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May, 2023

Why does India need to adopt Cyber Insurance?

May, 2023

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Table of Contents
01  The Insurance Monthly Roundup

02  Unlocking Growth Potential for Indian Insurance Agents

03  Why does India need to adopt Cyber Insurance?

04  Unlock the Benefits of a Health Insurance Wellness Platform

05  Transforming Insurance Industry through CX and Insurtech

News & Events

Mantra Labs is delighted to announce a strategic partnership with Katalon, a world leader in Test Automation. This alliance is set to strengthen Mantra’s test automation offering and deliver superior digital-first customer experiences for its clients.

“We are an experience engineering firm and Testing plays a vital role in building intelligent solutions. Katalon has outstanding automated testing solutions. As software becomes more and more complex across heterogeneous environments, I believe Katalon’s testing platform will provide Mantra with a set of sophisticated tools that we are able to deploy as a part of our testing and quality assurance solutions. We expect that our partnership with Katalon will provide tremendous value to our clients and customers.”, says Mikhail Mitra, Chief Strategy Officer at Mantra Labs.

The Insurance Monthly Round-Up

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


  • According to a new report released by Gallagher Re, funding for insurtech companies went up by nearly 38% from Q4 2022 to Q1 2023.

The United States emerged as the leader in terms of funding insurtechs, surpassing France and the UK. The top five countries also include India and Germany. 

  • ICICI Lombard partnered with a Singapore-based enterprise SaaS platform to offer insurance solutions for SMEs.

Through this strategic partnership, ICICI Lombard plans to leverage’s technological capabilities and co-create customized bite-sized insurance products specifically tailored for enterprises and their supply chain partners. 


  • Berlin-based insurtech, Wefox Holding AG landed $110 million to develop a platform that will make its technology available to other insurers.

The company intends to infuse this fresh finding in creating a platform allowing insurers to build their own insurance products using Wefox’s technology.  

  • Singapore-based insurtech Bolttech garnered $196 million in its latest funding round at a valuation of $1.6 billion.

The firm plans to invest fresh funding in the development of proprietary technology and digital capabilities for business partners and end consumers, and expand its workforce.

Loyalty Strategies for Digital Insurers in the USA

Read the full blog, here.


Unlocking Growth Potential for Indian Insurance Agents

The Indian insurance industry boasts a vast network of agents who play a critical role in selling insurance policies and providing customer services. As of 2021, over 2.1 million agents were operating in the sector, facilitating the sale of insurance policies and helping customers find products that suit their requirements. While non-life insurance products have witnessed good online sales, life insurance products continue to rely heavily on agents due to their complexity and the need for personalized advice.

Despite the rise of digitalization, insurance companies continue to rely on agents as their preferred channel for selling policies in India. 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.

However, outdated processes and systems have hindered their effectiveness despite the critical role they play in educating and guiding customers. Our whitepaper proposes a super-app solution with lead and customer relationship management functionalities to address these challenges.

Unlocking Growth Potential for Indian Insurance Agents

Read the whitepaper, here.


Unlock the Benefits of a Health Insurance Wellness Platform

Health and wellness are among the primary concerns of the modern customer. Today 70% of diseases are chronic and lifestyle-based. With the deteriorating health standards everywhere, modern-day customers have taken their future into their own hands. Placing Environmental Sustainability and Wellness as the top 2 concerns for them in 2023.

Insurance companies have begun foraying into the Wellness platform space to help their customers, engage them, draw in more inbound leads, and improve their brand equity. There’s merit in staying one click away from the customer.

Health insurance wellness platforms provide a variety of benefits to both individuals and insurance companies. They can improve access to health information, increase customer engagement, and help manage risks more effectively.

Eventually, they are not just a vital tool for improving health outcomes and reducing health care costs, they establish the health insurance company as an ally to the customer and help form a long-term relationship with them.

Read the blog here.

Why does India need to adopt Cyber Insurance?

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. 

Here are some of the most common cyber threats faced by individuals and businesses in India:

  1. Malware: Malware is software designed to harm computer systems or steal sensitive information. 
  2. Ransomware: Ransomware is malware that locks down a victim’s computer or files and demands payment for the data release.
  3. Phishing: Phishing attacks involve using fraudulent emails, text messages, or websites to trick users into giving away PII such as passwords or credit card numbers. 
  4. Social engineering: Social engineering attacks involve manipulating human behavior to gain access to sensitive information or computer systems. Examples include pretexting, baiting, and quid pro quo attacks. 
  5. Cyber espionage: The use of hacking techniques to steal sensitive information from government organizations, businesses, or individuals. 

Read the blog, here

Transforming Insurance Industry through CX and Insurtech

As of 2020, the insurance penetration in India stood at 3.76%, lower than the global average of 7.23%. With a competitive market, customer experience (CX) has become a crucial differentiator. Insurtech companies leverage technologies like AI, ML, and IoT to create personalized and seamless experiences for policyholders and collaborate with traditional insurance companies to help them improve their CX.

CX Trends and Challenges in the Indian Insurance Industry

The focus on improving CX has fueled significant growth in the Indian insurance industry. Key trends and challenges include:

By focusing on customer experience and leveraging insurtech, insurance companies can revolutionize their industry, leading to increased customer satisfaction, loyalty, and differentiation from competitors.

Read the blog, here.

Business cognizance for the new-age digital insurers

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