Table of Contents
01  The HealthTech Monthly Roundup

02  AI in Healthcare: Driving the Future of Medical Innovation

03  Decoding the Challenges Faced by Insurance Agents in India

04  Shifting Paradigm in Health Insurance: Embracing Proactive Care

05  The Need For Cyber Insurance in 2023

News & Events

Mantra Labs won the ‘Best Cloud Project in DevOps – IT Sector’ award at the 2nd India DevOps Show organized by Quantic Business Media Pvt. Ltd.

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The HealthTech Monthly Roundup

A quick roundup of the month’s latest health tech activity, both in India and globally.

• Mykare Health secured $2.01 Mn in its recent funding round. 

The health tech startup plans to use the fresh capital in elevating the overall patient experience and bolstering talent acquisition efforts.

• Bengaluru-based firm HealthifyMe garnered $30 Million in its pre-Series D funding round.

The firm will deploy fresh capital to expand its AI capabilities, workforce, and its global footprint. 

• Helium Health scooped $30m in a Series-B funding round.

Lagos-based health tech firm plans to address pressing healthcare challenges in Africa, such as HIV/AIDS, malaria, etc., and elevate healthcare delivery, and patient experiences throughout the continent.

• Nelly, a Berlin-based health-tech firm acquired €15 million to enable a fully digital patient journey in Europe.

The firm will leverage the new capital to further expand in Germany, create additional products, and strengthen its fintech capabilities.

Why Businesses Should Migrate To Digital Claims Management Process?

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AI in Healthcare: Driving the Future of Medical Innovation

In 2017, a mere 65 AI startups in healthcare were recorded. Fast forward five years to 2023, and this number had ballooned to over 300. These numbers are not just a testament to the growth of AI but highlight its profound impact in transforming healthcare.

Such an influx of AI solutions in healthcare signifies a transformative shift towards precision, efficiency, and personalization in patient care. Innovations range from improved diagnostics and personalized treatment to advanced patient monitoring. Today, we delve into the revolution led by AI in healthcare, spotlighting some groundbreaking developments that are shaping the future of medicine.

Pioneering Diagnostic Accuracy with AI

Prompt and precise disease identification is pivotal in healthcare. AI in healthcare is leading a revolution in this arena. The trailblazers include innovative firms like Mantra Labs, as well as projects like an AI-powered system for medical imaging and a cutting-edge pathology platform.

1. UI/UX: Mantra Labs, global tech innovation firm has worked extensively in building AI-powered technology solutions for business-specific problems. Their solutions, such as intelligent clinic management systems, customer portal apps, and more illustrate their innovation and commitment to enhancing digital experiences through AI.
2. Medical Imaging: An AI system developed by DeepMind, a project known for pushing the boundaries of AI, has demonstrated its superior precision in detecting breast cancer from mammograms, reducing false positives by 5.7% and false negatives by 9.4%. This advance not only promotes more accurate diagnoses but also significantly alleviates patient anxiety.Disease Detection: PathAI, a startup with a focus on pathology, uses AI to identify diseases such as cancer with more accuracy than human pathologists. This can lead to early detection and therefore more effective treatment planning.

AI in healthcare is charting a future where diagnoses are swift and accurate, treatments are personalized and effective, and patient outcomes are significantly improved. The journey, however, has just begun, and there is much more to explore and innovate.

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Decoding the Challenges Faced by Insurance Agents in India

The majority of customers prefer to purchase insurance policies directly through agents, highlighting the importance of their role in the industry. 

However, outdated processes and systems have hindered their effectiveness despite the critical role they play in educating and guiding customers. 

To keep up with the changing times, companies have attempted to offer direct-to-customer sales channels, but the complex nature of insurance products and the need for personalized advice have resulted in a hybrid model that combines digital platforms with the expertise of agents.

A survey conducted by Mantra Research on insurance agents reveals the following:

• Majority of respondents (85%) reported that they faced challenges with lead management due to a lack of proper tools and resources.
• Over 60% of respondents reported that they struggled with inefficient customer data management.
• Almost 40% of respondents reported that they faced issues with limited access to resources and assets.
• Around 35% of respondents reported issues with multilingual support.
• More than 75% of respondents reported that a comprehensive super app solution would be beneficial to their business.

After conducting extensive research across different segments of the Indian insurance industry, Mantra identified several consistent pain points that were reported by insurance agents. Broadly, all the pain points can be classified under two major categories- poor CRM solutions and lack of proper lead management systems.

Insurance companies and third-party vendors offer a range of solutions to address the pain points of insurance agents. These solutions primarily focus on providing either lead

management or CRM functionalities, but generally not both. The existing solutions are extremely fragmented and come with a number of limitations:

Source: Mantra Labs Whitepaper

To address these challenges, agents need a comprehensive platform, a super app, that caters to their end-to-end requirements, revolutionizing the agent experience and driving continued success in the Indian insurance industry.

Unlocking Growth Potential for Indian Insurance Agents

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Blog

Shifting Paradigm in Health Insurance: Embracing Proactive Care

“Wellness Platforms” are digital tools that allow people to monitor and manage their health and wellness more efficiently. It has become an increasingly popular tool for health insurance companies to help their customers lead healthy lives. These platforms typically include various means, such as health trackers, health education materials, and access to health care professionals. They also often offer incentives to customers who reach specific health goals.

Different Types of Wellness Platforms

• Health Management Platforms

Health management platforms help individuals and organizations manage their health and wellness. These platforms provide users access to various tools and resources to help them track their health, set goals, and make lifestyle changes. They can also provide access to health coaches, nutritionists, and other health professionals to help users reach their goals. Additionally, many health management platforms offer incentives and rewards for users who achieve their goals, such as discounts on health insurance premiums or other bonuses.

Mantra Labs recently helped one of India’s largest general insurance companies integrate telemedicine solutions into their health and wellness platform. This integration helped the customers directly order medicines from their nearest pharmacy, manage prescriptions, and, search for the best promotional and subscription deals on their pharma needs.

• Health Education Platforms

Health education platforms provide users with educational materials and resources to help them better understand their health and make informed decisions about their health care. These platforms can give users access to health-related articles, videos, and other materials to help them learn more about their health and make informed decisions about their health care. Additionally, many health education platforms offer incentives and rewards for users who complete educational activities, such as discounts on health insurance premiums or other bonuses.

Companies such as Cult.Fit, Spotify, and Netflix have many health education content on their platforms. Partnering with such companies allows a health insurer to provide its customers access to world-class wellness content and improve overall engagements.

• Health Risk Assessments

Health risk assessments are an essential part of any health education platform. These assessments allow users to identify potential health risks and take steps to reduce them. By completing a health risk assessment, users can gain insight into their current health status and identify areas where they may need to make changes to improve their health. Health risk assessments can help insurance companies better understand their customers and provide them with tailored health plans and services.

ICICI Lombard provides a Vitals Screening test on its mobile app. This app allows users to instantly assess their vital stats. Recently Apple Watch launched its ECG and O2 features. As most apps integrate Apple Health Data easily, it becomes simpler for companies to understand and assess their customers’ lifestyles and health conditions.

Unlock the Benefits of a Health Insurance Wellness Platform

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The Need for Cyber Insurance in 2023

With the rise of digital technologies and platforms, cyber threats such as data breaches, social media scams, and ransomware have increased. In India, CPR reported an 18% increase in weekly cyber attacks in Q1, ’23.  In such tumultuous times, cyber insurance has become important to mitigate these risks and protect themselves against potential losses.

In India, cyber threats loom large, with each organization facing an average of 2100 attacks weekly in 2023.   The threats have risen in recent years, driven by the increasing use of digital technologies, a growing number of internet users, and a lack of cybersecurity awareness. 

Cyber Insurance In India

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