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INSURTECH – Inspiring People and Offering Opportunities

While InsurTech offers benefits via process efficiencies, cost reductions, or radical changes to the customer, it was under the late adoption category when compared to other financial industry sectors, as per a report from Deloitte.

Figuring the current state of InsurTech, it is found by Accenture that InsurTech deals in the USA are still the highest with $1.24bn worth of deals. However, the number of insurtech deals in Europe grew 118%, while the value of deals in 2017 was $679m, 385% more than in 2016. Another report highlights that the UK is Europe’s largest insurtech hub, with 41 deals in 2017.

On the other hand, Insurtech in India is picking up the pace via its integration with modern technologies like Artificial Intelligence[AI], Machine Learning [ML]and the Internet of Things [ IoT].

So what were the factors that inspired Insurance companies to handshake with the advanced technologies? Or what were the dimensions in insurtech that encouraged people? Let’s have a look –
OPPORTUNITIES’ THAT INSPIRES INSURTECH

INNOVATION TO HELP MULTI-LAYERED STRUCTURE

Insurance is a multi-layer process, be it vehicle insurance that involves the owner, insurance firm and the vehicle seller or health insurance that requires patient, hospital and the insurance firm. The story could get a bit more complicated when coverage is provided via an employer, adding another layer of interaction.
Could disintermediation of the layers make it easy for customers to avail insurance? Well, yes a robust platform strategy is all you need. Just, for example, you may be approaching a corporate client to sell your health insurance policy; if some of the employees are using a type of health tracker device, it would be better to have a base of standard APIs and interface where all interface could connect and communicate.
Or picking another example, when your vehicle meets an accident, your smartphone could record and upload the photos on the integrated platform offered by the insurance firm and claim processing could be pushed.

MATCHING THE NEED FOR CUSTOMERS

The internet generation is keen to buy things in untraditional ways, while earlier government job was the norm, millennials are eager to own their business. To serve such a customer base, insurtech has been on their toes and offering customized insurance policies that may last for a trip or even for hours commonly known as Microinsurance. The ability to turn on and off your insurance policy is another creative way that has inspired people to buy insurance.

REVOLUTION TO CUSTOMIZE PRICING

Gone are the days when a full traditional policy was the norm and customers had no other option but to buy it. The customer is now attracted to innovative pricing models offered by insurtech firms. While the customer is planning his vacation via air, insurtech based on the data gathered could provide a customized 2-day or 5-day insurance cover. Or how about accessing the assets at home and providing insurance against burglary for your vacation time? Well, these revolutionary pricing model are helping insurtech to catch customer behaviour and allowing them to make fast claim processing via different tools.

IMPROVEMENTS WITH TECHNOLOGY

Integration with technologies like Blockchain, AI, and IoTs is helping people to avail enhanced services and operational development. While combination with Blockchain will help in building a higher level of trust, it also has the potential to offer new products. Pairing with IoTs would assist in gathering data and avoiding fraud claims. On the other hand, AI could help in automation of the age-old processes and documentation thereby streamlining the procedures.

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

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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.

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