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.
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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 models would signal to customers that the company actively cares for its customers and is willing to implement pricing methods that make insurance lighter on customers’ wallets.
Read the blog here.
Building a future-proof digital infrastructure with cloud-based solutions
Cloud adoption can help life insurers unlock operational efficiency, save cost and improve overall customer experience. They would be able to capture new markets, and customer responsiveness and improve security and scalability, especially for key pricing, underwriting, and claims operations. Further, it would help in creating a frictionless onboarding process, eliminate the need for expensive maintenance costs, and offer innovative personalized coverage to their customers. In order to significantly shorten the time it takes to market for releasing new applications and capabilities, Bharti AXA Life Insurance moved all workloads, including applications, data, and infrastructure, onto the cloud.
Read the report, here.
Leveraging Telematics In Insurance
Analysts and experts alike have been citing usage-based insurance programs as the next big thing in the world of insurance for nearly two years now. But how effective can usage-based programs be if they rely entirely on the customer to predict their decisions and make purchases accordingly?
This is where telematics systems come in. As cars become increasingly ‘smart’, it will become easier and cheaper to integrate telematics into the insurance plan to implement a real-time ‘pay as you go’ plan. Telematics will be crucial for developing markets in Asia as societies become increasingly digitized and people start to get comfortable with the idea of insuring themselves and their vehicles separately.
Insurance as an API
The world is moving in a digitally-driven future. Worldwide ecosystems are being built every now and then by the new generation of consumers. They are using multiple services in their own personalized ecosystems. Insurers need to create a seamless continuum of experience for them by taking part in the customer’s ecosystems so that they can avail insurance solutions within their own ecosystems. Coverwallet aims to simplify how Small and Medium Businesses sign up for insurance. With CoverWallet, a restaurant can go on the application and get a quote, find comparable rates paid in the food industry, pick a carrier and limits, and choose the payment terms after which, the application will return a policy, certificate of insurance, and proof of payment.
Business cognizance for the new-age digital insurers