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Cognitive Approach VS Digital Approach to Insurance

Digital transformation has gone from talk to action, with a momentum that shows no signs of slowing down. As cognitive capabilities have penetrated process, people, technology, things, augmented intelligence and decision making; the cognitive approach to insurance business is no longer considered a back-office ‘efficiency play’. 

A cognitive computing system replicates human intelligence and comes up with solutions for largely ambiguous and complex situations. Implementing this cognitive capability in Insurance enhances customer insights and deduce customer feel through interaction insights, sentiments and connectedness. 

In Insurance, where companies are constantly tweaking business models to improve profitability, the digital approach to insurance is falling short of industry expectations. The ‘Cognitive’ approach is a step ahead of the ‘Digital ‘approach to insurance, and Data is the key ingredient to going cognitive.

Cognitive Insurance a step ahead of Digital Insurance.

The word cognitive is often used interchangeably with the term Artificial Intelligence. However, there are subtle differences between the two, in terms of their purpose and application. Cognitive computing is a process used to describe AI systems that aim at implementing human thought processes such as real-time analysis of the environment, context and intent analysis; and the ability to solve problems. Where AI relies on algorithms to solve a problem, cognitive computing systems have higher goals of creating algorithms that mimic the human brain’s reasoning process to solve a number of problems with changing data and problems.

The purpose of going cognitive in insurance was created solely with the purpose of reducing human effort and refining the existing process across various insurance verticals. 

Examples of cognitive insurance use cases.

  • Traveller’s Insurance Group had sent a fleet of 65 drone surveillance operating-agents to Houston in order to assess the damage from Hurricane Harvey -the costliest tropical cyclone in recorded history
  • USAA had rolled out an Intelligent Personal Assistant, using Amazon Alexa and Clinc that has insurance industry-specific deep vocabulary and knowledge, that goes beyond the capabilities of traditional chatbots or digital solutions. 
  • Liberty Mutual introduced a new app to help drivers involved in car accidents, to quickly assess the damage to their car in real-time using a smartphone camera. The app provides damage-specific repair cost estimates. 
  • AXA Insurance implemented a Google Tensor Flow-based application by using deep analysis of customer profiles. The application can optimize pricing by predicting traffic accidents with nearly 78% accuracy. 
  • Fokoku Mutual, a large Japanese Insurance company, has replaced it’s 34 strong claims assessment workforce with an implementation of IBM Watson Explorer AI solution. The solution can analyze and interpret claim data including unstructured text, images, audio and video to decide policy payouts. 

In the past, insurance industry professionals made decisions based on experiences and historical data. A cognitive approach, to insurance business solutions, is at the helm of a new wave bringing innovation and transformation to insurance. These cognitive capabilities enable insurers to make strategic decisions based on a set of data which continuously updates in real-time, thereby leveraging AI to bring automated efficiency to insurers while delivering the best possible experience to the insured user.
  

 

 

References: 

https://www.mantralabsglobal.com/blogs/cognitive-automation-and-its-importance/ 

Use cases:
https://www.linkedin.com/pulse/cognitive-use-cases-insurance-sushil-pramanick-fca-pmp/  

https://www.lntinfotech.com/wp-content/uploads/2018/02/Moving-from-a-Digital-Insurance-Business-to-a-Cognitive-Insurance-Business.pdf  

https://searchenterpriseai.techtarget.com/definition/cognitive-computing

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The Essence of User-Centered Design: A Dive into Fundamental Principles

In a digital world where user experience reigns supreme, crafting designs that resonate has become a mission. Enter User-Centered Design (UCD), a philosophy placing users at the core of the creative process. In this exploration, we’ll delve into the fundamental principles of User-Centered Design and understand why they are the keystones of successful interfaces.

User-Centered Design

Introduction:

Imagine navigating a website seamlessly, effortlessly finding what you need. That experience is no accident but the result of intentional design. User-centered design (UCD) is the compass guiding designers toward creating interfaces that users not only navigate but embrace.

1. Empathy is Key:

  • Incorporate for a better approach: Start by stepping into the shoes of your users. What are their pain points? What delights them? By empathizing, designers gain insights that drive user-focused design decisions.

2. User Involvement Throughout the Design Process:

  • Real-life example or statistic: Apple’s iterative design process involves user testing at every stage. This constant involvement ensures that their products align precisely with user needs.

3. Holistic Approach to Design:

  • Visual content: Picture your design not as isolated screens but as a cohesive journey. Use diagrams to illustrate how each component fits into the larger user experience ecosystem.

4. Usability is Non-Negotiable:

  • Case studies or examples: Consider the success of Google’s homepage. Its simplicity and efficiency showcase the power of a user-centered approach, emphasizing usability.

5. Accessibility for All:

  • End with a clear call-to-action: Make your designs accessible. It’s not just a legal obligation; it’s an ethical imperative. Ensure your interfaces are usable by everyone, regardless of ability.

6. Consistency Across the Interface:

  • Formatting for readability: Consistency is not just a design principle; it’s a readability strategy. Use bullet points for clarity and short paragraphs for easy consumption.

7. Flexibility and Customization:

  • Inclusive language: Users are diverse, so should your designs be. Incorporate flexibility and customization options. This ensures your interface caters to a broad range of preferences.

Why User-Centered Design Matters:

A. Enhanced User Satisfaction:

  • Feedback mechanism: Prioritize user satisfaction. A satisfied user is an engaged user. Welcome reader input and questions to keep the conversation alive.

B. Reduced Learning Curve:

  • Clear call-to-action: Minimize frustration. Make your interfaces intuitive, reducing the learning curve. Invite users to explore with a clear call-to-action.

C. Increased Engagement and Retention:

  • Visual content: Engaging interfaces retain users. Visualize engagement with appealing images or infographics. Showcase how user-centered designs reduce bounce rates.

D. Effective Problem Solving:

  • Tangible proof: Case studies offer tangible proof. Explore how UCD’s iterative process allows for effective problem-solving. Real-world examples bring these concepts to life.

Conclusion:

In the grand tapestry of digital design, User-Centered Design is the thread weaving functionality, aesthetics, and user satisfaction into a seamless whole. By embracing these principles, designers transform mere interfaces into user-centric experiences. So, as you embark on your design journey, remember: User-centered design isn’t just a philosophy; it’s a commitment to excellence. Design with the user in mind, and success will follow.

About the Author: Mehul Chauhan is a seasoned Senior UI/UX Designer at Mantra Labs. With a deep understanding of design principles and a keen eye for detail, he brings creativity and innovation to every project he touches. When he’s not busy perfecting digital interfaces, you can find him seeking inspiration in art galleries or exploring the latest design trends across various industries.

Further Reading: Unveiling the Art of Emotional Design

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