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The Netherlands Insurance Landscape in a Nutshell

‘What more could people want’ in a nation that already ranks highest in terms of press and economic freedom, human development, quality of life, and happiness? On another note, insurance companies and the government must have been doing something right — over 99.8% of the Dutch population is insured! 

This might portray the Netherlands as a saturated market for insurance. However, while the overall Dutch populace has health insurance, there’s still scope for life, non-life and better health insurance products. 

The following infographic on Netherlands’ Insurance landscape can shed some perspective.

Insurance Challenges in the Netherlands

KPMG reports, 65% of CIOs (Chief Insurance Officers) agree that the shortage of skills is preventing them from matching the pace of change. [The skills shortage here corresponds to big data, analytics, AI, enterprise and technical architecture and DevOps]

Privacy-Technology paradox is one of the main reasons for the gap between insurance products and personalization. Strict European privacy regulations create a barrier for advanced technologies that relies on data.

Insurance is on the Tech-Radar

The Dutch insurance companies are not only thriving to match the pace of change but also inclined towards investing in futuristic technology. Many of these technologies can be collectively called Artificial Intelligence. But, the impact of individual technologies and how the insurance sector is deploying them is what matters.

Current Technology Trends in Insurance in the Netherlands

Microservices

Microservices breaks down large insurance schemes to their simplest core functions. Organizations treat every microservice as a single service with its API (Application Program Interface).

Insurers in the Netherlands concur that getting into microservices architecture early can bring a bigger competitive advantage to them. Microservices in travel and vehicle insurance promises to be a great prospect in the Netherlands.

Blockchain

Blockchain corresponds to smart contracts in a distributed environment. 

You might also like to read about how distributed ledgers can revamp insurance workflows.

The insurance industry is already using distributed ledgers for insuring flight delays, lost baggage claims, and is expanding to shipping, health insurance, and consumer durables domains.

Edge Computing

Edge computing brings computation and data storage closer to the consumer’s location. It improves response time and at times can take real-time actions. Autonomous vehicles, home automation, smart cities, etc. are the sectors that deploy edge computing effectively.

Insured assets with edge computing capabilities help insurers offer better deals and customized policies.

Cognitive Expert Advisors

Augmenting customer service units with AI-powered bots and AI-assisted human advisors add to the superior customer experience. The cognitive expert advisor is a combination of both.

Cognitive experts use advanced analytics, natural language processing, decision-making algorithms, and machine learning. This technology breaks the prevailing trade-offs between speed, cost, and quality in delivering insurance policies and products.

Fraud Analytics

It involves social network analytics, big data analytics, and social customer relationship management for rating claims, improving transparency, and identifying frauds.

AXA insurance has been using fraud analytics in its product OYAK to integrate all customer-related data into a coordinated corporate vision. The technology has enabled AXA to link two slightly records from the same customer preventing fraudulent instances.

AI-based Underwriting

AI-driven unmanned aerial vehicles, also known as drones can examine sites, which are otherwise extreme for humans to visit. 

Using such technologies for geological surveys makes the underwriting process more accurate. Insurers are aligning their risk management strategies with AI-based underwriting.

webinar: AI for data-driven Insurers

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 and decision-makers on April 14, 2020.

Machine Learning (ML)

ML relies on data patterns and is capable of performing tasks without external instructions. In this system, the computer listens to the customer’s data, learns from it, and begins to automatically handle similar instances. 

InsurTech is leveraging machine learning to quote optimal prices and manage claims effectively. It is a cost-effective technology that works on different sets of user-persona.

Predictive Analytics

Predictive analytics studies current and historical facts to make predictions about future or otherwise unknown events.

Leading insurers in the Netherlands are using predictive analytics for controlling risks in underwriting, claims, marketing, and developing personalized products.

Predictive Analytics in Insurance Use Case: Zurich

Switzerland’s largest insurer- Zurich uses predictive analytics to identify risks that their customers are ‘actually’ going to face. Predictive analytics incorporates machine learning to anticipate events beyond statistics and probability.

The open-source machine learning model brings the organization the following benefits.

  1. Zurich is capable of scaling analytics across the larger volumes of data generated through smart devices. 
  2. There’s a flexibility to introduce new data sources and features and test against them in real-time.
  3. Data scientists can mix-and-match tools to experiment and curate different data sets.

Predictive analytics is Zurich’s key differentiator enabling it to move with the speed of the fastest product in the market.

For AI-based solutions, customer experience and deep-tech consulting, drop us a ‘hi’ at hello@mantralabsglobal.com.

Future Technology Trends That Have Potential to Disrupt Insurance Industry

“You’ll need other skills now. I tell my colleagues: go out, attend seminars, what closely when doing groceries. Because you can learn from a customer-centric view at any moment.”

Wim Hekstra, CEO, Aegon Wholesale

Brain-Computer Interface (BCI)

BCI allows computers to interpret the user’s distinct brain patterns. At present researchers are focusing on using BCI for the treatment of neurodegenerative disorders. This can change medical-underwriting schemes. 

Human Augmentation

It refers to creating cognitive and physical improvements integral to the human body. The present-day insurance policies cover human and assets. The future calls for insurance for superhumans.

Smart Dust

It is a system of many tiny micro-electromechanical systems (MEMS). Smart dust includes a microscopic cluster of sensors, robots, cameras, etc. to identify changes in light, temperature, etc. This can help the insurance industry by triggering information against events, which are susceptible to changes. 

The future brings enormous opportunities for insurers with Augmentation, AI, and Machine Learning. The insurers’ intent towards accuracy, cost-optimization, and personalized products is the driving force to experiment with technology.

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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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