Insurtech Innovations Set to Transform the USA Insurance Landscape in 2024

The insurance industry has long been known for its traditional and slow-moving nature. However, with the rise of technology and the emergence of insurtech startups, the industry is undergoing a significant transformation. In this article, we’ll explore the top insurtech innovations poised to revolutionize the USA insurance landscape by 2024.

The Rise of Digital Insurance

As per a Grand View Research report, the global insurtech market is poised for substantial growth, projected to reach USD 152.43 billion by 2030. Further, VC reports indicate a 7 trillion dollar market opportunity for the industry.

In the past, insurance companies relied heavily on manual processes and paperwork, leading to slow and inefficient operations. However, with the rise of digital insurance, the industry is becoming more efficient, customer-centric, and data-driven.

AI and Machine Learning for Risk Assessment

One of the most significant insurtech innovations is using AI and machine learning for risk assessment. Traditional insurance underwriting involves a lengthy and manual process of evaluating an individual’s risk profile. However, with AI and machine learning, insurance companies can now analyze vast amounts of data in a fraction of the time.

This technology can assess risk factors such as credit scores, driving records, and health data to accurately determine an individual’s risk level. This speeds up the underwriting process and allows for more accurate pricing and personalized policies.

Companies like Venedict are simplifying workflows using AI-powered automation in security questionnaire management, empowering teams to create buyer profiles faster. Further, companies such as CoverQ Technologies and Zest Finance embedded AI-based algorithms into their risk assessment models to avoid anomalies caused by human biases.

Chatbots for Customer Service

Another insurtech innovation that is transforming the insurance industry is the use of chatbots for customer service. Chatbots are AI-powered virtual assistants that can communicate with customers in real-time, providing them with quick and efficient support. With generative AI thrown into the mix, customer service is becoming more responsive, contextual, and adaptive in real-time.

Hitee, our full-scale conversational AI platform has successfully helped insurers in India deal with millions of customer queries across their onboarding and retention journeys.

Chatbots can assist with policy inquiries, claims processing, and policy renewals in the insurance industry. This improves the customer experience and reduces the workload for insurance agents, allowing them to focus on more complex tasks.

The Emergence of Insurance Startups

In addition to the advancements in technology, the insurance industry is also seeing a surge in the number of insurance startups. These startups are disrupting the traditional insurance model and offering innovative solutions to common industry challenges.

Peer-to-Peer Insurance

One of the most significant disruptions in the insurance industry is the rise of peer-to-peer (P2P) insurance. P2P insurance is a model where individuals pool their premiums to insure each other against a specific risk.

This model eliminates the need for a traditional insurance company, as the group members are self-insured. P2P insurance reduces costs for individuals and promotes a sense of community and trust among the group members.

Mantra Labs recently helped develop and manage Mauritius-based lending firm EBC’s P2P lending platform. Adding to the lender’s financial strength.

On-Demand Insurance

Another insurance startup trend is the rise of on-demand insurance. On-demand insurance allows individuals to purchase insurance coverage for a specific period or event, rather than a traditional annual policy.

Startups like Ric Micro Parametric, IMIX, and BeNew Insurance are disrupting the space by providing insurance for episodic concerns and providing coverage in areas that have been overlooked by traditional players.

This model is particularly popular among millennials and digital nomads who may not need traditional insurance coverage for a full year. On-demand insurance offers flexibility and cost savings for individuals, making it an attractive option for many.

The Impact of Insurtech on the Insurance Industry

The rise of insurtech is having a significant impact on the insurance industry, and this impact is only expected to grow in the coming years. Here are some of the ways insurtech is transforming the insurance landscape.

Improved Customer Experience

One of the most significant benefits of insurtech is the improved customer experience (CX). With the use of technology, insurance companies can now offer a more streamlined and personalized experience for their customers.

From purchasing policies online to using chatbots for customer service, insurtech is making the insurance process more convenient and efficient for customers.

Increased Efficiency and Cost Savings

Insurtech is also helping insurance companies become more efficient and reduce costs. By automating manual processes and using AI for risk assessment, insurance companies can save time and resources, leading to cost savings.

This efficiency also allows insurance companies to offer more competitive pricing and personalized policies, making them more attractive to customers.

Better Risk Management

With the use of AI and machine learning, insurance companies can now analyze vast amounts of data to assess risk accurately. This not only speeds up the underwriting process but also allows for more accurate risk assessment and pricing.

This technology also enables insurance companies to identify potential risks and prevent losses, leading to better risk management and reduced claims.

The Future of Insurtech in the USA

The insurtech industry is expected to continue growing and transforming the insurance landscape in the USA. Here are some of the trends and innovations we can expect to see in the coming years.

Blockchain Technology

Blockchain technology, which is best known for its use in cryptocurrencies, is also making its way into the insurance industry. Blockchain offers a secure and transparent way to store and share data, making it ideal for insurance companies.

Black, a digital insurance company on blockchain leverages the centralized system for crowdfunding. Popular insurance companies, Lemonade and RiskBazaar leverage blockchain to streamline their operations and provide better customer experience.

With blockchain, insurance companies can securely store customer data, track policies, and process claims more efficiently. This technology also allows for more accurate and transparent record-keeping, reducing the risk of fraud.

Internet of Things (IoT) for Risk Assessment

The Internet of Things (IoT) is a network of interconnected devices that can collect and share data. In the insurance industry, IoT devices such as smart home sensors and wearable health trackers can provide valuable data for risk assessment.

For example, a smart home sensor can detect a water leak and alert the homeowner, preventing potential damage and a costly insurance claim. This data can also be used to personalize individual insurance policies and pricing.

Telematics is becoming prevalent among companies providing car insurance. Helping insurers understand customer usage, improving settlement time, and incentivizing good user behavior – IOT has influenced every cog in the wheel.

Conclusion

Insurtech innovations are set to transform the USA insurance landscape in the coming years. From digital insurance to the rise of insurance startups, the industry is becoming more efficient, customer-centric, and data-driven.

In 2024, as the industry continues to evolve, we can expect to see even more advancements and disruptions from insurtech startups.

The insurance industry thrives on relationships—but it can only scale through efficiency, precision, and timely distribution. While much of the digital transformation buzz has focused on customer-facing portals, the real transformation is happening in the field, where modern sales apps are quietly driving a smarter, faster, and more empowered agent network.

Let’s explore how mobile-first sales enablement platforms are reshaping insurance sales across prospecting, onboarding, servicing, renewals, and growth.

The Insurance Agent Needs More Than a CRM

Today’s insurance agent is not just a policy seller—they’re also a financial advisor, data gatherer, service representative, and the face of the brand. Yet many still rely on paper forms, disconnected tools, and manual processes.

That’s where intelligent sales apps come in—not just to digitize, but to optimize, personalize, and future-proof the entire agent journey.

Real-World Use Cases: What Smart Sales Apps Are Solving

Across the insurance value chain, sales agent apps have evolved into full-service platforms—streamlining operations, boosting conversions, and empowering agents in the field. These tools aren’t optional anymore, they’re critical to how modern insurers perform. Here’s how leading insurers are empowering their agents through technology:

1. Intelligent Prospecting & Lead Management

Sales apps now empower agents to:

Prioritize leads using filters like policy type, value, or geography
Schedule follow-ups with integrated agent calendars
Utilize locators to look for nearby branch offices or partner physicians
Register and service new leads directly from mobile devices

Agents spend significantly less time navigating through disjointed systems or chasing down information. With quick access to prioritized leads, appointment scheduling, and location tools—all in one app—they can focus more on meaningful customer interactions and closing sales, rather than administrative overhead.

2. Seamless Policy Servicing, Renewals & Claims

Sales apps centralize post-sale activities such as:

Tracking policy status, premium due date, and claims progress
Sending renewal reminders, greetings, and policy alerts in real-time
Accessing digital sales journeys and pre-filled forms.
Policy comparison, calculating premiums, and submitting documents digitally
Registering and monitoring customer complaints through the app itself

Customers receive a consistent and seamless experience across touchpoints—whether online, in-person, or via mobile. With digital forms, real-time policy updates, and instant access to servicing tools, agents can handle post-sale tasks like renewals and claims faster, without paperwork delays—leading to improved satisfaction and higher retention.

3. Remote Sales using Assisted Tools

Using smart tools, agents can:

Securely co-browse documents with customers through proposals
Share product visualizations in real time
Complete eKYC and onboarding remotely.

Agents can conduct secure, interactive consultations from anywhere—sharing proposals, visual aids, and completing eKYC remotely. This not only expands their reach to customers in digital-first or geographically dispersed markets, but also builds greater trust through real-time engagement, clear communication, and a personalized advisory experience—all without needing a physical presence.

4. Real-Time Training, Performance & Compliance Monitoring

Modern insurance apps provide:

On-demand access to training material
Commission dashboards and incentive monitoring
Performance reporting with actionable insights

Field agents gain access to real-time performance insights, training modules, and incentive tracking—directly within the app. This empowers them to upskill on the go, stay motivated through transparent goal-setting, and make informed decisions that align with overall business KPIs. The result is a more agile, knowledgeable, and performance-driven sales force.

5. End-to-End Sales Execution—Even Offline

Advanced insurance apps support:

Full application submission, from prospect to payment
Offline functionality in low-connectivity zones
Real-time needs analysis, quote generation, and e-signatures
Multi-login access with secure OTP-based authentication

Even in low-connectivity or remote Tier 2 and 3 markets, agents can operate at full capacity—thanks to offline capabilities, secure authentication, and end-to-end sales execution tools. This ensures uninterrupted productivity, faster policy issuance, and adherence to compliance standards, regardless of location or network availability.

6. AI-Powered Personalization for Health-Linked Products

Some forward-thinking insurers are combining AI with health platforms to:

Import real-time health data from fitness trackers or health apps
Offer hyper-personalized insurance suggestions based on lifestyle
Enable field agents to tailor recommendations with more context

By integrating real-time health data from fitness trackers and wellness apps, insurers can offer hyper-personalized, preventive insurance products tailored to individual lifestyles. This empowers agents to move beyond transactional selling—becoming trusted advisors who recommend coverage based on customers’ health habits, life stages, and future needs, ultimately deepening engagement and improving long-term retention.

The Mantra Labs Advantage: Turning Strategy into Scalable Execution

We help insurers go beyond surface-level digitization to build intelligent, mobile-first ecosystems that optimize agent efficiency and customer engagement—backed by real-world impact.

Seamless Sales Enablement for Travel Insurance

We partnered with a leading travel insurance provider to develop a high-performance agent workflow platform featuring:

Secure Logins: Instant credential-based access without sign-up friction
Real-Time Performance Dashboards: At-a-glance insights into daily/monthly targets, policy issuance, and collections
Frictionless Policy Issuance: Complete issuance post-payment and document verification
OCR Integration: Auto-filled customer details directly from passport scans, minimizing errors and speeding up onboarding

This mobile-first solution empowered agents to close policies faster with significantly reduced paperwork and data entry time—improving agent productivity by 2x and enabling sales at scale.

Engagement + Analytics Transformation for Health Insurance

For one of India’s leading health insurers, we helped implement a full-funnel engagement and analytics stack:

User Journey Intelligence: Replaced legacy systems to track granular app behavior—policy purchases, renewals, claims, discounts, and drop-offs. Enabled real-time behavioral segmentation and personalized push/email notifications.
Gamified Wellness with Fitness Tracking: Added gamified fitness engagement, with rewards based on step counts and interactive nutrition quizzes—driving repeat app visits and user loyalty.
Attribution Tracking: Trace the exact source of traffic—whether it’s a paid campaign, referral program, or organic source—adding a layer of precision to marketing ROI.
Analytics: Integrated analytics to identify user interest segments. This allowed for hyper-targeted email and in-app notifications that aligned perfectly with user intent, driving both relevance and response rates.

Whether you’re digitizing field sales, gamifying customer wellness, or fine-tuning your marketing engine, Mantra Labs brings the technology depth, insurance expertise, and user-first design to turn strategy into scalable execution.

If you’re ready to modernize your agent network – Get in touch with us to explore how we can build intelligent, mobile-first tools tailored to your distribution strategy. Just remember, the best sales apps aren’t just tools, they’re growth engines; and field sales success isn’t about more apps. It’s about the right workflows, in the right hands, at the right time.