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What is the latest news in InsurTech?

Here is the list of top 3 latest news in InsurTech sector

Greenlight Re invests in South African InsurTech Click2Sure

Source of this news piece: https://www.intelligentinsurer.com/news/greenlight-re-invests-in-south-africa-based-insurtech-click2sure-16706

The South-Africa based Click2Sure has developed a platform for managing, distributing and purchasing insurance at the point of sale. The startup was founded in 2017 by Daniel Guasco (previously led Groupon South Africa) and Jacques Van Niekerk(served several e-commerce companies in South Africa). The move was welcomed by the Greenlight CEO Simon Burton who went on to say “We are pleased to be partnering with Click2sure and support Daniel and Jacques as they develop new ways for companies to engage and provide value to their customers. The Click2sure platform enables a radical transformation of the customer experience and a cost-effective way to deliver insurance products to under-served marketplaces.”

The Click2Sure founders commented “We are delighted by the financial investment, but more so by the endorsement of our unique full-stack, multiple digital platform capability, and potential. This partnership has brought global recognition to a South African business, and we welcome the insights that Greenlight Re Innovations will introduce to the platform.”

The investment was processed through the reinsurer’s insurtech unit Greenlight Re innovation which has started in March 2018.

InsurTech start-up Broker Insights has partnered with Zurich, Axa, Ecclesiastical and QBE

Source: https://www.insuranceage.co.uk/technology/3649746/insurtech-futures-four-major-insurers-join-ex-aviva-director-fraser-edmonds-platform

Broker Insights was launched in January 2018, founded by Fraser Edmond.  The company has partnered with Zurich, Axa, Ecclesiastical and QBE following to their partnership with Hiscox. The goal of Broker insights is to provide a data sharing platform where insurers can get insights into the U.K regional broker customer data.

According to the Broker insights, insurers will get an accurate view of opportunities available in their regional broker market. It is a great platform that will connect the right insurers to right brokers at the right time. With the help of this technology, customers will also get products that align with their requirements.

Deepak Soni, director of commercial intermediary at Axa, says that the Broker insights support Axa’s branch network focus.

He further added “This platform has real potential in further strengthening our relationships in regional markets across the UK and provide more opportunities to support independent brokers and customers alike,”

Driverless and autonomous cars to impact the InsurTech industry

Source: https://www.intelligentinsurer.com/news/autonomous-cars-will-shake-insurance-market-to-its-core-16698

At the Intelligent InsurTech Europe 2018 conference in London on October 15, Vincent Branch the CEO of Accelerate at AXA XL gave a presentation titled “ ‘Autonomy and the challenges for the risk & insurance industry’. He talked about the advent of vehicular autonomy and the driverless cars and their impact on the insurance industry.

He went on to explain the five levels of vehicular autonomy from level 0 – level 5. Level 0 means no autonomy and level 5 meaning completely autonomous.  Currently, the focus is on level 4 which means the optional participation of the human driver. According to him autonomy will not only change but will transform the world.

The cause of 90 percent accidents is human errors, and autonomous vehicles will reduce the accidents. Branch further added that efficient driving would alleviate the carbon dioxide emission up to 60%  and reduce the transport costs.

But, the main question comes into the picture that is how will the insurance claims be managed in the cases mentioned above.

Questions for the insurance industries as posed by Branch:

1.    Who is at fault for an autonomous vehicle accident?

2.    How will car ownership change?

3.   Can anyone steal a driverless car?

4.    Does insurance have the capacity to cope with such high magnitude changes?

These questions do not have the answer as of yet, but it will be a turning point for the insurance industry in the future, and the picture will be completely different as it is now.

InsurTech is a late bloomer field that is now seeing the light of innovation and technology. So, it is not surprising to see that new companies and start-ups are taking a plunge in the Insurance sector and giving it a push.  Artificial intelligence and machine learning form the crux of InsurTech, and we can expect some revolutionary changes soon.

For any InsurTech queries, reach us at hello@mantralabsglobal.com

 

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Smart Machines & Smarter Humans: AI in the Manufacturing Industry

We have all witnessed Industrial Revolutions reshape manufacturing, not just once, but multiple times throughout history. Yet perhaps “revolution” isn’t quite the right word. These were transitions, careful orchestrations of human adaptation, and technological advancement. From hand production to machine tools, from steam power to assembly lines, each transition proved something remarkable: as machines evolved, human capabilities expanded rather than diminished.

Take the First Industrial Revolution, where the shift from manual production to machinery didn’t replace craftsmen, it transformed them into skilled machine operators. The steam engine didn’t eliminate jobs; it created entirely new categories of work. When chemical manufacturing processes emerged, they didn’t displace workers; they birthed manufacturing job roles. With each advancement, the workforce didn’t shrink—it evolved, adapted, and ultimately thrived.

Today, we’re witnessing another manufacturing transformation on factory floors worldwide. But unlike the mechanical transformations of the past, this one is digital, driven by artificial intelligence(AI) working alongside human expertise. Just as our predecessors didn’t simply survive the mechanical revolution but mastered it, today’s workforce isn’t being replaced by AI in manufacturing,  they’re becoming AI conductors, orchestrating a symphony of smart machines, industrial IoT (IIoT), and intelligent automation that amplify human productivity in ways the steam engine’s inventors could never have imagined.

Let’s explore how this new breed of human-AI collaboration is reshaping manufacturing, making work not just smarter, but fundamentally more human. 

Tools and Techniques Enhancing Workforce Productivity

1. Augmented Reality: Bringing Instructions to Life

AI-powered augmented reality (AR) is revolutionizing assembly lines, equipment, and maintenance on factory floors. Imagine a technician troubleshooting complex machinery while wearing AR glasses that overlay real-time instructions. Microsoft HoloLens merges physical environments with AI-driven digital overlays, providing immersive step-by-step guidance. Meanwhile, PTC Vuforia’s AR solutions offer comprehensive real-time guidance and expert support by visualizing machine components and manufacturing processes. Ford’s AI-driven AR applications of HoloLens have cut design errors and improved assembly efficiency, making smart manufacturing more precise and faster.

2. Vision-Based Quality Control: Flawless Production Lines

Identifying minute defects on fast-moving production lines is nearly impossible for the human eye, but AI-driven computer vision systems are revolutionizing quality control in manufacturing. Landing AI customizes AI defect detection models to identify irregularities unique to a factory’s production environment, while Cognex’s high-speed image recognition solutions achieve up to 99.9% defect detection accuracy. With these AI-powered quality control tools, manufacturers have reduced inspection time by 70%, improving the overall product quality without halting production lines.

3. Digital Twins: Simulating the Factory in Real Time

Digital twins—virtual replicas of physical assets are transforming real-time monitoring and operational efficiency. Siemens MindSphere provides a cloud-based AI platform that connects factory equipment for real-time data analytics and actionable insights. GE Digital’s Predix enables predictive maintenance by simulating different scenarios to identify potential failures before they happen. By leveraging AI-driven digital twins, industries have reported a 20% reduction in downtime, with the global digital twin market projected to grow at a CAGR of 61.3% by 2028

4. Human-Machine Interfaces: Intuitive Control Panels

Traditional control panels are being replaced by intuitive AI-powered human-machine interfaces (HMIs) which simplify machine operations and predictive maintenance. Rockwell Automation’s FactoryTalk uses AI analytics to provide real-time performance analytics, allowing operators to anticipate machine malfunctions and optimize operations. Schneider Electric’s EcoStruxure incorporates predictive analytics to simplify maintenance schedules and improve decision-making.

5. Generative AI: Crafting Smarter Factory Layouts

Generative AI is transforming factory layout planning by turning it into a data-driven process. Autodesk Fusion 360 Generative Design evaluates thousands of layout configurations to determine the best possible arrangement based on production constraints. This allows manufacturers to visualize and select the most efficient setup, which has led to a 40% improvement in space utilization and a 25% reduction in material waste. By simulating layouts, manufacturers can boost productivity, efficiency and worker safety.

6. Wearable AI Devices: Hands-Free Assistance

Wearable AI devices are becoming essential tools for enhancing worker safety and efficiency on the factory floor. DAQRI smart helmets provide workers with real-time information and alerts, while RealWear HMT-1 offers voice-controlled access to data and maintenance instructions. These AI-integrated wearable devices are transforming the way workers interact with machinery, boosting productivity by 20% and reducing machine downtime by 25%.

7. Conversational AI: Simplifying Operations with Voice Commands

Conversational AI is simplifying factory operations with natural language processing (NLP), allowing workers to request updates, check machine status, and adjust schedules using voice commands. IBM Watson Assistant and AWS AI services make these interactions seamless by providing real-time insights. Factories have seen a reduction in response time for operational queries thanks to these tools, with IBM Watson helping streamline machine monitoring and decision-making processes.

Conclusion: The Future of Manufacturing Is Here

Every industrial revolution has sparked the same fear, machines will take over. But history tells a different story. With every technological leap, humans haven’t been replaced; they’ve adapted, evolved, and found new ways to work smarter. AI is no different. It’s not here to take over; it’s here to assist, making factories faster, safer, and more productive than ever.

From AR-powered guidance to AI-driven quality control, the factory floor is no longer just about machinery, it’s about collaboration between human expertise and intelligent systems. And at Mantra Labs, we’re diving deep into this transformation, helping businesses unlock the true potential of AI in manufacturing.

Want to see how AI-powered Augmented Reality is revolutionizing the manufacturing industry? Stay tuned for our next blog, where we’ll explore how AI in AR is reshaping assembly, troubleshooting, and worker training—one digital overlay at a time.

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