Insurance is a tricky product. You all hope never to have to use it, but when something goes wrong, like an unfortunate mishap or accident, you can all get frustrated very quickly. And what frustrates consumers most about their insurance policy provider/seller is those companies’ attitude once they receive a claim from the customer.
Most customer grievances are about the insurer’s claims handling, followed by unsatisfactory settlement offers. And once a customer has grievances, there is a process where they must first register their complaints with the respective insurer and then wait for the insurer to respond. If an insurer is not responding, then the customer has to escalate the issue with IRDA. If the customers feel that their problems are still not resolved, they can appeal to the Insurance Ombudsman.
During this process, customers’ frustration keeps increasing, and many feel exasperated and cheated. Is there an end to it? Is there someone who will be on their side and fight for their just cause?
Yes, the answer is Insurance Samadhan, and their biggest friend Ravi Mathur, Co-Founder & CTO of Insurance Samadhan or InSa in short. Ravi is the shining star of Insurance grievance redressal and one of India’s 40 under 40 Brightest Business Leaders.
InSa’s Inception Saga:
Ravi shares, “We started in 2018 with a vision to become the most trusted platform for resolution of Insurance complaints. In our last three and a half years of operations, we have resolved close to 15000 insurance complaints worth Rs. 40 crores. We have claims worth Rs. 150 crores under process.”
And that is why today, InSa is an industry leader in Grievance management and, gravitated by Ravi, is on a mission to help every aggrieved policyholder of this country in every possible manner. The team InSa is already the master of Claim resolution and Miss-selling in the Insurance space.
Ravi adds, “We are coming out with our new offering, our app, which will have features like a quality check, claim filing, claim resolution, quick settlement of claims, policy servicing, payment of premiums etc. With this, we would become part of every insurance policy holder’s journey.”
The Ever-Inspiring Sun
Ravi says that the inspiration behind venturing into this unique business arena was always the customer. He conveys, “Anything that I have done or will do in future has to solve a major pain point in the customer’s journey.”
To use technology for a noble cause via Insurance Samadhan has been the icing on the cake. Tech is a great leveler and gives an equal playing field to everyone.
Adding on that thought, Ravi says, “Of course, several colleagues have played a major part in shaping my thought process and how I go about things. My current CEO, Deepak Bhuvneshwari Uniyal, has been a massive influence with his crystal-clear vision and irrational optimism. The execution becomes faster with clear vision.”
Reaching Greater Heights by Surmounting the Challenges
As shared earlier by Ravi, the grievance redressal field, for which InSa is the industry leader now, did not have any reference point when the team started. Ravi says, “Till now, we are carving our own path through our experiences with the customers.”
The initial challenge was to get the customer’s confidence. Till the time the Shark Tank INDIA episode was aired, people were not aware that such a platform like InSa existed.
The team InSa was also a little sceptical about how the industry would react. Still, to its expectations, the industry has been supportive as they have understood the core offering of InSa is going to build customers’ confidence in the ecosystem.
Ravi adds, “We do not sell any financial or insurance product, so, at the end of the day, the customer remains with the Insurance company.”
Transparency, the Lifeline of InSa
Ravi expresses, “Our clients are our fuel. The kind of raw emotions we see in our testimonials, the kind of feelings, and the words they use show their confidence in us. Our clients value transparency and prompt communication from our side.
Personally, for me, clear and transparent communication is the lifeline to a business like us. From Insurance Samadhan’s side as an organization, it’s our endeavour from day one to not compromise on customer’s experience.”
Every member of the InSa family has this culture imbibed in them, where the customer comes first always, then organization and then that individual. And it is InSa’s USP that highlights the brand’s uniqueness in the industry.
“We are the industry leader in the claim resolution space. We are the only technology platform in Asia that solves problems like miss-selling and claim rejection in insurance across health, life and general insurance.
Our USP is our filtration process by which the system filters genuine complaints based on some objective type questions. We only select 5-7% of the complaints that come to our platform,” informs Ravi.
This has also created confidence in Insurance Companies that InSa only picks up genuine grievances. It only helps the customer represent those complaints which pass its tech-driven due diligence process. Ravi states, “Our other USP is our success fee model. We don’t take any fees upfront apart from a nominal registration fee of Rs 500 per customer. We only charge the customer once the amount is credited to the customer’s account.” This helps the customer build confidence in InSa since they have already lost their hard-earned money to the insurers.
A Wisdom of Light Years
As an experienced professional, Ravi’s advice to the budding aspirants willing to enter the Insurance business world is compassionate. He says, “I will only advise what I have learned from my more than a decade-long journey, which is to put the customer first.” Whenever you are making any decision, however big or small, you should always think about how it will impact the end-user.
The second piece of advice is execution. Go out in the market and execute, and then only you will understand the real value of your idea. Execution is the game.
An Everlasting Vision
Envisioning InSa’s operations with the emerging technologies and automated tools that are revolutionizing the business world by enabling innovations, Ravi shares, “We have always been a tech-first organization since our inception. We have embraced technology, and that is the reason why without any major increase in our employee strength, we have been able to grow more than 35 times in the last three years,” and concludes on a very promising note, “We leverage technology. In future, you will see it at the forefront of our every offering. Some exciting and industry-first projects are under development which will be launched this year.”
