Astronaut loading animation Circular loading bar

Try : Insurtech, Application Development

AgriTech(1)

Augmented Reality(20)

Clean Tech(5)

Customer Journey(12)

Design(35)

Solar Industry(6)

User Experience(55)

Edtech(10)

Events(34)

HR Tech(2)

Interviews(10)

Life@mantra(11)

Logistics(5)

Strategy(17)

Testing(9)

Android(47)

Backend(30)

Dev Ops(7)

Enterprise Solution(27)

Technology Modernization(2)

Frontend(28)

iOS(43)

Javascript(15)

AI in Insurance(34)

Insurtech(62)

Product Innovation(47)

Solutions(19)

E-health(8)

HealthTech(19)

mHealth(4)

Telehealth Care(3)

Telemedicine(3)

Artificial Intelligence(129)

Bitcoin(8)

Blockchain(19)

Cognitive Computing(7)

Computer Vision(8)

Data Science(16)

FinTech(50)

Banking(7)

Intelligent Automation(26)

Machine Learning(46)

Natural Language Processing(14)

expand Menu Filters

A Sandbox Approach in Insurance

The insurance industry has reached an evolutionary crossroad. The fast-evolving world of InsurTech mandates that insurers become digitally agile. With Fintech solutions becoming more common, a responsive approach would enhance the ability of promising insurance innovations to develop and flourish.

There are various technologies stepping into the value chain to enhance and disrupt the way insurance businesses used to function earlier. The industry should consider testing their products in a controlled environment or a ‘Sandbox’. This approach can provide certain advantages such as allowing insurers to launch unconventional products on a pilot-basis before seeking necessary approval.

A sandbox approach in insurance can be used to carve out a safe and conducive space to experiment with innovative Insurtech solutions. It is a process of experimenting on a limited scale initially, where the consequences of failure can be contained before finally being adopted; consequently not allowing regulation in being a constricting force in their innovation journey.

Sandbox approach, a global affair:

Implementation of the sandbox to test customer’s interest is now a global call. It is being implemented in most region’s financial hubs including UAE, Australia, Canada, Hong Kong, Malaysia, Singapore, Switzerland, and the UK.

The FCA (Financial Conduct Authority) the UK, the British financial regulator was the first to launch the Fintech sandbox, back in 2016. The FCA reported 90% of firms that completed testing in the sandbox are continuing towards wider market launch.

Under the FCA Cohort System used in their Sandboxes, the focus of current testing includes; Blockchain-based payment services, Reg tech propositions, general insurance, AML controls, Biometric Digital ID and know your customer (KYC) verification.

One of the most surprising aspects is the growing number of countries that have proposed the sandbox approach to remain competitive with those already on board. These include countries such as Indonesia, Israel, Russia, Taiwan and the USA.

First launch in India:

“In the recent past, new Insurance companies and Insurance intermediaries have carried out technological innovations in their products and services,”

“The authority encourages companies to develop such new technologies to add value for customers, increase efficiency, and better manage risks.”

 S C Khunita, IRDAI chairperson, was quoted as saying by the Times of India.

NITI Aayog had organised a day-long Fintech Conclave on 25th March 2019, with the objective to shape India’s continued ascendancy in Fintech. It featured representatives from across the financial ecosystem. Mr Shaktikanta Das, RBI Governor; confirmed that the RBI will come out with the necessary regulations for the sandbox in the Fintech sector within two months to ensure regulatory compliance.

IndiaFirst Life insurance company was the first to launch an insurance plan under the sandbox approach; on 12th April 2017 and got approval for the launch on 27th November 2017. The plan was called “Insurance Khata”. It was directed towards those with seasonal incomes, mostly belonging to the underserved sections of Indian society. It lets buyers pool multiple single insurance plans into an account and allow payment of premiums as per the user’s convenience.

” Use a Sandbox approach to test customer’s interest ” was one of the key takeaways of The Indian Insurance Summit & Awards 2019.

sandbox approach in insurance infographic

Eligibility Criteria for Insurers or Insurance intermediaries to apply for Sandbox in India:

A 10-member committee comprising IRDAI officials and representatives of Insurance companies and the World Bank has been set up to regulate the sandbox process. The panel has been asked to dwell on the key regulatory issues Fintech poses across the insurance value chain.

Despite recent advances, insurance remains a tough industry for innovation. However, the fast-growing interest in “Insurtech” is reflected in its popularity as a google search term since 2016.

Insurance penetration in India is only 3.69% of GDP against a global average of 6.2%; the Sandbox Approach for testing the new products can help improve these numbers. The “Sandbox Approach” offers a plethora of opportunities for the Insurance Industry to set out on a journey and expand their reach into more ecosystems than ever before.

Cancel

Knowledge thats worth delivered in your inbox

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

Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...
Go Top
ml floating chatbot