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Why Are Super Apps Trending?

4 minutes read

Wouldn’t life be easier if you have one single app where you can order food and grocery, book a home cleaning service, movie tickets, cab, buy clothes and accessories, and more? In short, everything you need in one single app with amazing discounts and deals. Yes, a super app can do that for you! A super-app is a mobile or web application that offers a broad array of services, including social networking, e-commerce, marketplaces, and more. Some of the known examples are We Chat and Alipay in China, Tata Neu and Jio in India.

Let’s understand why are super apps trending and why businesses need it.

Two years ago, businesses focused more on releasing simple mobile apps for customers in order to gain market share. Well, now the focus has turned to retaining current consumers and capturing newly emerging segments. The new age-consumers-Gen Z (or Zoomers) prioritize convenience and an exceptional customer experience above everything else. Their lives revolve around technology and the digital world. They value speediness and an intuitive experience. What’s more intriguing about Zoomers is their attention span is merely 8 seconds! Super apps–a one-stop-shop- will give users the ability to navigate within the application and access plethora of services without downloading and installing separate apps for the same.

TVS will soon launch it’s connected car platform-myTVS Life360 to offer multi-brand services like maintenance, diagnostics, payments, insurance and more to passenger cars.

What’s different about the Super app?

In India, Paytm which initially started as a prepaid-mobile and DTH recharge platform now offers banking, e-commerce, ticket booking services, etc. Consumers’ favourite-Amazon and Flipkart are also transitioning to a similar model. Why? Because of the convenience it offers to organizations and consumers. Let’s look at some of the key benefits of switching to super apps: 

Benefits of Super App

1. Increase Customer Acquisition: Super apps offer much more than standalone apps. With a multitude of services, users get a seamless experience without having to download multiple apps to avail of services. 

2. Improve Customer Stickiness: Customer Stickiness has become an essential benchmark for businesses to grow. Super apps can pave the way for brands to retain customers because of the convenience it offers. 

3. Saves phone storage and memory, as opposed to having multiple apps for different needs.

5. Businesses can gather a vast amount of consumer data using super apps. This data can be used to learn more about user behavior and analyze the trends and patterns to improve personalization and speed up consumer interaction.

6. Improve Customer Engagement: Companies can create personalized solutions for consumers and introduce new offerings. For eg, Tata Neu offers discounts and deals to their customers to engage customers.

Indian Super Apps that are making waves in the industry : 

  • Paytm: Paytm offers services like bill payments, mobile recharges, utility travel, movie and events bookings, in-store payments, payments, and more through their QR code system. 
  • Tata Neu: Tata Group launched a super app–Tata Neu which includes a bouquet of services like flight bookings, hotel bookings, car buying, groceries, investments, and more. It also provides offers on various in-house brands such as Starbucks, AirAsia India, Big Basket, Westside, 1mg, and other in-house brands. Users are rewarded for their purchases with Neu Coins, which can be redeemed the next time they buy. 
  • People Strong: APAC’s leading Human Capital Management SaaS platform-People Strong recently launched their super app that has functionalities of their 3 applications: ALT Learning (a user learning and growth platform), ALT Worklife (An HR app focused to simplify worklife), Zippi (a collaborative Work Management platform). Mantra Labs collaborated with People Strong to help them build an HR-based super app. The app has been downloaded by 1M+ users on the play store with 4.6 ratings.
  • My Jio: A super app with all the Jio services offered by Jio from grocery to mobile recharges to video streaming and more. 

Challenges Ahead: 

Super apps have several advantages for businesses to maximize their profit which is why super apps are trending. However, there lies a significant challenge in developing an app that has the best user interface, and a fresh design for Gen Z. And losing even one customer may turn out to have severe repercussions for the organizations. Customers may not be able to trust their brand again incase of a poor experience. Here, technology will act as an enabler in building the best experience of tomorrow. Android 13, iOS 16, and 5G will soon roll out for users worldwide. Businesses are leveraging mixed reality in designing mobile applications to make the complete experience more immersive. This will undoubtedly help them to construct unique apps with a better UX and appeal for Gen Zs.

The Future:

Rapi Pay bagged $15 billion funding to launch their super app “NYE” in the digital banking space. The Indian government announced the launch of a super app for farmers which will have everything they require in a single place. Giants like ITC and Adani are planning to mark their territory in this landscape very soon. The competition will get fierce, but what will make one super app different from another? Building a Super App will be a long-term venture that calls for significant financial outlays, business alliances, and commitment. It’ll be interesting to see how these companies design the UI/UX of their super apps. Well, the one that can keep the Zoomers hooked beyond 8 secs wins!

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Retention playbook for Insurance firms in the backdrop of financial crises

4 minutes read

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.

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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.

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        Source: econconusltancy.com

AI-powered tools (even with narrow capabilities) can do wonders for the insurance industry at large. When architected in the right manner, they can be used to automate a bulk of the standardized and automated processes that insurance companies have. AI can be used to automate and accelerate claims, assess homeowner policies via drones, and facilitate richer customer experiences through sophisticated chatbots. Such advances have a domino effect of increasing CSAT scores, boosting retention rates, reducing CACs, and ultimately improving profitability by as much as 95%.

Crafting immersive products through AR/VR

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.

Globally, companies are flocking to implement AR/VR into their customer engagement strategies as it allows them to better several aspects of the customer journey in one fell swoop. Relationship building, product visualization, and highly personalized products are some of the benefits that AR/VR confers to its wielders.  

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.

We have already seen how AR is a potential game-changer for the insurance industry. It is only a matter of time before it becomes commonplace.

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