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INSURTECH – Inspiring People and Offering Opportunities

While InsurTech offers benefits via process efficiencies, cost reductions, or radical changes to the customer, it was under the late adoption category when compared to other financial industry sectors, as per a report from Deloitte.

Figuring the current state of InsurTech, it is found by Accenture that InsurTech deals in the USA are still the highest with $1.24bn worth of deals. However, the number of insurtech deals in Europe grew 118%, while the value of deals in 2017 was $679m, 385% more than in 2016. Another report highlights that the UK is Europe’s largest insurtech hub, with 41 deals in 2017.

On the other hand, Insurtech in India is picking up the pace via its integration with modern technologies like Artificial Intelligence[AI], Machine Learning [ML]and the Internet of Things [ IoT].

So what were the factors that inspired Insurance companies to handshake with the advanced technologies? Or what were the dimensions in insurtech that encouraged people? Let’s have a look –
OPPORTUNITIES’ THAT INSPIRES INSURTECH

INNOVATION TO HELP MULTI-LAYERED STRUCTURE

Insurance is a multi-layer process, be it vehicle insurance that involves the owner, insurance firm and the vehicle seller or health insurance that requires patient, hospital and the insurance firm. The story could get a bit more complicated when coverage is provided via an employer, adding another layer of interaction.
Could disintermediation of the layers make it easy for customers to avail insurance? Well, yes a robust platform strategy is all you need. Just, for example, you may be approaching a corporate client to sell your health insurance policy; if some of the employees are using a type of health tracker device, it would be better to have a base of standard APIs and interface where all interface could connect and communicate.
Or picking another example, when your vehicle meets an accident, your smartphone could record and upload the photos on the integrated platform offered by the insurance firm and claim processing could be pushed.

MATCHING THE NEED FOR CUSTOMERS

The internet generation is keen to buy things in untraditional ways, while earlier government job was the norm, millennials are eager to own their business. To serve such a customer base, insurtech has been on their toes and offering customized insurance policies that may last for a trip or even for hours commonly known as Microinsurance. The ability to turn on and off your insurance policy is another creative way that has inspired people to buy insurance.

REVOLUTION TO CUSTOMIZE PRICING

Gone are the days when a full traditional policy was the norm and customers had no other option but to buy it. The customer is now attracted to innovative pricing models offered by insurtech firms. While the customer is planning his vacation via air, insurtech based on the data gathered could provide a customized 2-day or 5-day insurance cover. Or how about accessing the assets at home and providing insurance against burglary for your vacation time? Well, these revolutionary pricing model are helping insurtech to catch customer behaviour and allowing them to make fast claim processing via different tools.

IMPROVEMENTS WITH TECHNOLOGY

Integration with technologies like Blockchain, AI, and IoTs is helping people to avail enhanced services and operational development. While combination with Blockchain will help in building a higher level of trust, it also has the potential to offer new products. Pairing with IoTs would assist in gathering data and avoiding fraud claims. On the other hand, AI could help in automation of the age-old processes and documentation thereby streamlining the procedures.

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Bringing Interfaces to Life: The role of animation in UI and UX

Interfaces are everywhere. The user experience encompasses the overall experience a user has while interacting with a product or service. Animation, in the context of UI and UX design, involves adding motion to these visual elements to create a more engaging and intuitive user experience. Animation may serve a functional purpose by guiding users or providing feedback.

Think of motion as a design tool in your UX journey. It should help achieve the user’s goals or contribute in some way to enhance the experience. Animation shouldn’t be distracting or excessive. In other words, if it gets in the way of the user accomplishing a task or takes up more seconds for what should be a quick task, then it becomes unnecessary and annoying.

One common example of animation in UI design is the loading spinner. Instead of staring at a static screen while waiting for a page to load, a spinning animation lets users know that something is happening in the background. This simple animation helps manage user expectations and reduces frustration.

Introducing animations to the interface serves a psychological purpose as well. One aspect involves ensuring users remain informed throughout their interaction, minimizing ambiguity. Uncertainty can lead to user anxiety; for instance, if a page is loading without any interface feedback, incorporating a micro animation can be beneficial in providing reassurance. Although not all problems may need animations, adding them increases their appeal.

In recent years, several applications have pushed the boundaries of animation in UI and UX design. One notable example is the Duolingo app, which uses playful animations and interactive elements to make language learning fun and engaging. Interactive animations can gamify the user experience, making mundane tasks more engaging and Duolingo has used this to its advantage. Another example is the Headspace app, which employs calming animations and transitions to create a serene user experience. 

Let’s look at Duolingo’s application which embraces animation to engage the user’s attention. It keeps users hooked and gives them the comfort of gamification. This not only makes the information more visually appealing but also helps users quickly understand the current stage. It keeps the user hooked throughout the level with its cute animations.

Credits: Kim Lyons 

Additionally, captivating animations can also serve to promote and enhance the appeal of your product. 

Micro-animations extend beyond just the gamification of applications; they can also be leveraged to enrich the aesthetics and express the essence of your product. They contribute to making your website feel more alive and interactive, elevating the overall user experience.

UI/UX

In essence, animation in UI and UX design is not merely about adding visual flair, it’s about creating meaningful interactions that enhance user engagement and satisfaction. From improving usability to expressing brand identity and personality, animation has the potential to transform digital interfaces into dynamic and memorable experiences. Whether it’s guiding users through a process or providing feedback animation, it has the power to elevate the overall user experience. Next time you witness animation appreciate the magic that brings it to life, you might just be amazed by its impact.

About the Author: 

Shivani Shukla is a Senior UI & UX designer at Mantra Labs. It’s been a while since she started her journey as a designer. Updating her knowledge and staying up to date with the current trends has always been her priority.

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