Decrypt: A Case Competition
Financial Colosseum 2024
Team Name – Mindscape Travellers
Key Challenges: Insurance Industry
The industry has seen a substantial amount of growth in the past and poses a promising future outlook
Under served segment Why? Competitor’s Analysis for Ditto
Competitors Customer Ratings Market Adoption
10% of people in rural areas have life insurance
coverage while 20% have health insurance cover. This
is primarily due to lack of awareness and literacy
Rural levels and lack of guidance for these people.
This segment is unlikely to get insurance because of
limited income, lack of awareness, inaccessible
distribution channels. Apprehensive of giving
Informal information
workers
Needs of the under served segment
30% of the women have health insurance and 34% Low priced term insurance Preventive care services
have life insurance. This is because women often find
it expensive and life insurance is directly related to the
age and income of the policyholder making it unlikely Critical illness coverage Faster Response
Women for homemakers.
Insurance penetration rate: In the financial year 2024, India’s insurance
penetration stood at 4 percent, with the majority coming from the life
There is a common misconception about the
insurance sector. The growth in penetration over the last five years is a
qualifying age and usually they consider it to not be a
positive sign for the overall development and maturity of the insurance
priority. They find it complicated and avoid gamble.
market in India.
Youth
Key Challenges Outreach Strategy Ditto Application Advanced Algorithm Partnership
1
Outreach Strategy: Insurance Industry
Devising Ditto’s strategy to venture into current market scenario
Finance with Sharan x Innovate, strategize, succeed: unleashing solutions
App Launch: Link With Finshots:
Creating an easy-to-access mobile Using data analytics, to access customer
app to increase customer access information of finshots app to target
and retention. customers, since both are finance based.
Also a special series on Finshots podcast.
SEO: Leverage Instagram for Outreach:
To boost Ditto's SEO, optimize content Utilize Instagram to announce polls and
with keywords, build quality backlinks, quizes, share success stories of
and update content for search engine customers. Create visually appealing
algorithms. This enhances visibility. posts and stories.
Boosting Ditto’s notifications:
Host financial literacy sessions:
It can drive growth by engaging users
Hosting community events to
potentially enhancing retention rates.
increase awareness among the
all this while maintaining the USP of no
underserved sections.
spam.
Collaborate with Influencers: Engage financial influencers or industry experts to endorse and participate in the contributor
program. Their involvement can lend credibility and attract a broader audience, driving both submissions and app
Finding out the best insurance plan with downloads. For example, collaborating with Sharan can be a success as he has over one million followers. He aims to break
Ditto
down complex financial concepts into easy-to-understand and entertaining pieces. Thus, resonating with our vision.
Key Challenges Outreach Strategy Ditto Application Advanced Algorithm Partnership
2
Application for Ditto
Devising Ditto’s strategy to venture into current market scenario
Wireframe for Ditto App Introducing DitBot Custom Made Insurance with AI
Part of Ditto Insurance, for swift customer
responses. With AI-driven capabilities,
Log into the Ditto app: To create
queries are resolved seamlessly,
a user profile type the username,
enhancing service.
a strong password and the mode
of language can be chosen .
Privacy:
English Hindi An app for ditto can ensure privacy by
Choose the perfect fit: Tailored plans
being password protected and having
offer
mandatory AI checks.
swift solutions, while customized plan
provide deeper personalization.
Document Upload and save
Customers can upload and save their
documents in the document library of Choose the type of insurance :
Ditto. Which can be helpful for regular Life insurance
updates and avoid hassle. Health insurance
Market Accessability: Provide Ditbot with key details such
Introduce a language toggle feature as gender, age, any existing health
within the app, allowing users to complications, desired premium
seamlessly switch between English requirements, and any specific
and Hindi. coverage
Enhanced Policy Comparison
The app also provides seamless policy The app will use internet of things (IoT)
comparison experience thus leading to technology to calculate premiums which
better retention. will further be communicated to insurers
Key Challenges Outreach Strategy Ditto Application Advanced Algorithm Partnership
3
Advanced Algorithms
Identifying the key challenges of the app and solving them through tech integration
Ditbot Model Key Issues Potential technology integration
Decentralized AI: Ditto Insurance employs decentralized AI and
blockchain to safeguard data in its library, ensuring secure storage and
SECURITY privacy protection, vital for maintaining customer trust and regulatory
compliance.
AUTOMATION Internet of things technology: Additionally, internet of things (IoT)
devices via telematics and usage-based insurance (UBI) technologies are
AND continuing to expand for customers to receive appropriate pricing and
PRICING premiums entirely based on automation instead of human estimation.
Machine learning: Detecting fraudulent claims is a top priority for
FRAUD insurance companies. ML models can identify suspicious patterns and
DETECTION anomalies in claims data, helping insurers flag potentially fraudulent
activities for further investigation.
Machine learning: Insurance customers expect seamless interactions
CUSTOMER
and quick responses. Ditbot can provide real-time assistance, answering
RETENTION policyholders' queries and guiding them through the claims process.
Key Challenges Outreach Strategy Ditto Application Advanced Algorithm Partnership
4
Partnerships and Collaborations
Devising Ditto’s strategy to partner with insurance and Tech providers
Insurance
Tech Companies COLLABORATION WITH GOVERNMENT SCHEMES
Providers
SEGMENTATION
Segmenting the
Firstly we segment
tech companies
x
the insurance AABY
specializing in PMSBY
providers based
blockchain ,AI
on the types of Advantages
technology and
insurance
machine learning
Platform for
Dedicated Section Collaboration to
disseminating
for schemes host events
Targeting mid sized information
Targeting
TARGETING
data analytics firms
companies that
and established
agree to tailor
blockchain
made policies POTENTIAL TECH COLLABORATIONS
technology providers
x
This will position
POSITIONING
This will position Advantages
ditto as a company ditto at a
providing competitive
Advanced Enhanced Competitive
customized advantage providing Technology advantage
credibility
services cutting-edge
solutions
Key Challenges Outreach Strategy Ditto Application Advanced Algorithm Partnership
5
APPENDIX
• https://www.iif.com/portals/0/files/private/32370132_insurance_inclusion.pdf
• https://www.forbes.com/advisor/in/health-insurance/health-insurance-statistics/
• https://www.leadsquared.com/industries/insurance/insurtech-insurance-technology/
• https://www.guidewire.com/faq/artificial-intelligence-in-insurance/
• https://www.guidewire.com/faq/how-is-machine-learning-transforming-the-insurance-industry/
• https://www.guidewire.com/faq/what-is-digital-transformation/
• https://www.techaheadcorp.com/blog/ai-in-blockchain/
• https://www.techaheadcorp.com/blog/ai-in-blockchain/
• https://insuranceblog.accenture.com/inclusive-insurance-
• https://vikaspedia.in/schemesall/schemes-for-farmers/crop-insurance-schemes
• opportunity#:~:text=Women%2C%20minority%20groups%2C%20and%20those,of%20the%20current%20macroecono
mic%20environment
• https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industry-outlooks/insurance-
industry-outlook.html
• https://lifeinsurance.adityabirlacapital.com/articles/savings-insurance/income-benefit-in-life-insurance
THANK YOU
Presented By
Tushita Arora : [email protected]
Hansraj College, University Of Delhi
Kirori Mal College, University of Delhi
Shri Ram College Of Commerce, University Of Delhi
