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Millennials and Insurance Beyond Convenience

3 minutes, 33 seconds read

Millennials are often more comfortable browsing apps than talking face-to-face to an agent. Insurers have hence opted for digitization, introducing automated solutions like chatbots and self-service features on their apps. And it has been convenient for both- organizations and customers. 

However, now that almost everyone is offering this convenience, the question arises — what will distinguish your business from competitors and at the same time lure this generation? After all, millennials represent 27% (2 billion) of the global population. 

Convenience is a ‘must-have’, but what’s beyond?

Today, consumers have a plethora of choices- all of them being digital, convenient and affordable. Thus, carriers need to think beyond online, paperless, instant, simple, and hassle-free products and services. Here’s an outlook.

Price transparency

Insurance has always been the aftermath of a commodity or service. Convincing millennials to buy the same insurance wrapped in simplicity and convenience, also knowing their financial instability is certainly not going to work. According to Cake & Arrow’s research, 58% of millennials struggle for financial security. 

However, millennials do understand the value of insurance. 42% of them agree that insurance protects them and their families. Therefore, fair and transparent pricing can add value to the insurance sales propositions.

The transition towards pay-per-use/pay-per-second/pay-as-you-need models makes insurance more affordable and realistic. Root Insurance, Lemonade, and Trov are some of the insurance startups harnessing consumption-based pricing to the fullest.

Value Added Services

Millennials seek perks. To win their goodwill, Insurers need to add benefits beyond the conventional offerings. 

For instance, Brazil-based Kakau offers home, smartphone, and bicycle insurance. Apart from their regular coverage, it assists policyholders with pest control, cleaning, plumbing, and more by adding practical functionality to the traditional product.

McKinsey estimates the Value Added Services segment in the insurance market is worth $2 billion. The facility for risk assessment, instant claims settlement, self-insurance, and crisis advisory are the new VAS frontiers for Insurers to excel.

Instilling emotional and valuable experiences

There is a unique trait to millennials’ personality. They’re not drifted by plain messaging. They want companies to act on the values they preach and not just use it as a marketing strategy.

For instance, in India, IRDAI instructs insurers to make provisions for mental health in Mental Healthcare Act, 2017. However, a typical health insurance policy pays for in-patient hospitalization and mental illness rarely requires one.

While millennials understand the importance of insurance, they are not enthusiastic about buying it because what they want or need isn’t really covered. To break this barrier, this is a high-time to reinvent products based on actual user requirements.

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According to Bain & Company’s 30 elements of value- currently, most insurance companies are focusing on adding functionalities to their services like- simplification, time-saving, cost-cutting, intuitive UI, etc. 

The next transition will be difficult and will have a focus on emotional, life-changing, and impactful products & services. How fast an insurer can adapt to this trend will determine the winner.

Platform of offerings

Executives have started to think beyond sticking with what they’re good at and offering a range of services. This change of thought is the need of time. With tech giants offering commodity-specific insurance and millennials welcoming it, Insurers need to build a platform or get into one to sustain the drift. 80% of millennials are open to new entrants who deliver value over incumbents, according to a recent Bain & Company research. 

For instance, Alibaba, the $350 billion valued technology giant, offers a plethora of services to its 755 million active users. It has ventured into payments, cloud computing & AI technology solutions, apart from its core e-commerce and retail services. The company possesses a huge potential to disrupt the Chinese insurance sector, which currently has a penetration rate of merely 4.5%

webinar: AI for data-driven Insurers

Join our Webinar — AI for Data-driven Insurers: Challenges, Opportunities & the Way Forward hosted by our CEO, Parag Sharma as he addresses Insurance business leaders and decision-makers on April 14, 2020.

Millennials and Insurance: the takeaway

Digitization has indeed improved productivity and convenience. But, it has also made millennials feel strangled for real and worthy. They might be overwhelmed with the technology and the pace of life, but deep inside, there’s still a space for self-transcendence. Thus, the Insurers’ quest for winning this segment does not end at offering convenience through digital.

We’re one of the most innovative InsurTechs in the world recognised by Fintech Global with a hands-on approach towards improving customer experiences. Drop us a line at hello@mantralabsglobal.com to know more about our products and solutions.

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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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