[Exclusive Interview] This Startup Is Integrating Insurance With Businesses | Insurance Protection Made 100X Simpler?

Recently we interacted with Mr. Adarsh Chokhani, Founder & CEO, Assurekit, a unique startup that aims to integrate insurance with your business. Here are the interview highlights:

1. Tell us about Assurekit and how it is changing the insurance business

Assurekit is a protection ecosystem built for companies that care about protecting their customers. We make insurance and protection 10x simpler and more accessible to protect end customers against the risks

B. How it is changing the insurance business?

Less than 55% of the world’s population has no access to even one social protection cash benefit. The protection gap in India stands at 92.2%, which means that instead of 100 rupees in savings or financial protection like insurance, we only have about 7.8 rupees.

One thing we have understood is financial protection is key to a sustainable future. It helps you get the financial security to tackle and survive financial uncertainties. Our work will continue to focus on finding the best ways to help people protect themselves, thereby creating a safer future for everyone.

How is it changing?

We plan to revolutionize the Indian insurance market by really doing two things: upgrading the existing distribution system by adding our proprietary platform that connects with insurance companies and gives distributors access to tools for selling and servicing their customers, and creating an omnichannel platform where distributors can come in and sell the right products. By reducing the time it takes for agents to distribute products to customers, we will enable them to go to more customers and increase penetration. Our goal is to create more products that will be of interest to insurers and their consumers as well. We’ll upgrade and provide financial protection to every household, create better insurance products for them, and create more categories that will meet consumer demands.

2. How would you define Insurance Commerce?

Insurance commerce is all about creating, buying and selling insurance.

We are building a unified infrastructure for anyone to be able to distribute insurance and financial protection through their own channel. Most businesses cover the upside of the customer, but we help them protect the downside so that they can avoid experiencing the downside that comes from the absence of financial protection.

3. How was Assurekit started and what is the vision behind building the brand?

I have been surrounded by people from the insurance industry. One thing that I found remained unchanged was that insurance itself is complex and unavailable to a lot of people reason is most of it is still sold offline the tech to simplify this is too time-consuming and quite expensive as well.

Assurekit was born in the middle of a pandemic, and my team and I got to visibly see the impact on individual lives because of inadequate protection. This only empowered our mission further, bringing us closer and more aligned on what we all have set out to achieve. 

Assurekit is building a protection ecosystem, for companies that care about protecting customers. We make insurance and protection 10x simpler and more accessible to protect end customers against the risks. 

The vision is to simplify insurance distribution for both, buyers and sellers by unifying the backend infrastructure for insurance commerce to help everyone create, buy or distribute financial protection. 

5. How are insurtechs growing in the Indian market?

India’s insurtech space is still young, with the potential to become one of the largest markets within the next few years. Investor funding in the sector has doubled in the last two years; We are now a hub for insurtech companies. As Indian insurtech accounted for 35% of the $3.66 billion in insurance-focused venture capital invested in the APAC region last year. 

With a 92.2 % protection gap still existing, I am certain that the insurtech space will be able to reach where fintech today is in the next 10 years just like the Indian fintech industry If insurance becomes as widespread and commonplace in India as it is developed countries, then we should see India emerge as a leader in this global market.

6. Lastly, what do you mean by nuanced Saas-related problems when it comes to Insurtech?

Cloud-based SaaS software solutions can suffer from technical glitches, these glitches cannot be fixed in-house, so the complete dependency falls on the SaaS providers which sometimes can impact business operations.

A SaaS software solution that can be accessed remotely requires a high-speed Internet connection even if the country experiences rapid adoption of the Internet. India is a developing country, and not all have access to a high-speed Internet connection.

Decision-making, when you are not from a tech background, can be confusing when one wants software solutions that are right for their insurance business it’s difficult to avoid ones that have fewer features or capabilities.