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Key Takeaways of Indian Insurance Summit & Awards 2019

India, despite being the 2nd most populous country on the planet, accounts for only 1.5% of the World insurance premiums, and 2% of World life insurance premiums. But, with the increasing numbers to serve, the insurance market in India promises huge growth and exciting potential – were only about 20% of Indians were insured last year.

Key challenges like market penetration, product innovation, risk and fraud need to be mitigated, for insurance players to achieve better growth, customer satisfaction and profitability.

The recently concluded Indian Insurance Summit and Awards 2019 aimed at having robust and key focused area discussions on these challenges, brought together the entire insurance industry network in front of a global audience.

Here are some of the highlights and takeaways from the two-day conference:

Key takeaways of India Insurance Summit and Awards 2019

  • Application of AI beyond claims and underwriting:

AI has paved its way far beyond claims and underwriting policies. The rising InsurTech wave is marking this change by tailoring solutions for individual customers and replacing the one-size-fits-all type of product that is currently available. AI also plays a major role in fraud detection and risk management strategies.

AI in insurance will allow carriers to deliver scalable and customized solutions for members and policyholders,”

 says Ramon Lopez, Vice President of Property & Casualty Claims and Innovation at USAA.

Although, India represents a smaller share of this market, in terms of revenue in comparison to the North American region; India, (along with the rest of Asia) is expected to outperform Europe over the next five-year period.

  • Product innovation for the ease of insurance processes:

While the insurance landscape is experiencing radical changes in product innovation; innovation in technology is the next frontier.

Predicting the probability of future losses can help insurers improve pricing and accuracy; which precisely can be useful in case of risk, with little historical data from which estimates have to be drawn. Around 44% of the insurers say that they have started deploying predictive analytics solution.

California based InsurTech, Carpe Data, has fully automated systems that leverage social media to detect claim frauds and ease out specific insurance processes. Allstate insurance partnered with Carpe Data to generate meaningful insights and help them to mitigate risks in insurance processing.

“The insurance industry is used to working with historical data—the most important                challenge before them is to move from that model to a predictive one.”

Gilles Ferreol, Managing Director, CNP Partners

Bajaj Allianz introduced usage-based auto insurance called ‘DriveSmart Service’. The service monitors the car through a vehicle tracking-device and provides relevant diagnostics data on the performance of the driver.

  • Cognitive Insurance is a new wave of innovation:

Data is a vital ingredient for going Cognitive. The cognitive insurance business is one that allows underwriters to be equipped with a repertoire of AI enabled tools, empowering them to make better and more informed decisions about their customer.AXA Insurance has implemented a Google Tensor Flow-based application to optimise pricing by predicting large-loss traffic accidents with over 78% of accuracy. By leveraging a deep analysis of their customer profiles, AXA was able to understand which clients were are at a higher risk of large-loss cases requiring payment of more than 10,000 – which means, they were able to optimize the pricing of its policies.

Cognitive computing is at the “peak of inflation” on the Gartner Hype Cycle. The Cognitive approach to insurance business after the digital insurance business is the new wave to bring innovation and transformation purpose of going cognitive was created solely with the purpose of reducing human effort and refining the existing process across various insurance verticals.

  • Use a Sandbox approach to test customer’s interest:

To keep pace with the fast-evolving world of InsurTech, insurance companies 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.

The first insurance plan launched under this method, called “Insurance Khata” was directed towards those with seasonal incomes, mostly belonging to the underserved sections of Indian society. The buyers can pool multiple single plans in one account.

 “We want insurers to think out-of-the-box,” said Nilesh Sathe, a member at the IRDAI.

This rather unique proposition encourages insurance companies to place the policyholder right at the front of their approach, consequently not allowing regulation in being a constricting force in their innovation journey.

Data, by its very nature, is both an asset and a liability, which presents inherent risks in its handling and management. Risks that can be quite severe, in a business foundationally based on dealing with uncertainties.
Insurance is one of the richest data-driven businesses, and the consequences of a data breach extend far beyond the reputational damage that results from negative news headlines.

On July 2018, SingHealth, the largest network of healthcare institutions in Singapore, came under a severe cyber-attack and the personal data of around 1.5 million patients, including those of the Singapore PM, Lee Hsien Loong, were stolen.-Straits Times reports

In the past couple of years, the insurance industry has fallen short, by being on the defensive, of handing cyber-attacks and cyber-frauds. The industry cannot afford to take be reactive for much longer – at some point, they need to be thinking ahead of their adversaries.

The non-partisan agenda of the Summit was to explore challenges and their deterrents like market penetration, product innovation, risk, and fraud. The discussions were designed to draw out clear outcomes for the industry together – in order to realize growth, customer satisfaction, profitability and deliver definitive business value. Mantra Labs was proud to sponsor the successful Summit and partake in the insightful conversations held between insurance leaders from all corners of the industry.

We hope to see you all again, in the next edition!

https://www.insurancebusinessmag.com/asia/features/interviews/protecting-the-insurance-sector-from-cyber-threats-109124.aspx

Together Towards AI: Notes from InsureTech Connect 2017

Strategic Technology Trends in Insurance

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Sales Applications Are Disrupting More Than Just Sales

Sales success today isn’t about luck or lofty goals—it’s about having the right tools in your team’s hands, wherever they go. Following our earlier in-depth exploration of sales technology, we will now examine how cutting-edge sales apps are becoming the backbone of modern industries, transforming complex workflows into seamless, growth-driving machines.

From retail to healthcare, logistics to real estate, businesses are deploying sales applications to enhance operational transparency, cut redundant tasks, and build intelligent sales ecosystems. These tools are not only digitizing workflows—they’re driving growth, improving engagement, and redefining how field teams operate.

Lead Ecosystems: Unified visibility across channels

One app. Five workflows. Zero friction.

A leading insurance brand relaunched their app—a sleek, powerful sales companion that’s turning everyday agents into top performers.

No more paperwork. More time to sell.

Here’s what changed:

  • Every visit is tagged, tracked, and followed through. Renewals? Never missed. Leads? Fully visible.
  • Attendance and reimbursements went on autopilot. No more manual logs. No more chasing approvals.
  • New business and renewals are tracked in real time, with accurate forecasting that sales leaders can finally trust.
  • Dashboards are clean, configurable, and useful—insights that move the business, not just report on it.
  • Seamless Integrations. API connectivity with Darwin Box, IMD Master Data, and SSO authentication for a unified experience.

The result? A field team that moves faster, sells better, and works smarter.

Retail: Taking Orders from the Frontline—Smartly

Field sales agents in retail, especially FMCG, used to rely on gut instinct. Now, with intelligent sales applications:

  • AI recommends what to upsell or cross-sell based on previous order patterns
  • Real-time stock availability and credit status are visible in the app
  • Geo-fencing ensures optimized route planning
  • Built-in payment collection modules streamline transaction closure

Healthcare: Structuring Sales with Compliance and Precision

Healthcare leaders don’t need more reports—they need better visibility from the field.  Whether it’s engaging hospital networks, onboarding clinics, or enabling diagnostics at the last mile, everything needs precision, compliance, and clarity. 

Mantra Labs helped a leading healthcare enterprise design a sales app that integrates knowledge, compliance, performance, and recognition, turning frontline agents into informed, aligned, and empowered brand advocates. 

Here’s what it delivers:

  • Role-based onboarding that keeps every level of the field force aligned and accountable
  • Escalation mechanisms are built into the system, driving transparency across commissions and performance reviews
  • A centralized Knowledge Hub featuring healthcare news, service updates, and training modules to keep reps well-informed
  • Recognition modules that celebrate milestones, boost morale, and reinforce a culture of excellence

Now, the field agents aren’t just connected—they’re aligned, upskilled, and accountable.

Real Estate: From Cold Calls to Smart Conversions

For real estate agents, timing and personalization are everything. Sales applications are evolving to include:

  • Virtual site tour integration for remote buyers
  • Mortgage and EMI calculators to increase buyer confidence
  • WhatsApp-based lead capture and nurture sequences
  • CRM integration for inventory updates and automatic scheduling

Logistics: From Chaos to Control in Field Coordination

Field agents in logistics are switching from clipboards to real-time command centers on mobile. Modern sales applications offer:

  • Live delivery status and route deviation alerts
  • Automated dispute reporting and issue resolution tracking
  • Fleet coordination through integrated GPS modules
  • Customer feedback capture and SLA dashboards

What’s new & what’s next in Sales Applications?

Here’s what’s pushing the next wave of innovation:

  • Voice-to-Text Logging: Agents dictate notes while on the move.
  • AI-Powered Nudges: Apps that suggest next-best actions based on behavior.
  • Omnichannel Communication: In-app chat, WhatsApp, email—unified.
  • Role-Based Dashboards: Different data views for admins, managers, and field reps.

What does this mean for Business Leaders?

Sales Applications are not just tactical tools. They’re platforms for transformation. With the right design, integrations, and analytics, they:

  • Replace guesswork with intelligence
  • Reduce the cost of delay and manual labor
  • Improve agent accountability and transparency
  • Speed up decision-making across hierarchies

The future of field sales lies in intuitive, AI-driven applications that adapt to every industry’s nuances. At Mantra Labs, we work closely with enterprises to custom-build sales applications that align with business objectives and ground-level realities.

Conclusion: 

If your agents still rely on Excel trackers and daily call reports, it’s time to reimagine your sales operations. Let us help you bring your field operations into the future—with tools that are fast, field-tested, and built for scale.

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