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TOP 10 INNOVATIVE INSURANCE PRODUCTS OF 2019

6 minutes 9 seconds read

We are witnessing the slow but sure, uberization of insurance. Insurers now more than ever, need big data-driven insights to assess risk, reduce claims, and create value for their customers. The industry is abuzz with a steady influx of new innovative products, deriving value in areas that were previously untapped.

Processes like faster KYC verification and onboarding, automated underwriting, virtual claims adjusting, to name a few have become hot commodities within the last year. With AI-assisted technologies improving functionality, reducing real-time data fraud or meddling; insurers are creating custom-fitted coverages for the end-user.

For example, AI-powered underwriting solutions are already saving up to 97% of the time and resources that were traditionally required, enabling the corporate underwriter to specialize in cases that require deeper thought and analysis.

According to a recent CB Insights report, here’s what’s next for P&C Insurance.

The general insurance industry in India alone is valued at US$ 21B in 2019, growing at 13% CAGR over the next 5 years, and is expected to touch US$ 57B by 2025. Customer’s coverage expectations in the subcontinent have shifted toward desires of flexible insurance products that more closely match their lifestyle needs. These trends across the APAC landscape mirror the changes being witnessed in more advanced insurtech markets across Europe and North America.

Keeping customers primed at the centre of insurance innovation, here’s a look at the top ten most game-changing products in insurance today (in no particular order)

  • Splitsurance: Allianz Suisse used KASKO’s cloud-based insurance lifecycle platform to create and run a new type of insurance product – splitsurance. The offering targets university students in Switzerland, who live in a ‘flatshare’. Customers can get a liability cover, insure up to three high-value items of their choosing and also get discounts if their flatmates decide to join. Users can manage and update their cover autonomously through an after-sales customer portal.  
  • CUVVA: Cuvva provides hourly car insurance. In the mobile app, you simply enter the registration number and approximate value of the car you are borrowing from a friend or family member, choose the time you want to be covered for, take a picture of the car and Cuvva will get you an instant quote. Cuvva integrates with Facebook so that you can see which of your friends have cars to borrow. Cuvva queries various data sources to check driving licence data, the Claims and Underwriting Exchange and automated fraud protection to verify coverage quicker than legacy players can.

  • Digital Risks: DigitalRisks is an insurance specialist built for tech companies, offering a flexible, pay monthly Insurance-as-a-Service model. A founder could start out by protecting their laptop and end up with employer liability insurance and insurance against data breaches as the company grows.

  • Back Me Up: Back Me Up is an offshoot of Ageas. Their unique proposition is to be a parental-like cover for young people and students. For £15, one can insure their three most valuable items (eg: laptop, mobile), that also includes theft loss and worldwide travel insurance, plus there are no annual contracts.

  • Mango: The Mexico-based life and retirement insurance intermediary, allows users to obtain life insurance “in minutes.” They are pioneers in Mexico, who use technology to streamline every interaction you have with your insurance, avoiding unnecessary paperwork and confusing coverages. They have intelligent bots at work to answer insurance related queries, plus their UI is outstanding.

  • Bought By Many: The UK-based startup is a free, members-only service that helps users to find insurance for the not so common things in life. They offer pet, travel, car, bike, shoes, gadgets, home insurance covers and more. Members save an average of 18.6%. The company negotiates discounts directly with insurers for the clients’ unique situations.  

  • Dad Cover: The product is uniquely propositioned for Dads looking to get life insurance and financially protect their families. They’re full-sized professional financial planning firms, working with life insurance specialists.  Using a streamlined service, one can get a free quote after a quick chat with their DadBot, then one of their associated FCA registered advisers will talk you through your needs, answer all your questions and give you proper independent advice on what’s best to help protect your family.

  • Go Girl: GoGirl is a woman-only drivers insurance, that rewards good drivers with lower premiums. The insurance cover also includes a free courtesy car when your car is in for repairs, legal cover, child car seat, personal accident and windscreen cover. The company also insures your handbag and its content if it is stolen from the car. A free quote is available in minutes, and the whole transaction can be completed online.

  • Safety Wing: The “Insurance for Nomads” via SafetyWing is travel insurance that’s creating a safety net for online freelancers and entrepreneurs. The company offers coverage – up to $250k via Tokio Marine HCC – for unexpected illness or injury, including eligible expenses for the hospital, doctor or prescription drugs. They plan to extend their products to medical travel insurance in the near future.

  • Vlot: The Vlot platform provides life risk analysis and coverage solutions that smoothly adjust to your changing life situations. If you meet unexpected changes in your life, such as moving to a new city, getting married, or loss of a job – you can adjust your life risk coverage accordingly and never be over or underinsured. You only pay for what you really need in your current life situation, and control the premiums as and when dynamic changes occur.  

Special mention:

Fizzy: Fizzy is a revolutionary web & mobile insurance cover for flight delays of 2 hours or more. Developed by AXA, with Fizzy you combine the benefits of a startup and the insurance knowledge of a global insurer. They offer a one-shot coverage tailored to your own flight route, with automatic compensation in case of a delay, with no exclusions. You can purchase fizzy in 4 clicks at any time after your flight ticket has been purchased, up to 5 days prior to departure.

As customer tastes continue to evolve, the future looks promising for the state of innovation, while insurers align their offerings in lieu of the demand for newer insurance products.

The marketplace of insurance ideas is already a reflection of the changes customers want to see from their insurance providers, with young insurtechs being instrumental in bridging those unmet need-gaps, and bringing out positively unique insurance coverages for the average consumer.

(Note: The products highlighted here are not rank-based and are not indicative of the ‘best’ insurtech products available today. For more analysis on Insurtech products such as those from Lemonade, Trov etc. – which are not included here, read our blog on the Adoption of Chatbots across Insurance.)

webinar: AI for data-driven Insurers

Join our Webinar — AI for Data-driven Insurers: Challenges, Opportunities & the Way Forward hosted by our CEO, Parag Sharma as he addresses Insurance business leaders and decision-makers on April 14, 2020.

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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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