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Unlocking Growth Potential for Indian Insurance Agents

The Indian insurance industry boasts of 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.

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Unlocking Growth Potential for Indian Insurance Agents

Key Insights

Importance of Insurance Agents

The Indian insurance industry heavily relies on agents for selling insurance policies due to their expertise in providing personalized advice.

Pain Point Discovery around Poor LMS

According to a recent survey, 58% of insurance agents reported a lack of proper lead management systems as a major challenge in their work, resulting in poor management of customer data and reduced productivity.

Pain Point Discovery around Poor CRM

Another survey found that 65% of insurance agents spend more than 30 minutes per day searching for customer data, highlighting the need for a comprehensive CRM solution.

Leveraging the Concept of Super App for a Comprehensive Solution

A super app that provides a comprehensive solution to the challenges that insurance agents face. It encompasses both lead management and customer relationship management functionalities while enabling end-to-end digital transformation for the insurance agent journey.

About Mantra Labs

Mantra Labs is a global experience engineering & consulting firm that builds intelligence-driven solutions and delivers digital-first customer experiences for global enterprises. With its 275+ skilled and passionate technologists, the company specializes in providing end-to-end solutions for its clients across eight key industries. Mantra is a CMMI level 3 and ISO 27001:2013 certified firm that solves the most pressing front & back- office challenges faced by BFSI, Healthcare, and Consumer Internet enterprises. Having worked with some of the World’s leading Insurers like SBI General Insurance, Care Health Insurance, and unicorn consumer startups like Ola, Myntra, and Yulu, Mantra Labs has been deeply involved in developing AI-powered technology solutions for business-specific problems. The company also has strategic technology partnerships with MongoDB, IBM Watson, Microsoft Azure, and Nvidia.

Mantra Research explores evolving market, business & technology tenors shaping the future of work. Our insights examine present and forward-facing opportunities across any industry enterprise through compelling expert opinions & thought leadership.

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The insurance industry in India is undergoing a digital transformation, and incorporating technology into the sales process has become crucial for business growth. This whitepaper highlights the need for a comprehensive super app solution that streamlines insurance agents' workflows and enhances their capabilities, ultimately improving the overall customer experience.