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Top Javascript Frameworks and Trends in 2020

With a fast-growing MEAN stack for web and mobile applications, Javascript is becoming the first choice for developers. It is the favorite technology for most professional developers (71.5% in 2018 and 69.7% in 2019), according to the Stack Overflow survey report. Let’s now look at the emerging trends and Javascript applications that are shaping for 2020.

Javascript Trends 2020 Overview

All modern browsers support Javascript and that’s why over 10400 companies in the world use Javascript in their stacks, according to stackshare.io. Here’s an overview of rising Javascript trends for 2020.

  1. Booming TypeScript: It is a superset of Javascript and existing JS programs function smoothly on TypeScript.
  2. In 2018, Vue.JS surpassed React, but since 2019, React is getting back its momentum.
  3. Framework independent web components are growing rapidly.
  4. Developers are considering modular and reusable components.
  5. Angular 7 is on the rise with new interesting features.
  6. More focus on solution-driven APIs through GraphQL.

TypeScript is designed by Microsoft to expand Javascript capabilities. Developers love TypeScript because of fewer bugs, easy to read codes, and self-documentation feature. Visit Github for TypeScript resources.

Top Javascript Frameworks in 2020

Although we see growing traction for framework-agnostic components, the demand for simple and scalable frameworks is still intact. Let’s look at the top 3 frontend and backend JS Frameworks.

The Top 3 Javascript Frameworks for Frontend Development

#1 Angular 7

AngularJS is a Javascript-based, open-source frontend framework developed by Google. Since its release in 2010, there have been several releases to make AngularJS more user-friendly and effective for web development. Following are some of the exceptional features that make Angular 7 even more desirable.

  1. Styling with CSS, SCSS, LESS using ng new / ng add commands.
  2. Virtual scrolling is now possible with ScrollingModule.
  3. Sorting and moving elements between the list has become simpler with the new DragDropModule function.
  4. Using TypeScript, Angular 7 has updated and enhanced dependencies.

#2 React

Facebook introduced React in 2013 and it has been trending for the last four years. Although last year’s release did not include any major release (just minor bug fixes in React DOM and Is), it still boasts of its biggest knowledgebase, support, and community. The following are the reasons for the popularity of React among developers – 

  1. Native UI: HTML 5 UI comes with several compromises in terms of intuitive user experience. React brings forth a new and highly functional approach to constructing user interfaces. In other words, the application UI is simply the function of the current application state.
  2. Component-based approach: It allows building encapsulated components that can be assembled to make complex UIs.

Also read – What is React Native Framework: An In-depth Study

#3 Ionic

Ionic is a framework to build and deploy cross-platform (android, native iOS, web) apps. Developers prefer this framework especially because of its intuitive UI components. Apart from simple CLI, and impressive icons, the best features that Ionic delivers are – 

  1. Deeplinking – it allows loading a specific view on the app from a web link.
  2. AoT Compiling – to load apps at a lightning-fast speed.
  3. Live Reload – to compile and redeploy apps at every stage of development.

The Top 3 Javascript Frameworks for Backend Development

#1 Express 

Express is one of the four components of the rapidly growing MEAN stack (MongoDB, Express, AngularJS, and Node.js). Developers prefer this framework for building APIs and web applications because of its robustness and minimalism. There have been 7 releases to upgrade the performance of the Express framework and no doubt, it retains the position of trending javascript frameworks even for 2019-20.

Express is one of the oldest active Javascript framework since 2010 and is termed as a standard server framework for Node.js.

#2 Next.js

It is a small framework particularly for developing applications in React. Next.js allows developing complex applications with minimal coding. This year, React and Next.js are going hand-in-hand. The growing popularity of React is driving developers’ inclination towards using Next.js. Its key features are – 

  1. Allows building universal JS applications that are compatible with any server or device.
  2. Irrespective of the data source, server rendering is easier in Next.js.
  3. It has in-built styling but also works with every CSS-in-JS solution.

#3 Meteor

It is an open-source isomorphic (applications that run on both client and server) javascript framework. Meteor has grown exponentially since its release in 2012. Its key features are-

  1. Compact code: It has an integrated Javascript stack that allows writing compact codes. For instance, a 1000 lines of code can be written in just 10 lines in Meteor.
  2. Hot push: It allows new feature releases without app store approval or users having to download the native app again.
  3. Technology integration: It allows integrating popular frameworks and tools. Thus, utilizing the best features from other tech stacks/frameworks.

Special mention: GraphQL

GraphQL is a query language for APIs and provides a runtime environment for fulfilling queries. It is developed by Facebook and is a star performer in the Github community. Also, many developers believe — GraphQL can replace REST APIs very soon. 

GraphQL addresses the following data issues-

  1. It gets all the necessary data to the client via a single request to the server.
  2. The client can communicate in a universal query language. Thus, the server need not specify the structure and composition of the returned data.
  3. It follows a declarative approach of describing the data requirements for the interface. Here, the focus is more on “what” rather than “how” making the information retrieval process simpler.

What about Node.js?

Node.js is the most popular Javascript-based runtime environment for MEAN stack. One should not confuse it with frameworks. It allows developers to use Javascript on both front and backend. Its resourceful APIs make backend development easier. It is a great choice for developing real-time and collaborative applications to date.

Probably, you’ll be interested to know what has changed in Javascript technology over the past few years. Take a look at the past trends-

  1. Javascript Trends 2019
  2. Javascript Trends 2018
  3. Javascript Trends 2017

Bonus – Top trending React Libraries of 2019!

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Across the Insurance ecosystem, a special fraction within the industry is noteworthy for its adoption of new technologies ahead of others. However slow but sure, uberization of insurance has conventionally demonstrated a greater inclination towards digitization. Insurers now more than ever, need big data-driven insights to assess risk, reduce claims, and create value for their customers. 

92% of the C-Level Executives are increasing their pace of investment in big data and AI.

NewVantage Partners Executive Survey 2019 

Artificial Intelligence has brought about revolutionary benefits in the Insurance industry.

AI enriched solutions can remove the ceiling caps on collaboration, removes manual dependencies and report errors.

However, organizations today are facing a lot of challenges in reaping the actual benefits of AI.

5 Challenges for AI implementation for Insurers

5 AI Implementation Challenges in Insurance

Lack of Quality training data

AI can improve productivity and help in decision making through training datasets. According to the survey of the Dataconomy, nearly 81% of 225 data scientists found the process of AI training more difficult than expected even with the data they had. Around 76% were struggling to label and interpret the training data.

Clean vision, Process, and Support from Executive Leadership

AI is not a one time process. Maximum benefits can be reaped out of AI through clear vision, dedicated time, patience and guided leadership from industry experts and AI thought leaders.

Data in-silos

Organizational silos are ill-advised and are proven constrictive barriers to operational productivity & efficiency. Most businesses that have data kept in silos face challenges in collaboration, execution, and measurement of their bigger picture goals. 

Technology & Vendor selection

AI has grown sharp enough to penetrate through the organizations. As AI success stories are becoming numerous investment in AI is also getting higher. However big the hype is, does AI implementation suits your business process or not – is the biggest question. The insurtech industries have continued its growth trajectory in 2019; reaching a funding of $6B. With the help of these insurtech service firms, Insurance organizations have made progress, tackling the age-old insurance ills with AI-powered innovations.

People, Expertise and Technical competency

‘Skills and talent’ in the field of AI is the main barrier for AI transformation in their business.

Still playing catch-up to the US, China, and Japan — India has doubled its AI  workforce over the past few years to nearly 72,000 skilled professionals in 2019. 

Are you facing challenges with your Insurance process but have no idea where the disconnect is? Is your Insurance business process ripe for AI in the year 2020?

What is the right approach?

Join our Webinar — AI for Data-driven Insurers: Challenges, Opportunities & the Way Forward hosted by our CEO, Parag Sharma as he addresses Insurance business leaders on the 13th of February, 2020.

Register for the live webinar by Parag Sharma (AI Thought Leader & CEO Mantra Labs). 

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Ratemaking, or insurance pricing, is the process of fixing the rates or premiums that insurers charge for their policies. In insurance parlance, a unit of insurance represents a certain monetary value of coverage. Insurance companies usually base these on risk factors such as gender, age, etc. The Rate is simply the price per ‘unit of insurance’ for each unit exposed to liability. 

Typically, a unit of insurance (both in life and non-life) is equal to $1,000 worth of liability coverage. By that token, for 200 units of insurance purchased the liability coverage is $200,000. This value is the insurance ‘premium’. (This example is only to demonstrate the logic behind units of exposure, and is not an exact method for calculating premium value)

The cost of providing insurance coverage is actually unknown, which is why insurance rates are based on the predictions of future risk.  

Actuaries work wherever risk is present

Actuarial skills help measure the probability and risk of future events by understanding the past. They accomplish this by using probability theory, statistical analysis, and financial mathematics to predict future financial scenarios. 

Insurers rely on them, among other reasons, to determine the ‘gross premium’ value to collect from the customer that includes the premium amount (described earlier), a charge for covering losses and expenses (a fixture of any business) and a small margin of profit (to stay competitive). But insurers are also subject to regulations that limit how much they can actually charge customers. Being highly skilled in maths and statistics the actuary’s role is to determine the lowest possible premium that satisfies both the business and regulatory objectives.

Risk-Uncertainty Continuum

Source: Sam Gutterman, IAA Risk Book

Actuaries are essentially experts at managing risk, and owing to the fact that there are fewer actuaries in the World than most other professions — they are highly in demand. They lend their expertise to insurance, reinsurance, actuarial consultancies, investment, banking, regulatory bodies, rating agencies and government agencies. They are often attributed to the middle office, although it is not uncommon to find active roles in both the ‘front and middle’ office. 

Recently, they have also found greater roles in fast growing Internet startups and Big-Tech companies that are entering the insurance space. Take Gus Fuldner for instance, head of insurance at Uber and a highly sought after risk expert, who has a four-member actuarial team that is helping the company address new risks that are shaping their digital agenda. In fact, Uber believes in using actuaries with data science and predictive modelling skills to identify solutions for location tracking, driver monitoring, safety features, price determination, selfie-test for drivers to discourage account sharing, etc., among others.

Also read – Are Predictive Journeys moving beyond the hype?

Within the General Actuarial practice of Insurance there are 3 main disciplines — Pricing, Reserving and Capital. Pricing is prospective in nature, and it requires using statistical modelling to predict certain outcomes such as how much claims the insurer will have to pay. Reserving is perhaps more retrospective in nature, and involves applying statistical techniques for identifying how much money should be set aside for certain liabilities like claims. Capital actuaries, on the other hand, assess the valuation, solvency and future capital requirements of the insurance business.

New Product Development in Insurance

Insurance companies often respond to a growing market need or a potential technological disruptor when deciding new products/ tweaking old ones. They may be trying to address a certain business problem or planning new revenue streams for the organization. Typically, new products are built with the customer in mind. The more ‘benefit-rich’ it is, the easier it is to push on to the customer.

Normally, a group of business owners will first identify a broader business objective, let’s say — providing fire insurance protection for sub-urban, residential homeowners in North California. This may be a class of products that the insurer wants to open. In order to create this new product, they may want to study the market more carefully to understand what the risks involved are; if the product is beneficial to the target demographic, is profitable to the insurer, what is the expected value of claims, what insurance premium to collect, etc.

There are many forces external to the insurance company — economic trends, the agendas of independent agents, the activities of competitors, and the expectations and price sensitivity of the insurance market — which directly affect the premium volume and profitability of the product.

Dynamic Factors Influencing New Product Development in Insurance

Source: Deloitte Insights

To determine insurance rate levels and equitable rating plans, ratemaking becomes essential. Statistical & forecasting models are created to analyze historical premiums, claims, demographic changes, property valuations, zonal structuring, and regulatory forces. Generalized linear models, clustering, classification, and regression trees are some examples of modeling techniques used to study high volumes of past data. 

Based on these models, an actuary can predict loss ratios on a sample population that represents the insurer’s target audience. With this information, cash flows can be projected on the product. The insurance rate can also be calculated that will cover all future loss costs, contingency loads, and profits required to sustain an insurance product. Ultimately, the actuary will try to build a high level of confidence in the likelihood of a loss occurring. 

This blog is a two-part series on new product development in insurance. In the next part, we will take a more focused view of the product development actuary’s role in creating new insurance products.

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