February, 2023

Loyalty Strategies for Digital Insurers in the US

February, 2023

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Table of Contents

01  The Insurance Monthly Roundup

02  Loyalty Strategies for Digital Insurers in the US

03  Building a future-proof digital infrastructure with Cloud-based solutions

04  Leveraging Telematics In Insurance 

05  Insurance as an API

News & Events

Mantra Labs is thrilled to announce that we are an exclusive corporate partner in the 7th Edition of India Insurance Summit & Awards (IISA) 2023, organized by Synnex® Group. The event is scheduled for 2nd – 3rd March 2023 at Hotel The Lalit, Mumbai.

Register Now to join us at the event.

The Insurance Monthly Roundup

  • India to emerge as one of the fastest-growing insurance markets. 

India is expected to surpass Germany, Canada, Italy, and South Korea to become one of the top six insurance markets in the world by 2032. However, it may only account for a 4% share of the total global premium in US$.   

  • Berlin-based cyber insurance platform Baobab acquired €3 million.

The investment will be used to strengthen its platform and expand its direct-to-consumer channel and its checkout integration for merchants, Raylo Pay.

  • Toni Digital secured $12.5 million in a Series B funding round for its insurance-as-a-service solution.

The fresh funding will be used to introduce multiple new insurance programs and products and expand to new European markets. 

  • Delaware-based Joyn Insurance bagged $17.7m in Series A funding. 

The proceeds will be used to improve the company’s data capabilities and technology platform and showcase the perks of its cutting-edge, technology-driven insurance products.

  • BOXX Insurance raised $14.4 million, with Zurich Insurance Group as the lead investor

According to Zurich, these initiatives are aligned with its plan to establish a foothold in the retail and SME cyber markets.

How to Win Customers through Smarter Form Filling?

Read the full blog, here.

Loyalty strategies for Digital Insurers In the US

Any insurance company wishing to earn their customers’ loyalty should understand two things: it’s easier to retain an existing customer than to acquire a new one, and loyalty is ultimately a function of the customer’s experience with the entire brand. Treating these tenets as the gospel would be enough to nudge your company in the right direction.

Here are a few things that will help improve your customers’ perception of your brand:

  • Data-driven personalization: All companies, especially in the BFSI sector are sitting on a treasure trove of customer data that they never use. The truth is, this kind of personalization cannot be fully automated and would need close collaboration between man and machine to truly deliver. Having a comprehensive database in place would allow customer service reps to look at individual family profiles and then come up with policy nudges that benefit the customer (like adding a child who came of age in the car insurance policy).
  • Usage-based Pricing: In the current economic climate, there is nothing that customers would appreciate more than a company that actively encourages customers to only pay for what they use. Such pricing mode