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InsurTech : Trends and Innovations in 2019

When I look back at how rapidly InsurTech is evolving over the years, it makes me wonder what will happen in the next few years. Although we cannot be sure of the technological advancements we can predict some of them for the next year.

Insurtech trends for 2019

Could 2019 be the year of some more interesting digital transformation in InsurTech? Here are some of our predictions:

1. Underwriters will gain knowledge with AI: 

Underwriting is one of the essential components of the insurance business and no matter what no machine can replace underwriters. But, we can expect that by 2019 underwriters will get a lot of assistance for their work procedures through AI and RPA. It will help them manage high volumes of data, parse and validate evidence faster and more cleanly through automation. Reports suggest that insurers spend most of their time doing mundane tasks such as data entry instead of performing core operations. The relevance of AI in 2019 will be more impactful for underwriters as it will free them from those additional time-consuming tasks.

2. Blockchain for centralising medical data:

Blockchain provides a central platform for digital medical records that underwriters can access securely. In the next year with the evolution of the regulatory environment around blockchain transaction and the streamlining and automation of underwriting processes, the blockchain will play a vital role in this industry.

3. Top-notch security:

The one thing that all sectors struggle with when they adopt the digital platform is cybersecurity. The networks are always vulnerable to cybercriminals and could be exploited at any point. Insurance firms also face the same issues with legacy systems that are often hard to update so 2019 will also see some advancement in this field and will focus on making platforms much secure, reducing risk across the enterprise.

4. Improved customer experience:

Customers are becoming digitally savvy by each passing day, and they expect a compelling user experience for every digital transaction they make. The insurers need to ensure that they provide their customers as well as the distribution partners a well crafted digital platform that is compatible with new devices while also offering them a personalised experience.  This step will also be instrumental in targeting the millennial generation who generally do not take an interest in insurance policies because of its cumbersome architecture.

5. Increased automation:

Automation is gaining momentum in the insurance industry, but it will become more prominent across the entire customer experience and the value chain. The use of chatbots for processing simple requests, quoting and analysing complex issues that might need human intervention will all be a part of advanced automation. 

6. Hyper-personalised policies:

The one thing that Insurtech will surely see in 2019 are policies that are customised depending on the needs of the insurants. The agents will make use of the predictive and data analytics to create policies that are cost-effective and useful for both the parties irrespective of their policy size.

All the predictions stated above will play a vital role in Insurtech in 2019, and one can expect accelerating growth in fields like AI, automation of processes and digitalisation of the underwritings. Data and analytics is the underlying key that will enable all these advancements to take place smoothly.

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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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