Founded in 2020 by entrepreneurs Sanchit Malik (CEO) and Manish Mishra(CTO), Pazcare is aiming to make insurance an employee-centric initiative, and enable more employees to get insurance.
Sanchit Malik (CEO), is a serial entrepreneur with a successful exit history. He was the Co-founder of Townscript which was acquired by Bookmyshow.
Manish Mishra (CTO), has been a core team member of startups, helping them build scalable platforms from scratch. He was the ex-Director of Engineering at Mindtickle and Cleartax before starting Pazcare.
We asked Sanchit about their vision, mission, and the outlook for 2022. Here are the highlights..
1. What was the objective behind the launch of the brand Pazcare?
Insurance penetration in India is 4.2%, which is very low as compared to a lot of other developed and developing countries. With the COVID-19 pandemic affecting not only the health of people but also giving their finances a severe blow, a lot of earners lost their life’s savings to this disease. And with businesses taking a major hit, it made employers realise the importance of employee health and insurance.
However, the current traditional solutions are meant only to serve enterprises. We, at Pazcare, believe that insurance penetration in India should be employer driven. Pazcare was launched with the objective of enabling SMBs through technology, to provide health insurance and other employee benefits to their employees in a very seamless manner, thereby transforming employer-employee relationship at scale.
2. There are a couple of players in the insuretech space but how differently is Pazcare operating?
Pazcare is obsessed with customer satisfaction which separates us from the rest of the players. Our differentiation can be witnessed at all levels of our engagement with our clients.
During purchase of benefits : Being a broker ourselves unlike many who are agents, we work with the customers and bring the largest bouquet of options available to choose from, insurance and employee benefits.
During service: We are known for the ease of use of our platform. It makes the life of an employer easy by seamless management of policies, employee addition-deletions etc on the platform itself. Through our deep integrations with Insurer, TPAs, wellness and other service providers we provide the best of health and wellness through our in-app experience. We also have a 24*7 customer support facility which helps & guides the employees with any requirement, be it emergency or otherwise.
3. What are the products that you offer to your clients?
- In Insurance – Group Health Insurance, Group Personal Accident, Group Term Life Insurance
- In Health – Doctor consultations, Mental Wellness sessions, Health Checkups, Women wellness, medicines, ambulance services, fitness sessions and regular wellness session for employees
4. What are your plans for expansion and how do you think is the insuretech space going to evolve in the year 2022?
- We had a great 2021 as we were able to onboard and service over 200+ corporate customers in our first year of existence. This year is going to be even better as we intend to grow 5X, in terms of number of customers. We have set up a very great team and are also expanding to multiple locations, setting up deeper relationships with our customers.
- According to the IRDA report, Insurtech players are still limited to less than 0.1% of the total business in the Group Health category, so you can imagine the vast array of opportunities that lie ahead of us. The Health Insurance industry itself is witnessing a double digit growth. So the players with a good platform and service will see explosive growth this year.
5. How is Pazcare solving the Employee Benefits problem in the country?
- Employer-employee benefits have a big disconnect as the service is primarily offline. Given the heavy process of servicing customers, traditionally followed by insurance brokers and employee benefit companies, they find only enterprises as viable business opportunities, thus neglecting the SMBs.So Pazcare’s first step towards solving the employee benefits problem is to bring the accessibility and ease of managing employee benefits to small and medium businesses, even as low as 2 employees.
- On the employee side, even if the company has provided benefits, due to poor communication, most of them are not aware of it and thus are unable to make use of the same. By providing an app for employees, we are bringing all the benefits on one single dashboard, so that the employees can know and use the benefits better. On our platform, they can further upgrade the benefits themselves.
6. Can you tell us about the business model?
- Our business model is B2B2C, where we start by empowering employers to provide and manage benefits to their employees. Since each employee may have different benefits requirements depending on age, location, marital status etc, we provide flexibility to the employees to upgrade their benefits plan to suit their needs on the app. This could range from increasing the sum insured on the insurance cover or getting specialized doctor consultations to getting fitness specific packs etc.