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FlowMagic — The Visual AI Platform for Insurer Workflows

For any operational effort across large organizations, a significant amount of time and resources are spent manually inputting data into downstream systems. These processes more specifically affect insurance practices that are deeply reliant on back-office processes. The bulk of the insurance workforce is condensed into operations and support functions (e.g. policy issuance and servicing). Here, data is typically unstructured and locked away in heaps of paper-based documents, emails, scanned images, excel worksheets, pdf, and word reports.

Typically in insurance, at least 90% of unstructured documents are manually processed, while an ‘Insurance Policy Administration System’ is on average between 15–20 years old — forcing them at times to lag behind their financial services peers. 

To make the most out of the massive quanta of inbound data stored in siloed systems, firms have recently begun to take a serious look at streamlining data migration using AI-based tools. The burgeoning reality is that a tremendous amount of man-hours are wasted in repetitive tasks leading to increased processing times and slower through rates for insurance.

Proportion of Unstructured Data in P&C Insurance (%)

portion of Unstructured Data in P&C Insurance (%)


Source: SPS Data

AI Gets Holed Up In Silos
According to a recent IDG study titled the ‘Future of Work’, less than 50% of global enterprises have deployed intelligent automation technologies (such as AI, Cognitive Automation or RPA), while over two-thirds find greater difficulty in integrating these people, process and AI. Over fifty percent of enterprises identify siloed deployments and overwhelmed internal application development teams as long-term issues. This can create friction between teams operating in silos and those trying to derive insights from unstructured docs. Nearly a third of enterprises identified getting AI into production and live services as the single biggest challenge to overcome.

According to a McKinsey paper, intelligent process automation is at the core of next-generation operational business models.

The Need For Intelligent Document Processing

The Need For Intelligent Document Processing


Source: Imaginea

A New Platform

MantraLabs has launched a unique solution to address the insurer’s pain-point through an intelligent platform built especially for silos, The solution addresses several dependency issues and is built to scale, making it a vendor-neutral platform that doesn’t require deep coding skills. The christened solution is FlowMagic — a simple and easy to use visual AI platform for insurer workflows.

FlowMagic applies proprietary AI techniques, Machine Learning and NLP, to extract any target data from unstructured documents. At the recently convened 4th Annual Insurance India Summit and Awards 2019 held in Mumbai, Mantra Labs presented a live demonstration of FlowMagic’s unique capabilities. Mantra Labs CEO Parag Sharma took the opportunity while speaking in front of industry leaders and attendees, to showcase our true AI-first approach to solving insurance challenges. FlowMagic truly embodies the spirit of that approach in tackling the problems plaguing traditional insurers — such as reducing document delivery times to the back-office by 80%.

FLOWMAGIC DASHBOARD

Customizable Workflows
The platform is equipped with plug and play capability. Using quick drag and drop, one can create custom workflows to address the most pressing operational functions, such as insurance agent onboarding or verifying medical invoices. Mantra Labs has pre-built over 50 AI-powered apps for its users to take advantage of. The open platform also allows insurers to create their own apps that can be seamlessly integrated.

FLOW MAGIC’s IN-BUILT APPS

By leveraging machine learning, insurers can use FlowMagic to shift intensive operational functions into auto-pilot. The AI tool can automate the ‘classify, extract, and validate’ cycle for insurers and direct decision-ready insights straight to decision-makers.

Although declining, the Insurance field is still paper-intensive. Insurers are shifting towards AI-powered engines to replace unnecessary manned effort behind redundant operational tasks. These systems can bring about at least a 70% reduction in manual processing and 30% improvement in cost-efficiencies throughout the value chain. 

To know more about how FlowMagic is helping insurance leaders cognitively automate complex processes, reach out to us at hello@mantralabsglobal.com 

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Platform Engineering: Accelerating Development and Deployment

The software development landscape is evolving rapidly, demanding unprecedented levels of speed, quality, and efficiency. To keep pace, organizations are turning to platform engineering. This innovative approach empowers development teams by providing a self-service platform that automates and streamlines infrastructure provisioning, deployment pipelines, and security. By bridging the gap between development and operations, platform engineering fosters standardization, and collaboration, accelerates time-to-market, and ensures the delivery of secure and high-quality software products. Let’s dive into how platform engineering can revolutionize your software delivery lifecycle.

The Rise of Platform Engineering

The rise of DevOps marked a significant shift in software development, bringing together development and operations teams for faster and more reliable deployments. As the complexity of applications and infrastructure grew, DevOps teams often found themselves overwhelmed with managing both code and infrastructure.

Platform engineering offers a solution by creating a dedicated team focused on building and maintaining a self-service platform for application development. By standardizing tools and processes, it reduces cognitive overload, improves efficiency, and accelerates time-to-market.  

Platform engineers are the architects of the developer experience. They curate a set of tools and best practices, such as Kubernetes, Jenkins, Terraform, and cloud platforms, to create a self-service environment. This empowers developers to innovate while ensuring adherence to security and compliance standards.

Role of DevOps and Cloud Engineers

Platform engineering reshapes the traditional development landscape. While platform teams focus on building and managing self-service infrastructure, application teams handle the development of software. To bridge this gap and optimize workflows, DevOps engineers become essential on both sides.

Platform and cloud engineering are distinct but complementary disciplines. Cloud engineers are the architects of cloud infrastructure, managing services, migrations, and cost optimization. On the other hand, platform engineers build upon this foundation, crafting internal developer platforms that abstract away cloud complexity.

Key Features of Platform Engineering:

Let’s dissect the core features that make platform engineering a game-changer for software development:

Abstraction and User-Friendly Platforms: 

An internal developer platform (IDP) is a one-stop shop for developers. This platform provides a user-friendly interface that abstracts away the complexities of the underlying infrastructure. Developers can focus on their core strength – building great applications – instead of wrestling with arcane tools. 

But it gets better. Platform engineering empowers teams through self-service capabilities.This not only reduces dependency on other teams but also accelerates workflows and boosts overall developer productivity.

Collaboration and Standardization

Close collaboration with application teams helps identify bottlenecks and smooth integration and fosters a trust-based environment where communication flows freely.

Standardization takes center stage here. Equipping teams with a consistent set of tools for automation, deployment, and secret management ensures consistency and security. 

Identifying the Current State

Before building a platform, it’s crucial to understand the existing technology landscape used by product teams. This involves performing a thorough audit of the tools currently in use, analyzing how teams leverage them, and identifying gaps where new solutions are needed. This ensures the platform we build addresses real-world needs effectively.

Security

Platform engineering prioritizes security by implementing mechanisms for managing secrets such as encrypted storage solutions. The platform adheres to industry best practices, including regular security audits, continuous vulnerability monitoring, and enforcing strict access controls. This relentless vigilance ensures all tools and processes are secure and compliant.

The Platform Engineer’s Toolkit For Building Better Software Delivery Pipelines

Platform engineering is all about streamlining and automating critical processes to empower your development teams. But how exactly does it achieve this? Let’s explore the essential tools that platform engineers rely on:

Building Automation Powerhouses:

Infrastructure as Code (IaC):

CI/CD Pipelines:

Tools like Jenkins and GitLab CI/CD are essential for automating testing and deployment processes, ensuring applications are built, tested, and delivered with speed and reliability.

Maintaining Observability:

Monitoring and Alerting:

Prometheus and Grafana is a powerful duo that provides comprehensive monitoring capabilities. Prometheus scrapes applications for valuable metrics, while Grafana transforms this data into easy-to-understand visualizations for troubleshooting and performance analysis.

All-in-one Monitoring Solutions:

Tools like New Relic and Datadog offer a broader feature set, including application performance monitoring (APM), log management, and real-time analytics. These platforms help teams to identify and resolve issues before they impact users proactively.

Site Reliability Tools To Ensure High Availability and Scalability:

Container Orchestration:

Kubernetes orchestrates and manages container deployments, guaranteeing high availability and seamless scaling for your applications.

Log Management and Analysis:

The ELK Stack (Elasticsearch, Logstash, Kibana) is the go-to tool for log aggregation and analysis. It provides valuable insights into system behavior and performance, allowing teams to maintain consistent and reliable operations.

Managing Infrastructure

Secret Management:

HashiCorp Vault protects secretes, centralizes, and manages sensitive data like passwords and API keys, ensuring security and compliance within your infrastructure.

Cloud Resource Management:

Tools like AWS CloudFormation and Azure Resource Manager streamline cloud deployments. They automate the creation and management of cloud resources, keeping your infrastructure scalable, secure, and easy to manage. These tools collectively ensure that platform engineering can handle automation scripts, monitor applications, maintain site reliability, and manage infrastructure smoothly.

The Future is AI-Powered:

The platform engineering landscape is constantly evolving, and AI is rapidly transforming how we build and manage software delivery pipelines. The tools like Terraform, Kubecost, Jenkins X, and New Relic AI facilitate AI capabilities like:

  • Enhance security
  • Predict infrastructure requirements
  • Optimize resource security 
  • Predictive maintenance
  • Optimize monitoring process and cost

Conclusion

Platform engineering is becoming the cornerstone of modern software development. Gartner estimates that by 2026, 80% of development companies will have internal platform services and teams to improve development efficiency. This surge underscores the critical role platform engineering plays in accelerating software delivery and gaining a competitive edge.

With a strong foundation in platform engineering, organizations can achieve greater agility, scalability, and efficiency in the ever-changing software landscape. Are you ready to embark on your platform engineering journey?

Building a robust platform requires careful planning, collaboration, and a deep understanding of your team’s needs. At Mantra Labs, we can help you accelerate your software delivery. Connect with us to know more. 

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