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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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Manufacturing 4.0: How Augmented Reality is Reshaping the Factory Floor

Augmented reality began in a lab at Harvard back in the 1960s, and over the years, it has been used for defense, sports, entertainment, and gaming applications, among others. Most of us got our first taste of augmented reality while chasing Pikachu through city streets in Pokémon Go. But in factories, AR isn’t about catching ’em all—it’s about keeping production lines running smoothly, minimizing errors, and turning workers into efficiency powerhouses with a simple glance through a headset. 

In manufacturing, AR has evolved beyond simple overlays to become a transformative force, seamlessly integrating with Artificial Intelligence (AI), IoT, and digital twin technologies. We all recognize the value AR brings to manufacturing, but what happens when AI enhances AR? How is AR transforming the industry, and how does it work? That’s exactly what we’ll explore in this blog.

The Next Evolution of AR in Manufacturing

Manufacturing is no longer just about automation, it’s about augmentation. AI is helping AR enable a new level of precision, real-time decision-making, and predictive capabilities that were once considered futuristic. Let’s take a closer look at how AR is elevating factory operations today.

1. AI-powered AR for Adaptive Workflows

Picture this: you’re on a bustling factory floor, working on an intricate assembly task. Traditional AR systems would simply float static instructions in front of you like flipping through a digital manual that doesn’t know if you’re stuck or making a mistake. Helpful? Sure. Dynamic? Not so much.

Now just imagine you are working with AI-powered AR which doesn’t just display instructions, it learns, adapts, and reacts. These intelligent systems analyze your workflow in real-time, adjusting guidance based on how you’re performing, the machine conditions around you, and even environmental factors. Hesitate on a step? The system modifies the instructions instantly. Does a component deviate from standard specifications? AR overlays flag the issue before it snowballs into a costly error.

Companies like PTC and Vuforia are pioneering AI-driven AR solutions, analyzing operator performance to deliver real-time coaching. How Volkswagen has integrated AI-driven AR into its assembly lines, automatically detecting errors and suggesting corrections to workers on the spot, significantly reducing rework time.

2. AR and IoT: The Connected Factory

What if the mere thought of ‘I wish these machines could just communicate’ could be true? AR, when combined with IoT, transforms equipment into interactive entities, providing real-time sensor data directly overlaid onto machinery. Instead of waiting for a malfunction, workers can spot anomalies, take proactive measures, and keep production lines running smoothly.

Siemens has already embraced this technology, equipping workers with AR dashboards that display real-time diagnostics and alerts, significantly reducing unexpected machine failures. According to Deloitte, Factories integrating AR-powered IoT solutions drop machine failure rates, leading to reduced downtime and operational costs.

3. AR-Enabled Remote Collaboration and Assistance

In the past, troubleshooting a complex issue on the factory floor meant waiting for an expert to arrive, causing delays in production. But with AI-powered AR, remote collaboration has become seamless. Experts can now “see” exactly what you see, overlaying real-time annotations, guiding your hands, and helping resolve issues instantly! no waiting, no guesswork.

Airbus has developed AR-based remote assistance solutions where engineers worldwide provide instant support to factory workers, reducing troubleshooting time by 60%. Similarly, Caterpillar’s AR-powered remote support system has led to a 50% reduction in equipment downtime, directly improving operational efficiency.

Source: Belcan.com

4. AR-Driven Digital Twins for Real-Time Decision Making

The virtual replica of your factory floor is not just imagination, it’s a reality with digital twin technology. Imagine standing in your factory and seeing a real-time, interactive model of the entire operation floating in front of you. These AI-powered digital twins mirror every aspect of your machinery and workflow, allowing workers to test processes, predict failures, and optimize operations before making real-world changes.

Instead of relying on outdated reports or delayed diagnostics, workers can access instant, data-driven insights overlaid onto their environment. This helps them tweak operations on the go without shutting down production. Whether optimizing machine performance, identifying bottlenecks, or improving workflow efficiency, digital twins give workers the power to make smarter, faster decisions right on the spot.

GE integrates AR with digital twins, allowing engineers to simulate and optimize workflows before execution, minimizing errors and improving efficiency. Companies leveraging AR-driven digital twins report a 40% boost in operational efficiency, making real-time decision-making more data-driven than ever.

5. AR in Workforce Development: AI-Coached Training and Skill Retention

Forget static manuals and lengthy onboarding sessions, AR is revolutionizing training by offering augmented reality training immersive, AI-assisted learning experiences tailored to individual skill levels. Workers learn by doing, receiving real-time, interactive guidance that accelerates skill acquisition and improves long-term retention.

Lockheed Martin has implemented AR-driven training programs, which have reduced the time required for workers to master complex assembly tasks. AI-integrated AR training systems can even predict potential human errors before they occur, offering instant corrective feedback and creating a more proactive, skilled workforce.

Source: Mantra Research

The Impact of AR on Manufacturing

The adoption of AR in smart manufacturing has not just improved the quality of output but has transformed the entire industry. By enabling real-time decision-making, predictive maintenance, and adaptive learning, AR is creating more agile, efficient, and error-free production environments. Workers are experiencing faster task completion rates, fewer errors, and enhanced safety measures, while companies are seeing increased ROI, reduced downtime, and higher production yields.

According to a PwC report, companies implementing AR in industrial settings have achieved a 32% improvement in productivity and a 25% reduction in errors. These advancements are not just making production lines smarter but also reshaping the role of human workers, empowering them with real-time insights and hands-free operational guidance.

Conclusion:

With AI-powered Augmented Reality on factory floors, the manufacturing industry has evolved in every way possible. AI is not just assisting AR—it’s amplifying its impact. Machine efficiency has soared, processes have become more seamless, and workers are now equipped with real-time insights that make their jobs more engaging and rewarding. Error rates have dropped drastically, and safety concerns are becoming a thing of the past, thanks to AI-driven predictive alerts and color-coded warnings that flag potential issues before they escalate.

But the real game-changer? Precision and quality. AI’s ability to analyze and adapt in real time has led to higher product quality, reduced downtime, and smarter workflows. The result – factories that are not just automated, but intelligently optimized.

At Mantra Labs, we build AI-driven solutions that help businesses scale sustainably, reduce inefficiencies, and streamline operations. From minimizing downtime to optimizing supply chains, we make manufacturing smarter and more resilient.

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