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4 Key Takeaways from India Insurance Summit & Awards 2020

The India Insurance Summit & Awards 2020, themed around technology and innovations in Insurance concluded on March 13th in Mumbai. The event witnessed enthusiastic participation from corporates like Future Generali India Life Insurance, ICICI Lombard, Aditya Birla Sun Life Insurance, Pramerica Life and many more. The stalwarts from the Insurance industry addressed the tech-powered revolution that is soon to happen with Digital 2.0. Here are 4 key takeaways from IISA that highlight the future of Insurance and InsurTech.

1. Digital 2.0 is on rise

Accenture’s research report on the post-digital era reveals that 94% of businesses have accelerated their digital transformation over the past three years. While the era of Digital 1.0 was focused on the mobile, simplified design and a wider range of applications, Digital 2.0 extends the ecosystem into the next-gen interface which relies on anywhere, anytime and any platform mindset.

The traditional insurance distribution channels have already received a digital facelift; with Digital 2.0, they tend to become more consumer-focused and experience-driven. Insurers are empowering distributors to deliver next-gen experiences to customers and deliver products & services for Micro-Moments

[Related: How technology is transforming Insurance distribution channels]

2. Millennials are characterized by Micro-Moments

Micro-Moment is an intent-rich moment when a person turns to a device to act on a need — to know, go, do, or buy” (Google).

An average consumer experiences hundreds of micro-moments throughout the day. More than 91% of smartphone users use mobile phones for inspiration in the middle of a task. People are becoming more research-obsessed and almost every decision made online is informed. For instance, 51% of digital consumers have purchased from a company other than their intended brand, solely based on the information they find online. Moreover, 62% of people are more likely to take an action (like purchase decision) right away even in the middle of some other task.

Earlier, customers used to view the lowest priced product as their best value for money option. Now, the customer’s ability to research is leading to higher-priced products being bought because of the greater perceived value of the product.

As a notion, Insurance is not bought; it’s sold. Thus, micro-moments present immense opportunities to engage with the customer during their buying journey. By leveraging the right points of interaction, Insurers can propose relevant and personalized insights to win customers.

[Related: Millennials and Insurance beyond convenience]

3. Online is best for small-ticket insurance 

Small-ticket insurance (or bite-size cover) focuses on the specific needs of consumers. These are characterized by low premium, low cover and hence lower profit margins. Thus, offline distribution, which involves agents and brokers isn’t feasible. Online channels with emerging API-based distribution and marketplaces are best for distributing small-ticket insurance products. In India, companies like Toffee Insurance, MobiKwik and Digit Insurance provide bite-size insurance. 

Within life insurance, term plans are sold the most online. Insurers have observed that online customers buy more and stay longer with the brand as compared to offline customers. In general, online products are more compelling. The key is — small market, great margins and greater profitability.

Moreover, small-ticket insurance delivers two-fold benefits. Consumers, who haven’t bought an insurance product before, need not pay lengthy premiums (also beneficial to Insurers for customer acquisition); while Insurers find it easier to predict customer behaviour online, allowing them to underwrite risks more accurately.

4. Technology will enhance post-sale moments of truth

Insurers have already started to utilize technologies like NLP to build self-service policy renewal/inquiry portals, AI for zero-touch integrated claims, to name some. The behaviour of the same customer on different channels (like Twitter, Instagram, LinkedIn etc.) is unique. Carriers have to map and understand these behaviours to create better-individualized journeys. Distributor journeys also play a crucial role in analysing post-sale moments of truth. Insights from distributor journey can help Insurers modify/add products into the chain based on buyers’ experiences.

Technology is also helping Insurers participate in a connected information ecosystem. Data from geo-tagging of accidents can be shared with law enforcement to understand areas prone to accidents, underlying causes and even catching criminals through facial recognition technology. For instance, Staqu Technologies, a Gurugram-based AI startup, is providing facial recognition systems to many state government police departments.

Wrapping up

Although 94% of urban and 24% of the Indian rural populace use the internet, Insurers still rely heavily on offline third-party insurance sold by agents (e.g. third party motor insurance for the rural market).

Even though online is cheaper than offline, customers prefer offline as it has more accountability. What drives offline to online is understanding that every customer is unique with unique needs and unique propositions. The truth of the matter is — when things fail, online becomes harder for customer acquisition. AI and Automation has allowed for significant cost reduction and process efficiency gains across the value chain for carriers. However, AI should be used strategically to augment processes that cannot be entirely automated so as to not fully eliminate the human in the loop, in order to better assist customers (eg: speaking to an actual person for resolving complex issues.)

Mantra Labs was a proud customer experience partner at India Insurance Summit & Awards 2020. During the event, Mantra unveiled the Internet of Intelligent Experiences (IOIX) illustrating the extremes to which technology can create sensory disruption in customer experiences!

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How to increase patient engagement on a healthcare app?

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4 minutes, 9 seconds read

Patient facing mobile apps have emerged as a viable alternative to interact with patients and help them execute several tasks related to healthcare without reaching the hospital. Patients are now increasingly glued to these healthcare apps and their time spent on mobile devices has increased significantly. From communication and information to executing business through mobile apps have become a common thing.

Still, there is a lot of gap in the healthcare market. Marketers are struggling to gauge the true value of mobile apps for the bottom line of healthcare organizations. Especially in terms of the value of the app viz-viz the efforts, cost, and time it would take to become a useful and engaging healthcare app for the patient.

To help you increase the patient engagement on a healthcare app, here are a few crucial ways that you need to know. It will not only increase the engagement but will also help you meet your organizational goals at a faster pace.

1. Reduce Readmissions

Healthcare provider’s biggest pain point these days is to avoid readmission of preventable cases. It is crucial for healthcare organizations to reduce this number to enhance patient outcome and improve their revenue growth. Customized healthcare applications can assist hospitals in reducing the number of readmissions.

Here is how:

  • Offer personalized post-release information and instructions
  • Reminder for regular follow-up visits
  • Enforce stricter adherence to post-release prescription and regiment
  • Easier access to healthcare resources and information
  • Lesser cost and time of reaching out
  • Greater engagement to reduce readmission rates

2. Encourage Patients to Proactively Manage Their Health

Encouraging the patient to become proactive in managing their own health can help in improving the outcome and also enhance the reputation of your hospital. With easier access to the required resources and tools, patients are more likely to stay in touch with healthcare professionals and practice the wellness regimen. A properly optimized mobile app can deliver a better wellness experience to the patient and a greater sense of satisfaction.

Here is how an app can help the patient in managing their health proactively:

  • Keeps the patient informed and connected with relevant services
  • Encourages regular health tracking
  • Helps in developing healthy habits and exercises
  • Promotion of health education by streaming informations

3. Improve Trust and Build Relationships


Establishing trust between the patient and doctor is one of the difficult things that hospitals face. Due to long wait times, complex processes, or lack of communication between healthcare team; patients are not willing to attend healthcare appointments.

However, when you give all the relevant tools and information in the smartphone of the patient and empower them, the trust develops between the two parties and the patient proactively takes charge of their treatment. Hospitals can also gain competitive advantage by streamlining patient referrals and building stronger relationships with physicians.

Here is how apps can help:

  • You can provide access to a larger pool of specialists 
  • Help in easily accessing credentials, studies, and information from the mobile app
  • Recommend, network, and connect
  • Improve efficiency and workflow

4. Boost Brand Image and Reputation

Today patients can not be treated less than consumers. Hospitals are competing with each other to provide better care facilities and infrastructure at affordable prices. Hence, it has become crucial to achieve patient satisfaction and engagement. Through mobile apps, hospitals can make the existing information easily accessible along with brand awareness features including social media, photo galleries, virtual tours, and more.

Here is how mobile app can help:

  • Easier access to communication and information
  • Intuitive presentation of the hospital through immersive galleries
  • Stream ER wait time and other relevant information
  • Greater social media engagement

What more factors can increase engagement?

Several patients come to healthcare app once and then dump them after a few logins. One of the major reasons for such low engagement rates is that either the app is difficult to navigate or it is not immersive for the patient.

Consider these few points to make your app more engaging:

  • Customize the app as per the patient group. An app can appear differently to a child and an old age person. Develop an app that is easy to use for all users. Sit with your QA engineers to validate the functionality of your application thoroughly.
  • Build an app that is scalable and can be evolved over a period of time. Leave the possibility of enhancements and customizations that you would need in the future to keep the application viable.
  • It is a no brainer to give multiple options to your patients. Develop a cross-platform application that is compatible with both iOS and Android platforms and offers a rich user experience.

Wrapping Up

With the COVID-19 pandemic, people are more worried about visiting hospitals. Social distancing has become the norm and patients are more inclined towards telemedicine for their treatment. In such a tricky situation, it has become more crucial for hospitals to provide a robust, secure, and engaging mobile app to patients to interact with doctors, access information, and stay connected with the healthcare system.

About the Author

Erna Clayton is a techie with over 12 years of experience in several technological domains including quality assurance and software testing. In her free time, she loves travelling and writing on technology.

Further Readings:

  1. Building Consumer Trust in the Digital Healthcare Era
  2. HealthTech 101: How are Healthcare Technologies Reinventing Patient Care
  3. Virtual health: Delivering care through technology
  4. How Mobile Micro-Health Insurance can unlock ‘Digital for Bharat’?
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