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Key Takeaways of 4th Insurance India Summit & Awards 2019

Innovation and Disruption are causing a paradigm shift in the Indian insurance industry today.

The industry is expected to touch USD 280B by 2020. With the advent of InsurTech, Blockchain, Big Data, AI, IoT, AR amidst changing consumer preferences — there has been a holistic approach to insurance automation, challenging the traditional concepts making insurance a battleground of the old and the new.

The insurance penetration in India is only 3.7% as a percentage of GDP compared to the World average of 7%. However, changes in the demographics, technology and business models have opened up a plethora of opportunities for the Indian insurance industry which is growing at a rate of 11% annually. This has marked the beginning of breaking out of an emerging state into broader impact and use, enabling insurers to expand into more ecosystems than ever before.

The recently concluded “4th Annual Insurance India Summit & Awards 2019” with the motto of “Integrating Technology & Big Data to Enhance Distribution Channel, Marketing Strategy & Customer Experience” — aimed at having robust and key focused area discussions on the inherent insurance challenges. IISA creates a platform for one of India’s largest gathering of Insurance leaders and Innovators. 

Let’s have a look at the key takeaways of the 4th Insurance India Summit and Awards 2019.

Key takeaways of 4th Annual Insurance Summit and Awards 2019

PHYGITAL is the New Wave in Insurance  

There is still a trust deficit between the customers and insurance companies, primarily due to highly suspect products with unrealistic returns being sold in the past decade. Customer Expectations are very different online and offline for the same customer. 

In such a moment of crisis, the focus on Digital cannot be limited to just customer acquisition, as Customer engagement is the key

Phygital, i.e Physical + Digital, is the concept that brands and businesses are using as a sales strategy to amplify the yield. Phygital as a paradigm is challenging the cascaded approach of traditional insurance and bridges the gap between both the worlds effortlessly.

With the help of data visualization, one can help increase customer interactivity, analyze product performance, understand data consumption objectives and thereby improve customer experience. The objective is to provide the ultimate 360-degree experience. This includes a focus on relationships, lifecycle, and even life stages.

Click to know more on, ‘Scope of Phygital in Insurance‘.

The New Product is About Customer Journey:

Customer Expectations have changed significantly over a short period of time. The forecasted move to real-time interaction is indeed here. 

Source: SMA white paper

Customer journeys in insurance are often complex. It involves multifaceted relationships, multiple locations, and various insurance needs. Due to these complexities, 70% of Indians working in rural areas generate 40% of India’s income but have much lower access to the products and services.

Insurance companies are looking at creating efficiency across the Value Chain. Thus they are now also looking at creating or leveraging existing eco-systems e.g. E-Commerce, to widen the footprint. Instead of the focus being on removing agents and selling directly, Insurance companies are now focused on empowering agents.

According to recent SMA research, 85% of insurers report that customer experience and engagement is a top strategic initiative, ranking it as #1 – a significant shift from #4 and #5 in past years. This is good news for the industry, as it points to determination and focuses to place the customer first.

Cognitive RPA to Ease Insurance Problems:

Data is a vital ingredient for going Cognitive. The cognitive insurance business is the one that allows underwriters to be equipped with a repertoire of AI-enabled tools, empowering them to make better and more informed decisions about their customer.

RPA tools currently occupy the Peak of Inflated Expectations in the Gartner Hype Cycle for Artificial Intelligence, 2018. 

Cognitive RPA is widely adopted in various industries, insurance included. “End-user organizations adopt RPA technology as a quick and easy fix to automate manual tasks,” said Cathy Tornbohm, vice president at Gartner. In the insurance industry automation of the day-to-day tasks would potentially reduce cost, time consumption and increase accuracy, quality, and competency.

Miniaturizing of Insurance — Microinsurance

Insurance coverages are the greatest aid against the consequences of risk exposures and also provides support for the insured’s credits. However,  65% of Indians below the age of 35 don’t want to buy Health Insurance

In order to provide “insurance for all”, the Insurance Regulatory and Development Authority of India (IRDAI) has a specialized category of insurance policies called micro insurances. It promotes bite-sized insurance coverage among Gen-Y and the economically vulnerable sections of society.

Click here to know if ‘ Microinsurance actually works for the economically vulnerable sections of India.

Micro-insurances are easily affordable over the bulky insurance schemes. Recently MaxBupa, a standalone health insurer partnered with Mobikwik, a fin-tech platform to promote affordable and convenient microinsurance products. Priced at an annual premium of ₹135, their product, HospiCash will offer ₹500 per day hospital allowance for up to 30 days in a year. 

Click to know more about how ‘ AI can help bridge customer gaps for microinsurers


The non-partisan agenda of the Summit was to explore challenges and their deterrents like technology integration in insurance, customer engagement, and customer experience. The discussions were designed to draw out clear outcomes for the industry together – in order to realize growth, customer satisfaction, profitability and deliver definitive business value.

Mantra Labs was proud to be the business development partner at the successful Summit. We were honored to partake in the insightful conversations and gather appreciation for presenting ‘FlowMagic’ – our Visual AI Platform for Insurers, from all the insurance industry experts present.

We hope to see you again, in the next edition!

To know us in person, drop us a Hi at hello@mantralabsglobal.com 

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Smart Manufacturing Dashboards: A Real-Time Guide for Data-Driven Ops

Smart Manufacturing starts with real-time visibility.

Manufacturing companies today generate data by the second through sensors, machines, ERP systems, and MES platforms. But without real-time insights, even the most advanced production lines are essentially flying blind.

Manufacturers are implementing real-time dashboards that serve as control towers for their daily operations, enabling them to shift from reactive to proactive decision-making. These tools are essential to the evolution of Smart Manufacturing, where connected systems, automation, and intelligent analytics come together to drive measurable impact.

Data is available, but what’s missing is timely action.

For many plant leaders and COOs, one challenge persists: operational data is dispersed throughout systems, delayed, or hidden in spreadsheets. And this delay turns into a liability.

Real-time dashboards help uncover critical answers:

  • What caused downtime during last night’s shift?
  • Was there a delay in maintenance response?
  • Did a specific inventory threshold trigger a quality issue?

By converting raw inputs into real-time manufacturing analytics, dashboards make operational intelligence accessible to operators, supervisors, and leadership alike, enabling teams to anticipate problems rather than react to them.

1. Why Static Reports Fall Short

  • Reports often arrive late—after downtime, delays, or defects have occurred.
  • Disconnected data across ERP, MES, and sensors limits cross-functional insights.
  • Static formats lack embedded logic for proactive decision support.

2. What Real-Time Dashboards Enable

Line performance and downtime trends
Track OEE in real time and identify underperforming lines.

Predictive maintenance alerts
Utilize historical and sensor data to identify potential part failures in advance.

Inventory heat maps & reorder thresholds
Anticipate stockouts or overstocks based on dynamic reorder points.

Quality metrics linked to operator actions
Isolate shifts or procedures correlated with spikes in defects or rework.

These insights allow production teams to drive day-to-day operations in line with Smart Manufacturing principles.

3. Dashboards That Drive Action

Role-based dashboards
Dashboards can be configured for machine operators, shift supervisors, and plant managers, each with a tailored view of KPIs.

Embedded alerts and nudges
Real-time prompts, like “Line 4 below efficiency threshold for 15+ minutes,” reduce response times and minimize disruptions.

Cross-functional drill-downs
Teams can identify root causes more quickly because users can move from plant-wide overviews to detailed machine-level data in seconds.

4. What Powers These Dashboards

Data lakehouse integration
Unified access to ERP, MES, IoT sensor, and QA systems—ensuring reliable and timely manufacturing analytics.

ETL pipelines
Real-time data ingestion from high-frequency sources with minimal latency.

Visualization tools
Custom builds using Power BI, or customized solutions designed for frontline usability and operational impact.

Smart Manufacturing in Action: Reducing Market Response Time from 48 Hours to 30 Minutes

Mantra Labs partnered with a North American die-casting manufacturer to unify its operational data into a real-time dashboard. Fragmented data, manual reporting, delayed pricing decisions, and inconsistent data quality hindered operational efficiency and strategic decision-making.

Tech Enablement:

  • Centralized Data Hub with real-time access to critical business insights.
  • Automated report generation with data ingestion and processing.
  • Accurate price modeling with real-time visibility into metal price trends, cost impacts, and customer-specific pricing scenarios. 
  • Proactive market analysis with intuitive Power BI dashboards and reports.

Business Outcomes:

  • Faster response to machine alerts
  • Quality incidents traced to specific operator workflows
  • 4X faster access to insights led to improved inventory optimization.

As this case shows, real-time dashboards are not just operational tools—they’re strategic enablers. 

(Learn More: Powering the Future of Metal Manufacturing with Data Engineering)

Key Takeaways: Smart Manufacturing Dashboards at a Glance

AspectWhat You Should Know
1. Why Static Reports Fall ShortDelayed insights after issues occur
Disconnected systems (ERP, MES, sensors)
No real-time alerts or embedded decision logic
2. What Real-Time Dashboards EnableTrack OEE and downtime in real-time
Predictive maintenance using sensor data
Dynamic inventory heat maps
Quality linked to operators
3. Dashboards That Drive ActionRole-based views (operator to CEO)
Embedded alerts like “Line 4 down for 15+ mins”
Drilldowns from plant-level to machine-level
4. What Powers These DashboardsUnified Data Lakehouse (ERP + IoT + MES)
Real-time ETL pipelines
Power BI or custom dashboards built for frontline usability

Conclusion

Smart Manufacturing dashboards aren’t just analytics tools—they’re productivity engines. Dashboards that deliver real-time insight empower frontline teams to make faster, better decisions—whether it’s adjusting production schedules, triggering preventive maintenance, or responding to inventory fluctuations.

Explore how Mantra Labs can help you unlock operations intelligence that’s actually usable.

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