[Exclusive Interview] This AI-Powered Fintech Startup Is Taking Insurance To The Masses: Find Out How?

Recently we interacted with Rohit Sadhu, Co-founder & COO, Ensuredit, and asked hi m about his endeavour to simplify insurance for the masses, by his startup.

Here are the major highlights of the interview..

1. Tell us about Ensuredit journey and what inspired you to establish this brand

Coming from a tech background, the overall idea was to simplify the journey of buying an Insurance product-more so because of the massive manual workflow. The idea was to leverage the new-age technology and build an unified platform that can change the landscape of how insurance is being sold in India. Like most of the tech-enabled startups in the country, we had our share of challenges too. We noticed the extent of legacy systems that have traditionally made selling insurance so difficult in India. At the same time, it was a great opportunity for us to prove our point with the idea we strongly believed in. In terms of building the platform & market acceptance of the product, the plan is to drive growth on the partner acquisition & enablement side of things.

2. What is the technology that is being used by Ensuredit and How tech is disrupting the insuretech sector how does it benefit the customers?

Ensuredit was established with the objective to revolutionize the insurance industry with the help of technology. With our tech-enabled platform(ICE), Ensuredit is at the forefront to take insurance to masses digitally. The AI-based ICE platform enables Intermediaries/distributors to adapt a seamless digital environment of distribution of Insurance products which reduces huge operational cost to start with. In addition, the platform also supports an advanced Analytics Engine, which helps intermediaries/distributors to drive up their business metrics & KPIs across the entire spectrum of their operations.

3. How does the company empower brokers, insurance companies & distributors?

Ensuredit is an Insurtech platform, where with the usage of technology, we enable our intermediaries/distributors to sell insurance completely digitally across the industry. Our platform provides a full 360-degree view of the business metrics to our partners that they can leverage to pull up their business- be it customer experience, operational ease, business agility, sell products more effectively and increase the reach.Being an AI/ML platform, it comes with all requisites that allows our partners to drive better business outcome. Our platform has helped our partners achieve higher scores and bring a paradigm shift to how they do their business.

Because of the seamless tech-enabled process our platform has helped our partners to drive more sales. Ensuredit has enhanced product portfolio on account of backend API integration with major insurance providers.
Superior Customer Experience, which has helped to reduce the loss of revenue from policy renewals.

Operational ease & efficiency, which has contributed in a big way to reducing cost points. With advanced analytics that the platform offers, has helped our partners to pinpoint & focus on specific areas of their business.

4. How is Ensuredit unique in the competitive world?

We are a pure technology infrastructure provider that aims to enable participants of the insurance value chain to deliver more at fractional costs to the end consumers. We are working on cutting edge technology that is super scalable to drive millions of transactions for our partners.

5. What is the company’s future plan?

Ours is a tech-enabled platform for taking insurance to the masses in India. Being an AI/ML backed platform, the plan is to be the platform of choice for the distribution of Insurance. At present, we have 34 Insurance providers onto our platform and in the next 12 months, our aim is to have all the major providers integrated to our platform. Similarly, on the distribution side, we plan to widen our reach by at least -3x. This will consolidate our existing leadership position and drive us to deploy more meaningful use cases for the clients.

6. How is Ensuredit accelerating insurance growth? How do you envision this industry in the next 5years?

We at Ensuredit envision to help to increase the distribution of insurance products in a digital environment therefore reducing the cost of distribution by 10X and increasing the supply side offerings as well. Digitally, our platform enables the access of insurance products from multiple companies via intermediaries to a larger population across the country.

We believe the Indian insurance industry is just getting started. Our estimates point to market size increasing to about $400 billion by the end of the decade. Furthermore, we believe with the growth in the Indian Economy, insurance penetration will also increase and there will be more innovative products, , especially parametric and personalized products that will be introduced to the market.