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

This Bangalore-based Company made the Global InsurTech100, Twice.

3 minutes, 29 seconds read

The much-awaited Global InsurTech100 list is out now! This prestigious list compiled by FinTech Global comprises 100 of the most innovative tech-startups transforming the digital insurance landscape through innovative products and solutions. They are selected by a panel of analysts and industry stalwarts from an exhaustive list of over 1200 technology firms, who are solving the most pressing challenges in insurance today. 

This year three Indian technology companies, the others being Quantiphi and Pentation Analytics, made the list. Mantra Labs has also been featured among the most innovative InsurTechs across the world for the second straight year in a row, along with Pentation Analytics. 

InsurTech100 companies offer solutions that enhance functions across the entire insurance value chain, including marketing & distribution, underwriting & risk rating, claims, and customer retention, and they incorporate the latest technologies, such as big data analytics, blockchain, artificial intelligence, the internet of things and bot-assistants. 

In the past couple of years, the insurance industry has seen disruption to several functions across the value spectrum thanks to innovations made by InsurTechs. This has certainly increased budgets for InsurTech collaboration and the adoption of next-gen technologies within their corporate strategies. According to FinTech Global, over $7bn has been invested in InsurTech solution providers since 2015 by insurers looking to benefit from the huge impact new digital models will have on the industry.

This year’s cohort is diverse and comprises a wide range of capabilities — with 20% of the companies featured having a focus on AI-based solutions, 42% of firms spread across auto insurance, 38% across health insurance, and 3% of companies that develop insurance specific chatbots. The US covers a major portion of the global InsurTech100 list with 39 InsurTechs, followed by the UK with 20 startups being listed. 17 companies featured in the report are from France, India, Singapore, and Germany. The remaining companies come from Brazil, South Africa, Hong Kong, Sweden, Netherlands, and Australia. 

Evolving Digital Insurer Landscape

Changing business dynamics has brought a radical shift within the insurance industry. This year, with almost every sector being hit by the pandemic COVID-19, user sentiments towards technology have evolved. As predicted by many industry experts AI-driven technologies are being implemented to generate interest among the millennial and Gen Z generations. Insurtech is well poised above all else, to satisfy even the most unique coverage needs, removing traditional challenges like ownership from the mix.

With the growing popularity of digital channels, the importance of Digital Experience (DX) is also rising amongst the users. Insurance companies are trying to match the ever-changing financial and protection needs of the customers by building self-service portals for quick access and instant solutions. 

Last year (2019), the global InsurTech100 recognized 6 Indian companies – Acko, Aritivatic, Mantra Labs, Pentation Analytics, PolicyBazaar, and Toffee Insurance.

According to FinTech’s Global director Richard Sachar, “The impact of the most innovative InsurTech companies will be measured in billions of dollars over the next few years”. 

How Mantra Labs impacts the Insurance Value Chain

Mantra Labs is an AI-driven Products & Solutions Firm. We design and build Intelligent Experiences for the Insurance Industry. Mantra Labs offers three core products for solving the most pressing challenges faced by InsurTechs around — claims processing, workflow management, process automation, onboarding, leads maximization, customer experience & engagement. Here are some of the products by Mantra Labs for the insurance industry-

FlowMagic is a visual AI platform for insurer workflows. With FlowMagic, insurers can create, customize, and monitor workflows. It is built to scale across the insurance value chain. It comprises pre-built AI-powered applications which can be strung together to execute any workflow.

Lead Conversion Administrator is an AI-enabled tool that allows insurers to lower lead leakage and maximize capture from the sales funnel for conversion.

Multilingual AI-Powered Chatbot, Hitee allows insurers to fulfill routine customer support tasks via Natural Language Processing (NLP) and Machine Learning (ML) models trained on insurance-specific parlance.

Mantra Labs has been deeply involved in developing technology solutions for some of the World’s leading insurers like SBI General, Care Health (formerly Religare), DHFL Pramerica, Aditya Birla Health, AIA Hong Kong along with unicorn consumer startups like Ola, Myntra, and Quikr.

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