In this exclusive virtual conversation with StartupTalky, Shilpa Arora, Co-founder and COO of Insurance Samadhan, shares her inspiring journey from corporate success to building a startup that resolves insurance grievances. She opens up about her transition from a reserved professional to a confident leader, her experience on Shark Tank India, and the unique challenges of being the only woman co-founder in her team. Shilpa also discusses the most common insurance complaints in India, the need for greater awareness, her vision for Insurance Samadhan, and practical advice for young professionals and women entrepreneurs.
From Corporate Success to Startup Leadership
Shilpa’s career began in the corporate sector, where she enjoyed a steady rise. Despite being among the top performers, she felt unfulfilled. “At one point, I threw all my awards out of my house. I wanted to create something of my own rather than bringing success to another company,” she said.
Her decision to co-found Insurance Samadhan was driven by a desire to build something meaningful and stand by people when policies failed them.
Overcoming Personal and Professional Barriers
Interestingly, Shilpa describes her younger self as shy and reserved. Startup life forced her to evolve. “I could never imagine doing this kind of discussion earlier. You come out of the shell when you lead a startup,” she explained.
Being the only woman among her co-founders also brought unique challenges. Balancing home responsibilities and leadership was demanding, but she believes women bring empathy that complements discipline and aggression in decision-making.
“A combination of male and female leaders brings balance—just like running a family,” she noted.
Shark Tank India: A Turning Point
Insurance Samadhan’s appearance in the first season of Shark Tank India proved transformational. Initially reluctant to go on television, Shilpa was persuaded by her co-founders. The exposure brought an overwhelming response.
“We were flooded with calls, even international ones. Within a week, we had to hire people. Shark Tank helped us build trust and attract talent quickly,” she recalled.
Common Insurance Complaints in India
Despite years of awareness campaigns, insurance continues to confuse customers. According to Shilpa, the most common complaints are:
- Mis-selling, often by banks to elderly customers.
- Claim rejections due to non-disclosure of medical history.
- Hidden sub-limits, especially in health policies covering cancer or advanced robotic surgeries.
To address this, her team developed the “Know Your Policy” tool, which helps customers understand hidden clauses and potential risks.
“Insurance is protection, not an investment. People must know what they are signing up for,” she stressed.
Advice for Young Indians
Insurance is often ignored by Gen Z, but Shilpa warned of the risks of delaying. “You can only buy insurance when you are healthy. Once diagnosed with lifestyle diseases, it becomes tough or expensive,” she explained.
Her must-have list for young professionals includes:
- Term insurance
- Health insurance
- Personal accident cover
- Property insurance
- Critical illness cover
Plans Ahead for Insurance Samadhan
The company continues to focus on grievance redressal while expanding services. New initiatives include:
- Partnering with hospitals to reduce cashless claim rejections.
- Supporting claimants in motor accident tribunal cases at lower costs.
- Simplifying reimbursement processes through their app.
Shilpa emphasised that the goal is not to sell insurance but to serve policyholders.
Message for Women Entrepreneurs
Drawing from her journey, Shilpa urged women to keep learning and adapting. “You need to acquire knowledge in finance, technology, and operations. Otherwise, nobody will take you seriously in a startup,” she said.
She also highlighted the importance of co-founders with complementary skills and mental preparedness for a tough journey. “Have a strong belief in your idea, stay consistent, and don’t give up before four or five years,” she advised.
🎥 Watch the entire conversation here:
Shilpa Arora, Co-founder and COO, Insurance Samadhan in Conversation with StartupTalky
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