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Unlocking Growth Potential for Indian Insurance Agents

April 26, 2023 327 0 BFSI Digital Transformation Fintech

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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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. 

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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 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, Pramerica, Aditya Birla Health and AIA Hong Kong along with unicorn consumer startups like Ola, Myntra, Yulu, BlueStone and Quikr - 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.



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