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What is the latest news in InsurTech?

Here is the list of top 3 latest news in InsurTech sector

Greenlight Re invests in South African InsurTech Click2Sure

Source of this news piece: https://www.intelligentinsurer.com/news/greenlight-re-invests-in-south-africa-based-insurtech-click2sure-16706

The South-Africa based Click2Sure has developed a platform for managing, distributing and purchasing insurance at the point of sale. The startup was founded in 2017 by Daniel Guasco (previously led Groupon South Africa) and Jacques Van Niekerk(served several e-commerce companies in South Africa). The move was welcomed by the Greenlight CEO Simon Burton who went on to say “We are pleased to be partnering with Click2sure and support Daniel and Jacques as they develop new ways for companies to engage and provide value to their customers. The Click2sure platform enables a radical transformation of the customer experience and a cost-effective way to deliver insurance products to under-served marketplaces.”

The Click2Sure founders commented “We are delighted by the financial investment, but more so by the endorsement of our unique full-stack, multiple digital platform capability, and potential. This partnership has brought global recognition to a South African business, and we welcome the insights that Greenlight Re Innovations will introduce to the platform.”

The investment was processed through the reinsurer’s insurtech unit Greenlight Re innovation which has started in March 2018.

InsurTech start-up Broker Insights has partnered with Zurich, Axa, Ecclesiastical and QBE

Source: https://www.insuranceage.co.uk/technology/3649746/insurtech-futures-four-major-insurers-join-ex-aviva-director-fraser-edmonds-platform

Broker Insights was launched in January 2018, founded by Fraser Edmond.  The company has partnered with Zurich, Axa, Ecclesiastical and QBE following to their partnership with Hiscox. The goal of Broker insights is to provide a data sharing platform where insurers can get insights into the U.K regional broker customer data.

According to the Broker insights, insurers will get an accurate view of opportunities available in their regional broker market. It is a great platform that will connect the right insurers to right brokers at the right time. With the help of this technology, customers will also get products that align with their requirements.

Deepak Soni, director of commercial intermediary at Axa, says that the Broker insights support Axa’s branch network focus.

He further added “This platform has real potential in further strengthening our relationships in regional markets across the UK and provide more opportunities to support independent brokers and customers alike,”

Driverless and autonomous cars to impact the InsurTech industry

Source: https://www.intelligentinsurer.com/news/autonomous-cars-will-shake-insurance-market-to-its-core-16698

At the Intelligent InsurTech Europe 2018 conference in London on October 15, Vincent Branch the CEO of Accelerate at AXA XL gave a presentation titled “ ‘Autonomy and the challenges for the risk & insurance industry’. He talked about the advent of vehicular autonomy and the driverless cars and their impact on the insurance industry.

He went on to explain the five levels of vehicular autonomy from level 0 – level 5. Level 0 means no autonomy and level 5 meaning completely autonomous.  Currently, the focus is on level 4 which means the optional participation of the human driver. According to him autonomy will not only change but will transform the world.

The cause of 90 percent accidents is human errors, and autonomous vehicles will reduce the accidents. Branch further added that efficient driving would alleviate the carbon dioxide emission up to 60%  and reduce the transport costs.

But, the main question comes into the picture that is how will the insurance claims be managed in the cases mentioned above.

Questions for the insurance industries as posed by Branch:

1.    Who is at fault for an autonomous vehicle accident?

2.    How will car ownership change?

3.   Can anyone steal a driverless car?

4.    Does insurance have the capacity to cope with such high magnitude changes?

These questions do not have the answer as of yet, but it will be a turning point for the insurance industry in the future, and the picture will be completely different as it is now.

InsurTech is a late bloomer field that is now seeing the light of innovation and technology. So, it is not surprising to see that new companies and start-ups are taking a plunge in the Insurance sector and giving it a push.  Artificial intelligence and machine learning form the crux of InsurTech, and we can expect some revolutionary changes soon.

For any InsurTech queries, reach us at hello@mantralabsglobal.com

 

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Platform Engineering: Accelerating Development and Deployment

The software development landscape is evolving rapidly, demanding unprecedented levels of speed, quality, and efficiency. To keep pace, organizations are turning to platform engineering. This innovative approach empowers development teams by providing a self-service platform that automates and streamlines infrastructure provisioning, deployment pipelines, and security. By bridging the gap between development and operations, platform engineering fosters standardization, and collaboration, accelerates time-to-market, and ensures the delivery of secure and high-quality software products. Let’s dive into how platform engineering can revolutionize your software delivery lifecycle.

The Rise of Platform Engineering

The rise of DevOps marked a significant shift in software development, bringing together development and operations teams for faster and more reliable deployments. As the complexity of applications and infrastructure grew, DevOps teams often found themselves overwhelmed with managing both code and infrastructure.

Platform engineering offers a solution by creating a dedicated team focused on building and maintaining a self-service platform for application development. By standardizing tools and processes, it reduces cognitive overload, improves efficiency, and accelerates time-to-market.  

Platform engineers are the architects of the developer experience. They curate a set of tools and best practices, such as Kubernetes, Jenkins, Terraform, and cloud platforms, to create a self-service environment. This empowers developers to innovate while ensuring adherence to security and compliance standards.

Role of DevOps and Cloud Engineers

Platform engineering reshapes the traditional development landscape. While platform teams focus on building and managing self-service infrastructure, application teams handle the development of software. To bridge this gap and optimize workflows, DevOps engineers become essential on both sides.

Platform and cloud engineering are distinct but complementary disciplines. Cloud engineers are the architects of cloud infrastructure, managing services, migrations, and cost optimization. On the other hand, platform engineers build upon this foundation, crafting internal developer platforms that abstract away cloud complexity.

Key Features of Platform Engineering:

Let’s dissect the core features that make platform engineering a game-changer for software development:

Abstraction and User-Friendly Platforms: 

An internal developer platform (IDP) is a one-stop shop for developers. This platform provides a user-friendly interface that abstracts away the complexities of the underlying infrastructure. Developers can focus on their core strength – building great applications – instead of wrestling with arcane tools. 

But it gets better. Platform engineering empowers teams through self-service capabilities.This not only reduces dependency on other teams but also accelerates workflows and boosts overall developer productivity.

Collaboration and Standardization

Close collaboration with application teams helps identify bottlenecks and smooth integration and fosters a trust-based environment where communication flows freely.

Standardization takes center stage here. Equipping teams with a consistent set of tools for automation, deployment, and secret management ensures consistency and security. 

Identifying the Current State

Before building a platform, it’s crucial to understand the existing technology landscape used by product teams. This involves performing a thorough audit of the tools currently in use, analyzing how teams leverage them, and identifying gaps where new solutions are needed. This ensures the platform we build addresses real-world needs effectively.

Security

Platform engineering prioritizes security by implementing mechanisms for managing secrets such as encrypted storage solutions. The platform adheres to industry best practices, including regular security audits, continuous vulnerability monitoring, and enforcing strict access controls. This relentless vigilance ensures all tools and processes are secure and compliant.

The Platform Engineer’s Toolkit For Building Better Software Delivery Pipelines

Platform engineering is all about streamlining and automating critical processes to empower your development teams. But how exactly does it achieve this? Let’s explore the essential tools that platform engineers rely on:

Building Automation Powerhouses:

Infrastructure as Code (IaC):

CI/CD Pipelines:

Tools like Jenkins and GitLab CI/CD are essential for automating testing and deployment processes, ensuring applications are built, tested, and delivered with speed and reliability.

Maintaining Observability:

Monitoring and Alerting:

Prometheus and Grafana is a powerful duo that provides comprehensive monitoring capabilities. Prometheus scrapes applications for valuable metrics, while Grafana transforms this data into easy-to-understand visualizations for troubleshooting and performance analysis.

All-in-one Monitoring Solutions:

Tools like New Relic and Datadog offer a broader feature set, including application performance monitoring (APM), log management, and real-time analytics. These platforms help teams to identify and resolve issues before they impact users proactively.

Site Reliability Tools To Ensure High Availability and Scalability:

Container Orchestration:

Kubernetes orchestrates and manages container deployments, guaranteeing high availability and seamless scaling for your applications.

Log Management and Analysis:

The ELK Stack (Elasticsearch, Logstash, Kibana) is the go-to tool for log aggregation and analysis. It provides valuable insights into system behavior and performance, allowing teams to maintain consistent and reliable operations.

Managing Infrastructure

Secret Management:

HashiCorp Vault protects secretes, centralizes, and manages sensitive data like passwords and API keys, ensuring security and compliance within your infrastructure.

Cloud Resource Management:

Tools like AWS CloudFormation and Azure Resource Manager streamline cloud deployments. They automate the creation and management of cloud resources, keeping your infrastructure scalable, secure, and easy to manage. These tools collectively ensure that platform engineering can handle automation scripts, monitor applications, maintain site reliability, and manage infrastructure smoothly.

The Future is AI-Powered:

The platform engineering landscape is constantly evolving, and AI is rapidly transforming how we build and manage software delivery pipelines. The tools like Terraform, Kubecost, Jenkins X, and New Relic AI facilitate AI capabilities like:

  • Enhance security
  • Predict infrastructure requirements
  • Optimize resource security 
  • Predictive maintenance
  • Optimize monitoring process and cost

Conclusion

Platform engineering is becoming the cornerstone of modern software development. Gartner estimates that by 2026, 80% of development companies will have internal platform services and teams to improve development efficiency. This surge underscores the critical role platform engineering plays in accelerating software delivery and gaining a competitive edge.

With a strong foundation in platform engineering, organizations can achieve greater agility, scalability, and efficiency in the ever-changing software landscape. Are you ready to embark on your platform engineering journey?

Building a robust platform requires careful planning, collaboration, and a deep understanding of your team’s needs. At Mantra Labs, we can help you accelerate your software delivery. Connect with us to know more. 

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