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-
- Innovative ideas
- The innovative route to market
- Innovative product
- Exceptional growth
- Exceptional growth strategy
- 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.
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.
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.
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 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 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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