Parag Sharma, CEO and Founder of Mantra Labs shared some key insights on ‘AI and Future Insurance Customer Experience’ at an event hosted by IRDA and supported by India Insurtech Association:

Gen Z typically has an attention span of merely 8 seconds. They are ready to pay more for a great experience and convenience.

With a sudden hike in insurance demand, customers' expectations have escalated, and so does the complexity involved in creating an exceptional experience on such a wide scale. According to the survey conducted by Mantra, the majority of insurers want to invest in improving Claims Management process (69%) and Customer Servicing (65%). Canada-based Manulife increased its straight through claims processing rate from 68% in 2018 to 81% in 2020 by digitizing all its processes, from claim submission to servicing.

IRDAI has made KYC mandatory for Health & General Insurance policies from 1st Nov and will not extend the deadline further. One-stop shop ‘Bima Sugam’ will assist insurers and IRDAI in tracking integrated data to better understand coverage patterns, customer needs, and product specifications and boost insurance penetration. The solution will also help save insurance policies in a Demat format, making it simpler to handle renewals and claims.

The Insurance Regulatory and Development Authority of India (IRDAI) has been modifying industry laws and regulations over the past several months to make it easier for insurance companies to conduct business and offer convenience to India’s humongous customer base. And now, the latest move is the dematerialization of insurance policies.

Consumer perspectives and expectations may differ due to the difference in their demographics. 'One-fit-for-all’ approach may not deliver a great experience to insurance consumers. Over the last two years, a large number of customers, particularly older Millennials and Generation X, have shifted to mobile apps to purchase insurance.

Insurance industry is at the cusp of digital transformation where a volatile shift in the consumer mindset is compelling insurance organizations to assess their existing business strategy and accelerate the digitalization of all the touchpoints.

With the global pandemic changing the insurance landscape over the past two years, Insurers are faced with a multitude of core strategic problems, including how to increase shareholder value.

AI-aided Super Agents can 'engage to win' customers with 63% more success. Though AI saw adoption rates jump 50% in 2020, usage rates remain low.

Carriers who prioritized CX before the pandemic have already gained an early advantage. Mature CX organizations are more than six times as likely to exceed their customer retention goals. Investments in digital front-office transformation would better align Carriers with their customers’ engagement needs and improve cost efficiency.

The insurance sector has been on a roller coaster journey for the past two decades. Despite the fact that global demand for insurance increased dramatically in the first wave of Covid, the insurance industry had significant setbacks in the second wave as a result of higher claims for deaths and Covid-19 medical bills.

Adopting CX technologies allows Insurance enterprises to enable scale & speed, engineer new experiences, and analyze behavioral data.

Conversational CX leads the pack among 'tactical investment strategies' for Insurers. Cyber/Data Security and Agile Cloud Computing are the other resilience-focused transformations. Conversational CX touches all parts of digital insurance journeys. It extends across the entire value chain, not just the upfront sales and onboarding process.

Mature CX organizations are more than six times as likely to exceed their customer retention goals. Investments in digital front-office transformation would better align Carriers with their customers’ engagement needs and improve cost efficiency.

Adopting CX technologies allows Insurance enterprises to enable scale & speed, engineer new experiences, and analyze behavioral data.

Telematics will continue to grow its potential helping insurers to improve on their customer interactions, providing hyper-personalization through real-time data platforms and pay-per-use pricing models.

By utilizing AI and machine learning, chatbots can interact with customers seamlessly, lowering operational costs and improving efficiency in support operations for insurance enterprises.

The most successful insurers will win and retain customers by reinventing their operating ecosystem to support a ‘phygital’ model based on a mix of physical presence and digital engagement.

Many insurance companies are struggling to deploy successful ecosystem strategies because of the limited resources that compete for priority with current core-business activities. 

In an already hardening reinsurance market, global reinsurers facing are heavy declines due to paid claims related to the coronavirus pandemic.

housewives can opt for a plan which gives sufficient cover at a low rate, which includes money-back plans or ULIPs.

Insurers have been advised by the IRADI to begin the process of educating retail policyholders on using the government facility for storing their insurance policies.

Open Insurance is a new way of doing business that requires carriers to open their data resources to other organizations and to share and consume data and services from many sources and across lots of industries.

Among several technological innovations and widespread adoption of specific applications, here are the top insurance trends in 2021.

The digitally enabled healthcare consumer is informed, proactive and above all lives in an omni-connected world.

Since the Pandemic began, traditional insurance protection and cover products have evolved to meet new customer demands. According to recent WHO and EY reports, Consumers now prioritize ‘protecting their health’ above all other personal needs. 

The Pandemic is accelerating Digital Healthcare Innovation to an all-time high. Healthcare organizations must address the challenges with a ‘disconnected’ digital health strategy and the steps needed to build the right approach.

76% of healthcare professionals in India are already using Digital Health Records (DBRs) in their practise. The NHS digital framework is aiming for Digital Health Records for all citizens by 2022 to ensure full benefits of telemedicine and e-health.

Conversational experiences will be the key to providing proactive and friendly risk advice to consumers. AI in Insurance will value at $36B by 2026. Chatbots will occupy 40% of overall deployment, predominantly within customer servicing roles.

To make contactless, global customer-support a new reality and with a vision to foster “Vocal for Local” among digital users, Mantra Labs' latest AI chatbot - Hitee, allows remote business conversations through secure video and multilingual chats.

To explore the impact of the ongoing crisis on global businesses, Mantra Labs has launched a Podcast where industry stalwarts are invited to share their insights on the future state of Insurance & other businesses.

Barclays estimates that India’s growth rate could drop significantly (2.5% from the current 4.5% for FY2020). Read the business impact of COVID-19 so far & industry insights towards building operational resilience and ensuring business continuity.

Mantra Labs CEO, Parag Sharma unveiled the Internet of Intelligent Experiences (IoIX) at recently concluded India Insurance Summit & Awards, Mumbai. To help you understand the impact of coronavirus and what is to come, we've compiled a list of relevant links in this newsletter.

Mantra Labs has published a report on the State of AI in Insurance 2020. The newsletter also covers the implications of the Data Protection Bill for Insurers & key trends 2020 for APAC General Insurers.