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The Indian Red Cross Society- Blood Donation Camp at Mantra Labs

As Albert Einstein said — only a life lived for others is worth living. Following the Nobel trail, Mantra Labs conducted a blood donation camp in association with the Indian Red Cross Society on January 9, 2020. 

According to WHO (World Health Organization), blood donation by 1% of a nation’s population can meet the minimum basic requirement. As per this norm, India requires 13.1 million blood units annually (1% of 1.3 billion population). However, since 2013, only 7-9 million units of blood are collected annually, which is much lower than required.

Mantra Labs’ humble contribution to save the lives in danger and encourage its people towards humanity was seen in their active participation.

In this virtuous initiative, more than 38 tech enthusiasts from the company’s headquarter at Bangalore, donated blood and many more registered themselves for emergency requirements. 

Blood Donation Camp at Mantra Labs

Donating blood was an excellent feeling in itself. I was not only motivated by the fact that I’ll be saving lives but also it made me feel like a Marvel Avenger. However, it’s the only way at your workplace to get some “me” time: relaxing totally guilt-free, all while saving lives! 😛

Tuhina Chattopadhyay – Marketing Associate, Mantra Labs

Take a glimpse of the blood donation camp at Mantra Labs office

About Indian Red Cross Society: Founded in 1920, the Indian Red Cross Society (IRCS) is a humanitarian organization to protect human life and health. In India, the first blood bank was established by IRCS in 1942 in Kolkata, WestBengal. The organization aims to phase out replacement donors and achieve 100% voluntary blood donation in the future. The Indian Red Cross Society collects approximately 25000 units of blood annually.

Website: Indianredcross.org

About Mantra Labs: Mantra Labs is an AI-first products & solutions firm providing innovative applications in InsurTech and Consumer Internet domains. With over 150 technology tinkerers and experimentalists, the company has been leading technology initiatives for clients like Religare, Aditya Birla Capital, Myntra, Ola, and many more.

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Retention playbook for Insurance firms in the backdrop of financial crises

4 minutes read

Belonging to one of the oldest industries in the world, Insurance companies have weathered multiple calamities over the years and have proven themselves to be resilient entities that can truly stand the test of time. Today, however, the industry faces some of its toughest trials yet. Technology has fundamentally changed what it means to be an insurer and the cumulative effects of the pandemic coupled with a weak global economic output have impacted the industry in ways both good and bad.

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Source: Deloitte Services LP Economic Analysis

For instance, the U.S market recorded a sharp dip in GDP in the wake of the pandemic and it was expected that the economy would bounce back bringing with it a resurgent demand for all products (including insurance) across the board. It must be noted that the outlook toward insurance products changed as a result of the pandemic. Life insurance products were no longer an afterthought, although profitability in this segment declined over the years. Property-and-Casualty (P&C) insurance, especially motor insurance, continued to be a strong driver, while health insurance proved to be the fastest-growing segment with robust demand from different geographies

Simultaneously, the insurance industry finds itself on the cusp of an industry-wide shift as technology is starting to play a greater role in core operations. In particular, technologies such as AI, AR, and VR are being deployed extensively to retain customers amidst this technological and economic upheaval.

Double down on digital

For insurance firms, IT budgets were almost exclusively dedicated to maintaining legacy systems, but with the rise of InsurTech, it is imperative that firms start dedicating more of their budgets towards developing advanced capabilities such as predictive analytics, AI-driven offerings, etc. Insurance has long been an industry that makes extensive use of complex statistical and mathematical models to guide pricing and product development strategies. By incorporating the latest technological advances with the rich data they have accumulated over the years, insurance firms are poised to emerge stronger and more competitive than ever.

Using AI to curate a bespoke customer experience

Insurance has always been a low-margin affair and success in the business is primarily a function of selling the right products to the right people and reducing churn as much as possible. This is particularly important as customer retention is normally conceived as an afterthought in most industries, as evidenced in the following chart.

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        Source: econconusltancy.com

AI-powered tools (even with narrow capabilities) can do wonders for the insurance industry at large. When architected in the right manner, they can be used to automate a bulk of the standardized and automated processes that insurance companies have. AI can be used to automate and accelerate claims, assess homeowner policies via drones, and facilitate richer customer experiences through sophisticated chatbots. Such advances have a domino effect of increasing CSAT scores, boosting retention rates, reducing CACs, and ultimately improving profitability by as much as 95%.

Crafting immersive products through AR/VR

Customer retention is largely a function of how good a product is, and how effective it is in solving the customers’ pain points. In the face of increasing commodification, insurance companies that go the extra mile to make the buying process more immersive and engaging can gain a definite edge over competitors.

Globally, companies are flocking to implement AR/VR into their customer engagement strategies as it allows them to better several aspects of the customer journey in one fell swoop. Relationship building, product visualization, and highly personalized products are some of the benefits that AR/VR confers to its wielders.  

By honoring the customer sentiments of today and applying a slick AR/VR-powered veneer over its existing product layer, insurance companies can cater to a younger audience (Gen Z) by educating them about insurance products and tailoring digital delivery experiences. This could pay off in the long run by building a large customer base that could be retained and served for a much longer period.

The way forward

The Insurance industry is undergoing a shift of tectonic proportions as an older generation makes way for a new and younger one that has little to no perceptions about the industry. By investing in next-generation technologies such as AR/VR, firms can build new products to capture this new market and catapult themselves to leadership positions simply by way of keeping up with the times.

We have already seen how AR is a potential game-changer for the insurance industry. It is only a matter of time before it becomes commonplace.

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