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Mantra Labs one of the top InsurTechs in India (2021)

A positive kick-start to 2021! Mantra Labs has been listed as one of the top Insurtechs in India to look out for. This list compiled by Daily Finance comprises the most innovative tech-startups and established companies transforming the Insurance ecosystem through innovative products and solutions. The standout businesses are recognized for taking a variety of approaches to innovating the InsurTech industry. They are selected by a panel of analysts and industry stalwarts basis the following criteria- 

  • Innovation
    • Innovative ideas
    • The innovative route to market
    • Innovative product
  • Growth
    • Exceptional growth
    • Exceptional growth strategy
  • Management
  • Societal impact

According to Grand View Research, “The global insurtech market size was valued at USD 2.72 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 48.8% from 2021 to 2028.” COVID-19 has pushed all claims organizations alike into the touchless reality of today. Digital is no longer the difference-maker; personalization is. Greater customer expectations, followed by cost optimization, is the main driver behind the insurer evolution process. To meet these critical changes, Insurers are turning to AI to drive the Interactions of Tomorrow. By 2024, AI will bring $2.3 billion in cost savings across the entire Insurance ecosystem, up from $340 million in 2020. 

Here’s the Mantra’s latest PoV highlighting the New Next for AI in Insurance in 2021

How Mantra Labs is transforming the Insurance Landscape

Handpicked among the top 100 most innovative Insurtechs in the World, Mantra Labs has worked with leading insurance carriers within APAC helping them build World-class customer experiences and improve operational efficiencies. Through its problem-solving approach, Mantra deep-dives into the client’s business process and nails down their unique challenges.

During the initial stages of lockdown, Care Health Insurance (formerly Religare) joined forces with Mantra to implement contactless customer centers in quick turnaround time, ensuring business continuity despite work-from-home-only restrictions for their support teams. Mantra has also built its ‘Self-Help’ app—which is India’s highest-rated health insurance app—that has simplified the digital insurance journey for its customers who look to book health check-ups, discover partner hospitals, download health reports and avail QR code-enabled cashless OPD services. 

The Highest Rated Health Insurance App in India – The story behind it

SBI General Insurance, a leading non-life Insurer in India, sought out a full-service mobility solution to improve insurance accessibility pan-India, specifically catered for mobile-centric policyholders. Mantra utilized its deep insurance industry know-how to deliver a hybrid mobile application and helped define unique strategies for building customer engagement.

Customer Experience Design & Engagement Strategies for Insurer Mobile App

Mantra offers three core products for solving the most pressing challenges faced by InsurTechs around — claims processing, workflow management, process automation, onboarding, leads maximization, customer experience & engagement. Mantra Labs’ solution offerings for the Insurance industry include –

FlowMagic

FlowMagic is a visual AI platform for handling Insurer workflows. With FlowMagic insurers can create, customize and monitor workflows built to scale across the Insurance value chain. It comprises AI-powered applications that can be strung together with unique plug and play functionality to execute any business-specific process.

Lead Conversion Accelerator (LCA)

LCA is an AI-enabled tool that allows Insurers to maximize capture from the sales funnel for AI-based lead allocation, prioritization, and conversion.

Hitee

Hitee is a Multilingual AI-Powered Video chatbot for customer support teams that allows Insurers to fulfill routine and non-routine service tasks via Natural Language Processing (NLP) and Machine Learning (ML) models trained in insurance-specific parlance.

“At Mantra Labs, we believe in creating Intelligent Experiences by leveraging technology and design to solve real-world consumer problems that allow our clients to adapt, scale and grow quickly,” says Mikhail Mitra, Co-founder & Chief Product Officer, Mantra Labs. “We are proud to be recognised as a leader in this space.”

About Mantra Labs

Mantra Labs is a global technology development company that builds & designs World-class customer-first products through experience strategy consulting, deep tech & engineering services for evolving enterprises.

With a team of 200+ technology tinkerers and experimenters, Mantra Labs is building the Future of Intelligent Experiences for consumer enterprise giants like Ola, Myntra, Quikr & Alkem. Mantra Labs also solves the most pressing front & back-office challenges for leading enterprises in Insurance, Manufacturing, and Healthcare sectors like Manipal Hospitals, Suraksha Diagnostics, Alkem Pharmaceuticals, SBI General, Care Health, DCM Shriram, Globalise Inc, AIA Hong Kong & Pramerica among others.

The article can be found here: https://df.media/these-are-the-top-insurtech-companies-in-india-2021/ 

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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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