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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. This blog explores the transformative power of digitization in revolutionizing the insurance experience for SMEs in India, bringing efficiency, convenience, and better coverage options.

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 find it challenging to comprehend 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.

Decoding the Insurance Needs for SMEs: 

  • An exclusive platform for all insurance needs.

In the last few years, many insurance companies in India realized the pain points of SME owners, especially post-Covid -19, and have started focusing more on SME customers. 

Mantra Labs worked with APACs leading life insurance firm to develop an exclusive digital insurance platform and transform the experience of SME owners. 

  • Customized Products: Tailored Coverage Options 

Digital platforms have enabled insurance providers to offer specialized coverage options specifically designed for the unique needs of SMEs. Whether it’s comprehensive business insurance, professional indemnity, or cyber risk protection, SMEs can now access policies that cater to their industry-specific requirements. This customization ensures that SMEs receive the necessary coverage while optimizing their insurance investments.

  • Faster claims management: 

Leveraging technology, SMEs can now submit claims online, track their progress, and receive quicker settlements. Automation and integration with relevant data sources enable insurers to expedite claims processing, enhancing the overall experience for SMEs.

Empowering Small Businesses

Technology can help in choosing the right personalized insurance for SMEs.

Data Analytics for Risk Management: 

Digitization unlocks the potential for robust data analytics, enabling SMEs to gain valuable insights into their risk profile. Insurance providers can leverage data collected from SMEs’ digital interactions to offer personalized risk management solutions. By analyzing historical data and identifying patterns, insurers can proactively help SMEs mitigate risks and prevent losses, ultimately contributing to their long-term success.

Recently, ICICI Lombard partnered with actyv.ai- a Singapore-based SaaS platform to co-create innovative insurance solutions specifically designed for SMEs and their supply chain partners.

Conclusion

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.

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Why Netflix Broke Itself: Was It Success Rewritten Through Platform Engineering?

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Let’s take a trip back in time—2008. Netflix was nothing like the media juggernaut it is today. Back then, they were a DVD-rental-by-mail service trying to go digital. But here’s the kicker: they hit a major pitfall. The internet was booming, and people were binge-watching shows like never before, but Netflix’s infrastructure couldn’t handle the load. Their single, massive system—what techies call a “monolith”—was creaking under pressure. Slow load times and buffering wheels plagued the experience, a nightmare for any platform or app development company trying to scale

That’s when Netflix decided to do something wild—they broke their monolith into smaller pieces. It was microservices, the tech equivalent of turning one giant pizza into bite-sized slices. Instead of one colossal system doing everything from streaming to recommendations, each piece of Netflix’s architecture became a specialist—one service handled streaming, another handled recommendations, another managed user data, and so on.

But microservices alone weren’t enough. What if one slice of pizza burns? Would the rest of the meal be ruined? Netflix wasn’t about to let a burnt crust take down the whole operation. That’s when they introduced the Circuit Breaker Pattern—just like a home electrical circuit that prevents a total blackout when one fuse blows. Their famous Hystrix tool allowed services to fail without taking down the entire platform. 

Fast-forward to today: Netflix isn’t just serving you movie marathons, it’s a digital powerhouse, an icon in platform engineering; it’s deploying new code thousands of times per day without breaking a sweat. They handle 208 million subscribers streaming over 1 billion hours of content every week. Trends in Platform engineering transformed Netflix into an application dev platform with self-service capabilities, supporting app developers and fostering a culture of continuous deployment.

Did Netflix bring order to chaos?

Netflix didn’t just solve its own problem. They blazed the trail for a movement: platform engineering. Now, every company wants a piece of that action. What Netflix did was essentially build an internal platform that developers could innovate without dealing with infrastructure headaches, a dream scenario for any application developer or app development company seeking seamless workflows.

And it’s not just for the big players like Netflix anymore. Across industries, companies are using platform engineering to create Internal Developer Platforms (IDPs)—one-stop shops for mobile application developers to create, test, and deploy apps without waiting on traditional IT. According to Gartner, 80% of organizations will adopt platform engineering by 2025 because it makes everything faster and more efficient, a game-changer for any mobile app developer or development software firm.

All anybody has to do is to make sure the tools are actually connected and working together. To make the most of it. That’s where modern trends like self-service platforms and composable architectures come in. You build, you scale, you innovate.achieving what mobile app dev and web-based development needs And all without breaking a sweat.

Source: getport.io

Is Mantra Labs Redefining Platform Engineering?

We didn’t just learn from Netflix’s playbook; we’re writing our own chapters in platform engineering. One example of this? Our work with one of India’s leading private-sector general insurance companies.

Their existing DevOps system was like Netflix’s old monolith: complex, clunky, and slowing them down. Multiple teams, diverse workflows, and a lack of standardization were crippling their ability to innovate. Worse yet, they were stuck in a ticket-driven approach, which led to reactive fixes rather than proactive growth. Observability gaps meant they were often solving the wrong problems, without any real insight into what was happening under the hood.

That’s where Mantra Labs stepped in. Mantra Labs brought in the pillars of platform engineering:

Standardization: We unified their workflows, creating a single source of truth for teams across the board.

Customization:  Our tailored platform engineering approach addressed the unique demands of their various application development teams.

Traceability: With better observability tools, they could now track their workflows, giving them real-time insights into system health and potential bottlenecks—an essential feature for web and app development and agile software development.

We didn’t just slap a band-aid on the problem; we overhauled their entire infrastructure. By centralizing infrastructure management and removing the ticket-driven chaos, we gave them a self-service platform—where teams could deploy new code without waiting in line. The results? Faster workflows, better adoption of tools, and an infrastructure ready for future growth.

But we didn’t stop there. We solved the critical observability gaps—providing real-time data that helped the insurance giant avoid potential pitfalls before they happened. With our approach, they no longer had to “hope” that things would go right. They could see it happening in real-time which is a major advantage in cross-platform mobile application development and cloud-based web hosting.

The Future of Platform Engineering: What’s Next?

As we look forward, platform engineering will continue to drive innovation, enabling companies to build scalable, resilient systems that adapt to future challenges—whether it’s AI-driven automation or self-healing platforms.

If you’re ready to make the leap into platform engineering, Mantra Labs is here to guide you. Whether you’re aiming for smoother workflows, enhanced observability, or scalable infrastructure, we’ve got the tools and expertise to get you there.

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