Try : Insurtech, Application Development

AgriTech(1)

Augmented Reality(20)

Clean Tech(8)

Customer Journey(17)

Design(45)

Solar Industry(8)

User Experience(68)

Edtech(10)

Events(34)

HR Tech(3)

Interviews(10)

Life@mantra(11)

Logistics(5)

Strategy(18)

Testing(9)

Android(48)

Backend(32)

Dev Ops(11)

Enterprise Solution(29)

Technology Modernization(8)

Frontend(29)

iOS(43)

Javascript(15)

AI in Insurance(38)

Insurtech(66)

Product Innovation(57)

Solutions(22)

E-health(12)

HealthTech(24)

mHealth(5)

Telehealth Care(4)

Telemedicine(5)

Artificial Intelligence(146)

Bitcoin(8)

Blockchain(19)

Cognitive Computing(7)

Computer Vision(8)

Data Science(21)

FinTech(51)

Banking(7)

Intelligent Automation(27)

Machine Learning(47)

Natural Language Processing(14)

expand Menu Filters

10 Takeaways from the World InsurTech Report 2019

6 minutes, 6 seconds read

The insurance market dynamics are changing rapidly. While a connected ecosystem is the need of the time, agility and new business models are a way through. The current edition of the World InsurTech Report (WITR) emphasizes on developing synergies between Insurers and InsurTechs for the success of the future insurance marketplace. Here are 10 key takeaways from WITR 2019.

Insurance Business Process Improvements

Tech giants like Alibaba, Amazon, Apple, Facebook, and Google are entering the Insurance space with enormous customer data. Moreover, customers (nearly 30%) are responding positively to buying insurance products from BigTech firms, according to the World Insurance Report 2018. WITR proposes the following business process improvement for Insurers to remain market-fit.

#1 Partnerships with Insurtechs, Financial Institutions and Industry Players

90% of InsurTechs and 70% of Incumbents believe partnerships are crucial. And these partnerships are not confined only to the insurance sector. These can include collaboration with financial, technology, healthcare, travel, transportation, hospitality, retail, and more. 

Partnerships - world InsurTech Report 2019
The diagram illustrates the Insurance and InsurTechs’ level of willingness for partnerships – World InsurTech Report 2019

Baloise Insurance partnered with Swiss bank BLKB, and Swiss online insurance broker Anivo to develop a flexible and scalable digital insurance platform with B2C integration. The product released as Bancassurance 2.0 achieved a hit ratio of 50% for video-chat advisory sessions; more than 90% of customers rated the experience as good or very good. 

Partnerships can also bring compound insurance products, which otherwise seems impossible. For example, Swiss Re and French cybersecurity InsurTech firm OZON together, launched CyberSolution 360°. It is a risk management solution combining insurance and cyber-attack protection services for small and medium-sized enterprises.

#2 Adopting New Business Models

Not only Insurers, but also customers approve of new insurance models. For instance, 41% of customers are ready to consider usage-based insurance and 37% are willing to explore on-demand coverage. To meet the coverage gaps, offer convenience and personalization, Insurers are adopting the following new business models.

  1. Usage-based model for as-you-go coverage/premiums for a customer’s potential risky behaviour.
  2. On-demand model for cost-effective requirement-based coverage.
  3. Parametric insurance for covering uninsured risks, based on an objective-triggering event.
  4. Microinsurance services with low-premium packages.

#3 Aligning Strategies with the Future Insurance Marketplace

An insurance marketplace is a viable solution to support a broad spectrum of customer demands. It can also offer coverage for emerging risks and can deliver easy-access compound offerings from individual players of the insurance, manufacturing, and technology ecosystem.

For example, Friday, a Berlin-based startup, launched in 2017, offers digital automotive insurance with kilometre-based billing, flexible tenure, and paperless administration. With telematics support from BMW CarData, Automotive services from ATU, car-rental marketplace Drivy, and distribution channel from Friendsurance, Friday offers customer-centric insurance products.

“The insurance marketplace of the future will provide data and insights about customers that the industry never had before. This will allow firms to design a product closer to customers’ needs and, more importantly, offer them the product when they need it!”

Stephen Barnham, Asia CIO, MetLife

#4 Building an Integrated Ecosystem

As aggregators, OEMs (Original Equipment Manufacturers), policy management apps, and third parties enter the insurance value chain, an integrated insurance ecosystem can smoothen the overall functioning. 

For instance, digital integration with aggregators and third parties can broaden the Insurers’ distribution channel. Partnering with OEMs can help them with real-time customer data. Further, APIs, cloud-based storage, and blockchain can foster the insurance ecosystem with data security and transparency.

Technology Implementation Partners- World InsurTech Report 2019
An overview of digitally integrated ecosystem – World InsurTech Report 2019

#5 Being an Inventive Insurer

Inventive Insurers are the ones who have strategically updated their product portfolios, operating models, and distribution methods. They are realistic about their competencies. By identifying their distinct capabilities and partnering with other players to bridge their competency gap, Inventive Insurers can deliver an end-to-end product to the customers.

The World InsurTech Report 2019 defines the competencies of Inventive Insurers as follows –

  1. Capable of making business processes more intelligent, efficient, and effective using AI, automation, and analytics.
  2. Creating new scalable products with shorter development cycles.
  3. Enabling seamless integration with new data sources and distribution models.
  4. Offering value-added services to the customers.

Product Innovations

The tech-savvy customers are seeking easy-to-understand products with the facility of direct online purchases. Even leading Insurer like Berkshire Hathaway’s Insurance Group – BiBerk launched ‘THREE’ – only three pages long product covering workers’ compensation, liability, property, and auto to catch the pace. The drift is towards the following new insurance products.

#6 Bundling Financial and Non-financial offerings

An insurance package comprising both financial and non-financial products can expand an Insurer’s products portfolio, giving a competitive edge. It can also help in pitching new prospects. Bundling products and services will increase customer touchpoints and can help insurers identify their needs more effectively.

Bundling financial and non-financial services: World InsurTech Report 2019

For example, Homeflix insurance provides renters and homeowners insurance to its core. In addition to insurance coverage, it also offers concierge maintenance services like plumbing and electricity. The company also plans home delivery, babysitting, and cleaning services next.

#7 Tailored Products

Traditional insurance policies don’t fit today’s desire for add-on services, personalization, and flexible offerings. The World Insurance Report 2019 survey found that more than 75% of B2B customers and 85% of retail policyholders believe they’re not covered against the emerging risks.

Being aware of the need for customized products, 84% of Insurers and 80% of InsurTechs say they are focusing on “developing new offerings.”

#8 Products that Engage and Educate Customers

Gamification, video-chat sessions, and social media are promising channels for engaging with customers and educating them about risks and their need for coverage. Healthy interactions with customers through their preferred channels can boost sales.

“Insurers should focus on providing user friendly, transparent information via digital channels, allowing customers to make an informed decision. This will be critical not only for upselling, but also for attracting more new-generation customers, who are tech savvy and want to make faster product decisions.”

Jas Maggu, CEO, Galaxy.AI

Operational Improvements

For operational success- understanding customer preferences, conceptualizing new products portfolio, partnerships, and an effective go-to-market strategy is crucial. Fundamental shifts in the current operational models towards experience-driven solutions, strategic use of data, partnerships, and shared ownership of assets portray emerging trends. 

#9 Embracing Digital Agility

70% of insurers and 85% of InsurTechs believe a lack of technological readiness is a critical concern.

The more quickly Insurers implement initiatives, the closer they will be to achieve the digital maturity and hence actively participate in the connected ecosystem. The agile digital infrastructure demands real-time data gathering and analytics and automation of complex processes.

It will also lead to product agility. Insurers can offer new products at a faster pace and with reduced GTM (go-to-market) time, they can gain a competitive advantage. 

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.

#10 Automating Processes

Not only claims processing and underwriting, but much more insurance back and front-office operations can also be automated. Automation brings two-fold benefit to the insurers. One- mundane tasks are carried by machines, speeding the processes and freeing humans for sophisticated work. The other benefit lies in enhanced accuracy. 

For example, AIA Hongkong has improved claims processing time by 40% through AI-driven ICR techniques and intelligent process automation. 

Read claims automation case study: How AIA Hong Kong saves 60% through claims automation.

Deutsche Familienversicherung (DFV) provides a digital automated platform for property and supplementary health insurance. It can process the transactions in real-time enabling customers to file claims and receive feedback immediately. Moreover, policyholders can engage with the firm via several digital channels, including Amazon Alexa.

Source: World InsurTech Report 2019

InsurTech Report 2019: Summing-up

  1. Scope of business process improvements through partnerships, devising new business models, embracing insurance marketplace, building an integrated ecosystem, and being an inventive insurer.
  2. Introducing innovative products that are tailor-made and educate customers about potential risks; bundling financial and non-financial offerings.
  3. Operational improvement through automation and digital agility.

We’re AI-first products and solutions firm for the new-age digital insurer recognized among the InsurTech100 for pioneering the transformation of the global insurance industry. Drop us a line at hello@mantralabsglobal.com to know more about our offerings.

Cancel

Knowledge thats worth delivered in your inbox

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.

Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...
Go Top
ml floating chatbot