A positive kick-start to 2021! Mantra Labs has been listed as one of the top Insurtechs in India to look out for. This list compiled by Daily Finance comprises the most innovative tech-startups and established companies transforming the Insurance ecosystem through innovative products and solutions. The standout businesses are recognized for taking a variety of approaches to innovating the InsurTech industry. They are selected by a panel of analysts and industry stalwarts basis the following criteria-
- Innovative ideas
- The innovative route to market
- Innovative product
- Exceptional growth
- Exceptional growth strategy
- Societal impact
According to Grand View Research, “The global insurtech market size was valued at USD 2.72 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 48.8% from 2021 to 2028.” COVID-19 has pushed all claims organizations alike into the touchless reality of today. Digital is no longer the difference-maker; personalization is. Greater customer expectations, followed by cost optimization, is the main driver behind the insurer evolution process. To meet these critical changes, Insurers are turning to AI to drive the Interactions of Tomorrow. By 2024, AI will bring $2.3 billion in cost savings across the entire Insurance ecosystem, up from $340 million in 2020.