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The 7 InsurTech Trends That Matter for 2021

The COVID-19 pandemic has triggered structural changes that have forced insurance players to become more competitive than ever. The pandemic has proved to be a catalyst, nudging insurers to prioritize their focus on improving customer centricity, market agility, and business resilience.

As per a report by Accenture, almost 86% of insurers believe that they must innovate at an increasingly rapid pace to retain a competitive edge.

‘Insurtech’, short for ‘insurance technology’, is a term being widely used these days to talk about the new technologies bringing innovation in the insurance industry. The digital disruption caused by technology is transforming the way we protect ourselves financially.

In this article, let’s explore the top insurtech trends for 2021 that will pave the way for the future of insurance. 

  1. Data-backed personalization

Insurance companies are increasingly drifting towards collecting data to understand customer preferences better. Using data collected from IoT devices and smartphones, insurance companies are trying to deliver customized advice, the right products, and tailored pricing. 

Personalization enables exceptional experiences for customers while offering them products and services tailored to their specific needs. The idea is thus to put customers at the core of their operations.

Some examples of data-backed personalization include the following –

  • Reaching out to customers at the right time. This involves pitching to customers when they are thinking of buying insurance like while making high-value purchases, during financial planning, or during important life events.
  • Reaching out to customers through the right channel. This involves reaching out to customers through appropriate platforms like a website or mobile app.
  • Delivering the right products to specific individuals. This involves delivering products to customers based on their specific needs like reaching out with auto insurance to a customer who travels often.

Take the example of the financial services company United Services Automobile Association. The organization collects data from various social media platforms and uses advanced analytics to personalize its engagement with customers. The company advises customers when they are buying automotive insurance or are looking to purchase a vehicle. The company also provides its customers tailored mobile tools to help them manage and plan their finances.

  1. Usage-based policies

One of the biggest trends in the insurance industry is the growth of usage-based policies. In the coming year, we are going to hear a lot more about the ever-growing popularity of short and very-short term insurance that needs to be activated quickly.

We are going to see the rise of dedicated apps that allow easily activating policies based on usage needs. For instance, one would be able to take insurance for a sports event or a travel plan.

  1. Robotic and cognitive automation (R&CA)

Both robotic process automation (RPA) and cognitive automation (CA) represent two ends of the intelligent automation spectrum. At one end of the spectrum, there is RPA that uses easily programmable software bots to perform basic tasks. At the other end, we have cognitive automation that is capable of mimicking human thought and action. 

While RPA is the first step in the automation journey for any industry, cognitive automation is expected to help the industry adopt a more customer-centric approach by leveraging different algorithms and technologies (like NLP, text analytics, data mining, machine learning, etc.) to bring intelligence to information-intensive processes. R&CA, therefore, encompasses a potent mix of automated skills, primarily RPA and CA.

In the insurance industry, there are vast opportunities for R&CA to ease many processes. Some of its use cases in the insurance industry include –

  • Claims processing – R&CA can help insurance companies gather data from various sources and use it in centralized documents to quickly process claims. Automated claims processing can reduce manual work by almost 80% and significantly improve accuracy.
  • Policy management operations – R&CA can help automate insurance policy issuance, thus reducing the amount of time and manual work required for it. It can also help in making policy updates by using machine learning to extract inbound changes from policy holders from emails, voice transcripts, faxes, or other sources.
  • Data entry – It can be used for replacing the manual data entry jobs, hence saving a significant chunk of time. There are still many instances where data like quotations, insurance claims, etc. is entered manually into the system.
  • Regulatory compliance – R&CA can be key in helping companies improve regulatory compliance by eliminating the need for human personnel to go through many manual operations that can be prone to errors. It helps reduce the risks of compliance breach and ensures the accuracy of data. Some examples of manual work that R&CA can automate include name screening, compliance checking, client research, customer data validation, and regulatory reports generation, etc.
  • Underwriting – It involves gathering and analyzing information from multiple sources to determine and avoid risks associated with a policy like health, finance, duplicate policies, credit worthiness, etc. R&CA can automate the entire process and significantly speed up functions like data collection, loss assessment, and data pre-population, etc.
  1. Data-driven insurance

Although insurance has always been driven by data, new technology means that insurers are likely to benefit from big data. Using valuable data insights companies can customize insurance policies, minimize risks, and improve the accuracy of their calculations.

Here are a few use cases of how insurance companies use big data – 

  • Shaping policyholder behavior – IoT devices that monitor household risk help insurers shape the behavior of policyholders.
  • Gaining insights on customer healthcare – Medical insurance companies are drawing insights from big data to improve recommendations in terms of immediate and preventive care.
  • Pricing – Companies are using big data to accurately price each policyholder by comparing user behavior with a larger pool of data.
  1. Gamification

Gamification is turning out to be a very interesting and promising strategy that may get a lot more popular in 2021. It involves improving the digital customer experience by applying typical dynamics of gaming like obtaining prizes, bonuses, clearing levels, etc.

Gamification has shown promise in increasing engagement and building customer loyalty. For example, an Italian insurance company was able to observe a 57% increase in customers (joining the loyalty program) due to a digital game created by the company.

  1. Smart contracts

Smart contracts are lines of code that are stored on a blockchain. These are types of contracts that are capable of executing or enforcing themselves when certain predetermined conditions are met.

The market for smart contracts is expected to reach a valuation of $300 million by the end of 2023.

The insurance sector can benefit from smart contracts because these can emulate traditional legal documents while offering improved security and transparency. Moreover, these contracts are automated, so companies do not need to spend time processing paperwork or correcting errors in written documents.

  1. Other key trends

Some other key trends that may be relevant in 2021 include – 

  • Extended reality – Although it’s still in its early days, extended reality can benefit the insurance industry by making data gathering much safer, simpler, and faster by allowing risk assessment using 3D imaging.
  • Cybersecurity – Since insurance companies are migrating towards digital channels, they also become prone to cyberattacks. That is why cybersecurity will remain a trend in 2021 as well.
  • Cloud computing – The year 2021 could witness cloud computing become more essential than ever before. 
  • Self-service – It allows customers to have an alternative path to traditional agents as per their need and convenience, and thus looks to pick up pace in 2021.

Conclusion

It can be concluded that the pandemic has accelerated the shift towards digital in the insurance industry. As for the trends for 2021, there seems to be a general inclination towards personalization, data mining, and automation in the industry.

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Sales Applications Are Disrupting More Than Just Sales

Sales success today isn’t about luck or lofty goals—it’s about having the right tools in your team’s hands, wherever they go. Following our earlier in-depth exploration of sales technology, we will now examine how cutting-edge sales apps are becoming the backbone of modern industries, transforming complex workflows into seamless, growth-driving machines.

From retail to healthcare, logistics to real estate, businesses are deploying sales applications to enhance operational transparency, cut redundant tasks, and build intelligent sales ecosystems. These tools are not only digitizing workflows—they’re driving growth, improving engagement, and redefining how field teams operate.

Lead Ecosystems: Unified visibility across channels

One app. Five workflows. Zero friction.

A leading insurance brand relaunched their app—a sleek, powerful sales companion that’s turning everyday agents into top performers.

No more paperwork. More time to sell.

Here’s what changed:

  • Every visit is tagged, tracked, and followed through. Renewals? Never missed. Leads? Fully visible.
  • Attendance and reimbursements went on autopilot. No more manual logs. No more chasing approvals.
  • New business and renewals are tracked in real time, with accurate forecasting that sales leaders can finally trust.
  • Dashboards are clean, configurable, and useful—insights that move the business, not just report on it.
  • Seamless Integrations. API connectivity with Darwin Box, IMD Master Data, and SSO authentication for a unified experience.

The result? A field team that moves faster, sells better, and works smarter.

Retail: Taking Orders from the Frontline—Smartly

Field sales agents in retail, especially FMCG, used to rely on gut instinct. Now, with intelligent sales applications:

  • AI recommends what to upsell or cross-sell based on previous order patterns
  • Real-time stock availability and credit status are visible in the app
  • Geo-fencing ensures optimized route planning
  • Built-in payment collection modules streamline transaction closure

Healthcare: Structuring Sales with Compliance and Precision

Healthcare leaders don’t need more reports—they need better visibility from the field.  Whether it’s engaging hospital networks, onboarding clinics, or enabling diagnostics at the last mile, everything needs precision, compliance, and clarity. 

Mantra Labs helped a leading healthcare enterprise design a sales app that integrates knowledge, compliance, performance, and recognition, turning frontline agents into informed, aligned, and empowered brand advocates. 

Here’s what it delivers:

  • Role-based onboarding that keeps every level of the field force aligned and accountable
  • Escalation mechanisms are built into the system, driving transparency across commissions and performance reviews
  • A centralized Knowledge Hub featuring healthcare news, service updates, and training modules to keep reps well-informed
  • Recognition modules that celebrate milestones, boost morale, and reinforce a culture of excellence

Now, the field agents aren’t just connected—they’re aligned, upskilled, and accountable.

Real Estate: From Cold Calls to Smart Conversions

For real estate agents, timing and personalization are everything. Sales applications are evolving to include:

  • Virtual site tour integration for remote buyers
  • Mortgage and EMI calculators to increase buyer confidence
  • WhatsApp-based lead capture and nurture sequences
  • CRM integration for inventory updates and automatic scheduling

Logistics: From Chaos to Control in Field Coordination

Field agents in logistics are switching from clipboards to real-time command centers on mobile. Modern sales applications offer:

  • Live delivery status and route deviation alerts
  • Automated dispute reporting and issue resolution tracking
  • Fleet coordination through integrated GPS modules
  • Customer feedback capture and SLA dashboards

What’s new & what’s next in Sales Applications?

Here’s what’s pushing the next wave of innovation:

  • Voice-to-Text Logging: Agents dictate notes while on the move.
  • AI-Powered Nudges: Apps that suggest next-best actions based on behavior.
  • Omnichannel Communication: In-app chat, WhatsApp, email—unified.
  • Role-Based Dashboards: Different data views for admins, managers, and field reps.

What does this mean for Business Leaders?

Sales Applications are not just tactical tools. They’re platforms for transformation. With the right design, integrations, and analytics, they:

  • Replace guesswork with intelligence
  • Reduce the cost of delay and manual labor
  • Improve agent accountability and transparency
  • Speed up decision-making across hierarchies

The future of field sales lies in intuitive, AI-driven applications that adapt to every industry’s nuances. At Mantra Labs, we work closely with enterprises to custom-build sales applications that align with business objectives and ground-level realities.

Conclusion: 

If your agents still rely on Excel trackers and daily call reports, it’s time to reimagine your sales operations. Let us help you bring your field operations into the future—with tools that are fast, field-tested, and built for scale.

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