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Security in InsurTech – Predictions for 2018

The new year is right around the corner and we want to take a look at what will be the future of InsurTech in the coming year. This year 2017 was great for InsureTech with a lot of focus on AI, ML and related technologies trying to make the insurance industry ready for the future. 2018 is going to take this forward.

The insurance industry would be in lockstep with the new technology and as the advances happen in the AI and ML, they would be picked up. Our focus for this article is around security related use cases that will help the insurance industry.

Advances in analytic technology such as Machine learning and AI are crucial in the fight against insurance fraud. To keep pace with sophisticated rings that constantly develop new scams, here are some trends to keep an eye on in 2018.

Ellen Roberson, Director of Insurance Marketing at SAS offering following insights

* Digital Policy Shopping: In 2018, millennials and other generations will continue to use mobile and online channels as a way to shop and service their policies. It’s a boon for convenience as more insurers focus on digitization to align with consumer expectations, but this digitization comes with risks, including an explosion in fraudulent claims.

* Real-time Authentication: Increasingly, authentication won’t just focus on prospects and customers. To prevent data breaches, insurers will increasing apply real-time authentication to everyone logging into their portals throughout the extended ecosystem, including brokers and agents.

* Premium Leakage: Premium leakage is defined as missing or erroneous underwriting information. Personal lines automobile insurers will face at least $29 billion in premium leakage – missing or erroneous underwriting information that undermines their rating plans.

* Health Care Fraud: State and federal authorities have reported increases in fraud, such as identity theft, fraudulent billing and deceptive sales practices.

* Agent Gaming: Premium misappropriation is the most common type of insurance fraud. Insurance agents, especially those who manage one person groups, can have access to vast amounts of their client’s funds. If they are under extreme financial pressures, they often rationalize their actions. Insurers must be vigilant in order to protect their customers and their reputations.

It is going to be an exciting year ahead. Insurance industry is on a path to making itself more technology oriented and reap the benefits of technology even more in the coming year.

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Mantra Labs launches Multilingual AI chatbot with Video Calling for SMEs

2 minutes, 5 seconds read

Realizing the need for uninterrupted, contactless customer support amidst this global pandemic, Mantra Labs has launched AI-powered chatbot with video conferencing and regional language support features to help SMEs adopt digital at very affordable prices.


Mantra Labs announced today the release of its AI-powered “Make-in-India” chatbot — Hitee, Aapke Hitt Mein, specifically developed for Small and Medium Enterprises to ensure seamless business from home/remote workplaces. 

Aiming to make contactless, global customer support a new reality, and endorsing “Vocal for Local”, Hitee chatbot allows remote business conversations through secure video and multilingual chats. It supports integrations on Facebook messenger and WhatsApp to enable businesses to reach out their customers on their preferred platforms. 

Considering the business reluctance on adopting technology due to high installation costs, Hitee is available on a subscription model at zero installation and training costs. Businesses can chat with customers, capture and nurture leads, start video sessions, converse in their native language, create workflows for automated response and FAQs — at plans starting Rs. 5000/month. 

Hitee Chatbot link – https://hitee.chat/

“The prevailing Covid-19 pandemic has disrupted the SMEs and firms are on the verge of shutting down their operations mainly because of lack of operational resources and lockdown norms. The post-pandemic world will witness stricter trade norms and business travels would be limited to a bare minimum. Communication is the key to operational success for SMEs. To ensure that Indian businesses continue their conversations effectively, we have developed a multilingual chatbot that supports all Indian regional languages and video conferencing features. We are working with firms to incorporate video into their bot based workflows with multi-lingual capabilities.” says Mikhail Mitra, Chief Product and Marketing Officer at Mantra Labs.

The company is a pioneer in developing Insurance chatbot and has engaged with organizations like Religare Health Insurance and Diageo to automate their customer support desk and internal ticket management system through chatbots.

About Mantra Labs: Mantra Labs is an InsurTech100 firm solving the most pressing front & back- office challenges faced by InsurTech and Consumer Internet enterprises. Having worked with some of the World’s leading insurers like SBI General Insurance, Religare, DHFL Pramerica, Aditya Birla Health, and AIA Hongkong along with unicorn consumer startups like Ola, Myntra, Yulu, BlueStone and Quikr, Mantra Labs has been deeply involved in developing AI-powered technology solutions for business-specific problems. The company also has strategic technology partnerships with MongoDB, IBM Watson, Microsoft Azure and Nvidia.

Contact information:
Email: hello@mantralabsglobal.com
Address: Bangalore, India
Phone number: 9902619003
Website: hitee.chat

This press release is also published at pr.com and issuewire.com

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