1、Unlocking GrowthPotential for IndianInsurance AgentsTackling Pain Points andEnhancing ProductivityMantra ResearchAuthored by102Research Methodology03Executive Summary04Introduction07Lack of Proper LeadManagement System09Inefficient CRM Solutions11Pain points12Existing Solutions14Super App Concept20C

2、ase Study22Conclusion23ReferencesTABLE OF CONTENTS2Surveying 347 insurance agents across different segments ofthe Indian insurance industry.Conducting 20+in-depth interviews with senior levelexecutives of various insurance companies.Asking questions related to lead management,customerrelationship ma

3、nagement,and policy servicing pain points,and the need for a comprehensive solution.Analyzing industry reports,studies,and surveys tounderstand the existing pain points and solutions.Studying competitors products and services.Researching the latest technological advancements in theinsurance industry

4、.The research was a combination of primary and secondaryresearch methods to gain insights into the challenges faced byinsurance agents in the Indian insurance industry.Primary Research:Secondary Research:Based on the findings of our primary and secondary research,weidentified and categorized the pai

5、n points faced by insuranceagents in the Indian insurance industry.These included a lack ofproper lead management systems,poor CRM solutions,and theneed for a centralized database of customer information tostreamline customer data management and increaseproductivity.Through extensive analysis and di

6、scussion internally,weproposed a comprehensive super app solution that would caterto the end-to-end requirements of insurance agents,addressingthe identified pain points and providing an enhanced userexperience.Research Methodology3Lack of Proper Lead Management SystemNo CRM PlatformSuper app for al

7、l insurance agents needsCombination of primary and secondary research methodsConducted a primary research study with a survey of 347Indian insurance agents to gather real-world data and toolsused for lead generation,customer management,etc.Analyzed industry reports of surveys,and studies bygovernmen

8、t and private institutions to understand the painpoints of insurance agents and the existing solutionsavailable.Indian insurance agents lack the resources to efficiently manageleads,resulting in poor customer data management and lowproductivity.Our whitepaper proposes a super app solution withlead a

9、nd customer relationship management functionalities toaddress these challenges.Pain PointsSolutionOur proposed solution is a super app that streamlines the policymanagement process,automates routine tasks,and improvesproductivity for insurance agents.It includes lead generation andcustomer relations

10、hip management functionalities,as well asaccess to multilingual support,training materials,and productinformation to boost sales and business growth.MethodologyResourcesOur experienced team of developers,designers,and projectmanagers follow an agile development methodology for rapiddevelopment,testi

11、ng,and deployment of solutions.We also havea strong network of industry experts and partners to stay up todate with the latest industry developments.Executive Summary4The Indian insurance industry boasts of a vast network of agentswho play a critical role in selling insurance policies and providingc

12、ustomer services.As of 2021,over 2.1 million agents wereoperating in the sector,facilitating the sale of insurance policiesand helping customers find products that suit their requirements.While non-life insurance products have witnessed good onlinesales,life insurance products continue to rely heavi

13、ly on agentsdue to their complexity and the need for personalized advice.IntroductionTable 1:Growth in Number of Life Insurance Agents in India(Year-over-Year)Despite the rise of digitalization,insurance companies continueto rely on agents as their preferred channel for selling policies inIndia.To k

14、eep up with the changing times,companies haveattempted to offer direct-to-customer sales channels,but thecomplex nature of insurance products and the need forpersonalized advice have resulted in a hybrid model thatcombines digital platforms with the expertise of agents.201620172018201920202,500 2,00

15、0 1,500 1,000 500 0(Insurance agents in thousands)Source:IRDAI Annual Report5Chart:Customer Preferences for Insurance PurchaseChannels(Survey Data)The majority of customers prefer to purchase insurance policiesdirectly through agents,highlighting the importance of their rolein the industry.However,o

16、utdated processes and systems have hindered theireffectiveness despite the critical role they play in educating andguiding customers.We will explore these pain points of insuranceagents closely in the next section.Source:P survey on Indian Insurance MarketTrends in 2021,conducted in Q1 2021Agents65%

17、Online20%Banks10%Aggregator5%6Lead generation is a critical aspect of the insurance salesprocess,and insurance agents rely on a steady stream ofhigh-quality leads to maintain a successful business.However,lead management is an area where agents facesignificant challenges due to the lack of proper to

18、ols andresources.In this section,we will explore the problemsrelated to lead management and propose solutions toaddress these challenges.Lack of Proper LeadManagement SystemChart:Sales of Insurance Policies through KnownPeopleSource:Source of policies sold by insurance agents inIndia(source:IRDAI An

19、nual Report 2020-21)Acquaintances68%Ads15%Others9%Agents8%7Challenges in Lead ManagementLead Generation ProcessInsurance agents generate leads through a variety ofchannels,such as referrals,networking,and marketingcampaigns.The process typically involves the followingsteps:Lead IdentificationAgent i

20、dentifiespotential customerswho are interested inbuying insuranceproductsData CollectionAgent collects relevantinformation about thecustomer,such as theirname,contact details,and insurance needs.Lead QualificationAgent evaluates the leadto determine whetherthey are a good fit for theinsurance produc

21、t beingoffered.Lead Follow-upAgent reaches out tothe customer andcontinues to nurturethe lead until a sale ismade.Lack of centralizeddatabaseAgents often rely onmanual methods suchas notebooks orspreadsheets to storelead data,resulting indata duplication,inconsistent data,and increased risk ofdata l

22、oss.Inefficient leadtrackingAgents struggle tokeep track of thestatus of each leadand often missimportant follow-up opportunities,resulting in lostsales.Poor lead qualityAgents often receivelow-quality leads,resulting in wastedtime and effort inpursuing leads thatare unlikely toconvert.Limited autom

23、ationAgents are unable toautomate routinetasks such as leadfollow-up,resulting inlow productivity andmissed opportunities.8Search for thecustomer record inthe agents systemInsurance agents are burdened with managing large amount ofcustomer data for personalized and efficient services.However,outdate

24、d and inefficient data management methods lead to lowproductivity and waste of time.In a recent survey,65%of agentsspend more than 30 minutes a day searching for customerdata,while 40%enter the same data into multiple systems.When a customer calls to inquire about their policy status orupdate their

25、information,the agent may spend a lot of timesearching for the relevant data.Here is a step-by-step breakdownof the process and time involved:Inefficient CRMSolutions10 mins1 minAnswer the call andidentify thecustomer2 mins2 minsAsk for the policynumber or otheridentifyinginformationVerify thecustom

26、ersinformation2 mins3 minsUpdate theinformation asnecessaryProvide therequestedinformation to thecustomerChart:Time taken by an agent to address a customer query9Graph:Time taken by insurance agents to retrieve customerinformationThis highlights the need for an organized and easily accessiblecustome

27、r data management system for insurance agents.With aproper CRM platform in place,agents can quickly retrieveand update customer information,leading to faster responsetime,improved customer satisfaction,and increasedproductivity.Source:McKinsey&Company,Digital India0102030Policy Status Contact Inform

28、ation Update Premium Payment Details Claim Status 10PAINPOINTSInefficient LMS&CRMInefficient LeadManagementPlatformPoor CRMSolutions0255075100Improper LMS Limited resources Inefficient data Manual work Inadequate training Table:Common Pain Points of Insurance Agents in India(Source:Zoho Insurance Su

29、rvey 2021)After conducting extensive research,as discussed above,across different segments of the Indian insurance industry,we identified several consistent pain points that werereported by insurance agents.Broadly,all the pain pointscan be classified under two major categories-poor CRMsolutions and

30、 lack of proper lead management systems.Our primary research and survey also reflects similar conclusion.11Existing SolutionsInsurance companies and third-party vendors offer a rangeof solutions to address the pain points of insurance agents.These solutions primarily focus on providing either leadma

31、nagement or CRM functionalities,but generally not both.The existing solutions are extremely fragmented and comewith a number of limitations:No central repositoryfor leadsNo efficient way totrack lead progressionDifficulty in prioritizingleadsNo automated leadnurturingInability to generatecustomer in

32、sightsLack of personalizationNo robust policymanagement systemInefficient datamanagement andanalysis toolsNotebook44%Notebook32%Excel19%CRM/LMS3%(Internal survey,sample size:347)Chart:Tools Used by IndependentInsurance Agents for Lead ManagementLimitations122-441%0-232%4-618%6-87%8+2%Chart:Time Spen

33、t on Manual Customer DataManagement(Internal survey,sample size:347)Need for a Super AppA survey conducted by Mantra Research on insuranceagents reveals the following:Majority of respondents(85%)reported that they facedchallenges with lead management due to a lack ofproper tools and resources.Over 6

34、0%of respondents reported that they struggledwith inefficient customer data management.Almost 40%of respondents reported that they facedissues with limited access to resources and assets.Around 35%of respondents reported issues withmultilingual support.More than 75%of respondents reported that acomp

35、rehensive super app solution would be beneficialto their business.After conducting extensive research on the pain pointsfaced by insurance agents,we propose a super appsolution that addresses the challenges faced by agents inmanaging leads,customer data,and policy servicing.Theneed for such a platfo

36、rm is highlighted by the lack of asingle solution that can cater to agents end-to-endrequirements.13Super App ConceptLead management systemCRM systemPolicy comparison toolPersonalizedcommunication toolTraining and education resourcesAutomated tasksWill allow agents to generate leads frommultiple cha

37、nnels and prioritize leadsbased on potential value.A centralized database of customerinformation that includes past interactions,policies,claims,and other details,enablingagents to quickly access and analyzecustomer information.Will enable agents to compare and analyzemultiple policies side by side

38、and filterpolicies based on various parameters suchas premium,coverage,duration,etc.Will allow agents to personalize theircommunication with customers andprovide them with tailored solutions.Resources such as training materials andproduct information that agents canaccess to enhance their knowledge

39、andskills.Features that automate routine tasks,suchas sending reminders and follow-up emails,thereby improving productivity andefficiency.Proposed CapabilitiesThe ideation of the super app was driven by the need toaddress the pain points faced by insurance agents in theIndian insurance industry.Thro

40、ugh a combination ofsecondary and primary research,we identified the need fora comprehensive solution that could cater to the end-to-end requirements of agents.14Concept OutlineMajor SectionsLogin PortalHomeLeadsPoliciesCustomersResourcesPerformanceSettingsUser Management ModuleLead Management Modul

41、eSales Management ModuleGenerate leads from multiplechannels,such as socialmedia,referrals,and events,and prioritize them based onpotential value.Manage leads effectivelythrough the sales funnel,tracking their status andengagement with automatedreminders and follow-ups.Easily import leads fromextern

42、al sources,such asinsurance companydatabases or third-party leadproviders.1.2.3.Compare and analyzemultiple policies side by side,allowing agents to filterpolicies based on variousparameters such as premium,coverage,and duration.Tailor policies to individualcustomer needs throughpersonalized communi

43、cationand recommendations.Close deals quickly and easilythrough the Super appsintegrated digital paymentmodule.1.2.3.Create and manage userprofiles for agents,withaccess to different featuresbased on their role andhierarchy.Easily add or remove agentsfrom the system,ensuringstreamlined onboarding an

44、doffboarding processes.1.2.15Premium Calculator ModuleVideo and Co-Browsing Module Policy Booking Workflow ModuleCustomer BuyingJourney ModuleE-Learning&AssessmentQuestionnaire&Feedback ModuleDigital Payment ModuleNotification ModuleAnalytics ModuleDashboard ModulePolicy Servicing Module Quote Creat

45、ion ModuleAccess a centralizeddatabase of customerinformation,including pastinteractions,policies,claims,and other details.Easily search and retrievecustomer data,saving timeand improving efficiency.1.2.Create and customizequotes for customers,withdifferent parameters andvariables depending ontheir

46、needs.Quickly generate quotesbased on customer inputsand data,improving speedand accuracy.1.2.Calculate policy premiumsbased on variousparameters,such as age,location,and coveragelevel.Provide accurate andtransparent premiuminformation to customers,improving trust andsatisfaction.1.2.Provide remote

47、support tocustomers through videoand co-browsingfunctionalities,improvingaccessibility andconvenience.Demonstrate policyfeatures and benefitsthrough interactive content.1.2.Manage policy bookingsefficiently through astreamlined andautomated workflow.Customize bookingprocesses based on policytype and

48、 customer needs.1.2.Guide customers throughthe insurance buyingjourney,providing themwith personalized adviceand recommendations.Offer a variety of policyoptions andcustomizations.1.2.Provide agents withcomprehensive trainingmaterials and resources,including videos,guides,and assessments.Ensure that

49、 agents are upto date with the latestindustry trends,regulations,and bestpractices.1.2.Gather customerfeedback and insightsthrough intuitive andcustomizablequestionnaire.Analyze feedback andincorporate it intoproduct and servicedevelopment.1.2.Enable customers to makepayments easily andsecurely thro

50、ugh a varietyof digital paymentmethods,such as creditcards and mobile wallets.Automate paymentprocessing and tracking,reducing errors andimproving efficiency.1.2.Access real-time andcomprehensive insightsinto sales performance,lead generation,customerengagement,and otherkey metrics.Monitor progress

51、andtrack goals,ensuringcontinued growth andimprovement.1.2.Provide timely andrelevant notifications toagents and customers,such as reminders,alerts,and policy updates.Customize notificationsbased on individual.1.2.Real-time insights on salesperformance,customerbehavior,and agentproductivity.Data-dri

52、ven decisionmaking for optimizing leadmanagement,policyservicing,and customerengagement.1.2.16User JourneyConcept DesignLoginThe user logs in to the app with their credentials via the login portal.HomeDisplays key performance indicators(KPIs)on a intuitive dashboardsuch as the number of leads genera

53、ted,policies sold,andcommissions earned.LeadsManage and prioritize leads-Lead generation,Lead management,Lead enrichmentUsername and password fieldsLogin buttonForgot password linkDashboard,key performance KPIsQuick access buttonsNotifications-leads,queriesNews and updates sectionLead management das

54、hboardLead search and filtering optionsLead tracking and monitoringLead conversion and closure17PoliciesManage policies and claimsCustomersCommunication and managing database-customer information,including past interactions,policies,claims,and other details.ResourcesProduct information,training mate

55、rials,multilingual supportPolicy management dashboardPolicy comparison and analysis toolsPolicy documentation managementRenewal and expiration trackingCustomer management dashboardCustomer profile and contact detailsPolicy and claim history trackingCommunication toolsKnowledge and training materials

56、Product informationSales and marketing resourcesSupport and troubleshooting18PerformanceDashboard,reports,analytics,etcSettingsProfile,app,and notification settingsSales performance dashboardLead and policy conversion trackingCustomer satisfaction trackingPerformance reports and analyticsProfile and

57、 account managementNotification preferencesSecurity and privacy settingsApp and system preferences19Super App:RealWorld ImplementationCASESTUDYIntroducing a case study on-implementation of a similarsuper app by one of the biggest insurers in India.Thesolution includes POSP-Mobile&web application,Adm

58、inportal-Web application,MISP SSO-Integration,B2C-Web&mobile application,and B2E-Web&mobileapplication.Super AppComprehensive end-to-end solutioncovering all aspects ofthe insurance salesprocessScalable andcustomizable solutionthat can adapt tochanging businessneedsReduced operationalcosts due to in

59、creasedautomation andefficiencyReal-time data analyticsproviding insights intocustomer behavior andmarket trends20Improved MetricsPost ImplementationBy leveraging the power of this super app,the insurancecompany has been able to realize significant benefits thathave transformed their operations and

60、improved theirbottom line.Here are some of the key metrics thathighlights the successful implementation of the superapp.Increased lead conversion rate by 35%Reduced lead processing time by 40%Improved customer retention by 20%Streamlined policy servicing process with 30%reduction in turnaround timeE

61、nhanced agent productivity by 25%21The Indian insurance industry relies heavily on the agents to sellpolicies and provide customer service.However,the rapid growthof the agent network has outpaced the support and resourcesavailable to them,resulting in outdated processes and systemsthat hamper their

62、 effectiveness.To address these challenges,wehave proposed a comprehensive platform,a super app,thatcaters to agents end-to-end requirements,revolutionizing theagent experience and driving continued success in the Indianinsurance industry.At Mantra Labs,we are committed to helping insurancecompanies

63、 overcome their pain points and achieve success in theindustry.Contact us today to learn more about how we can helpyour business thrive.Conclusion22ReferencesIRDAI Annual ReportsPwC Insurance 2020:Turning change into opportunityDeloitte India Insurance Outlook 2021EY India Insurance Outlook 2021Acce

64、nture Insurance Customer Survey 2021McKinsey India Insurance ReportKPMG India Insurance Outlook 2021Insurance Regulatory and Development Authority ofIndia(IRDAI)publicationsNational Insurance Academy publicationsNational Council of Applied Economic Research(NCAER)Insurance ReportsPrimary ResearchSurvey done on 100 insurance agents-public andprivate sectorsFormal discussion with industry experts and senior levelemployees of insurance companiesSecondary Research23