Moovlee is a new radio cab service provider that currently operates in Coimbatore, Tamil Nadu. The platform is designed in a way that both customers and service providers benefit from it equally. Another benefit of Moovlee over current radio cab providers is that it does not have a ride time charge or surge prices. This is definitely a plus as getting stuck in a traffic jam is already a mood spoiler, leave alone paying extra for it.
What does Moovlee do for the Service Provider?
Like all Technologies Moovlee enables a service provider to get more customer with a real-time taxi booking through a mobile APP while keeping their brand name to ensure publicity. You as a service provider can track and manage your entire fleet of taxis from a single screen on your mobile device. No need to worry about numerous calls and payment hassles. This directly helps in increasing you efficiency and hence your revenues.
The simple layout of the mobile App enables the customer to choose a cab based on nearest location it is available at. Once you have all the options, you can then go ahead review the ride details such as customer rating, vehicle model and price per kilometer to ensure you get the best out of your money. The payment options that Moovlee offers are either Cash or Cards. You can rate your ride from 1 to 5 once you have completed your trip.
Similar options are provided for the driver of the cabs too, they can show their status as online, once they have the App setup and can then accept/reject rides. If a driver does accept a ride then he can easily navigate to the pickup point to start the ride. The drivers also get to rate the passenger after the completion of the ride.
Mantra Labs provided services to Moovlee, we help them design their website as well as the official App, so that nothing comes in the way, of them serving you better. We look forward to providing such services that benefit you, in your day to day lives.
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.
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.
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.
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.