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Mantra Labs Journey 2017 – Major Highlights

2018 is here! and so are we with our updates for the year. Mantra Labs has completed 8 years in product and services industry.
We started rolling out yearly updates last year and it has been great. We wish to continue this and bring to you what we have been doing in 2017 to make a promising future in 2018 a beyond.

Our focus for Fin-Tech Industry:

This year we have focused on digital transformation in Fin-tech Industry and have helped many of our leading clients like Religare and ForwardLane on the path of Digital Transformation.

Let’s take a look at our 3 major Fin-Tech areas:

  • Customer Experience Consulting
  • Plug&Play products for Digital Insurer
  • Deep Technology Services

Our New Apps and Products:

When we posted updates last year we mentioned that you should lookout for two apps SellFash and Touchkin. We did deliver on that promise and some more.

Here is a snapshot of all the Apps and works we did.

1. SellFash is now a full-fledged Reseller App with more than 8000 resellers on board. It was a challenge when GST was implemented however we persisted through to deliver our customers the best.

2. We are the co-creator of Wysa, a Mental healthcare assistant app with more than 5 million conversations.

3. Xavi: This is our first product and delivers the best TV viewing experience. We have this product in the field for beta already.

4. AI Hybrid Chatbots: We delivered multiple chatbot platforms. One with Religare is worth a mention here as it supports more than 1 million impressions each month.

5. Doc to Parser: We have worked on this product to make Digitization a success for various companies. This allows them to convert paper documents to digital ones with 95% accuracy.

This year we added Mantra.design to our initiatives that started with Mantra.ai last year.
Mantra.Design is a boutique design consulting initiative to provide high-value design solutions to our clients.
Mantra.ai continues to be our flagship Artificial Intelligence and Deep Learning practices.

We have grown

Our team size has increased to more than 100 members and this made us move to a new facility in Kalyan Nagar, Bangalore. We have also established our headquarters in Delaware to help our US-based customers have a direct access to us as well.

Announced our New LOGO:

To align with the new technology and world, we also updated our logo to represent the collaboration, connected devices, IOT, product design, development and communication between multiple nodes. The red color signifies passion and internship while the Blue color signifies Technology.

Our collaborations with IBM Watson, Nvidia development partner, Amazon AWS

This year we added some prestigious logos as our clients

        

 

While this year was great we aim to achieve even more in 2018 by focusing on Artificial Intelligence, Fin-Tech and Product incubation. Keep an eye on us!!

 

 

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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.

Chart, line chart

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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.

Chart, sunburst 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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