Fueled by FinTech investments and InsurTech startups, insurance has become a hotbed of digital innovation. In response, insurers must embrace change and rethink business models to move towards a compliant, secure, and digitally-enabled operating model to enhance customer, employee, partner, and other stakeholder experiences. Ensuredit is at the forefront of the digital revolution in the distribution of Insurance products with its technology platform (ICE). Its AI-based ICE platform enables Intermediaries/distributors to transition to a seamless digital environment that brings in huge operational ease & cost efficiencies to start with. Analytics Insight has engaged in an exclusive interview with Rohit Sadhu, Co-Founder, and COO of Ensuredit.
Ensuredit is at the forefront of the digital revolution in the distribution of Insurance products with its technology platform (ICE). Our AI-based ICE platform enables Intermediaries/distributors to transition to a seamless digital environment that brings in huge operational ease & cost efficiencies to start with. In addition, the platform also supports an advanced Analytics Engine, which helps intermediaries/distributors to drive up their business metrics & KPI's across the entire spectrum of their operations.
At its core, the idea was to simplify the entire journey that goes into buying an Insurance product – predominantly due to its overwhelmingly manual workflow. It has been a great learning experience for us – in fact, more of a humbling one. Coming from the tech industry, the idea was to leverage the new-age technology pieces to create a unified platform that completely changes how insurance gets sold in India. As is the case with most of the tech-enabled start-ups, we had our share of challenges, specially when you the realize the extent of legacy systems that have traditionally made selling insurance so difficult in India. At the same time, it kind of acted as a proof point to the opportunity that we so strongly believed in. With most of the heavy lifting done, in terms of the platform readiness & market acceptance, the plan is to drive growth on the partner acquisition & enablement side of things.
We are heavily invested in AI/ML and we strongly believe they are going to redefine every aspect of the Insurance industry. Some of the key trends that we believe will drive the future growth are:
We provide a tech platform that enables Intermediaries/distributors to sell insurance in a completely digital environment across the industry. Being an AI/ML-based platform, it comes with all the requisite functions that allows intermediaries to drive better business outcomes. Our platform provides a full 360-degree view of the business to our partners and they can leverage the same to pull up on all business metrics – be it end customer experience, operational ease, business agility, and sales enablement & reach. We have witnessed tremendous success with our partners on most of the above business parameters.
The plan is to be the technology platform of choice for the distribution of insurance in India. We already have 34 Insurance providers integrated onto our platform and we intend to have all the major providers integrated in the next 12 months. Similarly, on the distribution side, we plan to widen our footprint by at least -3x. This will consolidate our existing leadership position and drive us to deploy more meaningful use cases for the clients.
Ensuredit has enabled its partners to bring in a paradigm shift to how they do their business. Our platform has helped them to achieve higher scores on most of the business parameters/metrics, to name a few…