Try : Insurtech, Application Development

Edtech(3)

Events(27)

Life@mantra(8)

Logistics(1)

Strategy(6)

Testing(4)

Android(42)

Backend(29)

Dev Ops(2)

Enterprise Solution(12)

Frontend(29)

iOS(37)

Javascript(13)

Augmented Reality(7)

Customer Journey(7)

Design(5)

User Experience(19)

AI in Insurance(19)

Insurtech(47)

Product Innovation(27)

Solutions(6)

Artificial Intelligence(79)

Bitcoin(7)

Blockchain(14)

Cognitive Computing(6)

Computer Vision(5)

Data Science(11)

FinTech(38)

Intelligent Automation(19)

Machine Learning(41)

Natural Language Processing(5)

Latest PHP trends in 2019

Mikhail Mitra
3 minutes, 48 seconds read

PHP, or hypertext preprocessor, is an open-source server-side scripting language. It’s extremely popular, too — almost 80% of all websites were using PHP as of October 2018. The major reason for its wide popularity is that it is actually an open source programming language that means it is free to use. It supports MS SQL, MySQL and Oracle databases without any sort of trouble.

A PHP framework provides a basic structure for streamlining the development of web apps. We use them because they speed up the development process. In our last year edition, we already mentioned the top PHP trends but technology always has something new or different to offer. Apart from Laravel, CodeIgniter, Yii, Zend, Cake PHP and Symfony which are as popular as anything can be in the PHP world here are a few PHP trends to look out for this coming year.

Phalcon

A full-stack PHP framework that employs the MVC web architecture design pattern, Phalcon was originally written in C and C++ and released in 2012. Since it’s delivered as a C-extension, you don’t have to worry about learning the C programming language. Phalcon is easy to install and suitable for creating highly configurable web applications that are in line with enterprise development guidelines.
Key features include increased execution speed, asset management, a universal autoloader, and top security and caching. Unlike other frameworks, Phalcon optimizes performance due to its efficient memory utilization. If you’re looking to create a blazing fast website, give Phalcon a try. On the negative side, Phalcon developers are a bit slow to patch bugs, which may not jive with today’s need for high levels of security.

FuelPHP

FuelPHP is a flexible, full-stack PHP framework first released in 2011. Apart from supporting the MVC design pattern, it has its own version called the hierarchical model view controller (HMVC). With HMVC, unlike with MVC, content doesn’t need to duplicate to show on multiple pages. As a result, it consumes less time and memory.
FuelPHP helps developers deliver end-to-end web solutions that are diverse in size and complexities. Key features include HMVC implementation, RESTful implementation, a URL routing system, vulnerability protection, and a caching system. It extends its security approach beyond ordinary security measures, making it a great option if security is crucial for your project. Because FuelPHP is relatively new, it offers less support and may present a steeper learning curve.

PHPixie

Introduced in 2012 and just like FuelPHP, PHPixie implements the HMVC design pattern. Its goal was to create a high-performance framework for read-only websites. It’s easy to get started with PHPixie, which is suitable for social networking websites, customized web applications, and web app development services.

Key features include HMVC architecture, standard ORM (object-relational mapping), input validation, authorization capabilities, authentication, and caching. PHPixie is built using independent components. For this reason, you can use it without the framework itself. Note that PHPixie has relatively few modules. Besides that, it lacks support for components independently made from the dependencies. Since it’s relatively new, it’s less popular and has a smaller community of users than other frameworks.

Slim

Slim

 is another popular PHP micro-framework that helps developers quickly create simple but powerful web applications and APIs. Just like PHPixie, Slim is easy to learn. PHP developers use Slim to develop RESTful APIs and web services.
Key features include URL routing, session, and cookie encryption, client-side HTTP caching, and more. 
It’s the best framework for a small web application that doesn’t necessarily require a full-stack PHP framework. In addition, active maintenance and friendly documentation make Slim super user-friendly.

Fat free

Just as the name suggests, Fat free is free of fats. This is one of the most popular and trending PHP micro frameworks that comes with a number of packages. It comes with features, such as data validation, CSS compression, unit testing, image processing, Open ID and others. It supports both SQL and NoSQL databases, supporting the development of web apps with ease.

Aura

It is a set of decoupling libraries that can be used for developing basic apps. These self-contained libraries can be easily integrated with any projects and the best part of these libraries is that they have no dependencies. All the libraries are flexible, compliant and well documented.

PHP programming language helps you to develop web applications that are complex, reliable and faster. Based on your business requirements, hosting plans, experience level, app needs, and development timeframes, although there are a large variety of PHP frameworks to choose from it is important to have a clear understanding of what actually your business needs on the basis of the latest PHP trends.

Top Latest PHP trends in 2018

Top Latest PHP trends in 2017

Cancel

Knowledge thats worth delivered in your inbox

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). 

Cancel

Knowledge thats worth delivered in your inbox

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.

Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...
Go Top

May i help you?

Our Website is
Best Experienced on
Chrome & Safari

safari icon