'Insurance Industry Will Be about $400B By 2030' Amit Boni, Founder & CEO, Ensuredit
In an interview with BW businessworld Mr. Amit Boni , Founder & CEO, Ensuredit talked about Insuarance Industry, technology solutions, market size, expansion plans and more
Brief us about your business model. How did the idea come to start and how does it work (step by step procedure)?
Insurance industry is lagging the finance world in terms of utilization of cutting-edge technology and use of digitization. Access to technology that drives Phygital human-machine interfaces is critical to deliver large scale - but low cost - distribution expansion as well as for understanding customer preferences that lead to product innovation.
Ensuredit provides the technology infrastructure layer to the insurance industry; bringing the insurers, intermediaries and customers closer. Our products span across digitization of sales & distribution value chain, conversational AI for sales enablement & productivity gains, AI/ML based products for applications in claims management etc. Our products are meant for incumbent insurers, sales channels as well as novel distribution creation including embedded insurance
What are the unique key points of your company?
Ensuredit is a pure technology player with focus on delivering cutting edge technology solutions to the industry. We are uniquely positioned to work with entire industry and enable them to deliver right products to right customers across India.
How are you different from the existing competitors?
We are first of its kind insurance infrastructure provider that is not an insurance intermediary. We are partners to brokers, corporate agencies and other sales networks to maximise their potential and portfolio.
What is the funding status and monetization model?
Ensuredit has raised about USD 1 Million in funding so far in pre-series A round led by Venture Catalysts in 2020.
We work on a success fee based model (Similar to a PaaS fee model)
What challenges are you facing in running your business?
Our biggest challenge has been to keep pace with the demand. We increased our client base by 6X and team size by 3X in last 6 months to ensure we quickly service more clients.
How has been your partner's/ customer's response so far?
The response has been absolutely fantastic and phenomenal so far. Our clients are also our biggest source of business development. A lot of our business comes from client referrals – which is the biggest endorsement of our technology making meaningful difference to their businesses.
What are the traction details (achievements of the company)?
Across products we now have 25+ clients. Even during the pandemic and the more intense 2nd wave, we have acquired more clients. We intend to have 60 clients by end of next quarter.
How do you look at expansion?
Our focus is on serving the large untapped based in India, and expansion of our product and insurer partnerships. We intend to have integrations with 35+ insurers by end of this year.
We have also been getting interest from companies outside of India for our platform. We are considering international expansion over next 4-6 months’ time.
What are your marketing plans?
As a B2B/2C set up, we are looking at outreach to companies in insurance and finance domain. For this we use typical B2B marketing initiatives. However, in our view, our products are the best marketing tools we have at our disposal.
What has been the biggest learning so far?
Our biggest learning has been about “complexity management” in an industry that is diverse – multiple categories, products, geographies, price points, channel structures etc. It is a difficult process; yet highly rewarding when we solve these problems. Managing the complexity, while ensuring a simplified UX will go a long way in tech enabling the insurance industry.
What is the market size and opportunity?
Insurance industry was about USD 110 billion in 2020. We believe it will be about USD 400 billion by 2030.
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