Astronaut loading animation Circular loading bar

Try : Insurtech, Application Development

AgriTech(1)

Augmented Reality(20)

Clean Tech(7)

Customer Journey(16)

Design(39)

Solar Industry(7)

User Experience(62)

Edtech(10)

Events(34)

HR Tech(3)

Interviews(10)

Life@mantra(11)

Logistics(5)

Strategy(17)

Testing(9)

Android(48)

Backend(32)

Dev Ops(8)

Enterprise Solution(28)

Technology Modernization(4)

Frontend(29)

iOS(43)

Javascript(15)

AI in Insurance(36)

Insurtech(63)

Product Innovation(54)

Solutions(21)

E-health(11)

HealthTech(23)

mHealth(5)

Telehealth Care(4)

Telemedicine(5)

Artificial Intelligence(139)

Bitcoin(8)

Blockchain(19)

Cognitive Computing(7)

Computer Vision(8)

Data Science(17)

FinTech(51)

Banking(7)

Intelligent Automation(27)

Machine Learning(47)

Natural Language Processing(14)

expand Menu Filters

InsurTech is transforming the life insurance sector in 5 ways

The technology is overpowering the traditional business models, and each sector is gradually going the digital way to meet the evolving customer expectations. Life insurance is a sector that is still in the nascent stages of digitization due to the amount of complexity and sensitivity it involves. Insurance startups are hell-bent on leveraging the new technologies to remodel the design and delivery of the life insurance.

Insurance startups are making use of analytic and digital tools to develop life insurance products that are flexible and fast to deliver. The goal of these InsurTech innovations is to decrease the total time for the application process and create a comfortable setting for the customers. The key to implementation of these innovations is that they should be compliant with the insurance law and regulations.

The InsurTech innovations for life insurance will include:

1.    RPA and AI for core processes:

The automation of core processes is essential as it helps to speed up the processing of the policies and servicing customer requests. RPA (Robotic process automation) and AI work together to process the structured and unstructured data respectively. AI backed Insurance chatbots can help the consumers to chat and converse with their providers and get solutions to their queries immediately.  InsurTech as a service need to handle large volumes of data obtained from connected devices like the social media and other resources which can be easily done through automation. As there is a lot of paperwork involved with life insurance policies, automation is a great way to avoid human errors and save some time.

2.  Smart contracts:

Blockchain has deeply impacted the technology sector and the blockchain based smart contracts are a game changer in automating the life insurance policy claims. It works on the concept of the decentralized ledger where each customer has a copy of the ledger, and he can commit to a transaction independently. The smart contract can be processed automatically based on a set of pre-defined conditions. It is a great way to enhance the operational efficiency and process the claims quickly.

3.  Predictive analysis:

Predictive analysis plays an important role to analyze the needs of the current as well as future customers. Life insurance companies can make use of the actionable analysis to find the past as well as the real-time trends and accordingly plan out their strategy. It helps to design personalized offerings based on the inputs from the customers. InsurTech consulting services need this information for providing meaning consultancy to their customers.

4.  Advanced analytics for fraud prevention:

The reports suggest that insurance companies suffer losses of at least 3% due to fraudulent activities. So, the insurance companies are determined to leverage the benefits of advanced analytics that is backed by AI for a more trusted, reliable and transparent environment with their customers. The customer data from various resources like mobile devices, social media channels are analyzed and monitored continuously for any behavioral patterns anomaly.

5.  Cloud technology:

Life insurers are also leveraging the capabilities of the cloud for it is capable of handling huge volumes of data from varying sources like the wearables or the social media channels or any other electronic devices.  The cloud is also beneficial when it comes to saving IT deployment costs due to the inflexibility of IT infrastructure, in cases of underuse and under capacity. 

Technical innovation in the field of life insurance has just started to evolve. The above-mentioned technical aspects will form the foundation of InsurTech innovation and will even go far beyond it in the coming future. We can wait and see how it will transform the life insurance sector in the near future.

Know the Mantra Labs capabilities in InsurTech and reach out to us for any query.

References:

https://www.jdsupra.com/legalnews/insurtech-innovations-in-life-insurance-69458/

https://www.capgemini.com/wp-content/uploads/2017/12/life-insurance-top10-trends-2018.pdf

https://www.capgemini.com/2018/06/insurtech-opens-new-life-insurance-frontiers/

Cancel

Knowledge thats worth delivered in your inbox

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. 

Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...
Go Top
ml floating chatbot