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Millennials and Insurance Beyond Convenience

3 minutes, 33 seconds read

Millennials are often more comfortable browsing apps than talking face-to-face to an agent. Insurers have hence opted for digitization, introducing automated solutions like chatbots and self-service features on their apps. And it has been convenient for both- organizations and customers. 

However, now that almost everyone is offering this convenience, the question arises — what will distinguish your business from competitors and at the same time lure this generation? After all, millennials represent 27% (2 billion) of the global population. 

Convenience is a ‘must-have’, but what’s beyond?

Today, consumers have a plethora of choices- all of them being digital, convenient and affordable. Thus, carriers need to think beyond online, paperless, instant, simple, and hassle-free products and services. Here’s an outlook.

Price transparency

Insurance has always been the aftermath of a commodity or service. Convincing millennials to buy the same insurance wrapped in simplicity and convenience, also knowing their financial instability is certainly not going to work. According to Cake & Arrow’s research, 58% of millennials struggle for financial security. 

However, millennials do understand the value of insurance. 42% of them agree that insurance protects them and their families. Therefore, fair and transparent pricing can add value to the insurance sales propositions.

The transition towards pay-per-use/pay-per-second/pay-as-you-need models makes insurance more affordable and realistic. Root Insurance, Lemonade, and Trov are some of the insurance startups harnessing consumption-based pricing to the fullest.

Value Added Services

Millennials seek perks. To win their goodwill, Insurers need to add benefits beyond the conventional offerings. 

For instance, Brazil-based Kakau offers home, smartphone, and bicycle insurance. Apart from their regular coverage, it assists policyholders with pest control, cleaning, plumbing, and more by adding practical functionality to the traditional product.

McKinsey estimates the Value Added Services segment in the insurance market is worth $2 billion. The facility for risk assessment, instant claims settlement, self-insurance, and crisis advisory are the new VAS frontiers for Insurers to excel.

Instilling emotional and valuable experiences

There is a unique trait to millennials’ personality. They’re not drifted by plain messaging. They want companies to act on the values they preach and not just use it as a marketing strategy.

For instance, in India, IRDAI instructs insurers to make provisions for mental health in Mental Healthcare Act, 2017. However, a typical health insurance policy pays for in-patient hospitalization and mental illness rarely requires one.

While millennials understand the importance of insurance, they are not enthusiastic about buying it because what they want or need isn’t really covered. To break this barrier, this is a high-time to reinvent products based on actual user requirements.

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According to Bain & Company’s 30 elements of value- currently, most insurance companies are focusing on adding functionalities to their services like- simplification, time-saving, cost-cutting, intuitive UI, etc. 

The next transition will be difficult and will have a focus on emotional, life-changing, and impactful products & services. How fast an insurer can adapt to this trend will determine the winner.

Platform of offerings

Executives have started to think beyond sticking with what they’re good at and offering a range of services. This change of thought is the need of time. With tech giants offering commodity-specific insurance and millennials welcoming it, Insurers need to build a platform or get into one to sustain the drift. 80% of millennials are open to new entrants who deliver value over incumbents, according to a recent Bain & Company research. 

For instance, Alibaba, the $350 billion valued technology giant, offers a plethora of services to its 755 million active users. It has ventured into payments, cloud computing & AI technology solutions, apart from its core e-commerce and retail services. The company possesses a huge potential to disrupt the Chinese insurance sector, which currently has a penetration rate of merely 4.5%

webinar: AI for data-driven Insurers

Join our Webinar — AI for Data-driven Insurers: Challenges, Opportunities & the Way Forward hosted by our CEO, Parag Sharma as he addresses Insurance business leaders and decision-makers on April 14, 2020.

Millennials and Insurance: the takeaway

Digitization has indeed improved productivity and convenience. But, it has also made millennials feel strangled for real and worthy. They might be overwhelmed with the technology and the pace of life, but deep inside, there’s still a space for self-transcendence. Thus, the Insurers’ quest for winning this segment does not end at offering convenience through digital.

We’re one of the most innovative InsurTechs in the world recognised by Fintech Global with a hands-on approach towards improving customer experiences. Drop us a line at hello@mantralabsglobal.com to know more about our products and solutions.

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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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