How This Startup Is Taking Insurance To The Masses And Making Insurance Selling In India More Efficient
The insurance sector globally is undergoing a major transformation, moving from fragmented outreach models to deploying technologies like AI, Blockchain and IOT in their business models.
And with the COVID-19 pandemic, there has been a paradigm shift in the way business is conducted in the insurance space. Now, insurance providers are competing with each other to offer a better user experience. This has led to a rise in product-tech startups that specialise in insurance-platform building.
Today’s story is about a tech startup, Ensuredit, that is helping all those involved in underwriting and paying out an insurance policy. Ensuredit, through its services, is bridging the information and data gap that comes up during the insurance lifecycle.
Startup Story: Ensuredit | Taking Insurance To The Masses
Started by Amit Boni, Rohit Sadhu and Vikas Ranga in 2019, Ensuredit is a Bengaluru-based startup that enables and empowers end customers and Insurance intermediaries with AI-based product platforms for transformational customer experience.
Ensuredit bridges the information and data gap that comes up during the insurance lifecycle — between insurers, agents, brokers, fintech firms, hospital networks (in the case of health insurance), and customers.
The founding team holds strong working experience and has worked with prominent industry leaders. Rohit Sadhu has worked with EY and PwC, while Vikas Ranga is an IIT-Roorkee graduate who previously led AI/ML labs at MapmyIndia, whereas Amit Boni worked in Motorola as an executive.
How Ensuredit Started?
Amit Boni, Rohit and Vikas started Ensuredit to bring clarity, efficiency, scalability, and cost savings to the entire insurance sales and distribution cycle.
“The Indian insurance industry is a tale of an inefficient value chain with analogue processes and digital band-aids. It’s a cycle of high fixed costs, DIY, limited distribution reach, and adverse selection, which ultimately leads to inefficient distribution, highly-priced products, high risk, trust deficit, and severe underwriting losses, that ultimately lead to unsurance.”
So, through Ensuredit, the founders are bridging the information and data gap that comes up during the insurance lifecycle.[Read: This Indian Cybersecurity Startup Offers Innovative Security Solutions To protect And Keep Companies Safe]
USP Of Ensuredit
The startup, through its offerings, is helping all those involved in underwriting and paying out an insurance policy. These include the insurance firm, insurance agent, the hospital where the policyholder may have been admitted to the end-user, i.e., the customer.
Ensuredit offers a single standardized platform, bringing clarity, efficiency, scalability, and cost savings to the entire insurance sales and distribution cycle.
Working on three core areas, Ensuredit’s product enables insurance incumbents and intermediaries to provide a better customer experience. The Platform as a Service (PaaS) model helps insurance companies digitise sales and distribution, offer payment solutions, expand, and generate new sales channels, whereas the Insurance as a Service (IaaS) is a plug-and-play solution helping digital insurance distributors set up their platforms quickly.
The AI Models provide an array of functions, especially for healthtech and fintech insurance firms. These functions include document extraction, competitor analysis, and data from 650 villages in India, containing census data to help insurtech companies tap more customers.
Present Situation Of Ensuredit
Since its inception, Ensuredit claims to have seen double-digit growth in its user base. Ensuredit’s primary customers include insurers, insurance distribution networks, financial services, and fintech companies building insurtech platforms.
As per the startup, its partners include all major insurance companies, key brokerages, NBFCs, and Insurance Intermediaries.
Currently, the startup is evaluating an overseas expansion, having received “strong interest” from Australia, Southeast Asia, and the Middle East.
Future Plans Of Ensuredit
As per the founder, their goal is to scale Ensuredit’s technology offerings and be the underlying infrastructure layer that caters to an extensive distribution channel, curates bespoke products, and enables technology-led intervention on claims and fraud.
The startup is also in advanced discussions with VC firms to raise funds within a few months.
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