Table of Contents
01 The Insurance Monthly Roundup

02 Navigating the Complex Terrain: Challenges Faced by Insurance Agents

03 CX Code of the Future: Engagement for a New Breed of Insurance Customers

04 Digitalizing Insurance Experience for SMEs 

05 Super App: A Game Changer for Insurance Agents

The Insurance Monthly Round-Up

A quick roundup of the month’s insurance and insurtech news.

(India)

• OneDegree Global teamed up with Microsoft Hong Kong to advance insurtech and cybersecurity developments using Azure OpenAI.

This strategic alliance will help unlock the full potential of artificial intelligence, and accelerate product innovations to transform insurtech and cybersecurity space. 

• Mumbai-based firm, PolicyBoss secured Series B funding.

The company intends to use the additional funding to broaden its product offerings, increase its footprint in Tier II and Tier III Indian cities, and advance its technological stack.

(Global)

• Amsterdam-based InsurTech, Insify garnered $ 10.7 million.

The firm will use this fresh funding to strengthen its digitally friendly insurance solutions for SMEs, lower customer acquisition costs, and increase its underwriting and data analytics capabilities.

• PolicyStreet received a total of $15.3m in a Series B fundraising round.

The funds will be used to accelerate  the firm’s technological and underwriting capabilities.

• Singapore-based insurtech Bolttech acquired $196 million in its recent funding round, bringing its total funding to nearly $443 million.

The proceeds generated will be used to increase the company’s workforce and global presence, and fuel investments in proprietary technologies, and digital capabilities for business partners and end users. 

• NEXT Insurance, unveiled its new partnership with Gusto Embedded, a significant developer platform, and support infrastructure.

This partnership aims to empower small businesses across the U.S. by offering them a digitally embedded payroll experience to effectively manage cash flow and only pay for the coverage they need.

Cyber Insurance in India

Read the full blog, here.

Whitepaper

Navigating the Complex Terrain: Challenges Faced by Insurance Agents 

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However, outdated processes and systems have hindered their effectiveness despite the critical role they play in educating and guiding customers.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

Download now.

Blog

CX Code of the Future: Engagement for a New Breed of Insurance Customers

Indian market is a multi-headed Hydra that confounds in more ways than one. Being the world’s largest democracy and the most diverse country has resulted in a level of stratification that most countries would be unable to fathom.

Tier 1 customers hold businesses to an extremely high standard, often on par with global companies operating out of mature ecosystems like the UK, USA, et al.

Tier 2 customers on the other hand are more rustic in their ways of seeing but actively seek the kind of novelty and flair that their Tier 1 counterparts crave. This cohort also strikes a fine balance between modernity and tradition when it comes to customer engagement expectations, e.g. would prefer talking to a live agent instead of a bot.

Tier 3 customers continue to operate on a major time lag, i.e. fully digital touchpoints do not work and software can be a catalyst for change only insofar as they remain invisible in the interactions that Tier 2 customers have with businesses.

For insurance companies who are grappling with a changing environment, the Tiered expectations, coupled with a drastic shift in the customer demographic is a double whammy. There can be no one size fits all customer engagement strategies. The only way forward would be to carefully select an engagement mix and deploy it dynamically to get the attention of GenZ customers.

Read the blog here.

Digitalizing Insurance Experience for SMEs

India is the largest SME (Small and Medium Enterprise) market in the world contributing to employment generation and overall growth. According to IBEF, the Udyam Registration portal registered 446,980 small and 40,400 mid-sized enterprises as of February 2023. The pandemic turned out to be a major reason behind this immense growth in the SME number as many people who lost jobs during this tough time were forced to start their own businesses in order to survive. However, insurance penetration in this category has been quite low. Majority of the SMEs are either underinsured or have no insurance at all. When it comes to insurance, navigating the insurance marketplace could be a cumbersome task for SMEs. Nonetheless, insurance is a necessity for businesses, regardless of their size, to protect themselves against unexpected risks. 

Here are some common CX challenges they face in this process:

1. Complex Policy Documentation: Insurance policies typically involve lengthy and complex documentation with technical terms and legal jargon. SMEs may need help comprehending the policy details, coverage exclusions, and limitations. This complexity can lead to confusion and difficulty in selecting the right coverage and understanding the extent of protection provided.
2. Limited Coverage Options: Insurance providers may offer limited coverage options tailored specifically for SMEs, especially in niche industries. SMEs may need help finding policies that adequately address their unique risks and requirements.
3. Lack of Risk Assessment: SMEs may need more expertise or resources to conduct thorough risk assessments and implement effective risk management strategies. 
4. Inefficient Claims Handling: SMEs may face challenges in navigating the claims process efficiently. Delays, complex procedures, and limited communication during the claims settlement phase can negatively impact their operations and cash flow.
5. Limited Flexibility and Customization: SMEs often require flexible insurance solutions that can adapt to their evolving needs as they grow and change. Insurers that offer rigid policies with limited customization options may not fully address the unique requirements of SMEs, leading to gaps in coverage or unnecessary expenses.

Digitizing insurance experience for SMEs is a vital step that insurance companies must take to gain a competitive edge in the market. SMEs are the backbone of any economy and must be adequately protected against unforeseen events that may affect their businesses. As customer experience becomes more critical in the insurance industry, digitizing the customer experience has become a necessity if insurance companies want to attract and retain SME customers.

Read the blog, here. 

Super App: A Game Changer for Insurance Agents

In the bustling streets of Mumbai, insurance agent Ravi is juggling multiple tasks – managing leads, updating customer data, tracking policy status, and more. Like many of his peers, he’s grappling with outdated systems and inefficient processes, which are hampering his productivity and customer service. But what if there was a way to streamline these tasks and enhance the digital experience for insurance agents like Ravi? This is where the concept of a comprehensive super app comes into play, a game-changer in improving the digital experience for Indian insurance agents.

A comprehensive super app can address the challenges faced by agents in managing leads, customer data, and policy servicing, and improve the overall digital experience of the agents.

The super app includes various modules, each designed to streamline a specific aspect of an insurance agent’s workflow. Here are a few key features:

1. Centralized Customer Database: This feature allows agents to access a centralized database of customer information, including past interactions, policies, claims, and other details. It enables agents to easily search and retrieve customer data, saving time and improving efficiency.
2. Quote Creation Module: This module allows agents to create and customize quotes for customers, with different parameters and variables depending on their needs. It enables the quick generation of quotes based on customer inputs and data, improving speed and accuracy.
3. Premium Calculator Module: This feature enables agents to calculate policy premiums based on various parameters, such as age, location, and coverage level. It provides accurate and transparent premium information to customers, improving trust and satisfaction.
4. Video and Co-Browsing Module: This module provides remote support to customers through video and co-browsing functionalities, improving accessibility and convenience. It allows agents to demonstrate policy features and benefits through interactive content.

These are just a few of the many features that the super app solution offers. The goal is to provide a comprehensive platform that caters to the end-to-end requirements of insurance agents, thereby enhancing their digital experience and productivity.

Read the blog, here.