evelopments in technology and IT have led to the insurgence of integrating softwares in all the major industries. While some industries have taken giant leaps when it comes to the quality and availability of services with the introduction of IT, one industry which we don't necessarily recognize as an IT centric industry is the Insurance industry. The lack of proper guidance in implementing IT into their domain has made the insurance sector lack behind on efficiency for quite some time now. Within the insurance industry, it was the Property and Casualty (P and C) insurance companies which were the most affected due to the lack of smart implementations. In some situations, this lack of technological expertise has also resulted in insurance companies failing to address their customer's grievances promptly. However, the introduction of Insurtech companies has created major improvements in the performance and efficiency of insurance companies. Introduced in 2011, by Krishna Kumari Datla is Manomay Consultancy Services which has changed the insurtech landscape with their ground breaking innovations and solutions.
Manomay Consultancy Services was established with the core objective of aligning Business and IT which has always been an issue across industries. The firm specializes in providing software consultancy services for P and C insurances. Acknowledging the situation of the market, Manomay stirved to be an end-to-end service provider in the P and C sector, offering wide range of services like strategy creation, software selection, business analytics and organizational IT health checks. However, their services can be broadly classified into two One being consulting services which span across the
entire life cycle of the IT Projects from initial strategy to final completion of the solution and measurement of success and secondly the creation of Insurtech products that provide a layer of innovation around current IT platforms for deeper customer satisfaction competitive positioning and for offering capabilities that are not available via current technology platforms.
Manomay Consultancy Services was established with the core objective of aligning Business and IT which has always been an issue across industries
Achieving success of this magnitude in an industry that was largely unknown to the general public came with its own set of problems. "One of the biggest problems that we faced in the beginning was that, there were only few good products in the industry but they were either not ready for future needs of customers or customers were not ready for them because it was a big jump from an organizational standpoint. Another challenge was proving to the customers that we are not like others and making them believer that our products are unique and it's not just a sales pitch. It is actually designed differently to take customers ahead on the tech platform, which would help them in the future", says Sharad Kumar, Chief Technology Officer Manomay Consultancy Services.
Holding onto their mantra of `Align It Right', Manomay Consultancy Services started providing custom made services for their clients which helped the clients to understand the true potential and benefits of the products and services offered by Manomay. This care and attention to details made the track record of Manomay Consultancy services spotless. The company's biggest selling point is that they have not lost a single customer over the last nine years. Following their operational method of ‘strategize’, ‘prepare’,'implement'and ‘measure', Manomay Consultancy services are optimistic about their future. "We have stable and healthy top and bottom line. We are happy that our products are appreciated by our existing clientele and in the years to come we wish to grow organically", signs off Sharad.