On 24 October, Go Digit General Insurance announced that the Insurance Regulatory and Development Authority of India (IRDAI) had sent it a show-cause notice because its expenses for the six months ended September 2024 were higher than allowed.
According to Go Digit’s Q2FY25 financial results notes, the company’s insurance-related expenses for the six months ending September 30, 2024, exceeded the IRDAI (Expenses of Management, including Commission of Insurers) Regulations, 2024 restrictions. The insurer further stated that it has requested forbearance for three years starting on April 1, 2023, as allowed under the regulations. IRDAI is presently reviewing the application.
Who is IRDAI?
The Insurance Regulatory and Development Authority Act, 1999 (IRDA Act, 1999) established the Insurance Regulatory and Development Authority of India (IRDAI), a legislative agency tasked with overseeing and developing the insurance industry in India.
The Insurance Act of 1938 and the IRDA Act of 1999 both specify the Authority’s duties and authority. The main law regulating the insurance industry in India is the Insurance Act of 1938. It gives IRDAI the authority to create regulations that establish the framework for oversight of the organisations involved in the insurance industry. The duties, powers, and functions of the Authority are outlined in Section 14 of the IRDA Act of 1999.
Protection of policyholders’ interests, rapid and orderly expansion of the insurance sector, prompt resolution of legitimate claims, an efficient grievance redressal system, encouraging equity, openness, and orderly behaviour in insurance-related financial markets, and prudential regulation while maintaining the insurance market’s financial stability are among the main goals of the IRDAI.
Go Digit’s Recent Financial Report Card
In Q2 FY25, premiums for the motor insurance market, which continues to be the biggest contributor to Go Digit‘s overall business, totalled INR 1,354.21 crore, up 10.22% from INR 1,228.65 crore in Q2 FY24. Nonetheless, the motor segment’s underwriting losses increased 17.71% year over year to INR 245.11 crore during the quarter. Relatively smaller markets including fire, marine, health, and crop insurance accounted for the majority of Go Digit’s earnings. After losing INR 32.08 crore during the same period last year, corporate group health insurance turned a profit of INR 24.3 crore during the current quarter.
The business did point out that the financial results for the quarter-in-record (QIR) are not necessarily representative of the predicted success for the entire year due to the industry’s seasonality. Crop insurance, meanwhile, made INR 13.18 crore in Q2 FY25 compared to INR 2.46 crore in the same period last year.
Several important topics were discussed at the 54th Goods and Services Tax (GST) Council meeting, including online payment processing, the use of helicopters for religious reasons, and the taxation of R&D in educational institutions. In August 2024, India’s Goods and Services Tax (GST) receipts were INR 1.75 lakh crore, down from INR 1.82 lakh crore the month before.
Digital payments, insurance, and education are just a few of the areas that could be affected by the several recommendations that the Council considered, even though the overall rise of GST was relatively constant at about 10%, showing resilience in domestic revenue collection. The government’s cautious approach to tax reforms was signaled when these suggestions were forwarded to the fitment committee for additional examination.
Growing Domestic Revenue and GST Patterns
GST receipts in India increased by 10.1% to INR 9.14 lakh crore in the first half of the fiscal year. There was a 9.2% increase to INR 1.25 lakh crore in domestic revenue, and an even quicker growth of 12.1% to INR 49,976 crore in revenue from imports. Despite a reduced rate of growth in net domestic revenues (4.9 percent after refunds), this expansion exemplifies the economy’s continuous recovery.
Notably, overall net GST revenue stood at INR 1.5 lakh crore, representing a 6.5 percent increase compared to the same month last year. Integrated Goods and Services Tax (IGST) revenues recorded a greater gain of 11.2 percent. A further important factor was the distribution of refunds, which totaled INR 24,460 crore (58% of which went to domestic refunds and the rest to exporters).
The insurance sector plays a significant part in India’s tax system; in 2023-24, the federal government and individual states collected INR 8,262.94 crore from health insurance premiums and INR 1,484.36 crore from reinsurance premiums.
Helicopter Services Subject to Lower GST Rates
The GST Council eased the financial burden on tourists and pilgrims by lowering the tax on religious helicopter services from 18% to 5%. Devotees who use helicopter services for pilgrimages to religious locations around India are expected to feel less financial strain as a result of this action.
In areas where pilgrimage sites are difficult to reach, this GST cut will make helicopter services more cheap, encouraging more people to travel there for religious purposes.
Market Behaviour and Insurance Rates
Discussions regarding the Goods and Services Tax (GST) on health and reinsurance premiums have also centered on the insurance industry. Health insurance premiums generated INR 8,262.94 crore for the government as of August 2024. Nevertheless, the insurance sector’s taxation has not been changed in any significant way.
Following the meeting of the GST Council, the stock market responded to the premium uncertainty by trading down in the shares of Star Health, ICICI Lombard General Insurance, and Go Digit General Insurance. These businesses could feel the effects of the upcoming health insurance pricing decision, which has already dampened investor enthusiasm.
Examining Research and Development Efforts
Given the notices received by DGGI to universities regarding research funds, the fitment committee will conduct an additional evaluation of the subject of GST on R&D operations in educational institutions. Some universities, like Punjab University and IIT Delhi, have received notifications regarding research funding worth INR 220 crore; they are now seeking for clarification regarding the treatment of these grants under GST.
Institutions of higher learning that depend on research funding are particularly affected by the decision about the GST applicability to these awards. The academic sector may need to consider the recommendations of the fitment committee in the long run.
Acko Tech, an insurtech unicorn, has launched the Acko flexi term life insurance plan, which provides policyholders with the ability to vary the amount of coverage when their financial responsibilities change. This comes after the company made its debut in the automotive industry.
By launching this product, the company intends to become a one-stop shop for all of the protection needs that customers may have. A statement issued by the company stated that the plan offers customers comprehensive coverage, which provides them with financial safety throughout their entire lifetimes.
In accordance with the firm, the plan offers the possibility of modifying the period of the policy to accommodate one’s life goals, whether those goals are for short-term or long-term protection.
Giving Options of Lump Sum, Monthly Instalments, or an Annuity
By opting to Acko’s service clients will have the opportunity to change payout methods at any point throughout the policy, which adds flexibility. Policyholders have the ability to adapt their payouts to match their changing financial circumstances, even while the claims procedure is in progress, by selecting from a lump sum, monthly instalments, or an annuity depending on their preference.
As stated in a release, the creator of Acko, Varun Dua, expressed the company’s desire for clients to view life insurance not as a method of investment but rather as a form of security that is solely for themselves and their families. As we move forward, the company will continue to place its primary emphasis on products that are related to pure protection, such as the term life product that we have just recently introduced.
Acko is an insurance company that deals with travel, health, and automobile insurance. It was established in 2016 by Varun Dua and Ruchi Deepak. Among its investors are companies such as General Atlantic, Multiples Private Equity, Lightspeed, and Intact Ventures, among others. An insurance plan for the batteries of electric cars (EVs) was also introduced by the company in the previous year.
For the purpose of constructing an all-encompassing healthcare ecosystem, Acko purchased the digital chronic care management startup OneCare many months ago.
Acko’s Progress Card
The organisation asserts that it has provided insurance plans to more than 78 million distinct consumers and has issued more than one billion policies through the present day.
The entire amount of money that Acko has received from investors is about $450 million. These investors include Amazon, General Atlantic, and Multiples Private Equity. The company reported a net loss of INR 738.5 crore in FY23, which is an increase of 53% compared to the previous year. On the other hand, its operating revenue increased by 32% to INR 1,758.6 crore.
In this engaging interaction with Mr. Rahul Agarwal, Founder and CEO of Ideal Insurance, he shares his journey of building a successful insurance business. He discusses the key milestones that shaped the company’s success, the wide range of policies offered, and highlights how the technology helps enhance their business operations. Agarwal also shares his insights on the data integration challenges, the company’s growth strategies, and the role of investment in the company’s expansion.
StartupTalky: What inspired you to start Ideal Insurance, and what were some key milestones?
Mr. Agarwal: The journey to starting Ideal Insurance began during my college years. In the early 2000s, I aspired to study abroad but found myself lacking the necessary information and work experience to apply. In my third year, I sought a job but was unsuccessful. However, 2001 was a pivotal year when the insurance industry in India opened to private and foreign companies. I decided to walk into Max New York Life, thinking that a role with an American insurance company would enhance my CV. Although they didn’t offer me a job since I was still a student, they made me an insurance agent.
I excelled quickly and within four months became a member of the Million Dollar Round Table (MDRT). As fate would have it, Max New York Life sent all MDRT members to the U.S. for an annual conference. This trip opened my eyes to the global insurance industry. After completing my MBA at S.P. Jain, I knew the insurance industry in India had significant growth potential. Coming from a business family, I was inspired to build a successful enterprise, much like Dhirubhai Ambani. With this vision, I founded Ideal Insurance in September 2005.
StartupTalky: What types of insurance policies and services does Ideal Insurance offer?
Mr. Agarwal: Insurance broking in India began in 2003, before which agents dominated the industry. At Ideal Insurance, we established a consultancy-driven insurance firm that collaborates with any insurance company in India and abroad. We offer every type of policy available across all insurance companies, ensuring our clients receive the best products on the market. Ideal Insurance leads in key areas such as auto and fleet insurance and health insurance. We also provide personalized policies, along with free risk assessments and audits for businesses.
StartupTalky: How do you think the insurance industry will change in the next decade?
Mr. Agarwal: The insurance industry is poised for phenomenal growth over the next decade. Currently, the size of the market is $220 billion, the Indian insurance market has the potential to reach $1 trillion within the next five years. When compared to the $2 trillion U.S. insurance market, there’s immense room for expansion. With dedicated support from the Insurance Regulatory and Development Authority of India (IRDAI), increasing awareness, and overall market growth, the next 10 years are going to be transformative for the industry.
StartupTalky: What strategies or technologies have you used to make the insurance process easier for clients?
Mr. Agarwal: We have embraced technology and in-house automation to enhance our services significantly. For instance, we have launched 121policy.com to simplify the management of our partner businesses, allowing partners to interact and obtain quotations easily. Additionally, we have developed our own CRM tool for our employees to streamline operations, and we are working on claims management software to improve the client experience further.
One of our key innovations is the development of a policy wallet. Many clients struggle to manage multiple policies from different agents and companies, so we are creating a common repository where they can store all their policies. This tool will provide regular reminders and make it easier for clients to manage their policies in one place. We are continuously working on more initiatives like these to make the insurance process more seamless and strengthen our distribution channels.
StartupTalky: When choosing an insurance policy, what should people look for to make sure it fits their needs?
Mr. Agarwal: When selecting an insurance policy, the primary focus should be on how well it meets your specific needs. While price is important, it should be secondary to factors like the policy’s coverage, the claims process, and the financial strength of the insurance company. Additionally, it’s crucial to consider the role of the intermediary or broker you choose, as they play a significant part in ensuring you get the right coverage and support.
StartupTalky: How do you create personalized insurance policies for clients?
Mr. Agarwal: The process begins with a deep understanding of our client’s needs, risks, and specific requirements. Once we have a clear picture, we design a tailored product that addresses those factors. We then identify an insurance company that can offer the appropriate coverage and negotiate with them to ensure the best terms. Since we work with every insurance company and have access to a wide range of products, we can offer truly customized solutions to our clients.
StartupTalky: What factors do you consider when assessing risks for businesses?
Mr. Agarwal: We conduct a comprehensive process called Risk Audit & Assessment (RAA), which sets us apart from other industry players. This process begins with gaining a deep understanding of the business and identifying the specific risks involved. We then review all existing insurance policies to identify gaps and evaluate what is working and what isn’t. Through this thorough analysis, we can accurately assess the risks and provide tailored advice on the types of insurance coverage the business needs.
StartupTalky: How does Ideal Insurance keep up with changes in insurance regulations?
Mr. Agarwal: Keeping up with regulatory changes is a regular and straightforward process for us. Whenever regulations change, we promptly educate and train our team to ensure everyone is up to date. This continuous education allows us to stay compliant and provide the best service to our clients.
StartupTalky: What challenges did you face using data to improve your services?
Mr. Agarwal: Using data to enhance our insurance broking services has presented several challenges. One major challenge was integrating data from diverse sources into a cohesive system, ensuring accuracy and consistency across all platforms. Additionally, analyzing large volumes of data required advanced tools and expertise to extract actionable insights effectively. Data privacy and security were also critical concerns, necessitating robust measures to protect client information.
Fostering a data-driven culture within the organization involved significant effort in training and aligning teams to leverage data insights for decision-making and service improvement. Since we have Pan-India branches and partners, collecting data efficiently is key to ensuring a free-flow process, such as the seamless renewal of insurance policies. Despite these challenges, overcoming them has been crucial in driving more informed and effective service delivery.
StartupTalky: What are your goals with the recent mergers and acquisitions?
Mr. Agarwal: Ideal Insurance Brokers is actively pursuing growth through strategic mergers and acquisitions, such as our recent mergers with MK Insurance and Narnolia Insurance Brokers. Our primary goal is to enhance our portfolio and expand our geographical footprint. We’ve identified a significant challenge in the market where smaller brokers and agents, handling premiums in the range of ₹5-50 crore, struggle to grow consistently due to increased competition and market pressures. These smaller businesses often find it difficult to sustain profitability.
To address this, we’ve created a platform that fosters mutual growth. By offering our knowledge, support, and technology, we help these businesses leverage our brand and expertise, creating a win-win situation for all involved. Over the next two years, we aim to acquire 15-20 broking firms and large agents, reaching a premium goal of ₹1000 crore, with at least 50% of that coming from acquired businesses.
StartupTalky: How do you plan to expand and grow Ideal Insurance in the coming years?
Mr. Agarwal: Our next goal is to reach the ₹1000 crore mark in premiums by 2025. Our growth strategy focuses on two key areas. First, we’re expanding our direct commercial business, with a strong emphasis on SMEs. Our aim is to become the leading insurance provider in the hospitality sector. Second, we’re committed to acquiring and supporting other agents, helping them grow alongside us. By combining these efforts, we plan to achieve significant growth in the coming years.
StartupTalky: How has investment from Venture Catalysts helped Ideal Insurance?
Mr. Agarwal: We have raised a small round of funding from Venture Catalysts (VCATs) to support the acquisition of Emkay Insurance Brokers. By 2024, we had secured over $1 million (INR 8 crores) in pre-series A funding. This investment was crucial for addressing our working capital requirements. While we are a profitable, bootstrapped company that has grown by reinvesting profits, the rapid pace of our expansion necessitated additional funds to maintain smooth operations and manage cash flow effectively.
StartupTalky: What makes the company culture at Ideal Insurance unique?
Mr. Agarwal: At Ideal Insurance, our company culture is defined by several key elements:
Culture of Learning: We foster a continuous learning environment where employees are encouraged to develop new skills and advance their knowledge. We are eager to help individuals thrive in their professional fields, always offering our support.
Support and Training: We invest in training and support for those who are eager to excel, ensuring they have the resources and guidance needed for success.
ESOPs for Employees: We share Employee Stock Ownership Plans (ESOPs) with those who are passionate about building Ideal into a bigger brand.
StartupTalky: How do you manage your roles as an entrepreneur, author, and venture capitalist? Any key strategies?
Mr. Agarwal: I like to maintain a balance in my roles as an entrepreneur, author, and venture capitalist, which involves clear focus and strategic time management. As an author, writing is driven by passion; I wrote my book ‘The Ideal Entrepreneur’while traveling on flights and plan to pen down another book on scaling organizations once my company reaches ₹1000 crore.
In my role as a venture capitalist, I’m not a regular investor but I invest in promising companies that I come across, prioritizing opportunities that align with my interests. My primary focus remains on my entrepreneurial venture, with most of my investments aimed at supporting the growth journey of Ideal Insurance. This approach allows me to effectively manage and integrate these roles while staying committed to my core responsibilities.
It has become important to have insurance by your side in this uncertain world, where anything could happen at any time. Especially when it comes to your health and life, the game out there is risky. Yes, there are insurance companies but having trust and finding a company with a myriad of insurance coverages is crucial.
CignaGroup has placed itself as a colossal figure in the health insurance sector. A company that is a for-profit American organization, is also a major provider of insurance subsidiaries. The Bloomfield-based health insurance company relaxes the weary minds of its customers with a range of insurance from medical, life, and disability, to accident, while even providing dental insurance coverage.
A global health company, leading in over 30 countries has won the trust of more than 190 million customers. The company offers Medicare as well as Medicaid products along with its well-reliant insurance coverages.
Cigna Group aims at improving the vitality as well as the health of its customers and patients. The health company stands tall in this sector as it works under diverse capabilities with its two available divisions, Cigna HealthcareSM and Evernorth Health Services®.
Even during the rising cost of the health market, Cigna Group provides its clients and customers access to a range of care related to health, and life that too with personalized support aimed at each individual. As of the ranking on the Fortune 500 list, Cigna ranked 15 in the year 2023 amongst the list of largest U.S corporations by total revenue.
Cigna – Industry
Speaking of the industry that is targeted by the Cigna Group, health and medical insurance, it is the largest in the US. The same is booming around the globe, as an analysis of Data Bridge Market Research suggests that the health insurance market which was at USD 1,855.30 billion in the year 2022, the same is expected to reach USD 2,658.69 billion by the year 2030 with a CAGR of 4.6%.
Looking at the geographical distribution of the health insurance market, the North American region is the highest buyer of health insurance, followed by Europe. These areas are expected to have growth in the said industry in the coming years. This is assured due to the high demand for health insurance in the corporate sector.
Next in line is the Asia-Pacific region, which is again expected to grow by 2030. A few companies that are thriving in the aforementioned regions are Bupa (UK), Now Health International (China), and of course Cigna (USA).
Cigna – Team
At present David Cordani is the president and CEO of Cigna, who took the chair in 2009, while Brian Evanko is the current Chief Financial Officer.
David Cordani
David Cordani – President and CEO, The Cigna Group
David Cordani looks after the 70,000 colleagues while leading the health insurance company. In the year 2020, David also oversaw Cigna’s launch of Evernorth, which is their recent brand for high-performing health services portfolio.
With all of that amazing journey and experience, David is even known to be the co-author of ‘The Courage to Go Forward.’ He is a triathlete, who has experience of over 125 triathlons and has won a few too.
Amongst his other interests and great roles, David has also been a part of the Achilles International Freedom Team of Wounded Veterans and ChildObesity180, as a charter board member.
Brian Evanko
Brian Evanko – CFO and Chief Actuary, The Cigna Group
The alumnus of Penn State University, Brian Evanko looks after all the global financial functions that take place across Cigna. He has experienced an astounding journey while working with Cigna since he became the Actuarial Director in the year 2003.
In the August of 2009, Brian became the CFO & Chief Actuary. This is when he spent his 2 years managing the functions in Singapore and then spent a year in Hong Kong managing all financial global leads.
Cigna – History and Beginning
It was the year 1982 when Cigna was formed. The whole idea that is ruling over the health insurance industry today, came to life through the merger of the Connecticut General Life Insurance Company (CG) and INA Corporation. INA is the parent company of the first ever stock insurance company in America the ‘Insurance Company of North America.’
While spelling out the name ‘Cigna’ it represents the combination of the initial words of the two merged companies which are CG and INA.
Looking further and turning the pages in its history, the Connecticut General Life Insurance Company (CG) was formed in 1865, while the Insurance Company of North America was formed in 1792.
Cigna – Mission and Vision
Cigna has got clear and simple mission that guides them through the depth of the insurance market.
Mission: As per the company’s website, Cigna is focused on improving the health and vitality of those they serve. They are making great efforts to strengthen as a company while working towards their goal and at the same time they are evolving their capabilities focusing on innovation and new schemes.
Vision: While talking about the vision, Cigna aims to have a better future that is built on the vitality of each individual belonging to every community.
Cigna – Name and Tagline
The Cigna Group – Tagline
Tagline: This health company’s tagline is simple yet encouraging, “Together, all the way.”
Cigna – Business Model
Focusing on three business segments, Cigna has achieved a lot since its inception. The company focuses on global health through its sub-segments such as medical, life, dental behavioral health, vision as well as prescriber drug benefits plans. The Cigna group even has a health advocacy program. With this, it also covers Global supplementary benefits. The plan offers a range of supplemental insurance ranging from health, life, and also accident.
Besides the above-explained business model, Cigna then provides group long-term and short-term disability, group life, accident, and specialty insurance products.
Cigna – Revenue Model
As of 2022, the revenue of Cigna is at USD 180.52 billion. The primary source of generating revenue at Cigna is through its insurance premiums which are paid by the customers every month. Next in line in the revenue generation model is the service fees, which are again paid by the customers.
The company also aims to generate its revenue through its medical insurance schemes and even through the prescribed drug benefit plans. Cigna even generates its revenue through the health advocacy program.
Cigna group currently has around 70,000 employees, while covering over 30 markets within various countries.
Cigna – Challenges
Although Cigna has achieved a lot over the period, it had its days of struggle. The company once relied heavily on PowerPoint which hindered its productivity and even affected its creativity. Similarly, the in-house team of designers failed to come up with the company’s own visual identity which ultimately affected its brand recognition.
Then about the technical expertise, the internal team at Cigna had to face issues while looking for a partner to manage the technical part.
Cigna – Funding and Investments
Cigna has a total of four investors with only one Angel Investor being Carl Icahn. About Funding, Cigna raised a total of USD 250 million in the year 2018, through a single venture fund which is Cigna Ventures I. The mentioned fund was announced in September 2018.
Investments
In total, Cigna Group has made 10 investments, with the most recent being in 2023. Follow the table below to know all the investments made by Cigna.
Date
Organization Name
May 4, 2023
Prognos Health
September 6, 2022
Tritium
April 8, 2022
Ryse Health
December 7, 2021
Tritium
June 4, 2020
Tritium
September 5, 2018
Cricket Health
August 1, 2018
MDLIVE
November 27, 2017
Prognos Health
June 14, 2017
Omada Health
August 4, 2016
Shatterproof
Cigna – Growth
Recently at the end of 2023, Cigna Group reported a profit of USD 1.4 billion in its third quarter. This growth was achieved through its Evernorth health services as well as with the help of Cigna’s health insurance plans.
Let’s take a look at the details of this growth:
Cigna saw USD 4.74 per share profit
The previous year’s profit was at USD 2.75 with a big boost from the sale of life, accident as well as supplemental benefits business to Chubb.
Third-quarter revenue increased by 8%
Cigna – Social Media Presence
You can see a tremendous amount of responses to the company’s profile on social media. It is active on all platforms including Twitter, Facebook, LinkedIn, Youtube, Instagram, and Snapchat.
To attract more audiences Cigna targets each region around the globe using local language. This helps the clients understand its scheme more efficiently, making them buy the insurance.
On Snapchat, Cigna keeps posting stories focusing on its health benefits and advocating its mission.
Cigna – Advertising Strategy
For its advertisements, the health insurance company, Cigna focuses on traditional marketing channels that include television as well as print media. The company targets its audience through local languages in various countries.
Cigna – Awards and Achivements
In the year 2009, Cigna received a gold Garrner & 1to1 Customer Experience Excellence Award, for clearly demonstrating exemplary customer relationship strategy. Later in 2010, Cigna received the JD Power Award for its customer service.
Cigna and Humana in talks for possible merger: WSJ
Cigna – Competitors
The competitors of Cigna are as below:
Aetna
Humana
UnitedHealth Group
Elevance Health
Molina Healthcare
CVS Health
Cigna – Future Plans
Last year, the Cigna health group announced its plan for 2024, which is to offer affordable, comprehensive health care plans in the ACA Marketplace across 14 states in the USA in 2024.
The said plan would even include 15 counties in North Carolina and will even cover counties in regions of Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Mississippi, and more.
FAQs
How long does it take Cigna to process a claim?
It takes up to five days to reimburse the fees after receiving the claim.
In which countries is Cigna available?
Insurance by Cigna is available in China, Hong Kong, India, Singapore, Spain, New Zealand, South Korea and Turkey.
When was Cigna formed?
Cigna was formed in the year 1982 with the merger of the Connecticut General Life Insurance Company (CG) and INA Corporation. INA is the parent company of the first-ever stock insurance company in America the ‘Insurance Company of North America.
Who are the competitors of Cigna?
The competitors of Cigna include Humana, Aetna, UnitedHealth Group, Elevance Health, Molina Healthcare, and CVS Health.
StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.
Insurance is like a safety net for life’s uncertainties. It helps protect people and businesses by offering financial support during unexpected events. The insurance industry is all about managing risks and providing peace of mind, from health to property coverage. By spreading the financial risk, insurance ensures that individuals and businesses can navigate challenges with greater confidence and security.
In 2022, the Motorcycle Insurance market was valued at USD 64.2 Billion. Projections indicate substantial growth, with the industry expected to reach USD 95.40 Billion by 2032, showcasing a 4.50% compound annual growth rate (CAGR) during the forecast period (2023 – 2032). Additionally, this growth is fueled by increasing demand for comprehensive coverage and innovative insurance solutions in the motorcycle insurance sector.
In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Sonendra Verma, Founder, and CEO of AegisCovenant, to understand how the brand navigates the insurance industry. We explored their strategies and gained insights into AegisCovenant’s unique operation in this sector.
StartupTalky: What service does AegisCovenant provide? What was the motivation/vision with which you started?
Sonendra Verma: We are a B2B2C company facilitating transactions between customers and dealerships for two-wheelers across India. While currently focused on two-wheelers, we are expanding to include private cars, commercial vehicles, and miscellaneous vehicles. Our services also encompass Roadside Assistance benefits alongside insurance. Additionally, we are soon launching a BPO to enhance customer retention efforts.
StartupTalky: What new services have been added in the past year? What is/are the USP/s of AegisCovenant?
In the past year, we’ve started building a dedicated BPO team, adding to our commitment to comprehensive service. Our brand stands out in the RSA and insurance industry by focusing on customer needs, innovative solutions, industry expertise, financial stability, and integrity. We offer bespoke solutions using advanced technology, guaranteeing swift support and transparent handling. Choose us for unmatched customer experiences, tailored solutions, innovation, and trust.”
StartupTalky: How has the insurance industry changed in recent years, and how has AegisCovenant adapted to these changes?
Sonendra Verma: In recent years, the insurance management industry in India has shifted towards digitalization and personalized services. To adapt, we embraced technology, offering user-friendly online platforms and personalized products. Our focus on quick, data-driven solutions and proactive customer support keeps us aligned with evolving customer needs, ensuring we remain competitive in this dynamic industry.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the insurance industry?
Sonendra Verma: Staying at the forefront of industry trends is crucial for our business. I prioritize continuous learning through industry publications, attending conferences, and actively participating in professional networks. Leveraging technology, I subscribe to relevant newsletters and utilize curated content platforms. Integrating these insights into our business strategy involves regular team discussions, training programs, and fostering a culture that values innovation. This approach ensures that we not only stay informed but also proactively apply the latest advancements to enhance our products/services and maintain a competitive edge in the market.
StartupTalky: What key metrics do you track to check AegisCovenant’s growth and performance?
Sonendra Verma: The success of our business is measured through a combination of key performance indicators (KPIs) and the impact we create. Financial metrics, customer satisfaction, and employee engagement are pivotal indicators. Major achievements include consistent revenue growth, expansion into new markets, and industry recognition. Moreover, our commitment to sustainability and community impact stands out as a significant accomplishment. Ultimately, success is not just about numbers; it’s about the positive influence we exert on the world around us.
StartupTalky: What were the most significant challenges AegisCovenant has faced in the past year, and how did you overcome them?
Sonendra Verma: Market fluctuations demanded a nimble approach. We responded by closely monitoring trends, recalibrating our marketing strategies, and introducing flexible pricing models. Embracing innovation, we leveraged technology to enhance customer engagement, leading to sustained business growth.
The commitment of our team was instrumental in overcoming these challenges. Regular communication, upskilling initiatives, and fostering a culture of adaptability were pivotal. As a result, we not only weathered the storm but emerged more agile, connected, and poised for future opportunities.
StartupTalky: Good service is something everyone is talking about in the service industry. How does AegisCovenant ensure the satisfaction of its clients?
Sonendra Verma: To ensure our clients’ happiness, we prioritize a customer-centric approach ingrained in our services. We start by understanding their needs and preferences crafting tailored solutions using cutting-edge technology and data-driven insights. Our commitment to quick and transparent service, coupled with a dedicated support team, ensures prompt assistance and hassle-free experiences. By consistently delivering personalized, proactive support and innovative solutions, we aim to exceed our clients’ expectations and foster long-term satisfaction.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.
Sonendra Verma: Our current marketing strategy predominantly centers on B2B networking, fostering strong client relationships as our primary focus. We emphasize personalized interactions and tailored solutions. Additionally, we employ digital channels and content marketing to showcase our expertise. Targeted email campaigns and participation in industry events help expand our network. Our growth hack involves prioritizing exceptional service, leading to organic referrals. By consistently exceeding expectations, we’ve garnered significant business opportunities and bolstered our brand reputation within the B2B domain.
StartupTalky: What are the important tools and software you use to run AegisCovenant smoothly?
Sonendra Verma: We rely on a diverse array of tools and software to ensure smooth business operations across different domains. For internal communications, our primary platforms are Slack and Google, fostering efficient and collaborative interactions among our teams. Our HR processes are managed seamlessly through the Keka portal, providing streamlined human resource management solutions.
In our IT department, we harness the power of several tools, such as Postman for API development, Make for task automation, and AWS (Amazon Web Services) for cloud infrastructure. Additionally, our tech stack comprises essential frameworks and languages like React, NodeJs, JavaScript, and NoSQL databases, along with MySQL, enabling us to build and maintain robust, scalable applications. We also utilize Coderbyte to enhance coding skills and VS Code as our preferred integrated development environment (IDE). Collectively, these tools contribute to our operational efficiency and enable us to deliver high-quality products and services.
StartupTalky: What opportunities do you see for future growth in the insurance industry in India and the world? What kind of difference in market behavior have you seen between India and the world?
Sonendra Verma: Opportunities for insurance industry growth in India and globally lie in evolving consumer needs and technological advancements. In India, rising middle-class demand and government initiatives drive expansion. Globally, InsurTech innovations and digitalization transform the sector. Market behaviors differ—India favors traditional policies, while developed markets seek specialized offerings like cyber insurance. Navigating these distinctions requires tailored strategies embracing technology and innovation for sustained growth in both Indian and global markets.
StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?
Sonendra Verma: In the past year, our team has gleaned valuable insights that will profoundly shape our future plans and strategies. We’ve learned the importance of agility and adaptability in responding to rapidly changing market dynamics, especially amidst uncertain times. Our focus on enhancing digital capabilities and prioritizing customer-centric approaches has been reinforced. Additionally, we’ve embraced the significance of leveraging data-driven decision-making for more informed strategies.
These lessons serve as guiding principles for our future endeavors. Moving forward, we aim to further strengthen our technological infrastructure to remain agile and responsive. Customer-centricity will continue to underpin our strategies, emphasizing personalized experiences and innovative solutions. Moreover, our commitment to leveraging data for informed decision-making will be pivotal in charting a resilient and growth-oriented path in the ever-evolving landscape of our industry.
StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?
Sonendra Verma: Within 3 to 5 years, our brand will have undergone significant evolution, positioning itself as a pioneer and trailblazer within the industry. Our range of products and services will expand substantially, finely attuned to meet the ever-evolving needs of our customers. A robust digital presence will characterize our brand, offering user-friendly online platforms and personalized communication channels for enhanced accessibility and convenience.
Our commitment to personalization and customization will undergo further refinement, ensuring that our coverage aligns perfectly with the unique requirements of each individual. Notably, our brand will be renowned for its industry leadership, marked by the cultivation of enduring and meaningful relationships with our customers while actively spearheading positive changes within the industry.
Additionally, our brand will extend its influence beyond business realms to make meaningful contributions to social impact initiatives, solidifying our identity as a responsible corporate citizen. This multifaceted evolution will collectively shape our brand into a trusted leader, placing an unwavering focus on the customer, perpetually innovating, and consistently delivering exceptional value within the insurance landscape.
StartupTalky: One tip that you would like to share with another Service company founder?
Sonendra Verma: Embrace challenges as opportunities and failures as lessons. Persistence and adaptability are your greatest allies on this journey. Surround yourself with a supportive network, seek mentorship, and never underestimate the power of continuous learning. Stay true to your vision, but be flexible in your approach. Success is often a result of resilience, passion, and the willingness to learn from every experience. Remember, every setback is a setup for a comeback. Keep pushing boundaries, and believe in the unique value you bring to the world. Your journey is just as important as your destination. Best of luck!
StartupTalky extends its gratitude to Mr. Sonendra Verma for dedicating his valuable time and generously sharing his insights with all of us.
This article has been contributed by Mr. Sanil Basutkar, Co-Founder, Healthysure.
The insurance sector, a vital part of our global economy, is on the cusp of a monumental transformation. This disruption is primarily driven by the advent of artificial intelligence (AI) and the increasing abundance of data. These technological advancements pave the way for insurers to enhance their offerings, streamline operations, and deliver exceptional customer service.
AI’s transformative potential is particularly striking in the health insurance industry. Harnessing the power of AI to analyze vast amounts of data allows insurers to gain a comprehensive understanding of their customers’ risks and needs. This deep insight fuels the development of more personalized, affordable health insurance plans.
For instance, AI facilitates accurate predictions about the likelihood of a customer developing chronic conditions like diabetes or heart disease. This predictive capability can then enable insurers to offer preventive care services or adjust insurance premiums to reflect the customer’s individual risk profile.
The financial implications of AI adoption are staggering. The global AI in the insurance market is projected to skyrocket from $2.7 billion in 2021 to an impressive $45.7 billion by 2031.
AI’s Role in Fraud Prevention and Claims Processing
AI can also play a critical role in identifying customers prone to fraudulent activities. By analyzing data from diverse sources like claim histories and social media, AI can identify suspicious patterns, thus mitigating potential fraud and shielding insurers from financial losses.
Several insurance companies have already embraced AI to combat fraud. Take the case of Lemonade, a startup using AI to automate the claims process and customize insurance policies. By leveraging AI, Lemonade has achieved a remarkable 30% reduction in fraud.
Another key application of AI in insurance lies in automating claims processing. AI’s ability to process claims swiftly and accurately liberates human employees to tackle more complex tasks, resulting in faster customer service and cost reductions. Startup Hippo is a prime example, using AI to process claims in minutes, thereby slashing processing times by an impressive 90%.
Enhancing Customer Service With AI
Beyond these applications, AI can dramatically improve insurers’ customer service. AI-powered chatbots can offer round-the-clock support, promptly resolving issues and answering customer queries. This use of AI can significantly boost customer satisfaction and loyalty.
Pioneering Applications of AI in Insurance
Several pioneering applications of AI in the insurance sector are reshaping the industry landscape:
Usage-Based Insurance (UBI): UBI leverages AI to monitor and analyze a customer’s driving habits, impacting their insurance premiums. This data-driven approach can result in lower premiums for safe drivers and higher premiums for risky ones.
Telematics: AI-powered telematics monitors a customer’s vehicle to assess their driving habits and accident risks, enabling insurers to offer premium discounts.
Robotic Process Automation (RPA): RPA employs AI to automate repetitive tasks like claims processing and underwriting policies, freeing human resources for more complex tasks and reducing costs.
Machine Learning: Machine learning utilizes AI to analyze data, identifying patterns and trends that help insurers make informed decisions. For instance, it can be used to identify customers likely to cancel their policies and target them with retention offers.
Natural Language Processing (NLP): NLP uses AI to interpret human language, enhancing customer service by allowing insurers to better understand customer queries and deliver personalized responses.
These examples represent just a fraction of AI’s current applications in the insurance sector. As AI continues to evolve, we can anticipate even more innovations.
The Impact of AI on the Insurance Industry
The influence of AI on the insurance industry is already palpable. In recent years, we’ve seen a surge of startups, like Lemonade, utilizing AI to disrupt traditional industry models. These companies automate the claims process and deliver personalized insurance policies, signaling a significant shift in how the industry operates.
Even established insurance companies are beginning to embrace AI. Progressive, for instance, is deploying AI to create new products and services, such as usage-based insurance.
The influence of AI on the insurance industry will undoubtedly amplify in the coming years. As AI technology continues to mature, it will catalyze even more innovation in the industry. The benefits will be manifold, from operational efficiency and effectiveness to enhanced customer-centricity in product and service offerings.
Conclusion: A Bright Future for Insurance
The future of the insurance industry is undoubtedly bright. AI technology is poised to fundamentally transform the sector, making it more efficient, effective, and customer-centric. As we look to the future, the continued evolution of AI promises to drive unprecedented innovation in the insurance industry.
With these changes on the horizon, insurance companies, whether startups or established, must proactively embrace AI and data analysis. Doing so will not only ensure their competitiveness but also enhance their ability to deliver superior, personalized service to their customers, marking a new era in the insurance industry.
A distributed database system that can sign, exchange, and verify transactions and records without the control of a central party is called a Blockchain. This open and secure way of conducting business transactions creates a level of security, transparency, and trust not previously possible. It enables additional stakeholders such as vendors, brokers, ecosystem partners, and reinsurers to interact with each other.
Also, it creates a more connected ecosystem that makes sure of confidence in the accuracy and security of the data. Blockchain enables parties to maintain contracts, comprehensive assets, and data ownership records without relying on intermediaries. It can be integrated with other technologies such as smart contracts to enable insurers to develop innovative products and automate processes. Let us discuss blockchain in the insurance industry.
Emerging technologies changed the way consumers interact with businesses and how services and products are delivered. Blockchain has the potential to entirely change the way insurance is contracted. It optimizes transparency, security, and efficiency for the whole insurance industry using public ledgers and fortified cybersecurity protocols. This technology is already used in many sectors including homeowners, trading renters, and travel insurance.
Blockchain is different from a traditional centralized computer database system. It is decentralized and its records are maintained and distributed on many several computers at once. The records of blockchain are processes distributed ledger. The users have access to one shared copy of this ledger.
When adding information, every new block of information is chained to the previous one in an unbreakable and permanent sequence by utilizing advanced cryptography. The new blocks will be confirmed by different computers in the system, before adding to the ledger. Some unique keys are needed to access individual blocks. If someone is attempted to access a block of information without a correct key, the system will reject it.
Role of Blockchain In The Insurance Industry
Blockchain helps to reduce friction in business processes by utilizing solutions such as smart contracts and plays a huge role in the Insurance industry. It also facilitates and automates DLT (Distributed Ledger Technology) networks. Blockchain makes data reconciliation easier. Also, it improves accuracy and eliminates the time spent uncovering information. It allows cost reductions, efficiency gains, and transparency throughout a value chain.
That makes more positive customer experiences through aggregate improvements in accuracy and speed. For example, it shortens the claims cycle via improved efficiency can lead to higher customer satisfaction. Also, it enables smoother interaction between customers and insurers by giving faster and better access to data.
Property and Casualty Insurance mainly includes commercial, auto, and home insurance. Manual entry is required for processing claims. In that case, there is a possibility of human error. Blockchain technology will make claims processes five times cheaper and three times faster by utilizing smart contracts and shared ledgers to issue insurance policies. The payment processes and claims can be automated to make them more accurate and efficient. Smart contracts can change paper contracts into programmable code. It will help to automate the claims process.
Health Insurance
In the Health Insurance industry, there are so many inefficiencies such as inaccurate record-keeping, manual claims processes, and duplicate medical records. They need to be improved in terms of accuracy and efficiency. So, the interoperability of devices and systems is important to assuring that medical professionals give sufficient care to patients. But, it is not easy to achieve interoperability within a medical system successfully.
The medical records can be cryptographically conserved and shared between health providers. It will promote interoperability and increase security within the health insurance ecosystem. The medical records can be stored safely and control of medical data can be returned to patients. It will allow the industry to save money and increase the satisfaction of patients.
Risk Prevention And Fraud Detection
FBI reported that the cost of insurance fraud in the U.S. is more than $40 billion a year. The outdated nature of the processes in the insurance industry creates a possibility of potential fraud and error. Blockchain helps to prevent this by storing information about claims on a ledger.
How Can Blockchain Help Insurers Understand Basics Rights?
Non-Life Insurance market share
The finance functions and claims are high-value areas in insurance where blockchain could be useful. The blockchain will be more beneficial in the processes that require continuous reconciliation with external parties.
Currently, many insurers apply a smart contract along with blockchain. By creating an insurance contract that pays in these situations, An insurer is able to process transactions without human intervention and improve customer service. Blockchain will help insurers deliver on some of the basics. They are given below.
Streamlined subrogation
Transparent claims process
Shared loss histories are used to obtain data-driven insights about forthcoming customers for more complex pricing
Supports more efficient payments between third parties and insurers during the claims process.
The Impact of Blockchain Technology
The insurance industry is famous to adopt new and more efficient processes. Blockchain can provide so many benefits to both companies and their customers. But, there are also some limitations. Some of the benefits and limitations are given below.
Benefits
Most of the processes are manual and time-consuming. Blockchain will streamline reconciliation and paperwork for insurance contracts. It can increase efficiency.
Cryptography in blockchain makes sure that transactions are authenticated, secure, and verifiable. It will ensure the privacy of customers and increase trust.
Real-time data collection and analysis are possible through blockchain. It will speed up payouts and claims processing.
Smart contracts are another benefit. These contracts include a logic that is automatically implemented when predefined conditions are met. It reduces paperwork.
Limitations
There are so many new users every day on the blockchain. So, there is a possibility of a cyber attack.
There is a possibility of a loss of integrity of data. Blockchain needs to protect against fraudulent activities to make sure the integrity of data.
The cost of operations is high. When blockchain becomes more popular, it will become further costly for insurance companies to embrace this technology in everyday processes.
Blockchain is publicly available in cryptocurrency. That means each transaction can be tracked to its original block. So, it is possible to access information by criminals who looking for exploiting the information.
As the industry has high security and privacy concerns, the blockchain needs to be further developed to meet the standards of insurance companies. Also, insurance companies need to provide clear regulatory frameworks for the safe use of blockchain technology. Once these requirements are met, the blockchain has the potential to change the insurance industry for companies and their customers.
The use of blockchain technology in the insurance industry is still in its early stage. But its benefits and use cases over time have proved its need and importance in the industry. Blockchain is helping the insurance industry to reduce its operations costs through automated verification procedures, smart contracts, and blockchain-based payment systems.
Thus, blockchain technology is revolutionizing the insurance industry in many ways by making the processes more automated and ensuring people increased transparency in the system.
FAQs
What is Blockchain?
A distributed database system that can sign, exchange, and verify transactions and records without the control of a central party is called a blockchain.
How can Blockchain help the insurance industry?
Blockchain helps to reduce friction in business processes by utilizing solutions such as smart contracts.
What are some of the most taken insurance policies?
Life Insurance. Health Insurance. Long-Term Disability Coverage. Automobile Insurance Property Insurance
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Ethika.
No matter how great an organisation may be, it is highly impossible to carve a growth path without a healthy ecosystem of happy employees. Employee compensation that used to be the benchmark for measurement of employee well being has truly been relegated to the back seat.
Employer concern for the overall well being of the employee trumps most other considerations today. A carefully curated employee benefit insurance program, not only ensures employees and their families are taken care of, but this sense of security fosters a culture of belonging which propels the Company towards its intended objective.
Ethika is a new-age insurance broking startup that focusses on curating such Employee Benefit programs intended toward keeping employees of their clients happy. Such programs provide innovative solutions to not just make Insurance (mediclaim) easily manageable but also provide several value-added services, that ensure holistic well being of an employee and make them feel valued by their company.
Read to know more about Ethika insurance broking, its founders, their USP, business model, marketing strategy, and the story of its starting up.
While providing Insurance Broking Solutions for Employee Benefit Insurance to Small and Mid Size Corporates is their core business model, they also add value to their clients by offering innovative solutions for creating happier workplaces.
Employee Benefit Insurance, their core offering, includes Group Health Insurance, Group Personal Accident Insurance, Group Term Life Insurance, Group Top up Health Insurance, and OutPatient Health Expenses Insurance.
At Ethika, they believe, an Insurance Brokers’ role should not be limited to helping clients receive financial assistance when their employees fall sick, but to prevent employee sickness in the first place. One of the pivotal parameters in preventing employees from falling sick, is to make employees happy. Moreover, they do not advocate this belief in some spiritual sense; science backs the fact that happier workplaces are more productive ones. Creating happier workplaces therefore not only results in lesser employee sickness (translated into lost man-hours) but also increased employee productivity.
They are infact so driven by their vision of creating a culture of happiness at work that they do not charge for it. Yes you read that right; they offer their service of creating happier workplaces as a free add-on to their Employee Benefit services.
Their journey as an Insurance Broker started in 2016. Today, about six years into business, while insurance remains the core of their business model, they have also diversified into servicing the Employee Value Proposition via the happiness route i.e. increasing employee engagement levels at the workplace by making the workplace happier.
Ethika – Industry
India is home to around 10 Lakh Small & Medium Enterprises (SMEs) – these enterprises form the coal to the engine that keeps India running, month on month, day after day. Unfortunately, when it comes to health insurance, these organizations are also the most neglected ones in the country.
Imagine the kind of impact they could create for this huge segment if they could use Group Health Insurance as one of the tools to create a happier workplace for them. Not only would the employees come to work without a thread of worry about how they would manage their expenses in case a calamity struck, but they would also be better equipped to concentrate at work, which in turn would act as feedback and they would go home happier.
Wouldn’t that be a wow experience, for the entire country? Their goal in the next two years is to reach 1 Lakh SMEs and spread this happiness.
Covid-19, has altered the human landscape completely. Before Covid, the basic necessities of life were Roti, Kapada, and Makan; after Covid, their necessities have one added element – Health Insurance. In the next five years, they believe every Indian will be covered under Health Insurance in some form.
They are looking at 2 lacs crores of Health Insurance premium within next five years.
They also feel the industry has reached the inflection point where it is finally ready to tango with technology.
Insurance would stop being a push product in the next five years. By 2027, they would have reached a point where people will be able to understand and appreciate risk; they would no longer need an incentive to insure themselves.
Ethika – Founders and Team
Susheel Agrawal – Founder of Ethika
Susheel Agrawal was not happy with his professional life, and after some deliberations decided to quit. Sarath and Sandeep, his colleagues then, decided to follow his footsteps and put in their papers as well. They trusted him even when he did not have a roadmap, but they did, and the rest has been history.
It is the element of trust that has gotten embedded in their DNA today. They work with clients who they trust – ofcourse the feelings are mutual in this case. They hire people they can trust, so on and so forth.
Sarath Reddy, who handles client relations, is a post graduate in business administration and has extensively worked in client servicing before Ethika.
Sandeep Mukka, who looks after operations, is a postgraduate in computer applications and has been associated with the insurance industry for about 13 years.
Sarath takes care of client relationships, Sandeep takes care of operations, leaving Susheel with handling people responsibilities.
Ethika – The Idea and Startup Story
At 33, Susheel Agrawal, the founder of Ethika was an average employee working in the highly competitive corporate world. While most of his material needs seemed to be satisfied, Susheel Agrawal wasn’t happy. Something seemed amiss; he kept feeling a void for far too long than was bearable.
After some introspection, he realized that the soulless corporate world was taking away his peace of mind. That was when he quit his corporate job.
Susheel was fortunate to have been exposed to the insurance industry in India. He started with what he knew best – selling Group Health Insurance to organizations.
He knew from experience that one of the main pain points in the health insurance ecosystem was the insured’s experience during claims and that became his first point of focus.
Sarath Reddy and Sandeep Mukka, his co-founders, shared the same vision from Beginning.
They started bridging the gap between employee, hospital, TPA, Insurer, and doctor by fine tuning the claim process. This in turn enhanced the experience of employees during the claims process and positive reviews started pouring in. The kicker used to come out of cases where they could indirectly intervene, and help employees when they needed it the most. One critical observation was that most of the health insurance claims could have been avoided, if they had intervened at the right time. This insight led them into innovating low-cost solutions which could be offered along with group health insurance to their clients to prevent work disruptions due to employee illness. A lot of tweaking and tinkering later, they built their inhouse software and an employee wellness team. This turned out to be their tipping point. The word of mouth referrals spread and business started pouring in. The foundation for self-belief however came out of client testimonials and referrals.
At one such new referral meet, a client said, “I’m surprised that you can run a company without having a website or visiting card.” Yes, they were so focussed in creating a positive impact for their clients that they didn’t have their own website in the first two years.
As a matter of fact, to this date, the ratio for the number of employees focused on generating business to the number of employees focused on support is the lowest and in inverse proportion to the standards in the Insurance Broking industry.
Now that they have stabilized their group health insurance offering, they have added a new element “Employee Happiness” to their portfolio, which is helping their clients create a happier workplace.
Their core vision however remains enabling facilitation of the push product (insurance) to a point where the first thought that comes to your mind, when you think of insurance, is a happy one.
Their areas of expertise include
Broking services across the Employee Benefits vertical which includes Group Health Insurance, Group Super Top up Health Insurance, Personal Health Insurance and other Lines of Businesses.
Employee Happiness Program.
Employee Assistance Program.
Employee Engagement Program.
Employee Wellness Program.
Group Insurance Software &
Red Carpet Claims Assist.
Numbers don’t drive them, happiness does; it remains one of their core beliefs. They go the extra mile in incorporating this belief in the way they do business. They keep evaluating themselves on how happy they are as a company; they advise their clients to follow the same methodology.
Earlier, when they had just started, there used to be genuine apprehensions in clients, especially with regards to objective measurement of translation of their Happiness Index into business. Their objective answer to that question has been – increase in toplines, client referrals, and appreciation.
Most of their clients have now warmed up to the idea and the results have followed.
Meanwhile, their understanding of human psyche has thrust them on the path to finding new ways to increase employee engagement that can benefit their clients to a greater degree.
When it comes to their vision, in the short term, they would want to establish themselves as someone whose name is the first thing that flashes in a Customers mind when they think of the words ethics, insurance, and broking in one breath. They wouldn’t mind being called the TATA’s of the insurance space.
Their long-term vision is to facilitate the achievement of insurance literacy in our country. All of their energies over the next decade would be focused towards trying to expand insurance penetration in the country.
Ethika – Core Belief
The core belief of Ethika stems from a root-cause analysis they did for one of their clients in the early days.
Employees form the foundation of every business; they spend about a third of their day at the workplace; a happier workplace translates into
the employee wanting to turn up for work, every single day
increased engagement levels at work &
increased productivity.
Keeping the workplace happy, therefore is the chief responsibility of the employer. They help them shoulder this responsibility.
On the technical front, they also want to help un-jargonize insurance.
It is a sad reality that despite being one of the oldest professions in the world, they are still married to wordings that should have been buried a long long time ago.
They also feel these wordings are one of the main reasons why people remain skeptical about insurance – it is difficult to convince someone of buying something they cannot understand.
Ethika – Name, Tagline, and Logo
Ethika Logo
An insurance policy can be likened to a currency note in the sense that an insurance policy is a promise that the insurer makes to the insured to fulfill a certain obligation. But that is where the similarity ends.
During their earlier days, they had a couple of stark realizations – a lot of things on paper rarely translated in practice. Utmost good faith, one of the foundational principles of insurance was at times being shorted by the Insurer and at other times by the Insured. The fine print of the contract i.e. the wordings on paper were being robotically followed especially at the time of claim settlement i.e. the spirit of the contract was being overlooked in many a cases.
They felt their job was that of an intermediary who could interpret the fine print in the policy and thereby help the client select the right insurer – someone who was equally good at honoring the spirit of the contract as they were at underwriting it. Ethics was always the foundation stone that their business was built on; since they could not use ethics as their brand name, Ethika was the next logical iteration.
They have been sticklers for ethics in business. You could say their larger purpose is to debunk the myth that business and ethics cannot go together.
All our lives, we have been programmed that if we need to succeed in business, we need to learn to wear our ethics on the sleeves; they would beg to differ.
Their tagline says ‘Insuring the risk of insuring’. It signifies their attempt at trying to reduce the risk for the Insured.
Ethika – Hiring Funda
Starting with humble beginnings of 3, they have today grown to about 50 people. That said, they are a lean setup – companies handling the same amount of business employ anywhere around 100 people.
They are a bunch of 50 passionate people. They are a young company who understands how pivotal culture is to an organization’s success. To that end, they have a fairly open and considerate work culture. While it might sound simplistic, they try to foster a culture where all of their employees look forward to coming to office on Mondays; this despite them having a work from home right since inception i.e. 2016.
Learning and relearning are also deeply ingrained in their culture. They get a kick out of teaching new things to colleagues and customers, these new things could be skills they pick up from platforms like Udemy or something new they learnt while transacting business.
They hire for attitude and train for skills. While they do need technical expertise to facilitate underwriting of the product, their topline growth has benefitted from a diverse team of passionate people.
Insurance is basically spreading the risk thin. You try to insure as many people as possible and hope that calamity strikes the minimum number of these people; you charge a premium to insure their risk. When calamity does strike, you pay for the genuine claims out of the premiums collected.
Group Health Insurance, one of the prime offerings, is therefore not insurance in the true sense.
The renewal premium for Group Health Insurance is dependent on last year’s claims i.e. if the claims for a company amounted to Rs. 10,00,000 in 2020, the renewal premium would normally be about Rs. 10,00,000 + administrative expense for the Insurer (in extremely price sensitive markets like Insurance, administrative expense can go as low as 0). Therefore the renewal premium for the year 2021 would normally be Rs. 10,00,000; if the claims in 2021 amount to Rs. 11,00,000, the renewal premium for 2022 would be Rs. 11,00,000, so on and so forth. This essentially means that the company is just about getting the benefit of reimbursement since the claim costs for a year are being borne by the insurer in that year and are being recuperated from the company in the subsequent year. Essentially leaving very little margin for the Insurer to operate on. The Insurer does try to bring down the claims quantum by negotiating better tariffs with hospitals, but a lot of the hospitals do not abide by the tariffs. Moreover, new Medical Treatments coupled with the occurrence of new diseases keep pushing medical claims inflation exponentially every year.
Moreover, all of Ethika’s other offerings enhance workplace wellness and are offered within the insurance premium that is paid for Group Health Insurance.
They are therefore not only helping clients with risk placement, but are also helping them avoid workplace sickness, increase employees productivity and happiness – they are therefore treating the disease and not the symptoms alone.
They had started their journey, trying to solve the problems in the health insurance claim settlement vertical. They then graduated to addressing problems with buying group health insurance and then to employee wellness; they are now trying to create a framework to address employee happiness. They want to ensure that all of their clients’ employees look forward to Mondays and not Fridays. They want to make Monday blues a thing of the past.
Their weekly workshop ‘From HR to CEO’, is a step toward that. The title for the workshop came about from the fact that when employees start working like the CEO, the CEOs job becomes that of an HR Manager.
Susheel Agrawal would like to take this opportunity to urge you to keep an eye out for their new products Learning Management System targeted towards learning – how they can learn better and Sustainable Living targeted toward Happiness – how to live happier by walking the path of sustainability.
They think insurance gives you peace of mind.
Imagine a meticulous and diligent factory owner; his factory is struck by an earthquake and it will take about 3 months to get the factory back in shape and another 2 to get the first product shipped after the earthquake.
Imagine the kind of mental toll such a peril could take on the owner; some of the considerations he has to keep in mind would include – How to convince the Customers of the delay, How to retain his workers during this period, How to pay them, What about the recurring operating expenses (like land lease, machine rent costs) that would need to be borne despite the factory being non-operational. While insurance will not guarantee how long it could take for the Insured to get back on his feet, or the mental trauma the owner might have to go through, it will certainly take care of the financial burden that would have otherwise compounded his problems.
When most of the Brokers concentrated on premium reduction – which is a win-lose proposition and not sustainable in the long run, they went beyond and included the following services in their arsenal, absolutely free of cost.
Employee Assistance – where they offered psychological, nutritional, and doctor counseling as and when employees needed it. They hit a roadblock when their enrollment numbers plateaued. They did some introspection and realized there was still a certain taboo associated with seeking help and therefore focused on Employee Engagement.
Employee Engagement – where they had experts talking to employees about day to day life issues and delivering meditation sessions.
Group Insurance Software – the software that they built in-house is a rage with their clients today. It helps them keep a tab on their health insurance requirements and frees up one of their most important resources – time.
Red Carpet claims assist was life coming a full circle for them. The vertical they had started their journey with, still had a lot of room for improvement and they thought it was about time someone addressed this elephant in the room. Red Carpet claims assist helps employees with their claims processing while keeping them as the focal point of attention.
Employee Happiness is their attempt to make workplaces happier. All of the Ethika team look forward to Mondays with as much excitement as they look forward to Fridays. They want to help clients incorporate the same energy at their workplaces.
They have kept innovating at every step along the way.
Their USP remains their ability to garner relationships. They are proud of the fact that 95% of their clients have been with them for the last five year. They love the Japanese way of doing business. They are extremely diligent before getting into relationships, but once they get into one, they don’t fight over truffles.
They are one of the frontrunners, when it comes to leveraging technology to increase awareness. Their presence across social media has ensured their reach to the appropriate segment. That said, they do understand that if insurance is to percolate to the needy, the offline channel is as important as the online one. Toward that vein, they have their eyes and ears on the ground, all the time. They recently concluded an event where Ethika insured the journalist fraternity in Hyderabad.
When they got into insurance, their focal point was Group Health Insurance. They felt the vertical had a lot of room for improvement and they could add value. But every business is the business of trust, more so in the case of insurance. As they started providing solutions for group health insurance, their clients started asking them for more products. And that is how they increased depth in other lines of businesses like Motor, Liability, Fire.
While they haven’t pivoted from their initial product, they have definitely evolved to a place where delivering happiness forms a significant part of what they do.
They are in Insurance for the long haul; that said, they have realized the problem they are trying to address is a spoke of a bigger wheel – Happiness. Insurance does try to ensure your risks do not rob you of the joy of the present moment.
But they look at it more from a perspective of backward integration than a pivot – something like what Reliance did in the petrochemical space and is trying to do in the agriculture retail space.
Ethika – Business Model and Revenue Model
Insurance is a highly regulated industry and the brokerage (commissions) which are paid by the Insurers’ are capped by the regulator IRDA. In the absence of differentiators in profits or pricing range, service quality becomes the prime driver of sales.
A Broker’s technical expertise helps them underwrite a risk to perfection. The Broker however also needs trained manpower who can handle managerial and supervisory responsibilities.
They help clients identify the right insurer who can offer them the right benefits at the right price.
Ethika goes a step further by helping clients mitigate future risks by adoption of good practices and thus reduce their risk quotient at the time of renewal.
Ethika – Customer Acquisition
Their starting experiences were extremely humbling. They did not want to invest on office setups and were therefore working out of home, they did not have visiting cards when visiting clients, neither did they have a website. But, this humility worked for them with most of their clients.
Their zeal to help clients with health insurance policies probably came across.
While it was difficult getting the first 10 clients, word of mouth has been their best marketing tool subsequently.
In the initial days, when they were new and people didn’t know them, they were pretty straight forward about it – they used cold calling and told clients that they were new and would want to work for them.
While some didn’t even let them complete their pitch, some of the clients heard them out and gave the opportunity.
There was this one particular client who, when he did meet them, wanted help with settlement of about 17 of his pending claims. He was, as a matter of fact, reluctant to switch insurers just because he thought doing so would antagonize the current insurer and his claims would not be settled. Susheel studied the cases and realized, most of them were closed not on technical grounds but administrative ones i.e. there were delays with document submissions and things like that. Susheel wrote to the insurer and after sensing some reluctance on his part, looped the ombudsman in the conversation. This was when the insurer got serious and settled the claims, and he got a client, who by the way has been with Susheel, since then.
They reached about 100 clients in the first 3 years; a lot of these hundred clients came to them as referrals from their existing clients.
Introspection led them to the belief that educating people would probably work as a good marketing tool; and they started organizing a workshop on employee happiness on a weekly basis. This workshop has created wonders for Ethika. Given the fact that the industry works on so many intangibles, a workshop helps put in some tangibility to the equation. They owe one third of their new clients to these weekly workshops.
It is only of late that they have started investing in PR and have started with about 0.5% of their topline from the last year.
Ethika – Challenges Faced
The founders faced one of the biggest challenges, right when they were about to set shop. Then IRDA guidelines required own capital of Rs. 50 Lakh to be deposited as a security, before they could commence business. While Susheel had managed about Rs. 25 Lakh out of his own resources, that still left him with a shortfall of about Rs. 25 lakh. The only assets Susheel Agrawal and his wife Possessed back then were their home and a car. Susheel decided to sell both of these. All of his family, parents, and in-laws seemed to be against the decision of starting up and requested him to give up on the idea. But he did not. He managed the additional Rs. 25 Lakh within the next month and registered with IRDA for a license.
Getting the license however does not guarantee a steady flow of clientele. Moreover, the industry is plagued by outward appearances – in the initial days, they lost out on some prospective clientele purely on aesthetic grounds. their simplicity was construed as a weakness. But they pushed through, working on what they knew best, and the rest has been history.
Susheel Agrawal took this opportunity to try and leave his footprint on the digital space. In the hour that they conversed he tried to un-jargonize health insurance concepts.
Sometime during their interactions with HR Managers, Ethika realized how difficult mediclaim policies made their lives. Managers ended up spending about 40% of their time servicing stakeholders on mediclaim – this was wasted time that could have been otherwise used doing their actual jobs.
Ethika had its eureka moment and came up with the handbook for group health insurance, which has been a huge hit in the community. The handbook is available https://www.ethika.co.in/ebook-download-page/.
Despite being aware of his biases, Susheel thinks it is by far one of the most comprehensive handbooks on the ins and outs of group health insurance. So much so that it could make Ethika’s job harder.
While they are not looking for funds, they are always open to ideas for expansion. If someone can help them increase their happiness footprint, and reach a larger audience, they are always game.
They are a lean setup and the administrative tools they use are basic in nature. That said, they are a tech-savvy company and their clients use their inhouse software to manage their group insurance policies exclusively.
Ethika – Future Plans
Ethika has future plans to create NGO, happy living, keep employees happy and healthier, and add more value to sustainable living.
The pace at which technology changes is incremental in nature. The technology we used in 2000 was obsolete by 2010, but the technology that was in use in 2015 is obsolete today.
They are at the inflection point where insurance, as an industry, is going to keep leveraging technology, to the point where they could witness a Singularity event, borrowing from Ray Kurzweil, by the end of this decade i.e. to say, that by the end of 2030, technology would be inseparable from insurance. They would have seamless data exchange between gymnasiums, health providers, and insurers and this would translate in renewal premiums. The possibilities seem endless.
In the short term they would concentrate on equipping themselves with the right technical expertise, both on the insurance and the technology front, to help them become enablers for this technological transformation.
They also want to make employees of their clients live happier and healthier – this resonates with their idea of creating a happier India.
FAQs
What is Ethika insurance?
Ethika is a Hyderabad-based Leading Insurance Broker Company in India.
When was Ethika founded?
Ethika was founded in 2016 in Hyderabad.
Who is the founder of Ethika?
Susheel Agrawal, Sarath Reddy, and Sandeep Mukka are the co-founders of Ethika.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Symbo.
India is the second-largest insurance technology market in Asia-Pacific. Through technology, the insurance industry is revolutionized to a great extent. Indian customers are inclined toward tech-enabled services as it makes the process easier and more accessible. With the main insurance sectors being life insurance, health insurance, property insurance, and commercial insurance, insurance companies are innovating their services. Symbo is an insurtech startup that provides insurance covers for different businesses. Their newly launched insurance services are eyewear insurance, footwear insurance, and even fitness insurance.
Read the success story of Symbo, its founders, business model, insurance services, funding, and their marketing strategy.
Symbo is a leading embedded insurtech platform that enables any business to offer customized insurance and protection plans to their customers, right at the point of purchase. Its vision and mission are to be the world’s largest embedded insurance distribution platform providing best-in-class claims, consulting, and buying experiences to its customers and partners.
Insurance has always been a product that has been “sold” and not bought by the customer. However, they strongly believe that if you offer relevant coverage to the user in a contextual setting, the adoption of insurance will increase. They want to be the company that offers these innovative and relevant insurance products, with a very seamless and frictionless buying experience.
The core belief of the team is that insurance penetration can increase in a market like India if customers can experience the benefits of insurance at a smaller ticket size. An embedded distribution model can take this approach to masses.
Symbo – Industry
The global InsurTech market size is valued at $9.4bn as of 2020. India is the second-largest insurance technology market in Asia-Pacific and including Symbo, India has at least 66 insurtech companies accounting for 35% of the $3.66 billion in insurtech-focused venture capital invested in the APAC region.
According to a recent survey of 500+ bank customers in India from SurveyMonkey, 91% of Indian digital bank customers would be highly interested in receiving embedded insurance offers based on their transaction data, as would 95% of traditional bank customers. ‘Convenience’ is the primary driver for their interest, stated by 63%. This stands as a testimony that Indian customers are welcoming embedded insurance and the industry has a major shift toward the tech side of it while making the process of Insurance even easier and more accessible to all. It will not be long before all insurance companies will start going digital and get into the Insurtech space that Symbo is in today. While the space and services will go digital, they will also evolve drastically in their technology capabilities that will be used even 5 years from now. It is safe to say that there might be a time when Insurance of any kind will be available online and the customers will not have to worry about filling out cumbersome paperwork for the same. The next couple of years is going to be very intriguing to look forward to and see how fast this digitally driven world will change the insurance space in the best way possible.
Symbo – Founders and Team
Anik Jain, Mitesh Jain, and Adrit Raha are the founders of Symbo.
Anik Jain
He is the CEO & Co-founder of Symbo. He has 17 + years of experience working in various fields. He also has experience in leading business units at various levels like start-ups, changes management in a mature organization. He also tends to specialize in the areas of strategy, change management, P&L responsibility, insurance, team management, channel management, business development B2B, broking and sales.
Mitesh Jain
He is a CTO & Co-founder and is an Experienced Founder with a demonstrated history of working in Technology Consulting and product management. He is also an Entrepreneur with experience in incubating business initiatives, evangelizing stakeholders, influencing industry thinking, and launching and scaling up products to deliver strong business impact. He also has Strong experience in solving large-scale problems in a complex regulatory environment through deep product thinking and focus on impact.
Adrit Raha
As a Co-Founder & Co-CEO, he has shared responsibility for overseeing all aspects of the business – from the company’s mission, vision and goals to setting strategy, and direction, and, most significantly, managing my super talented troupe. He is of the strong belief that technology, platforms and protection (be it health or insurance) have, is, and will always continue to evolve, and it so happens that tech innovation is the current now. Hence – Symbo
Symbo has 100+ employees giving out their best services
Symbo – The Idea and Startup Story
Symbo was founded in 2017 with a focus on context-based, need-focused insurance that aims to help customers buy insurance covers based on their personalized needs. During the initial years, they tried to solve the problem of insurance distribution via multiple mechanisms because their vision was always to make insurance accessible to the masses. At one point they had an agent network of 1000s of agents who were using Symbo’s technology platform to distribute insurance.
One such mechanism they experimented with was embedded insurance. They worked closely with an initial set of partners to understand what kind of risks and issues their customers are facing and they co-created unique insurance products for them.
Some of the categories they launched were eyewear insurance, footwear insurance, and even fitness insurance. The customer response to these products was extremely encouraging prompting them to double down on the embedded distribution.
As of today, Symbo has over 30+ insurance partners and over 30 insurance products which are being distributed via partners.
Symbo – Services
Symbo works with partners across e-commerce, retail, fintech, and other categories. By integrating Symbo’s powerful Covergateway API, a business can instantly start offering insurance products to their customers, right at the point of purchase.
The API issues policies in real-time and Symbo has deep integrations with leading insurers in India. The entire buying journey for the users is very seamless, they can choose to purchase the coverage for the product they are buying with a simple opt-in. The claims are also handled in a digital-first way. Customers need to just upload their policy details and photographs and within 48 hours, Symbo’s claim specialists review the claims.
Their USP is that they give customized embedded insurance to the customers according to their needs, and providing API to other businesses not only benefits their customers but the online sellers as well. With a simple opt-in in the purchase journey, consumers can insure the product they are buying against common issues like accidental damage, theft, etc which standard warranties might not cover. The insurance coverage is powered by leading insurers in India and some of their largest partners include Lenskart, Bata, and Decathlon, among others.
While Symbo’s core vision was always to make insurance accessible by innovative distribution methods, Symbo pivoted from an agent-first business model (POSP) to an embedded distribution platform in the last year. The Symbo is a part of Symbo Platforms Pte, which also runs an Enterprise SAAS platform for insurance companies to manage their distribution.
Symbo – Business Model and Revenue Model
Being a platform business, Symbo’s business model is to enable distribution along with its partners and monetize by having a share in every transaction.
SAAS Platform
Insurance companies buy their product to enable capabilities for themselves to have a fleet of insurance agents at their fingertips who are accompanied by a dashboard. This product acts as a centralized tool with tons of features to make the insurance journey better for agents, buyers, and companies. As an InsurTech company, all Symbo wants to do is make insurance better by implementing automation in the tool. This entire stack has all the capabilities and features that companies would want for example monthly subscription, data, analytics, reports, super-admin, 5-level user roles, agent onboarding, and state-of-the-art UI. They have crossed $1M in this line of business.
Embedded
This is the heart and soul of Symbo. In this model, they sell $1.5 per policy (which is their average order value) contributing to their overall GWP. Part of this is sent to the Insurer to the onboard partner and they take a certain revenue share out of this as Monthly Recurring Revenue. Currently, they have 10 partners onboarded with them with around 150k policies solder per month.
Symbo – Customer Acquisition
In the early days of Symbo’s embedded business, they used to spend time at the store understanding customers’ buying behaviour. They worked with the brands to learn about the top reasons their customers were unhappy and created coverage plans that were relevant to the brand’s customers.
They spoke to as many customers as possible during their store visit and explained to them the benefits of insurance and started to sell the initial set of policies.
A lot of their learnings during the initial days of their field visit came to use as they started to scale. They spent a lot of time with store managers and staff to train them on how to sell Symbo’s products. Their marketing collaterals are designed to keep the end customer in mind.
Pivots are always challenging. As they moved from a traditional broker to a technology-first insurtech platform, they had to build the product to support the new use cases, at scale. Since they enable sales of insurance within the partner’s point of sale, they had to build the right integrations and user journeys to ensure the purchase journey is seamless for the user.
Their relationships with insurer partners were one key element that helped them execute the pivot smoothly. They had tremendous support from all the insurers for them to become an embedded insurtech platform, right from the product they wanted to enable integrations with their systems.
It is hard to market a product that lacks quality and easy for products that shine bright with quality. They knew that they have the best technology for embedding insurance be it any way possible – standee QR code or website integration. And with that, they needed to market strongly.
The moment they received a few references from their clients they immediately knew they are marketing it right. The joy of achieving successful word-of-mouth in the days of the Internet is as overwhelming as getting ample leads with low costing clicks as they have been doing before. However, they think there is still a long way to go.
Symbo – Marketing Strategy
They invite you to have a look at the Kanban board at their office where they have brainstormed many marketing campaigns and PR ideas. They have sufficient ideas with them (inside the Insurance sector itself) to create an ever-lasting dent within the subconscious of the masses. They have not set out any campaigns right now as they have kept them occupied with digital advertisements on different platforms. They will be capitalizing on our data and coming out “strong and viral” with their campaigns very soon.
Symbo – Growth
The embedded insurance business is focused on India, while the SAAS platform business has customers across Southeast Asia.
Some of their notable insurer partners are:
Reliance General Insurance
TATA AIG Insurance
HDFC ERGO
Max Bupa Health Insurance
BAJAJ Allianz
Religare
The list of distribution partners continues to grow with brands like Lenskart, Red tape, and Decathlon being some of their key relationships. With over 2M policies issued, they are growing over 30% MoM.
The plan for the next 2 years is to be able to provide customized embedded insurance in as many spaces as it is possible for us. Like most high-growth startups they are in talks with a bunch of investors and would bring in the right strategic partner who can help them fuel the business expansion.
Symbo – Funding
Symbo has raised a funding of $9.4 Million in March 2021.
Date
Stage
Amount
Investors
March 2021
Series A
$9.4 Million
Led by CreditEase Fintech Investment Fund and San-Francisco-based investment firm. Think Investments, with participation from existing investors Integra Partners, Insignia Ventures, and AJ Capital
Symbo – Advisors and Mentors
Mr Sanjeev Jha has been their mentor. He has worked, and had experience, across geographies including India, the Middle East, South Asia, South East Asia, Europe and North America. He has been an advisory board member for Symbo for a year now. Apart from Symbo, he is also an advisory board member for many other companies.
They use all the white-label assets and make full use of open source tools and data available and give due credits wherever required.
Symbo – Recognition and Achievements
Symbo has been awarded the “Digital Insurance Innovation” of the year award from ET BFSI at the World BFSI Congress and Awards 2020.
The startup has also wonthe “Digital-Insurance Broker” award at SBR Technology Excellence Awards in the year 2020.
Symbo – Future Plans
At this point, they are focused on growing their partner base and growing the number of policies. Having seen some of their initial categories like eyewear, and footwear scale, they are working with the insurer to make the program and coverage a lot more exciting for the customers as well as introduce newer categories.
FAQs
Who is the founder of Symbo?
Anik Jain, Mitesh Jain, and Adrit Raha are the founders of Symbo.
When was Symbo founded?
Symbo was founded in 2017.
What are the services offered by Symbo?
Symbo provides embedded insurance for different Businesses.
ATHUL C K
