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Most Innovative Insurtechs of 2023

The insurance industry has experienced significant transformations in recent years, largely driven by technological advancements and the rise of insurtech companies. These innovative startups are upending conventional insurance practices by utilizing cutting-edge technologies to boost customer experiences, streamline operations, and offer personalized insurance solutions. This blog will focus on the most cutting-edge insurtech firms of 2023 that are changing the insurance space and pushing the envelope of what is possible. Here’s a look at the most innovative insurtechs of 2023 (in no particular order):

  1. Propeller is a US-based InsurTech that provides insurance companies, consultants, and their clients with a completely automated end-to-end underwriting platform. The firm has a white-labeled URL for brokers and agents that contains around 7,000 surety bond obligations allowing both parties to get quotes, make payments, and receive their bonds in a matter of minutes.
  1. Kita is a London-based company that provides a customized portfolio of carbon insurance solutions by linking insurance and carbon markets. The company offers a portfolio of insurance products that lower carbon risk, allowing high-quality carbon projects to scale up. Reduced risk in carbon credit transactions leads to greater flows of upfront capital and accelerates the pace of positive climate impact. Their Carbon Purchase Protection Cover insurance policy secures buyers of forward-purchased carbon credits against under-delivery.
  1. Goose is a Vancouver-based company that provides easy, affordable, insurance solutions via mobile-first self-serve platforms. Customers may purchase Life Insurance, Cancer Insurance, Critical Illness Insurance, Travel Insurance, and more using the Goose Insurance Super-App in just a few seconds without the need for a medical exam or an agent.
  1. Thimble is a US-based insurtech platform that enables small businesses like handymen, landscapers, DJs, artisans, and event planners to purchase insurance coverage by job, month, or year using an app, website, or phone. The users can also modify, pause, or cancel it right away regardless of whether the business is strong and also pick how they wish to pay before upgrading once the business truly takes off. 
  1. Wefox Holding AG, a Berlin-based firm provides customers with an insurance check tool that identifies the risks they face. 

The users receive an accurate percentage across 4 separate categories that reflect their individual level of risk.

  1. NEXT Insurance is a California-based firm that provides small businesses like pet care providers, Amazon sellers, engineers, architects, etc. with specialized and affordable insurance solutions. The firm is also working on creating a digitally embedded payroll experience for small businesses across the U.S. which will help them effectively manage cash flow and only pay for the coverage they require.
  2. Dacadoo is a Swiss tech firm that combines mobile technologies, social networking, gamification, etc., to help users with their health and well-being through personalization. Their mobile-first digital health engagement platform encourages users to lead more active lives by combining social networks, online gaming, and behavioral science-based motivating strategies with artificial intelligence and automated coaching. The platform uses the Health Score, a scientifically derived number ranging from 0 to 1,000, to quantify and assess health. It relies on the user’s physical characteristics (body), emotional state (mind), and way of living (style). Rewards are given to those who lead active lifestyles. Another product is Dacadoo Risk Engine, a health risk quantification API that enables insurers and healthcare providers to examine the population’s health risk. Examples include population health management, faster underwriting, supporting pricing engines, and dynamic pricing.  

Conclusion:

The Insurtech revolution is in full swing, and these innovative companies are leading the charge. From redefining underwriting with AI and ML to pioneering usage-based insurance, enhancing customer experience, transforming claims processing with blockchain, and embracing risk management and prevention, they are reshaping the insurance industry as we know it. With a growing focus on technology, data, and customer-centric approaches, the future of insurance sure looks promising.

(Note: The insurtechs highlighted here are not rank-based and are not indicative of the ‘best’ insurtech products available today.)

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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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