SecureNow Insurance Broker
Contact person: Kapil Mehta
Email address: firstname.lastname@example.org
Contact number: +91 9811158553
The Digital Insurer Asian Start Up InsurTech Award
Why SecureNow Should Win the Asian StartUp Insurtech Award
SecureNow TechServices was formed in December 2015 in Gurgaon, India. At SecureNow, we distribute commercial insurances (employee benefit, property, marine and liability) to small and medium enterprises (SMEs). There are over 20 million such SMEs in India, mostly uninsured. SMEs that want to buy insurance struggle because they are too small to matter to insurers. It takes weeks for SMEs to get quotes, these are outrageously priced and with policy conditions unexplained. Post-sale service delivery and claim support is horrible. This is the problem we address.
We have six technology products that allow us to address SME’s specific needs:
1. Commercial insurance calculators - Currently, it takes three weeks to get commercial insurance quotes from Insurers in India. SecureNow has developed calculators for commercial insurance products where a customer can get insurance terms within minutes by providing minimal information. Customers get 3 options with different coverages to select from.
Also, for products such as Workmen Compensation, where the need of insurance is immediate, a customer can buy the policy online immediately. We are the first company to build this end-to end fulfillment capability. Our terms are significantly lower than prices the client could get directly.
2. Insuropedia - As the name suggests, it is a one-stop solution, developed by SecureNow, to all the insurance related queries. It not only provides the queried answer to the user but also help users navigate between other related terms and questions. There are over 5000 content pages and FAQs built into Insuropoedia and we are continuously improving this based on queries that come in.
3. Notify - Notify is an app, on android and iOS, that delivers medical insurance cards electronically to the phone, within three days of the insurance being placed, where the standard industry takes four weeks to get physical cards after the insurance start date. Physical cards are often not found when needed but our electronic cards are always on the phone. The client is connected to the team 24/7 through an integrated chat tool and a helpline number where SecureNow’s representative attends the call instead of an IVR machine.
We make available, for download, all the necessary insurance documents through Notify. Customers do not need to keep their own records. Renewal payment reminders are sent 21 and 7 days before renewal of policies. These renewal reminders are delivered through email, phone notification and calendar entries and resolve a common issue of SMEs forgetting renewal dates.
In order to encourage downloads and daily use we provide a location-based attendance management system to our clients at no cost.This replaces current biometric devices and physical registers used to mark attendance. The app remains valid even if we change the insurer on renewal – we electronically replace the mediclaim cards. Notify has about 14,000 downloads, 150 reviews and an average rating of 4.5.
4. Hospital locator - Hospital locator is embedded in the notify app and our website. It helps to identify and contact the nearest hospital or health care centre. It also helps to identify hospitals that offer cashless medical facility for your insurances. There are over 5000 hospitals listed on this tool.
5. PAM - PAM is the in-house CRM we developed that manages our customer management interface. Our fully functional customer policy administration portal provides all the insurance documents, active lists and contact persons in one place. SMEs find this very useful to keep track of their employee and asset active lists and also to download insurance copies whenever needed. The online uploads of endorsements and claims significantly increases efficiency. Clients can see the turnaround time between making an information request and SecureNow executing the change.
6. Claims MIS - We email an automatically generated MIS to clients every quarter. This MIS focuses on Group Health Insurance claims and provides an insightful view into the diseases people in the company are suffering from, the hospitals they visit and areas where they face claims issues. This MIS is different from the standard MIS comparing claims with premiums paid, that most insurers use.
Insurance distribution is increasingly dominated by multinationals focused on large companies. Smaller companies, most vulnerable to risks, remain un-insured and under-served. This is the segment we address. Since it is impossible to effectively serve such small companies through face-to-face interactions, we have established a business model that leverages technology to provide small companies insurance options comparable to what larger companies get.
Our business has grown rapidly. Last year we used to acquire about 3 new clients a day, currently we are acquiring 15 every day and have a client base of 3600. We have a team of 140 people and have acquired clients in over 25 locations. There is much work to be done but we have taken the first sure steps.