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The Impact of Covid-19 on the Global Economy and Insurance

3 minutes, 35 seconds read

The pandemic COVID-19 or the well known “Coronavirus” is gradually stretching its limbs throughout the world. COVID-19 has now spread to more than 180 countries with its epicentre in China. Coronavirus confirmed cases reported globally, adds up to 8,60,181 (1st April 2020) and is still on the rise. With the death toll of 42,345(1st April 2020) the insurance companies have to take it on the chin. 

Public gatherings have been banned in several places. For instance, Mipim — the world’s largest property fair is postponed to the later part of the year. Similarly, the Mobile World Conference in Barcelona is cancelled altogether. From the IPL to the world’s premier basketball league to a 250-year-old parade and sprawling festivals, all national and international events are either cancelled or kept at hold indefinitely. Almost every business (likewise insurance) is impacted with corona outbreak and any business cannot rebound in a day.

Referring to the 2008 financial crisis when credit markets seized up, Mr Muri- Wood said, “The only thing we’ve ever had which was bigger than this was the banking crisis.” 

Businesses, Corona and Insurance

Many businesses have insurance policies that are meant to kick in when disaster strikes. But few of those policies are likely to cover pandemic outbreaks. Business interruption insurance, the coverage typically availed by the companies, as part of their property policies, pays cash to make up for lost revenue when a business has to halt operations unexpectedly.

Despite the fact that most policies won’t pay out if people cancel their travel due to coronavirus; in February, Post Office Insurance saw a year on year rise in sales of policies of 168% and CoverForYou saw a 150% increase.

Queries on new policies have sharply spiked up to 60% since fresh cases of Covid19 reports.

“Globally, we have seen such cases that impact large populations there is an increased push from consumers to get themselves covered. We have seen the same happen here as well in the wave of fresh cases being detected” 

Pankaj Verma, head marketing & underwriting operations, SBI General Insurance.

After the epidemics of SARS in 2003, Ebola in 2014 and Zika in 2015 — insurance companies realized that business-interruption claims could become unwise if they covered closures related to outbreaks of disease. Since then, insurers have taken steps to exclude epidemics from their policy.

Though epidemics are excluded from many business insurance policies, as recession threatens the global economy along with rising insolvencies, all sorts of companies, from airlines to retailers are coming under strain.

The insurers refused to comment, but Atradius said it is expected that corporate insolvencies will grow 2.4% globally in 2020, majorly resulting from the coronavirus outbreak.

The harsh reality

Perhaps, it’s too late to buy coverage for the current outbreak. Insurance companies do agree to take the brunt of the situation and pay the decontamination cost after the outbreak, but would tightly limit the amounts.

With unprecedented turmoil the industry created by the outbreak caused global airlines to cancel thousands of flights. Companies could choose a policy that would cover the deaths from an epidemic, when it passed a pre-estimated threshold, or when a government body — anywhere in the world — ordered a lockdown or travel ban. The policies are intended as custom contracts, so the company would choose according to their own risks.

Coface chief executive Xavier Durand mentioned that hotels and airlines will have to take the maximum brunt of the epidemic outbreak, while Euler Hermes saw coronavirus costing $320 billion of trade losses every quarter this year.

This indicates that companies will have to bear the losses themselves. It can be either directly or in the form of self-insurance funds (large companies often set aside some funds for emergencies).

LV, the insurance giant in the UK, have stopped selling travel insurance with immediate effect as a result of the coronavirus outbreak.

“We can’t insure a burning building,” Mr Ryan Christian Ryan of the risk advisory firm Marsh says.

The bottom line

The Coronavirus have adversely impacted the economy worldwide. From time to time, violent demonstrations slowed down the flood of travellers to a trickle and transactions grind to a halt. 

McKinsey anticipates recession until the end of Q2 because of large-scale quarantines, travel restrictions, and social-distancing leading to a sharp fall in consumer and business spending. However, because of banks’ strong capitalization and macroprudential supervision, a full-scale banking crisis is averted.

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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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