Deepak Bhuvneshwari Uniyal- The CO-Founder & CEO of Insurance Samadhan connected with The Global Hues to share the company’s success story.
Insurance Samadhan is a tech platform known for resolving insurance grievances. They have resolved more than 14,000 grievances in the last 30 months. The company was started by 4 Co-Founders including Deepak Bhuvneshwari Uniyal, Shilpa Arora, Shailesh Kumar, who holds over 45 years of domain expertise along with Sanjay Aggarwal who has 25 years of legal expertise. They have a well-established filtration process that selects only genuine complaints and claims by asking objective questions and helps insurance companies to take the informed decision and empower aggrieved policyholders in getting their claim amount. The company offers services like helping customers in claim rejection, fraud, misselling, claim enhancement, services for the NRI segment, claim representation using tech with Insurance Co, Regulator, Ombudsman and Consumer forum. Currently, they are the only company in India that provides these services across all verticals of Insurance, be it life, health, or general. The company as of now has more than 2300 top-notch advisors in the country, extending the same set of services to their prospects. Apart from all the above, they are continuously running awareness programs online as well as offline to educate people about the nuances of insurance to assist them in making well-informed decisions.
Insurance Samadhan works both in B2C and B2B segments with clientele ranging from an individual to a corporate, MFC, Hospital, and everybody who is facing any form of insurance claim rejection or insurance claim issues. From an individual aggrieved Life, health, or general insurance policyholder to Hospitals where the claim of its patient is rejected, Micro Finance Company where the death claim of its loan is rejected. The fact that they charge fees only after the claim amount is received by the customer builds a lot of confidence. Insurance is a technical product and filing claims is a tedious task. This technicality eventually leads to miscommunication and leads to claim rejection. Insurance Samadhan understands this part of the cycle well and have productized their experience. Their tech platform analyzes the complaint in various parameters and represents resulting in grievance resolution.
“With Insurance Samadhan one needs to just register the complaint and relax. Customers are in Awe of Insurance Samadhan once they get their lost money and want to get associated for life” said Deepak.
Ensuring customer trust in the contemporary business era
Insurance Samadhan is the industry pioneer who is putting technology at the forefront for solving insurance claims, representing the aggrieved insurance policyholder with Insurance co, Regulator, Ombudsman and if needed, Consumer court. They have resolved more than 14000 complaints and claims, charging only success fees, which talk volumes about the confidence, company’s work ethics, and fairness to the aggrieved customers. They are the voice of the wrongly dealt customers who put their undivided faith in Insurance Samadhan to represent their issue. “The reactions, testimonials, thank you notes, google reviews of our customers shows that we are trustworthy and it is the fuel that keeps us going,” expressed Deepak.
Presently, Insurance Samadhan is the only company representing Life, Health, and General insurance grievances with technology to scale up. They don’t sell any insurance or financial products. “We are not an Insurance company that uses technology but we are a tech company that is solving the biggest problem in the insurance sector. This very thought process is our differentiator. We do not pick every complaint that comes our way. Our filtration process picks only genuine complaints which are appreciated by insurance companies as at the end of the day they also want to resolve genuine complaints but struggle due to wrong representation and missing facts,” explained Deepak. Insurance Samadhan has built a very strong brand within the industry. One of the biggest names in the Indian insurance industry, Mr. Rajesh Sud is their mentor. To cap all of the above, love of customers validates them to keep going.
Impacts of Covid-19
Due to covid-19, Insurance has come up the ladder in people’s life. With this fact backing the company, a growth of more than 6 times was observed. Last year Feb’20, the company registered complaints worth 60 Lakh and Feb’21 hiked up to 3.8 crores. Insurance Samadhan has resolved many Covid-19 claims which were rejected, with one claim resolved within 6 hours. The company is covered by mainstream media for its valuable role in handling covid claims. “I was interviewed with our GI expert Mr. VK Suri by a national news channel for inputs on prices of ‘PPE kits is not included in Covid Claims.’ This experience of the past year has given us a shot in the arm for our journey ahead,” said Deepak.
Challenges faced by BFSI companies
In Deepak’s opinion, Some of the common challenges that are faced by the BFSI sector nowadays are cybersecurity and tech adoption. The startups are leading a way by being more tech efficient and meeting customer expectations. Insurance Samadhan is one of the startups which have embraced technology from day one and is on the cloud from inception. They take data security as the utmost priority and have built architecture in a way that scalability and third-party integrations come naturally. Another issue that BFSI faces is regulatory compliance but the open-mindedness of regulators and the government of India has helped the startups flourish and take the world by storm.
Strategies to improve operational efficiency and enhance the customer experience
Insurance Samadhan believes in a lean team and the focus is completely to keep enhancing technology.
“With volumes, our filtration process would keep getting smarter using AI and ML. Another focus is to reduce the turnaround time of the complaint resolution which would further make the customer experience better and get their trust back in the insurance which in turn would help insurance companies to resell, cross-sell, and up-sell,” explained Deepak.
The company is constantly taking feedback from their customers which helps in upgrading the user experience. Their philosophy is to keep the customer at top priority and with that, everything else starts falling in place. After a while, users start dictating what you build by asking for features. “We get a lot of requests and a lot of positive feedback from our customers which is a blessing that keeps us on our toes. User experience is something that is always a thing of progress,” stated Deepak.
The services provided by Insurance Samadhan are not well known to the country. It is a unique space. Deepak believes that once the company raises Pre-Series A, which would be completely focused on brand building and reaching out to every insurance policyholder, this temporary issue will be resolved.
Views on Emerging technologies
“Technology is here and it is here for good. We are looking at avenues that we used to think untouchable but with technology infrastructure backing us, the sky’s the limit,” said Deepak.
Technologies have expedited the growth of the Insurance sector. The entrepreneurs feel more equipped. The kind of personalized products that have started flooding the market will make the customer penetration like never before. There is no escape from digitization now. People will have to embrace it. The future will be dominated by AI-driven conversations, automated processes, hyper-personalized data-led products, omnichannel services, secure transactions of data, and a whole lot of innovative software solutions. The customer is going to be spoilt for choices so the competition will be superior to what it is now. The future will be for the better.
Vision and Future Prospects
Insurance Samadhan aims to be the most trusted platform for resolving insurance complaints in INDIA. They are already a pioneer leading the way in this space. “Five years down the line every insurance policyholder would know us as their claim/complaint resolution partner,” said Deepak. The company wants to help every aggrieved policyholder in the country.
Advice for aspiring entrepreneurs in the BFSI sector
- Embrace technology fully or evaporate.
- It’s all about people (team) and the execution of the plan. Money is a by-product, focus on resolving the problem, money would come.
- Always choose positivity, make your team think of solutions, and not only talk about problems.
- Give the limelight of success to the team, embrace and take ownership of failures.
Jewels in the Crown
- Resolved more than 14k B2C and B2B insurance grievances.
- Playing a vital role in representing COVID-19 rejected claims and getting claims to the aggrieved policyholder.
- Resolved India’s fastest covid claim within 6 hours.
- Covered by national dailies like INDIA today and Business today.
- Featured in “Insurtech Asia podcast” on Insurance.
- The company’s Insurance Head, Mr. Shailesh Kumar spoke about Insurance to CNBC Awaaz.
- The company’s CTO, Mr. Ravi Mathur spoke at National Insurance Tech Connect 2020 and was covered by a digital magazine in their ‘Inspiring CTOs in India special’.
- Startup India certified and covered on almost every digital startup covering platform in India.
- Tied up with one of the biggest MFC in India as their claim resolution partner.
- Tied up with more than 20 hospitals in the country as their claim resolution partners.
- Listed as one of the startups to watch out for in March 2020 by Inc42.
- Backed by Industry Icons as angel investors and funded by the largest Incubator Venture Catalysts.