Healthysure has built a platform that agents, intermediaries, and institutions can use to sell group health insurance and other healthcare benefits to SMEs and other groups. The platform provides a digitized experience for policies and claims together with carefully curated health and wellness options. Mr. Anuj Parekh and Mr. Sanil Basutkar share more insight on the same.
- How did the idea for your business come about? Can you highlight the USP of the business?
Healthysure was started with the aim to seamlessly provide health benefits to organizations with an employee first approach. Our technology platform empowers employee health benefits management to an organization. Employees can access all their insurance and healthcare needs with the Healthysure app. Accessing benefits like health insurance, gym and fitness, doctor consultations are integrated in a single ecosystem. So, for an employee and their family members, Healthysure becomes their go to platform for healthcare.
- What is the mission and vision of the business?
Healthysure aims to provide universal healthcare inclusion by combining insurance, healthcare and technology. Our mission is to make insurance and healthcare affordable and accessible. We are trying to improve the insurance penetration in India through a group-based approach and empowering Corporates, SMEs and natural groups to provide health coverage.
- How does an InsurTech player work in this whole ecosystem of insurance and technology organizations dominating the larger share?
Insurance as a sector is on the edge of technological disruptions similar to the one that the banking sector witnessed.
The Indian banking sector has had a watershed moment over the last few years and that has powered India to the top of the global fintech ecosystem. There was a similar entrenched domination of organizations in the banking system. But that did not stop the investment and growth of new age fintech start-ups that came up with innovative business models.
The Indian insurance industry is on a similar path and is on the cusp of disruption that will take it to the top globally in the coming years.
- Challenges faced and how have you overcome them?
Insurance is a subject that has largely lacked awareness in India. There is still a massive challenge for an organization to adopt insurance for the first time. The insurance buying process is also a complicated one with SMEs in particular not having a clear understanding on the need for insurance and how to go about it. We have worked with this problem in mind and have created high level of a transparent buying process for insurance. We work with our partners and customers to ensure that we provide complete understanding on why, what and how of insurance.
- How is Healthysure driving the insurance penetration in India and catering to employees and corporates?
The group health insurance market is around 1.5 times the size of the individual health insurance market. Yet the group health market did not witness any disruptive innovations till now. Healthysure has created a platform that makes it very easy for an organization to cover health benefits for their employees. We are working with other intermediaries to provide them the necessary technology and infrastructure to sell group health insurance and other employee benefits. We believe that we cannot do this alone and therefore we rely heavily on partnerships with agents, brokers, financial institutions to drive insurance penetration. We believe in empowering the channel intermediaries to drive this penetration.
- Business, services, expansion plans of the organization?
We are currently working with insurance intermediaries like agents, brokers and other partners to promote employee benefits that has seen us covering 150+ organizations and more than 60,000 lives. We aim to drive this to a million lives by 2025. We aim to leverage our tech capabilities and are creating a robust platform for anyone to sell group benefits products i.e. group insurance and health & wellness programs.
- How has technology transformed the business of health insurance?
The entire value chain of health insurance has undergone some level of digital transformation. Starting with automated purchase journeys, wherein customers can now buy a health insurance with the click of a button. This has been enabled through pre-underwritten products that leverage technology for distribution. The information on coverages are also transparently explained to the customer. The claims process too is undergoing transformation wherein documents can be sent over whatsapp and processed without efforts through automations.
- What technology do you use that helps in your business and create a niche for yourself in the industry?
Group insurance benefits is a segment that is still in the infancy of tech innovation. An insurance intermediary today doesn’t have a technology platform to sell group benefits to SMEs. Our platform solves that problem for them specially as there is no such platform available. This opens up additional sources of income for an agent or institution. We are on the path to be the turtlemint for group insurance and increase insurance penetration in the country.
