Make insurance a commodity-like purchase, by making it accessible, relevant and affordable for the masses. This can be done by creating innovative micro-insurance products that can be sold along with any primary sell by a merchant through any point-of-sale system, whether touch or tech. We have a bicycle, backpack, eyewear, mosquito and commuter insurance being sold through various stores and merchants, where the issuance is instant and claims are digitized and semi-automated.
Indians buy about $10 worth of general insurance per person per year compared to over $100 in China or Brazil. The main reasons are one-size-fits-all products, paper-heavy claims processes and lack of distribution networks outside big cities. Biggest risks for a majority of Indian middle class are cycles, mobile phones, health expenditures on seasonal infections and accidents. These are typically not covered by comprehensive products that are available. In under $30 dollars a year, we can cover all these for a typical lower-middle-class family. Saving at least $300 over the year. With our paperless claims and using existing merchant network to levarage existing trust, we hope to increase penetration of insurance significantly across all bands.