“We are proud to mention that we have assisted in more than 200 Crore in Claims to date.”
Harikrishnan Ramakrishnan (Founder & CEO, WeAssist)
Do you often feel that insurance is a mysterious territory? Meet Harikrishnan Ramakrishnan, Founder and CEO of Karthika Consulting & Solutions Pvt Ltd, who’s on a mission to change that perception and bring positive differences to countless lives. Affectionately known as the “Insurance Activist,” Harikrishnan’s journey from the glitzy realm of events & advertising to the landscape of insurance is nothing short of inspiring.
Harikrishnan is not just a pioneer in the insurance industry; he is the torchbearer of a legacy that spans generations. He inherited his passion for insurance from his father, a self-made businessman who founded the family’s insurance agency back in 1971. His father remains an active force in the business, a role model, and a stern financial controller.
Academically, Harikrishnan completed his undergraduate degree in Business Management from Alliance University, Bangalore followed by a post-graduate degree in Fashion Communication from NIFT New Delhi. After completing the post-graduation, he explored the world of events & advertising. By participating in various renowned events like Lakme India Fashion Week, HT Conclaves, Car Launches, and more, he understood the ins and outs of this fascinating industry.
His extensive skill set includes Insurance Need Analysis, Health Insurance Products, Group Insurance, Employee Benefits, Claim Reimbursement, Insurance Assistance, Employee Health and benefits, Corporate Wellness, and much more.
Furthermore, his commitment to excellence extends beyond the world of insurance. His academic journey was marked by remarkable achievements. He was honoured with the prestigious Gold Medal by none other than the then President of India, Dr. APJ Abdul Kalam for overall excellence during his time at NIFT.
Karthika Insurance: Breathing Life into Insurance Solutions
Harikrishnan came back to Bangalore in 2014 and along with his brother Unnikrishnan, he incepted Karthika Insurance. In his new avatar as the Co-Founder of Karthika Insurance (KI), he and his dedicated team breathe life into insurance products and services. They live and breathe insurance, making it more accessible and understandable for individuals and businesses alike. KI is not just a company; it’s a mission to provide top-notch insurance solutions.
At KI, Harikrishnan has spearheaded innovative insurance products that cater to a diverse clientele. His deep understanding of insurance needs has led to the development of tailor-made solutions, whether it’s comprehensive health insurance for individuals, employee benefits for businesses, or specialised insurance products like Keyman Insurance, Business Insurance, and Professional Indemnity Insurance.
WeAssist (WA): Simplifying the Insurance Claim Experience
Operating under Karthika Consulting & Solutions Pvt Ltd, WeAssist (WA) offers a hassle-free Insurance claim experience to its patients. In Harikrishnan’s words, “We are committed to ensuring that we deliver seamless claim experience so that hospital can provide seamless healthcare.”
With a team of dedicated and highly experienced professionals, WA has transformed the claims management landscape. The way team WeAssist handles the cumbersome paperwork, manages cashless claims and ensures affordable insurance solutions, is commendable. Hospitals and healthcare providers have found a trusted partner in WA, streamlining their operations and enhancing patient care.
“WeAssist, a flagship initiative within Karthika Consulting and Solutions Pvt Ltd, is on a mission to revolutionise the insurance and healthcare landscape in India. The healthcare ecosystem in our country is incredibly diverse, boasting over 100,000 hospitals. However, a significant disparity exists when it comes to the network of hospitals that are in collaboration with insurance companies. Out of the vast healthcare infrastructure, fewer than 10,000 hospitals are typically part of insurance networks. This stark contrast has given rise to a set of challenges that WeAssist has taken head-on.”
“Currently we are available in Bangalore, Hyderabad, Pune, Mumbai, Delhi, Ludhiana, Raichur, Udupi, Vizag, Kurnool, Karim Nagar, Thirupathi, Ahmedabad, Davangere, Mohali, and Guntur. Our next step is to extend our services to new geographies,” mentions Harikrishnan.
Products And Services
- RCA Reimbursement Claims Assistance (B2B and B2C – Direct Fee-Based Model)
a) With/Without Funding
- CCA Cashless Claims Assistance (B2B Model)
a) With/without Funding
b) 100% Cashless Discharges
- Loan Assistance (B2B and B2C Insurance and Non-Insurance)
- Any Insurance Claims Assistance: Fire, Motor, Life, and more (on a need-based model)
WeAssist always keeps its client at the top. Its current clientele consists of more than 150 hospitals. It believes in nurturing successful client relationships through personalised service, value addition, dedicated account management, transparency, and continuous feedback.
Challenges Addressed By The Firm
Non-Network Hospital Dilemma
Insurance patients often find themselves in a situation where they require medical care at a non-network hospital. In such scenarios, patients are usually compelled to pay the entire medical bill upfront, and then deal with the laborious process of filing for reimbursement. This can be a nightmare for patients, as it may require a significant financial commitment upfront. Moreover, the administrative burden of collating and preparing the claim file for submission adds another layer of complexity.
It’s worth noting that the reimbursement market accounts for an estimated 40-50% of the total insurance claims market. This highlights the prevalence of situations where insurance patients are left to grapple with the inconvenience of reimbursing medical expenses.
As a powerful solution to these challenges, WeAssist prioritises the welfare of insurance patients. The primary objective is to provide timely and crucial financial assistance to individuals in their hour of medical need.
Here’s How WeAssist Stands Out!
To date, WeAssist has assisted in over 200+ Cr in claims. With the right ethos and values, it makes itself stand out from the rest.
WeAssist offers a vital financing option to insurance patients. This means that when patients find themselves in non-network hospitals, they no longer have to worry about the immediate financial burden.
“We provide them with the necessary funds to access the medical care they require, ensuring that quality healthcare is accessible to all, irrespective of their immediate financial constraints,” mentions Ranjit PR, President and CTO of the firm.
Understanding the administrative complexities involved in reimbursement claims, Team WeAssist turns over every rock to streamline this process for patients. It assists in the preparation and submission of claim files, reducing the administrative burden for patients and facilitating a more straightforward and efficient reimbursement experience.
WeAssist is at the forefront of making cashless services a reality, even in one-off cases at specific hospitals. This forward-thinking approach not only benefits patients but also tackles one of the most significant concerns in the insurance sector: fraudulent claims.
Addressing Fraudulent Claims
Fraudulent claims have remained a persistent issue in the insurance industry, although quantifying their extent has proven challenging. WeAssist’s commitment to providing transparent and efficient services aligns with the industry’s push to discourage fraudulent claims while honouring genuine ones. By offering cashless services, it creates a more transparent and accountable process that fosters trust and integrity within the industry.
From the customer’s perspective, WeAssist’s services are a game-changer. The ability to access cashless services at any eligible hospital is a dream come true, offering peace of mind and accessibility to quality healthcare services.
Nothing Great Ever Came That Easy
In the ever-evolving landscape of business, the firm has consistently risen to the occasion by tackling and overcoming a myriad of challenges.
Cash Flow Management: As an early-stage startup, managing cash flow was a challenge, but the firm implemented rigorous financial planning and explored funding opportunities.
Talent Acquisition: Attracting top talent in the highly competitive insurance and healthcare sector was a tough row to hoe. The firm focused on a growth-oriented culture and competitive compensation.
Technology Integration: Integration with all partners to ensure a cohesive environment with improved TAT and reduced input errors assure a high level of customer service and partner relationships.
Connecting with Decision Makers at Hospitals: Establishing connections with busy hospital decision-makers required persistence and creative networking strategies. Attending healthcare conferences and events, and utilising referrals proved beneficial.
Overcoming Resistance: Overcoming industry resistance through education, case studies, and thought leadership was crucial.
Addressing Concerns: Addressing clients’ and potential partners’ concerns about insurance complexity involved needs assessments and ongoing support.
The Upcoming Franchise Route
In the rapidly evolving landscape of the insurance and healthcare industry, adaptability is not just an option; it’s a necessity. Adhering to this principle, WeAssist is not only keeping pace with emerging trends and technologies but also staying ahead of the curve.
“One of the key strategies we have envisioned for the next five years is the expansion of our operations through the franchise route,” mentions the CEO.
Through franchising, the firm aims to establish a nationwide presence, reaching underserved markets and empowering local entrepreneurs. This approach will help WeAssist not only lead in the insurance and healthcare sector but also meet the evolving needs of clients and partners across the country.