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Engineer and entrepreneur Mitesh Jain, additionally an avid cricketer, suffered a minor hairline fracture throughout certainly one of his video games. Given his busy schedule, he selected to disregard the harm and let time heal it as a substitute.

โ€œThat one stich that didnโ€™t are available in time led to 9 extra,โ€ Mitesh recollects. His hairline fracture grew to become a grievous harm that wanted long-term medical consideration and gave him a crooked finger, which threw his recreation off for the longest time.

Soccer gamers are at the next danger of ligament tears and fractures than a coronary heart assault. Nevertheless, a regular medical health insurance will cowl them higher for coronary heart circumstances than their out-patient (OPD) bills for treating these seemingly innocuous ligament tears. As a result of, the insurance coverage sector has a really massive downside: it could possibly develop into very generic, and because of this, fairly irrelevant for a lot of.

Mitesh, together with Nimit Bavishi and Anik Jain, determined to sort out this downside and co-founded Symbo India Insurance coverage Broking Restricted in mid-2017. The Mumbai-based startup offers simplified, related insurance coverage merchandise with automated person expertise โ€“ from buy to sale.


Group Symbo

In reality, two of their most profitable merchandise embody fitness and imaginative and prescient insurances. The founders have one goal :

โ€œTo vary insurance coverage from a one-size-fit-all to related covers that really remedy actual buyer wants,โ€ says Nimit.

Symbo plans to geographically develop to Southeast Asia and operates out of Singapore because the nation has quick access to capital. โ€œNow we have already acquired a licence in Singapore and are operational there with a group,โ€ Nimit says.

The startupis backed by Singaporean buyers Dymon Asia Ventures, Insignia Ventures, and Abhinav Jhunjhunwala (CEO of AJ Capital).

Group of consultants

Co-founder Anik has spent greater than 20 years within the insurance coverage business. โ€œMy father was within the insurance coverage business, most of which continues to be engaged on the identical merchandise in 2019 that my father used to work with in 1974. Itโ€™s loopy how the entire world has developed however this hasnโ€™t,โ€ he says.

Mitesh and Nimit, alternatively, had been beforehand co-founders of HR-tech startup Happy2Refer. There, HDFC Life was their largest consumer and the duo noticed the pains of brokers and prospects alike when it got here to insurance coverage distribution.

โ€œEach bigger insurer sees a 100 % churn in its gross sales workforce yearly and finally ends up spending as much as 60 % of the premium quantity to distribute, which is senseless,โ€ Nimit says.

After exiting Happy2Refer in 2017, the duo was on the lookout for somebody with sturdy business expertise to assist them remedy this downside. Their present buyers launched them to Anik. After spending days brainstorming, the three teamed as much as construct Symbo.

At current, the startup has greater than 100 staff, with 50 % of them constructing the tech. Moreover, it has a group of six in Singapore and a group of 5 in Delhi-NCR.

Concentrating on customers with related wants

Symbo identifies massive client bases with related behaviour and danger wants. For instance, ladies, fitness fans, runners, college students, social gathering individuals, and so forth.

โ€œWith main analysis, dangers assessments, underwriting evaluation, and buyer shopping for and claims journey, we construct a related new product construction and get the product underwritten from two to 3 insurers,โ€ says Nimit.

Symbo extensively makes use of knowledge swimming pools, both accessible with them or different sources, to perceive potential behaviour and underwriting dangers.

โ€œWe use fundamental machine studying (ML) to construct related merchandise for the client and advocate proper match coverages to adequately defend prospects, given their way of life selections,โ€ says Nimit.

The startup then companions with massive corporates (together with Goeventz, Playo, Stepsetgo, Kick, Poddar Housing and Improvement), with present buyer bases and microentrepreneurs, to make the product available to finish prospects. This additionally permits Symbo to combine with their companionsโ€™ methods.

The tip prospects – patrons of insurance coverage – can elevate declare, observe, handle, and get real-time digital consulting via their Symbo MyAccount.

Customisable insurance coverage

Symbo companies prospects from the smallest fitness insurance coverage ticket and may go as much as tens of millions of {dollars}’ value of re-insurance transactions.

“Prospects who guide a fitness center class or a soccer turf, should purchase an insurance coverage for that specific session at Rs 9,” Anik says .

Proving all sorts of insurance coverage together with auto, well being, property, and enterprise insurance coverage, the group has created 5 merchandise to this point โ€“ imaginative and prescient insurance coverage, marathoners insurance coverage, fitness insurance coverage, social gathering insurance coverage, and women-care cowl.

โ€œA housewife, who could also be adequately lined for coronary heart circumstances beneath the household floater medical health insurance purchased by her husband, shouldn’t be lined for breast and cervical cancers,โ€ Nimit says. Symboโ€™s objective is to introduce extra individuals to such related insurance coverage schemes.

These customisable insurances are made by Reliance Common, Bharti Axa, Religare, IffcoTokio and Aditya Birla amongst others. Declare course of is managed and supported by Symboโ€™s expertise platform and settled by the respective insurance coverage firm.

The enterprise

Symbo is actually a CAC (Value to Purchase Buyer) firm. As a substitute of burning money on per transaction foundation to amass the top buyer, the startup invests in constructing relationships, expertise, and robust claims help.

Nimit says,โ€œNow we have crossed our total annual income of FY19 of Rs 2 crore within the first 5 months of this monetary yr. However one of the best is but to come back. Given the seasonality, the final quarter usually contributes 60 % of income within the insurance coverage business.โ€

Since April, Symbo has recorded fairly a little bit of traction on the microentrepreneur aspect. In 4 months, it claims to have scaled from 1,500 microentrepreneurs in April to greater than 10,000 now, and is including one other 3,500-4,000 per thirty days.

โ€œBy finish of March 2020, we goal to speed up our fast progress and create greater than 40,000ย microentrepreneurs,โ€ Nimit claims.

โ€œGeneral, our variety of bite-size insurance coverage covers issued is predicted to scale from present 10,000 this yr to 500,000 by March 2020,โ€ he provides.

Market overview

The Indian insurance coverage business contains 57 firms, of which 24 are within the life insurance coverage enterprise and 33 are within the non-life class.

In keeping with IBEF, gross premiums written in India reached Rs 5.53 trillion ($94.48 billion) in FY18, with Rs 4.58 trillion ($71.1 billion) from life insurance coverage and Rs 1.51 trillion ($23.38 billion) from non-life insurance coverage. Nevertheless, total insurance coverage penetration (premiums as % of GDP) in India have solely reached 3.69 % in 2017 from a mere 2.71 % in 2001.

Symbo competes with the likes of Acko, Coverfox, Turtlemint, BankBazaar, Easypolicy, and Policybazaar.

Future plans

Symbo plans to launch three extra merchandise very quickly and its objective is to get to 15 progressive merchandise by March 2020 and โ€œ50 by March 2021,โ€ says Nimit. The startup can be within the technique of elevating its Collection A funding.

Moreover, Singapore has opened up Symboโ€™s entry to a a lot bigger and numerous pool of capital. โ€œWe see an enormous alternative for our progressive merchandise and expertise to scale past India within the Southeast Asia area,โ€ Nimit ends.

(Edited by Saheli Sen Gupta)