Insurtech - Transforming After Sales

Capstone Project
Saikat Barman
Girish
Presentation by Batch 1 (Cohort V) Santosh Shrivastava
April 30, 2022 Yogesh Fatehchandani
Jyotirmoy
Rohit Tewari
Priyal Dave
Tarun Saini
Gaurav Anand
Ramapriya Muthuswamy
Ajit Pai
Index
•About the Industry………………………………………..........03
•Where Does India Stand……………………………............04
•Who are we…………………………………………..................05
•Current Challenges………………………………………..........06
•The Problem Statement…………………………………........07
•Proposed Architecture…………………………..................09
•Flow of Events……………………………………………………...10
•Cloud Canvas…………………………………………………….…..11
•SWOT…………………………………………………..………….…...12
•TG & Buying Place……………………………………..............13
•Buyers’ Persona………………………………………...............14
•Brand Personality……………………………………..……..…...15
•Outreach to customers……………………………..………..…16
22
 About the
Highlights of Insurance Industry in India

Details FY21
Industry Life insurance Penetration - India 3.20%

General Insurance Penetration - India 1%

Annual premium for Life insurance - Ind USD 81.7 bn

 Total number of LI to GI ratio (Globally) 46:54
insurance companies: 57
(24 Life insurers) LI to GI ratio (India) 75:25

Insurance Density (India) USD 78

 Number of Insurtech
LI premiums (India) 6.29 lac crores
players: 110 & counting
No. of LI policies issued 281.27 lacs

Claims paid 3.99 lac crores

Number of Insurtech with
dedicated Death claims (Number/Amount) 11.01 lacs / 28k crores

After Sales Service Claims paid 10.84 lacs / 26.4k crores

Death claims Repudiated 9527 / 865 crores

ZERO
Claims Rejected 3032 / 60 crores
33
Claims in process 3055 / 623 crores
 Where India
stands?
 Insurance Penetration in India still at a nascent
stage at 3.2% of GDP for Life insurance against 5-7%
for emerging economies and 8-9% for developed
economies

 Insurance density (amount per capita) at USD 78

against USD 400-500 for emerging economies and
USD 4000-8000 for the developed world

 Annual LI premiums: Rs. 6.29 lac crores

 Annual claims payout: Rs. 3.99 lac crores (63%

Payout)

 InsurTechs in India: Targeting Client acquisition,

premium collection, speed of issuing policy,
underwriting

44
WHO WE ARE – Ensure.io

We are a newly formed niche tech arm of PolicyBazaar, an established fintech player. Our prime
objectives are into claim processing and providing services to individuals/businesses on a fee
based model to facilitate their claim settlement with ease. We offer to extend hassle-free claim
settlement services for both existing clients of PolicyBazaar and also plan to acquire new
customers who desire to exercise our service offerings. We focus on post sales, claim servicing,
claim processing and ease the settlement process.

VISION
VISION MISSION GOAL

Bring lightening
lightening fast
fast financial
financial One stop solution provider for all Use cutting edge technology to
assistance
assistance to
to insured’s
insured’s family.
family insurance services, specializing in integrate multiple stakeholders to
After Sales service ease the claim settlement.
5
 Current Challenges

Awareness Face 2 Face Skill-sets Infrastructure Mis-selling After Sales

wins over digital

01 02 03 04 05 06

Lack of client Traditional Skilling of Lack of digital Confused Claim

awareness over business houses employees not infrastructure product mix not settlement- a
digital platform more competent up to the mark to generate able to justify major pain
in face to face more revenue need vs have area
interaction analysis of
clients leading
to short/mis-
selling of
6
products
 Lack of claims process awareness
Claim Incomplete paperwork at inception
settlement in Lack of coordination between company and relevant govt. Authorities
India - an Agents acting as intermediaries for own benefits
uphill task for No proper laid down settlement mechanism
the claimant Companies not so proactive as it incurs payment of huge amounts

Nominee does not know about existence of policies

Non payment of renewal premiums leading to lapsation of policy

Deadman policy

Faulty medical reports at inception

Lack of knowledge of investigative authorities

Underwriters decision sole instead of a panel of relevant authorities

Early deaths

Non disclosure of facts

Exclusions in play 77
The Solution

Underwriter specific paperwork and Single platform to track

onboarding of nominee to be policy and holder’s updates
digitally completed at inception. throughout policy lifecycle.

Solution
Insert your desired
text here.
Claim documents completed (to Complete, submit and track
extent possible) and reviewed by underwriter specific claim
stakeholders at onboarding stage documents with one click API
platform

8
Proposed Architecture

9
Flow of
Events

10
Cloud Canvas
11
 Analyzing Ensure.io
STRENGTH WEAKNESS

• Technology forte to reduce claims TAT • Claims settlement is an after thought while purchasing
• Customer centric marketplace which goes beyond insurance
decision making for policy and help to settle claim • Beneficiaries are generally disconnected with processes
• Claim settlement is fastest unlike industry which around claim settlement until the death of the insured
focusses on ‘highest’ • Lack of awareness about insurance as a protection
measure for the family
SWOT
• Unique edge over competition in terms of TAT • Rise in number of tech companies in Insurtech
reduction • Lower brand loyalty in Insurtech marketplaces
• Younger audience prefers one stop and quick • Lack of integration with various govt. bodies / private
solutions hence USP can be a pull stakeholders that are necessary trigger the process of
• Covid has accelerated pull factor in buying of intimation to expedite claim settlement
insurance

OPPORTUNITY THREAT

12
 Target Audience Buying Cycle
• Age: 24 – 40+
• Gender: Male (95%) & Female (5%) Family Agent /
• Employment Status - first job to bread winners, Digital
seasoned professionals
• Unmarried, Married
• Life Stage – having a family, buying a house,
saving for kids 24- For Tax Saving
• Family Structure – young or elderly dependents 28
• Income – 5lacs+ Digital
• Location – Metro / Non metro / Urban, suburban marketplace /
29-34 Planning for Family Bank

35+ Protection of Family

Bank / Agent /
Marketplace /
Financial
Advisor
Demographics
13
 Buyers’ Persona

24 yr-old Vishwas who hails from Gurgaon and has taken up his first job in Mumbai. Wants to save tax. Not the bread
winner of the family but likes to keep a watch on expenses. Seeks financial guidance from father. Consumes content via
digital platforms. Keeps interest in new age areas like Blockchain, Metaverse, Elon Musk. Watches short video content.

28 yr-old Dhanesh, stays in Mumbai. Set to get married and is planning on taking up family responsibilities like saving
to plan a wedding and a vacation abroad in the short term and buying a house in the next couple of years. Uses life
insurance both from tax saving as well as conscious effort to protect family as he is the bread winner. Binge watches
Netflix and Prime with his partner and stays updated through YouTube, LinkedIn and Instagram. Loves to share
Memes. Seeks financial guidance from influencers, friends, peers. Follows Sports and Bollywood celebrities on
Instagram. Loves short video content. Uses Zomato religiously.

36 yr-old Shruti. Team lead, unmarried and stays with parents and younger sister. More than tax saving wants to secure
parents and dependents. Has picked up hobbies by watching YouTube - baking, cooking, make up, DIY art, DIY repairs
etc. Spends an average 15,000 for shopping over a weekend in a mall. Wants to start planning for retirement. Has select
web series and YouTube channels. Is exploring short video content. Follows celebrities and a lot of mental well being,
leadership and fitness channels. Window shops online. Explores new diets (vegan).
 Brand Personality
• Reduce stress of your family after your death
• Arrange necessary documents so that claims process is automatically initiated without dependents having to figure life and
finances
• Provides an ‘end to end’ marketplace right from choice of policy as well as support for claim settlement

Responsibility Trust Loyalty Security Happiness Optimism

A digital friend Fastest claim Believe in the Fast access to Believe in bringing Assist in helping
that will reach settlement value of life financial back a warm smile my customers’
out to process in the assistance in in my customer’s family move ahead
proactively industry times of need life despite tough with right financial
initiate claims times decisions
 Outreach to customers
(TV | SEO | Social | PR | Influencers)
Keywords associated with death, Consumer Campaign to create
Brand Storyteller Learn to Heal – India’s first blog
loss, financial destress in order to awareness around protecting loved
dedicated to overcome personal
rank higher when a person is ones
‘Zindagi Asaan Banao’ loss
looking for these topics and can be
directed to the website

Digital Influencers to highlight the PR & Digital Financial Influencers Social Media Marketing to target &
On ground workshops for Tax
importance of checking claims for consumer awareness and trust acquire and engage customers
Advisors (Independent + corporate)
settlement process while buying building towards the brand
insurance
Thank You