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Here’s how Insurtechs are evolving India’s Insurance landscape during the Pandemic

7 minutes read

The COVID-19 pandemic and subsequent global lockdowns triggered plenty of structural changes that forced insurance companies to enter the arena with their eyes on the prize. The pandemic year thus proved to be a catalyst, in turn, nudging insurers to shift their focus and prioritize customer experience, market agility, and business resilience. 

According to BCG, “Globally, insurtechs raised $7.5 billion last year, as COVID-19 accelerated the need for digital transformation in insurance.” 

Investor funding in insurtech came to $5 billion in the first quarter of 2021 with 261 deals, according to Forrester’s “Insurtech funding roundup, Q1 2021” report. 

How has the pandemic impacted Insurtechs in India 

India is the second-largest insurtech (insurance technology) market in the Asia-Pacific region, accounting for 35% of the $3.66 billion of venture capital coming into the sector, according to S&P Global Market Intelligence data.

“Insurance technology investors are attracted to India since it is one of the fastest-growing insurance markets in the world,” said the report. 

Insurance premiums in India have been reported to have totalled $107 billion in India until March 31, 2020, growing at a compounded annual growth rate (CAGR) of 10% from FY15 to FY20. 

“While big techs are vying to become digital intermediaries in the insurance space, established carriers are building proprietary digital channels. Startups that assist both incumbents and big techs in making this transition will likely emerge as winners,” the S&P report continued.

“Partnerships between large insurers and insurtechs have the potential to enable more personalized online distribution, predictive underwriting, and more efficient claims management,” said Alpesh Shah, managing director and senior partner, Boston Consulting Group while speaking with the business daily, Mint. 

Read: How Insurtech is Reshaping the Future of Insurance

The fast-growing industry is introducing solutions for AI-based underwriting, virtual claim filing, among others. The next big revolution could come in the form of blockchain contracts, where customers might not need to file a claim. Bajaj Allianz General Insurance has already introduced a travel insurance product that uses blockchain to settle claims on flight delays automatically.

In another scenario, Acko General Insurance tied up with over 20 digital platforms across retail, travel, finance, and others to distribute bite-sized insurance. Ola’s trip insurance by Acko has insured more than 23 million rides in less than 10 months and is being hailed as one of the most innovative insurance products in the industry.

Another Insurtech startup, Toffee Insurance, offers insurance against theft or damage to bicycles and accidental injuries related to a fitness activity or sport.

Image Courtesy: fintechnews.sg 

Speaking about the Insurtech evolution and their funding in India, BCG’s India Insurtech Landscape and Trends reports that, “Global funding in Insurtechs have grown from about $2 billion in 2016 to $6 billion in 2020. While Americas account for the largest share of funding (68 percent of funding in 2020), Asia has been the fastest-growing geography till 2019 (5-year CAGR of 60 percent). In India too, albeit with a smaller base, funding has seen an increase from a modest base of $11 million in 2016 to $287 million in 2020. The funding trend has continued with Turtlemint raising $30 million in November 2020 and Digit raising around $84 million at the start of 2021.” 

“APAC-based insurtechs attracted $1.4 billion—up 15% year-over-year from the previous year—driven by companies headquartered in China ($800 million) and India ($450 million). Representative examples are Medbanks, a medical database-services company offering oncology-related services, which brought in $305 million in Series E+ funding, and Policybazaar, a price-comparison portal that raised $130 million in Series E+ funding,” the report continued. 

Insurers vs. Insurtechs in the current ecosystem

Image Source: everis.com 

Claims in the digital age

Even before the COVID-19 pandemic struck, customers had already begun leading digital-centric lives that required insurers to rethink their MO and strategies. “With the demands and constraints of the pandemic, a technology-enabled service delivery with a digital claims process is non-negotiable and mission-critical. In the past, these needs may have gone unmet due to lack of technology solutions or an insurer’s inability to capitalize on technology, but the situation today is very different,” reports Deloitte. 

The COVID-19 pandemic affected Insurtech firms on various levels, impacting demand, claims, and loss patterns in a number of ways across product lines and operating models. 

Thus, arose a need to overhaul and reset the core value system and give way to a new growth engine led by customer retention and loyalty, both driven by customer interactions with insurers, specifically during the claims experience.

“Claims operations, which have been traditionally treated as outputs of a “reactive back office,” will have to become a powerful differentiator—innovative and uncompromising on customer service, with multifaceted talent and capable of driving strong results,” continues the Deloitte report. 

Digit, an India-based multi-line insurer, launched a new product that covers pre-and post-hospitalization expenses, road ambulance charges, and a second medical opinion regarding eight viral diseases, including COVID-19 and dengue. 

For Care Health Insurance, erstwhile Religare, Mantra Labs, the Bengaluru-based Insurtech firm deployed Hitee, a conversational chatbot to be the first-level customer support for existing and new customers. This led to higher New Business Conversions by a factor of 10X, and a significant drop in Customer Queries over Voice Support by 20%.     

Source: www.mindbowser.com 

The pandemic and its subsequent wave accelerated the shift towards going digital in the insurance industry. In 2021, there is an apparent inclination towards personalization, data mining, automation, and cloud computing in the Insurtech space.

Read the 7 key trends we’ve expected this year in Insurance here. 

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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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