Have you ever had difficulty understanding an insurance policy?
If yes, you are not alone. Customers find insurance vocabulary and information difficult to follow, even compared to many other “complex” industries, including banking.
People are frequently put off by technical jargon and clauses when buying insurance policies.
So why are they so difficult to understand?
As a policyholder, you should have a good grasp of what you’re getting into before buying a policy. Insurance firms are well aware that common people are unfamiliar with the intricate and long legal language found on policy pages. Yet these pages aren’t made available in “plain” language.
One reason for so is that laws may not hold their objective meaning if they are translated; some complex words cannot be substituted. But on the whole, insurance jargon serves as a way to misinform people and convince them to make bad decisions regarding policies.
Older people, people who aren’t fluent in a particular language, or are otherwise uneducated about insurance, are most gullible to these manipulative tactics. It is not so much their fault for misunderstanding a policy as it is the insurance firm’s fault for misinforming their customers.
Because of this, it is often said that insurance isn’t bought, but sold.
To help people combat this common difficulty better, three insurance experts, a legal professional, and a techie who joined as a CTO and was promoted to Co-Founder came together to create Insurance Samadhan.
A Brief Overview
InSa specializes in addressing insurance complaints such as misselling and claim denials for life, health, and general insurance. In the previous 3.5 years, it has resolved over 14.5k complaints.
Its filtration process selects only valid complaints, and its technology assists aggrieved customers in representing their complaints and receiving their claim amount.
InSa also deals with cases of delay in the claim process, lapsed policies, policy rejections, service issues, and NRI services. InSa has high ratings and glowing testimonials from its customers.
Get To Know The Founders
Insurance Samadhan rests on the shoulders of three insurance experts, a legal professional and a techie who joined as a CTO and was promoted to Co-Founder.
Shailesh Kumar is the company’s head of insurance. He’s affectionately known as the insurance encyclopedia. He’s spent most of his career in the insurance industry, teaching and growing his massive network. He closely follows trends in claims and miss-selling of policies.
Shilpa Arora is the COO. She has a total of 26 years of professional experience, with 15 of those years spent in the insurance industry. She has schooled more than 2000 insurance professionals. She is in charge of the whole process at Insurance Samadhan, from client onboarding through resolution.
Ravi Mathur is the CTO of the company. He has a total of 12 years of experience, all of which have been spent in the startup world. He created the technology of Insurance Samadhan from the ground up.
Sanjay Aggarwal is the Legal Head. He is an entrepreneur with a total of 28 years of experience. He has an extensive network, negotiation skills, and legal knowledge.
Deepak Bhuvneswhari Uniyal is the CEO. He is the face of Insurance Samadhan. He has a total of 25 years of expertise, including 17 years in the insurance industry. He left a lucrative profession to work full-time as an insurance advisor. He keeps the team focused on the goal of being the most trusted platform for resolving insurance issues.
How Did InSa Come To Be?
Deepak, Shilpa, and Shailesh all worked at the Max Life Insurance office at Connaught Place. Deepak left his employment in 2010 to pursue a career as a full-time insurance counselor, specializing in high-net-worth individuals.
He realized that the majority of the people had been misled or had received claim rejections or short settlements.
A high-ranked police officer came to see Shailesh and Deepak in 2014. The officer revealed that his father, a senior citizen, was mis-sold 42 insurance products for a total of 38 lacs during six years.
The guy who sold these insurances was arrested and sentenced to prison, but not a single dime was recovered. Shailesh and Deepak began assisting the officer, and the trio recovered the total 38 lacs back within 4-5 months.
The fact that even a high-ranked official like him couldn’t recover the money from the complexities of insurance by himself, concerned Sailesh and Deepak.
In 2017 when Sailesh retired, the two men along with Shilpa, decided it was time to make a company out of insurance troubleshooting.
Deepak had met Sanjay through a referral in 2011. Deepak rectified the latter’s mis-sold health insurance coverage and began managing his insurance portfolio. Sanjay joined the team right away.
The team had no idea how they would construct the tech. So far, everything has been done manually. This was before bringing Ravi (CTO) on board in October 2019.
Shailesh and Shilpa used to prepare each complaint and analyze the rules in-depth, and over a year, they were able to identify a pattern in claims and mis-selling, which provided InSa with the direction to develop the technology.
Today, InSa has addressed over 14,500 grievances utilizing technology.
Getting Featured On Shark Tank
Insurance Samadhan’s services were uncommon among Indians. As a result, being on Shark Tank India was a huge event. The firm went viral as a result of it.
Following Shark Tank, InSa receives calls from all around the world, many of which are just to congratulate and bless the firm for addressing such a massive problem. Many retirees and industry veterans have written to express their desire to work with it.
InSa’s traffic has surged by 10-12 times since the show, while inbound calls have climbed by 8 times. The firm has also seen an increase in social media engagement.
Words On The Future
InSa has expanded fourfold after signing its Pre-Series A term sheet. Every month, it receives an average of 10 crores worth of complaints.
Until now, Insurance Samadhan has simply provided services; now it wants to turn those services into a product. Soon, the InSa App will be available. The firm will begin aiding policyholders with submitting claims and keeping track of their insurance portfolio.
One of its distinctive services would be “check the quality of your insurance policy”. Based on many factors, it would notify you whether your insurance policy has any error which might be an obstacle to the future claim. InSa will not only scan your policy but also aid you in addressing the mistake.
