Posts on Feb 2018

Mantra Labs – Insurance simplified with technology!

MantraLabs, an InsurTech company that is leveraging latest technologies like Artificial Intelligence, automated chatbots and Augmented Reality is on a mission to serve the digitally savvy customer base, induce automation and reduces false claims. While MantraLabs has been helping one of India’s esteemed insurance firm Religare, they are also proud technology partners to enterprises like Shell, Ola, and Zipdial(Twitter company).

MantraLabs is a product and service based company from Bangalore are backed up by a team of 100+ experienced professionals and design-enthusiasts.

We are working to disrupt the insurance sector with its innovative, secure, scalable yet user-friendly solutions and currently focussing on making customer-centric offerings, relevant data extraction, intuitive chat platforms for insurance agents and Deep Technology Services for consistent and efficient output.

Our 3 major focus areas are:

1. Customer Experience Consulting:

In the age of the Digital Insurer, we at Mantra are obsessed with architecting an Eco-System where the user is at the center of the product. This involves mapping the user ecosystem, applying persuasion engineering, and optimizing the cross-channel experience.

2. Plug & Play Products for the Digital Insurer:

Our experience of working with one of the leading Insurance company which handles more than 1.5 million customers/month has given an insight into the products and features needed in the industry. Some of our products include

 a. InsurTech Focused Chat Solution:

Hybrid AI chat solution at a fraction of the cost which continuously keeps learning based on Agent Interactions and eventually takes over the workload resulting in significant savings on licensing & agent salary costs.

 b. Paper to Digital Document Parser:

An AI driven paper to digital document parser is able to successfully transform paper-based documentation into digital with a successful extraction of relevant consumer filled information.

 3. Deep Technology Services:

This has led to upto 7X decrease in manual processes in various aspects of the eco-system and has resulted in efficient & consistent output in process driven workflows.

The skilled Agile practitioners make sure; ideas are out to the market faster than you thought possible. From consumer-facing mobile and web applications to enterprise technologies, our experts are ready to take out on any challenge.

Power of live chat: Boost your conversion by 3.5X

Many online consumers want help from a live person while they are shopping online; in fact, 44% of online consumers say that having questions answered by a live person while in the middle of an online purchase is one of the most important features a Website can offer.

Increase the online sales by 3.5 times with chat solution:

At Mantra we have seen the online chat interfaces increase the online sales of the platform by more than 3.5 times after the Chat service was introduced. We believe that live chat can add real value to your business with its wide range of benefits and functionalities.

One of India’s health insurance company approached us to improve their customer experience. Based on our learning through developing AI Chatbot solutions for enterprise customers, we have developed a Hybrid AI-Enabled Chat Solution which combines the best of traditional and AI chat solution options.

 Our Hybrid AI-Enabled Chat Solution

The core idea is to quickly deploy an Enterprise grade Chat solution for the client (over Mobile, Web or Facebook) with the ability for human agents to carry out meaningful conversations with customers. This conversational data will be input for training a Bot which will over time learn and then start assisting human agents in drafting meaningful responses.  Eventually, when the bot is trained enough, it will be able to take over from Agents with an manual over-ride function always available.

The core USPs of the solution are

a. Quicker Deployment.

b. More meaningful Data for bots to train on.

c. Significant savings in the long-term with agents being replaced.

A Chat interface should be one of your high priority items for website improvement. We can surely help you with that and you don’t need to take our word for that we have already proven results to back it up.

 

The dark side of Bitcoin/Cryptocurrency

What is Bitcoin/Cryptocurrency?

“Cryptocurrency is a digital currency that is managed by using one of the most advanced encryption techniques called cryptography to secure its transactions. Bitcoin was the first decentralized cryptocurrency which was created in 2009.”

Bitcoin is crushing the markets with its high evaluations and a lot of interest from general people. It is not the only one, there are now a plethora of cryptocurrencies being traded in the not so traditional market place. These are being traded on special platforms exclusively for the cryptocurrencies. There is overall a general excitement about the whole cryptocurrency industry if you will categorize it so.

While these are highly secure transactions there is a darker side to the whole story as well. This is without even looking at the rapid fluctuations in the pricing of these or how many new forms they are coming in.

We are listing some of the not so easily discussed or discovered factors that may not be great for general acceptance of these.

1. Inefficient for retail –

The cryptocurrency transactions as based on the blockchain technology which is a mutual agreement based system where a ledger is shared and updated at multiple places and validated. This makes the system very slow for retail transactions. Cash and Cards are so much fast.

2. Unregulated Market –

The current market for cryptocurrencies is not regulated and therefore very difficult to track. This may lead to financial chaos if all transactions are beyond the control of regulators.

3. Power Inefficiency –

Electricity is a pricey commodity till we go completely to renewal sources or energy and crypto currency mining takes loads of it. It takes almost 25% of the miner’s revenue. In Indian context to mine a bitcoin, it would take almost INR 180000 worth of electricity. So if the Indian economy were to run completely on bitcoins all the worlds electricity would not suffice to support the transactions.

4. Parallel Economy –

When you can’t track the money it becomes very popular with a certain set of people in society. Such money can be easily used for transactions that are not legal. Using it on Dark Web, Money Laundering, ransom demands are just a few of those use case. These are similar problems we had with Cash economy so even being digital this is not really solving the problem.

We are not the naysayers the blockchain as a technology is great and can be used for financial transactions as well however it was not designed for a day to day transaction based use cases. There are definitely the benefits and they should be considered for each use case separately.