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Four New Consumer-centric Business Models in Insurance

The insurance industry is changing and experts predict — nearly one-third of existing insurance models will disappear within this decade. The fierce competition, new opportunities with technologies like AI, and on top of that millennials’ changing preferences sum up to the call for more flexible and consumer-facing business models. Here are four new business models to set the insurance archetype.

Source: The Deloitte Global Millennial Survey 2019 

Social Good & Transparency as a Business Model

Currently, AI is being used to strengthen the capabilities and knowledge of insurers and not consumers, creating information asymmetry. But, the question is — for how long will the consumers accept being a victim of ignorance. 

A possible solution to this situation is bringing information transparency. It’s not like traditional insurers don’t share policy information with their customers. They do. However, lengthy policy documents and customers’ reliance on agents for information shadows the actual coverage, terms, etc. In a way, the information that customers receive becomes dependent on the agents’ knowledge and intentions.

Translating policy, terms and conditions documents into consumable bits of information with a clear distinction between what’s covered and what’s not will help in achieving transparency between insurers and customers.

For instance, Lemonade — the American Insurtech for renters and home insurance, disrupted the industry lately with their instant and transparent end-to-end insurance process. Their consumers are better aware of coverage and claims thanks to simplicity in the user experience. 

Moreover, Lemonade donates the unclaimed premiums to social causes their consumers care about. From its inception in 2015 to date, Lemonade has sold over 1.2 million policies, in complete transparency and all through their AI bot — Maya!

Nearly 46% of millennials are willing to make a positive impact on the society/community. Lemonade has partnered with 92 charities and has donated $8,46,849 from unclaimed premiums. Hence, the answer.

Similarly, Swedish InsurTech Hedvig has successfully deployed it’s “nice insurance” services, giving back 80% of the unclaimed premiums to charities chosen by the customers.

More insights on — millennials and their expectations from insurance ‘beyond’ convenience.

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.

B2B2C or API-based Model

When user acquisition is the top priority, B2B2C or API-based model comes into action. Also known as an open-source platform solution, this business model connects people and processes with technology infrastructure and assets to manage user interactions. 

In the API-based model, apart from traditional distribution channels, 3rd party apps also become a medium for customers to buy/access insurance policies. Automation plays a key role in this insurance model. Here, any other customer-centric digital application can install the API without manual/human intervention.

API-based Insurance Model Affinity Distribution Channel

For example, in January 2018, Allianz announced that it will offer parts of its Allianz Business System (ABS) to other insurance companies for free. Interested organizations can simply install the API (Application Programming Interface, which is nothing but a chunk of software that connects two different apps) and start selling Allianz policies to their customers.

Lemonade — after disrupting the insurance space through transparency, has now stepped into this model. In October 2017, the company launched its public API, allowing anyone to distribute Lemonade’s policies through their websites or apps.

“It takes years to pull together the licenses, capital, and technology needed to offer insurance instantly through an app, which is why it’s almost nonexistent. Today’s API launch changes that. Anyone with a slight familiarity with coding can now include these capabilities in their app, in a matter of hours.”

Shai Wininger, Co-founder, President & COO, Lemonade

P2P Insurance

Unclaimed premiums also contribute to conflicts between insurers and policyholders. What if a customer is not interested in donating to charity, unlike mentioned in the above case? 

Peer-to-Peer (P2P) insurance is perhaps an answer to eliminate premium settlement conflicts. It is also an emerging business model to access insurance coverage at lower costs than most of the traditional insurances. 

This insurance model pools the individuals who share at least one relation — friends, family, or interest (community/clubs) and it serves two-fold benefits-

  1. Every member knows other members, funds available, and claims initiated/processed. Therefore, irrespective of the information shared by the insurer, there’s a transparent collaboration among peers.
  2. Since the members know each other socially, there’s a negligible chance of fraudulent claims. For instance, in the US alone, insurance frauds amount to nearly $80 billion/year.

Also read – how behavioral psychology is fixing modern insurance claims

The notion of financial protection for the community has been prevalent in our societies since the 1600s. In the middle ages, the tradesmen followed the guild system (an association of craftsmen and merchants), where participants paid fees as a kind of insurance safety net. Though, the successful conceptualization of P2P insurance in the modern business models dates back to 2010 with German InsurTech — Friensurance. However, the P2P insurance model has credited the success to many more InsurTechs like Guevara, Axieme, TongJuBao (P2Pprotect), and PeerCover

Microinsurance

The greatest limiting factor for the success of microinsurance is distribution. For example, in the US, 18% of the premium represents the distribution cost, set aside marketing and advertising costs. Availability isn’t the issue for microinsurance. 

The new business model for microinsurance focuses on outreaching and distributing policies at scale. Workflow automation solutions like document processing, automated customer query resolution, etc. make microinsurance models more effective. 

  1. Aggregator model: Instead of traditional agents, retailers, utility or mobile network operators, etc. can be intermediaries for the distribution of microinsurance policies. They provide access to a very large consumer base and even more with free and freemium coverages. For example, Check24, a European aggregator together with HDI insurance developed AurumPROTECT that is available exclusively through aggregators channels. 
  2. Harnessing proxy insurance sales force: Banks have been the ideal partners to distribute microinsurance policies at scale for ages. But, for short-term policies, this is a good time to utilize the agents of other products to offer insurance as an ancillary product. For example, Ola — an Indian cab aggregator provides a number of travel-related microinsurance underwritten by Acko General Insurance. 

The Bottom Line

The effectiveness of each of these models drills down to the smart use of technology in their implementations. Moreover, most of these business models are automated, thus, eliminating additional human resources for implementations. For instance, in India, an agent can charge up to 20% of the premium amount as fees, which can reduce significantly if the distribution is automated. Investment in technology for automating operations is also worth it because it makes customer outreach simpler and faster. 

Also, read – 5 Front-office operations in Insurance you can automate with AI.

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How Smarter Sales Apps Are Reinventing the Frontlines of Insurance Distribution

The insurance industry thrives on relationships—but it can only scale through efficiency, precision, and timely distribution. While much of the digital transformation buzz has focused on customer-facing portals, the real transformation is happening in the field, where modern sales apps are quietly driving a smarter, faster, and more empowered agent network.

Let’s explore how mobile-first sales enablement platforms are reshaping insurance sales across prospecting, onboarding, servicing, renewals, and growth.

The Insurance Agent Needs More Than a CRM

Today’s insurance agent is not just a policy seller—they’re also a financial advisor, data gatherer, service representative, and the face of the brand. Yet many still rely on paper forms, disconnected tools, and manual processes.

That’s where intelligent sales apps come in—not just to digitize, but to optimize, personalize, and future-proof the entire agent journey.

Real-World Use Cases: What Smart Sales Apps Are Solving

Across the insurance value chain, sales agent apps have evolved into full-service platforms—streamlining operations, boosting conversions, and empowering agents in the field. These tools aren’t optional anymore, they’re critical to how modern insurers perform. Here’s how leading insurers are empowering their agents through technology:

1. Intelligent Prospecting & Lead Management

Sales apps now empower agents to:

  • Prioritize leads using filters like policy type, value, or geography
  • Schedule follow-ups with integrated agent calendars
  • Utilize locators to look for nearby branch offices or partner physicians
  • Register and service new leads directly from mobile devices

Agents spend significantly less time navigating through disjointed systems or chasing down information. With quick access to prioritized leads, appointment scheduling, and location tools—all in one app—they can focus more on meaningful customer interactions and closing sales, rather than administrative overhead.

2. Seamless Policy Servicing, Renewals & Claims 

Sales apps centralize post-sale activities such as:

  • Tracking policy status, premium due date, and claims progress
  • Sending renewal reminders, greetings, and policy alerts in real-time
  • Accessing digital sales journeys and pre-filled forms.
  • Policy comparison, calculating premiums, and submitting documents digitally
  • Registering and monitoring customer complaints through the app itself

Customers receive a consistent and seamless experience across touchpoints—whether online, in-person, or via mobile. With digital forms, real-time policy updates, and instant access to servicing tools, agents can handle post-sale tasks like renewals and claims faster, without paperwork delays—leading to improved satisfaction and higher retention.

3. Remote Sales using Assisted Tools

Using smart tools, agents can:

  • Securely co-browse documents with customers through proposals
  • Share product visualizations in real time
  • Complete eKYC and onboarding remotely.

Agents can conduct secure, interactive consultations from anywhere—sharing proposals, visual aids, and completing eKYC remotely. This not only expands their reach to customers in digital-first or geographically dispersed markets, but also builds greater trust through real-time engagement, clear communication, and a personalized advisory experience—all without needing a physical presence.

4. Real-Time Training, Performance & Compliance Monitoring

Modern insurance apps provide:

  • On-demand access to training material
  • Commission dashboards and incentive monitoring
  • Performance reporting with actionable insights

Field agents gain access to real-time performance insights, training modules, and incentive tracking—directly within the app. This empowers them to upskill on the go, stay motivated through transparent goal-setting, and make informed decisions that align with overall business KPIs. The result is a more agile, knowledgeable, and performance-driven sales force.

5. End-to-End Sales Execution—Even Offline

Advanced insurance apps support:

  • Full application submission, from prospect to payment
  • Offline functionality in low-connectivity zones
  • Real-time needs analysis, quote generation, and e-signatures
  • Multi-login access with secure OTP-based authentication

Even in low-connectivity or remote Tier 2 and 3 markets, agents can operate at full capacity—thanks to offline capabilities, secure authentication, and end-to-end sales execution tools. This ensures uninterrupted productivity, faster policy issuance, and adherence to compliance standards, regardless of location or network availability.

6. AI-Powered Personalization for Health-Linked Products

Some forward-thinking insurers are combining AI with health platforms to:

  • Import real-time health data from fitness trackers or health apps 
  • Offer hyper-personalized insurance suggestions based on lifestyle
  • Enable field agents to tailor recommendations with more context

By integrating real-time health data from fitness trackers and wellness apps, insurers can offer hyper-personalized, preventive insurance products tailored to individual lifestyles. This empowers agents to move beyond transactional selling—becoming trusted advisors who recommend coverage based on customers’ health habits, life stages, and future needs, ultimately deepening engagement and improving long-term retention.

The Mantra Labs Advantage: Turning Strategy into Scalable Execution

We help insurers go beyond surface-level digitization to build intelligent, mobile-first ecosystems that optimize agent efficiency and customer engagement—backed by real-world impact.

Seamless Sales Enablement for Travel Insurance

We partnered with a leading travel insurance provider to develop a high-performance agent workflow platform featuring:

  • Secure Logins: Instant credential-based access without sign-up friction
  • Real-Time Performance Dashboards: At-a-glance insights into daily/monthly targets, policy issuance, and collections
  • Frictionless Policy Issuance: Complete issuance post-payment and document verification
  • OCR Integration: Auto-filled customer details directly from passport scans, minimizing errors and speeding up onboarding

This mobile-first solution empowered agents to close policies faster with significantly reduced paperwork and data entry time—improving agent productivity by 2x and enabling sales at scale.

Engagement + Analytics Transformation for Health Insurance

For one of India’s leading health insurers, we helped implement a full-funnel engagement and analytics stack:

  • User Journey Intelligence: Replaced legacy systems to track granular app behavior—policy purchases, renewals, claims, discounts, and drop-offs. Enabled real-time behavioral segmentation and personalized push/email notifications.
  • Gamified Wellness with Fitness Tracking: Added gamified fitness engagement, with rewards based on step counts and interactive nutrition quizzes—driving repeat app visits and user loyalty.
  • Attribution Tracking: Trace the exact source of traffic—whether it’s a paid campaign, referral program, or organic source—adding a layer of precision to marketing ROI.
  • Analytics: Integrated analytics to identify user interest segments. This allowed for hyper-targeted email and in-app notifications that aligned perfectly with user intent, driving both relevance and response rates.

Whether you’re digitizing field sales, gamifying customer wellness, or fine-tuning your marketing engine, Mantra Labs brings the technology depth, insurance expertise, and user-first design to turn strategy into scalable execution.

If you’re ready to modernize your agent network – Get in touch with us to explore how we can build intelligent, mobile-first tools tailored to your distribution strategy. Just remember, the best sales apps aren’t just tools, they’re growth engines; and field sales success isn’t about more apps. It’s about the right workflows, in the right hands, at the right time.

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