“Our Insurtech is Built to Make Financial Protection 10x Simpler” Says Adarsh Chokhani

Insurance, unlike other industries, hasn't seen much disruption. However, InsurTech of late is proving to be the go-to technology that can fill the operational gaps while building new bridges between the insurance providers and the users. For example, framing ultra-customized policies, social insurance, and data-based pricing system is not possible for traditional players. It offers a host of technologies that help free up insurance companies from obligations of operational tasks and instead focus on building innovative products. Assurekit, an end-to-end InsureTech platform aims to achieve diverse distribution of insurance products through its proprietary platform. Analytics Insight has engaged in an exclusive interview with Adarsh Chokhani, Founder and CEO, of Assurekit.

1. Kindly brief us about the company, its specialization, and the services that your company offers.

Assurekit is the one-stop-shop you need to create, sell and manage insurance and financial protection for your customers. Simply put, it is an ecosystem that helps anyone looking to add financial protection products, like motor, health (and contextual products) to their offering. We provide an end-to-end solution for anyone looking to sell financial protection products. The two major things we are solving, are accessibility and complexity. Assurekit is, therefore, built to make financial protection 10x simpler.

2. With what mission and objectives, the company was set up? In short, tell us about your journey since the inception of the company.

Our story is very simple. I worked in Insurtech and my friends were founders of a technology company before Assurekit came into the picture. Cut to the three of us sitting around the table sipping coffee, discussing real-time problems in the insurance sector, we were having our euphoria moment.

Financial protection is important for everyone, and therefore, this is a problem that has to be solved. It is by nature complex but its elements can be made much simpler for the end-user to understand and purchase. We are doing this by enabling businesses that care about their customers, by giving them the right tools to go ahead and provide protection to their customers and helping buyers and sellers of all shapes and sizes to digitise their insurance operations so that they can focus on other aspects of the business.

3. How digitizing the insurance sector is making them available to the masses?

Insurance is a complex product and more and more people are willing to purchase online while it will always remain a people-centric business. We are trying to enable insurance people with the right tools so they spend more time reaching and connecting with the masses instead of wasting time in manual processes.

Reports also suggest 65% of Indians are likely to go online to use/ access bank or insurance websites and e-commerce platforms to purchase insurance. India has made tremendous progress in solving problems with distribution, underwriting, pricing, and claims. We are continuing to do the same. 

4. What is Insurance Commerce and why do you need to know about it?

Insurance commerce is all about creating buying and selling insurance. We are creating the right infrastructure for anyone to be able to distribute insurance and financial protection through their own channels. While most businesses cover the upside of the customer experience, we help them protect the downside. We are essentially working for insurers who care about their customer's financial protection so that customers can avoid experiencing the downside that comes from the absence of financial protection. 

5. How do you plan to revolutionize the Indian market and what are your plans to tap the market?

We plan to revolutionize the Indian insurance market by really doing 2 things.

One, upgrading the existing distribution system because existing distribution technology used for insurance is very people and process-oriented. While we intend to keep the people in the mix, we want to double down and optimize the process by adding our proprietary platform that connects with insurance companies and give distributors access to tools for selling and servicing their customers. After creating an omnichannel platform where distributors can come, use and start selling in a fairly plug-and-play manner, we intend to reduce the time it takes for the agents to distribute products to customers, enabling them to go to more customers and increase penetration.

Two, innovating across the categories once we have a unified distribution network. Our plan is to create more products that insurers and their consumers want. We aim to upgrade and provide financial protection to every household and create better insurance products for them.