privacy of customers and use data effectively, Insurers and intermediaries can adhere to the following measures-

Implementing risk management and IT security policies

Insurance is the most targeted industry by hackers. Also, with a lot of mobile workforce handling portable devices, monitoring data can be challenging. Companies need to protect data on the endpoint. The software should be installed on the systems directly and encrypting the data on portable devices such as USBs and hard drives. Growing risks in cybersecurity increased demand for Cyber Insurance policies. Cyber Insurance products are another such medium which helps in mitigating risks in the event of a cyber attack or a breach. 

According to a report by Data Security Council of India on Cyber Insurance in India, the Cyber Global Insurance market is prone to grow from a CAGR of 27% from 4.2 Bn to 22.8 Bn from 2017 to 2024. Insurers can also take measures such as setting-up internal policies and regular audits to keep a check on the data compliance. 

Consent mechanism for using policy holder’s data

A company might need data for internal purposes such as upgrading services for its customers. In such cases, companies should mention the purpose and set-up a proper mechanism for taking consent. Insurers can also give a status update on the project for which they used the customer data to keep the trust factor intact.

Using data-centric technologies

Human errors are unavoidable. But a second step validation can be set-up using disruptive technologies such as quantum computing, blockchain, Artificial Intelligence. These technologies not only ensure data security but also help in utilizing the customer data most efficiently.

[Related: 5 Proven Strategies to Break Through the Data Silos]

Ensuring transparency with customers.

In the event of a data breach, the company must inform the customers and take steps to contain the damage. In 2014, Anthem Healthcare was attacked which led to a data breach. They immediately sent out alerts to their customers informing of the possibility of their data leak. Subsequently, they also informed the media after 8 days. Furthermore, they contacted the FBI regarding the attack and hired Mandiant, a cybersecurity firm to assess the level of damage. As an essential part of data ethics, it is equally important to own the mistake and take appropriate measures.

[Related: AI in Insurance: Takeaways from AI for Data-driven Insurers Webinar]

Merits of the case: data ethics in Insurance

Data breaches can occur due to superficial monitoring of data flow; lack of accurate privacy design; poor internal audits; failure in conducting resistance tests; use of outdated security systems. 

The present crisis of COVID-19 has made data all the more vulnerable. As many employees are working from home, data security compliance has been an issue. Data protection bills and authority can act as watchdogs in the Insurance sector to avoid breaches. The Insurance sector should not see the law as a burden for additional compliance but rather an opportunity for long term customer trust. 

If you want to know more about the importance of data, and how to prevent data loss in other organizations that provide financial services, do read Financial services businesses must protect PII. DLP can help.

Cancel

Knowledge thats worth delivered in your inbox

Why Netflix Broke Itself: Was It Success Rewritten Through Platform Engineering?

By :

Let’s take a trip back in time—2008. Netflix was nothing like the media juggernaut it is today. Back then, they were a DVD-rental-by-mail service trying to go digital. But here’s the kicker: they hit a major pitfall. The internet was booming, and people were binge-watching shows like never before, but Netflix’s infrastructure couldn’t handle the load. Their single, massive system—what techies call a “monolith”—was creaking under pressure. Slow load times and buffering wheels plagued the experience, a nightmare for any platform or app development company trying to scale

That’s when Netflix decided to do something wild—they broke their monolith into smaller pieces. It was microservices, the tech equivalent of turning one giant pizza into bite-sized slices. Instead of one colossal system doing everything from streaming to recommendations, each piece of Netflix’s architecture became a specialist—one service handled streaming, another handled recommendations, another managed user data, and so on.

But microservices alone weren’t enough. What if one slice of pizza burns? Would the rest of the meal be ruined? Netflix wasn’t about to let a burnt crust take down the whole operation. That’s when they introduced the Circuit Breaker Pattern—just like a home electrical circuit that prevents a total blackout when one fuse blows. Their famous Hystrix tool allowed services to fail without taking down the entire platform. 

Fast-forward to today: Netflix isn’t just serving you movie marathons, it’s a digital powerhouse, an icon in platform engineering; it’s deploying new code thousands of times per day without breaking a sweat. They handle 208 million subscribers streaming over 1 billion hours of content every week. Trends in Platform engineering transformed Netflix into an application dev platform with self-service capabilities, supporting app developers and fostering a culture of continuous deployment.

Did Netflix bring order to chaos?

Netflix didn’t just solve its own problem. They blazed the trail for a movement: platform engineering. Now, every company wants a piece of that action. What Netflix did was essentially build an internal platform that developers could innovate without dealing with infrastructure headaches, a dream scenario for any application developer or app development company seeking seamless workflows.

And it’s not just for the big players like Netflix anymore. Across industries, companies are using platform engineering to create Internal Developer Platforms (IDPs)—one-stop shops for mobile application developers to create, test, and deploy apps without waiting on traditional IT. According to Gartner, 80% of organizations will adopt platform engineering by 2025 because it makes everything faster and more efficient, a game-changer for any mobile app developer or development software firm.

All anybody has to do is to make sure the tools are actually connected and working together. To make the most of it. That’s where modern trends like self-service platforms and composable architectures come in. You build, you scale, you innovate.achieving what mobile app dev and web-based development needs And all without breaking a sweat.

Source: getport.io

Is Mantra Labs Redefining Platform Engineering?

We didn’t just learn from Netflix’s playbook; we’re writing our own chapters in platform engineering. One example of this? Our work with one of India’s leading private-sector general insurance companies.

Their existing DevOps system was like Netflix’s old monolith: complex, clunky, and slowing them down. Multiple teams, diverse workflows, and a lack of standardization were crippling their ability to innovate. Worse yet, they were stuck in a ticket-driven approach, which led to reactive fixes rather than proactive growth. Observability gaps meant they were often solving the wrong problems, without any real insight into what was happening under the hood.

That’s where Mantra Labs stepped in. Mantra Labs brought in the pillars of platform engineering:

Standardization: We unified their workflows, creating a single source of truth for teams across the board.

Customization:  Our tailored platform engineering approach addressed the unique demands of their various application development teams.

Traceability: With better observability tools, they could now track their workflows, giving them real-time insights into system health and potential bottlenecks—an essential feature for web and app development and agile software development.

We didn’t just slap a band-aid on the problem; we overhauled their entire infrastructure. By centralizing infrastructure management and removing the ticket-driven chaos, we gave them a self-service platform—where teams could deploy new code without waiting in line. The results? Faster workflows, better adoption of tools, and an infrastructure ready for future growth.

But we didn’t stop there. We solved the critical observability gaps—providing real-time data that helped the insurance giant avoid potential pitfalls before they happened. With our approach, they no longer had to “hope” that things would go right. They could see it happening in real-time which is a major advantage in cross-platform mobile application development and cloud-based web hosting.

The Future of Platform Engineering: What’s Next?

As we look forward, platform engineering will continue to drive innovation, enabling companies to build scalable, resilient systems that adapt to future challenges—whether it’s AI-driven automation or self-healing platforms.

If you’re ready to make the leap into platform engineering, Mantra Labs is here to guide you. Whether you’re aiming for smoother workflows, enhanced observability, or scalable infrastructure, we’ve got the tools and expertise to get you there.

Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...
Go Top
ml floating chatbot