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Economic Downturn: Where Should Emerging Tech Firms Channel Their Investments?

As we stepped into 2023, the shadow of an economic slowdown loomed large over the global business landscape. Recent data points to a tangible shift in the economic tide. For instance, McKinsey’s latest survey reveals a pronounced wariness among executives about the future of the global economy, more so than at the start of 2022​​. This apprehension is not unfounded, as businesses across various sectors grapple with the ripple effects of this slowdown. The cautious stance of companies is reflected in their investment patterns and strategic decisions, signaling a crucial period of reassessment and recalibration.

Understanding the Slowdown: Causes and Corporate Impact

The economic slowdown that has been casting its shadow in 2023 didn’t emerge out of thin air; it’s the culmination of a series of events and factors that have been simmering for a while. It all began with the ripple effects of the COVID-19 pandemic, which disrupted global supply chains and led to unprecedented shifts in consumer behavior. The pandemic’s impact was further exacerbated by geopolitical tensions and trade wars, particularly between major economies like the United States and China.

In this context, the major economies around the globe, including the U.S., the European Union, and China, have experienced a significant downturn. This has been reflected in various economic indicators like GDP growth rates, consumer spending, and unemployment rates.

To put things into perspective, let’s consider two major companies: Apple and Amazon. Pre-pandemic, Apple’s annual research and development expenditure was consistently increasing, reaching around $18.75 billion in 2020. However, in the wake of the economic slowdown, there’s a noticeable tapering in their spending pattern. Similarly, Amazon, known for its aggressive expansion and investment strategies, reported a decrease in its year-on-year growth rate in 2022, a stark contrast to its usual robust growth figures.

These spending patterns are a direct response to a blend of factors – reduced consumer demand, supply chain disruptions, and a general atmosphere of uncertainty fueled by global political unrest and economic instability. Businesses are being forced to rethink their strategies, often choosing to tighten their belts rather than invest in new ventures or expansion plans.

How Does This Help?

By understanding the reasons behind the slowdown and observing the actions of major players, businesses can better navigate these challenging times. It’s crucial to recognize the signs of economic shifts and adapt accordingly, whether that means revising spending, re-evaluating investment strategies, or even temporarily putting expansion plans on hold. The key is to remain agile and responsive to the ever-changing economic landscape.

Tackling Economic Slowdown through Strategic Capital Allocation

In these times of economic uncertainty, it’s crucial for companies to exercise caution in their capital allocation. The focus should be on investing in areas with the most potential for sustainability and growth, despite the prevailing challenges. Let’s delve into three key strategies that companies can adopt:

Investing in Digital Transformation: In an era where technology is king, companies investing in digital transformation tend to stay ahead. For instance, Netflix’s continuous investment in its streaming technology and content personalization has helped it maintain a competitive edge, even during economic downturns.

Focusing on Core Competencies: Concentrating on core business areas can lead to more efficient use of resources. Microsoft, for example, has consistently focused on its core software and cloud services, which has helped it weather various economic storms successfully.

Sustainable Practices and Long-Term Planning: Companies that invest in sustainability and long-term planning often emerge stronger. Unilever’s commitment to sustainability has enhanced its brand reputation and led to cost savings and innovation, proving beneficial in times of economic hardship.

These strategies are not just about cutting costs; they’re about smart investment. By focusing on areas with the highest potential return, companies can make the most of their resources, even when those resources are limited.

How Innovating Can Help Companies Overcome Slowdown?

In times of economic slowdown, innovation becomes more than just a buzzword; it’s a survival strategy. When traditional markets stagnate, and consumer spending tightens, innovative products and services can open new revenue streams and even create their own markets. Here’s why and how companies should prioritize innovation during economic downturns:

Innovation as a Differentiator: In a crowded market, innovation helps companies stand out. Take, for example, Tesla’s focus on electric vehicles. Even in periods of economic downturn, Tesla’s commitment to innovation not only set it apart from competitors but also helped to establish a new market segment.

Creating Demand: Innovative products can stimulate demand where none existed before. Apple’s introduction of the iPhone is a classic example. By creating a new category of smartphones, Apple not only survived the 2007 economic slump but thrived.

Efficiency and New Solutions: Innovation isn’t just about products; it’s also about processes and finding new ways to solve old problems. Amazon’s investment in AI and robotics for logistics and delivery has not only saved costs but also improved efficiency and customer satisfaction.

Partnering for Innovation

During economic downturns, resources for R&D can be limited. This is where strategic partnerships come into play. Collaborating with tech companies known for their innovative prowess can be a game-changer. For example, a partnership between a traditional car manufacturer and a tech firm specializing in autonomous driving technology can lead to the development of new, market-ready products faster and more efficiently than either could achieve alone.

We have a good example of Mantra Labs which built an intelligent clinic management solution Connect2Clinic. The platform that allows appointment management, e-consultation, managing multiple clinics, etc., sets a benchmark in digital health. 

Innovation during a slowdown is not just about survival; it’s about setting the stage for future growth. Companies that invest in innovation and smart partnerships can not only weather the current economic challenges but also emerge as industry leaders.

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How Smarter Sales Apps Are Reinventing the Frontlines of Insurance Distribution

The insurance industry thrives on relationships—but it can only scale through efficiency, precision, and timely distribution. While much of the digital transformation buzz has focused on customer-facing portals, the real transformation is happening in the field, where modern sales apps are quietly driving a smarter, faster, and more empowered agent network.

Let’s explore how mobile-first sales enablement platforms are reshaping insurance sales across prospecting, onboarding, servicing, renewals, and growth.

The Insurance Agent Needs More Than a CRM

Today’s insurance agent is not just a policy seller—they’re also a financial advisor, data gatherer, service representative, and the face of the brand. Yet many still rely on paper forms, disconnected tools, and manual processes.

That’s where intelligent sales apps come in—not just to digitize, but to optimize, personalize, and future-proof the entire agent journey.

Real-World Use Cases: What Smart Sales Apps Are Solving

Across the insurance value chain, sales agent apps have evolved into full-service platforms—streamlining operations, boosting conversions, and empowering agents in the field. These tools aren’t optional anymore, they’re critical to how modern insurers perform. Here’s how leading insurers are empowering their agents through technology:

1. Intelligent Prospecting & Lead Management

Sales apps now empower agents to:

  • Prioritize leads using filters like policy type, value, or geography
  • Schedule follow-ups with integrated agent calendars
  • Utilize locators to look for nearby branch offices or partner physicians
  • Register and service new leads directly from mobile devices

Agents spend significantly less time navigating through disjointed systems or chasing down information. With quick access to prioritized leads, appointment scheduling, and location tools—all in one app—they can focus more on meaningful customer interactions and closing sales, rather than administrative overhead.

2. Seamless Policy Servicing, Renewals & Claims 

Sales apps centralize post-sale activities such as:

  • Tracking policy status, premium due date, and claims progress
  • Sending renewal reminders, greetings, and policy alerts in real-time
  • Accessing digital sales journeys and pre-filled forms.
  • Policy comparison, calculating premiums, and submitting documents digitally
  • Registering and monitoring customer complaints through the app itself

Customers receive a consistent and seamless experience across touchpoints—whether online, in-person, or via mobile. With digital forms, real-time policy updates, and instant access to servicing tools, agents can handle post-sale tasks like renewals and claims faster, without paperwork delays—leading to improved satisfaction and higher retention.

3. Remote Sales using Assisted Tools

Using smart tools, agents can:

  • Securely co-browse documents with customers through proposals
  • Share product visualizations in real time
  • Complete eKYC and onboarding remotely.

Agents can conduct secure, interactive consultations from anywhere—sharing proposals, visual aids, and completing eKYC remotely. This not only expands their reach to customers in digital-first or geographically dispersed markets, but also builds greater trust through real-time engagement, clear communication, and a personalized advisory experience—all without needing a physical presence.

4. Real-Time Training, Performance & Compliance Monitoring

Modern insurance apps provide:

  • On-demand access to training material
  • Commission dashboards and incentive monitoring
  • Performance reporting with actionable insights

Field agents gain access to real-time performance insights, training modules, and incentive tracking—directly within the app. This empowers them to upskill on the go, stay motivated through transparent goal-setting, and make informed decisions that align with overall business KPIs. The result is a more agile, knowledgeable, and performance-driven sales force.

5. End-to-End Sales Execution—Even Offline

Advanced insurance apps support:

  • Full application submission, from prospect to payment
  • Offline functionality in low-connectivity zones
  • Real-time needs analysis, quote generation, and e-signatures
  • Multi-login access with secure OTP-based authentication

Even in low-connectivity or remote Tier 2 and 3 markets, agents can operate at full capacity—thanks to offline capabilities, secure authentication, and end-to-end sales execution tools. This ensures uninterrupted productivity, faster policy issuance, and adherence to compliance standards, regardless of location or network availability.

6. AI-Powered Personalization for Health-Linked Products

Some forward-thinking insurers are combining AI with health platforms to:

  • Import real-time health data from fitness trackers or health apps 
  • Offer hyper-personalized insurance suggestions based on lifestyle
  • Enable field agents to tailor recommendations with more context

By integrating real-time health data from fitness trackers and wellness apps, insurers can offer hyper-personalized, preventive insurance products tailored to individual lifestyles. This empowers agents to move beyond transactional selling—becoming trusted advisors who recommend coverage based on customers’ health habits, life stages, and future needs, ultimately deepening engagement and improving long-term retention.

The Mantra Labs Advantage: Turning Strategy into Scalable Execution

We help insurers go beyond surface-level digitization to build intelligent, mobile-first ecosystems that optimize agent efficiency and customer engagement—backed by real-world impact.

Seamless Sales Enablement for Travel Insurance

We partnered with a leading travel insurance provider to develop a high-performance agent workflow platform featuring:

  • Secure Logins: Instant credential-based access without sign-up friction
  • Real-Time Performance Dashboards: At-a-glance insights into daily/monthly targets, policy issuance, and collections
  • Frictionless Policy Issuance: Complete issuance post-payment and document verification
  • OCR Integration: Auto-filled customer details directly from passport scans, minimizing errors and speeding up onboarding

This mobile-first solution empowered agents to close policies faster with significantly reduced paperwork and data entry time—improving agent productivity by 2x and enabling sales at scale.

Engagement + Analytics Transformation for Health Insurance

For one of India’s leading health insurers, we helped implement a full-funnel engagement and analytics stack:

  • User Journey Intelligence: Replaced legacy systems to track granular app behavior—policy purchases, renewals, claims, discounts, and drop-offs. Enabled real-time behavioral segmentation and personalized push/email notifications.
  • Gamified Wellness with Fitness Tracking: Added gamified fitness engagement, with rewards based on step counts and interactive nutrition quizzes—driving repeat app visits and user loyalty.
  • Attribution Tracking: Trace the exact source of traffic—whether it’s a paid campaign, referral program, or organic source—adding a layer of precision to marketing ROI.
  • Analytics: Integrated analytics to identify user interest segments. This allowed for hyper-targeted email and in-app notifications that aligned perfectly with user intent, driving both relevance and response rates.

Whether you’re digitizing field sales, gamifying customer wellness, or fine-tuning your marketing engine, Mantra Labs brings the technology depth, insurance expertise, and user-first design to turn strategy into scalable execution.

If you’re ready to modernize your agent network – Get in touch with us to explore how we can build intelligent, mobile-first tools tailored to your distribution strategy. Just remember, the best sales apps aren’t just tools, they’re growth engines; and field sales success isn’t about more apps. It’s about the right workflows, in the right hands, at the right time.

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