Insurtech and InsureFirst
What is 'Insurtech'?
'Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model. Insurtech is a portmanteau of 'insurance' and 'technology' that was inspired by the term Fintech.' Source: Investopedia.com
So, what Insurtech mean for an average Indian? digital for whom was mostly confined to Facebook, YouTube etc, till demonetization came on 8th of Nov 2016? Nothing much really.
We surely felt great, when Coverager.com announced our launch of operations as an upcoming insurtech company in India.
And when Insurance Post covered as one among 7 Indian insurtech start-up's to watch out for in 2017 and beyond.
WHO WE ARE?
A technology Company? NO.
Insurance Web aggregator? NO.
We are a Financial products distribution company. We handle multiple product lines including Insurance, Mutual Funds, Bonds, NPS etc.The first such company to get license to operate in East of India under IMF guidelines by IRDA. We have a repertoire of more than 200 different products which can cover most of the inherent risk and investment requirement of an average Indian.
What Operating Model do we follow?
We follow a hybrid model. Digital sales with complete off-line support. Our research indicates, in India customers still prefer a human touch during decision making for buying a financial product.
How do we perceive insurtech internally at InsureFirst?
- In this fast paced, stressful lives of an average customer, if our sales reps do not provide instant, accurate information to a customer on the spot, the sale is gone. So, we created a platform that carries all information, instantly generates a quote, also show comparisons between products to help customers make an informed decision. For us that's Insurtech.
- Our Management Team needs real time analytics on sales & marketing trends. For this, we need reports which are automated, accurate and available 24/7 for tracking productivity. For us that's Insurtech.
- TRUST is a core driver of our business. TRANSPERENCY builds trust, it's critical that line managers clearly see what their team members are doing and incentives etc. flow seamlessly from each transaction in the system to the correct recipient. This whole process is automated. For us that's Insurtech.
- We are governed by IRDA/SEBI. We must follow regulations and compliance as per requirement without errors. How we do that? For us that's Insurtech.
- Our training programs are virtual. These programs (skills, products, processes) would be remotely executed and managed through our learning portal. Through GAMIFICATION we need to make these programs effective. For us that'sInsurtech.
- We provide targeted leads to our sales team. We need deep insights on consumer behaviour. Analytics, digital/non- digital marketing plus a smart system which can identify, curate, assign leads to our sellers. For us that's Insurtech.
- Our Reps are topunch in a few info, close a sale, collect payment digitally all under 20 mins. For us that's Insurtech.
- Fully digitized customer service and not the irritating call centre follow ups. For us that's Insurtech.
Are we there 100% ? Not yet. Are we progressing? Absolutely!
Are we DISRUPTING (much overhyped word really) the market? NO, not our
Are we Unique? May be maybe not. (that's upto analysts to find out not our job)
Is our model Scalable? YES
Are we going to be profitable? DEFINITELY!
So, what's your take on Insurtech? Would be happy to gather inputs. Let's connect!!