India’s insurance premium volume stood at $127 billion as of 2021, and is set to be worth $200 billion by 2027, according to a BFSI – Insurance report. Even as a large number of urban and semi urban consumers have access to diverse insurance products, there is still a large number of population—especially in smaller towns and cities—that is yet to join the bandwagon. One of the large gaps is the small and medium enterprises where insurance is yet to become mainstream.
Bengaluru-based InsurMonthly is trying to address this gap with a focus on MSMEs as well as a new approach of a healthcare stack that is more personalized, inclusive, and affordable. Moreover, it is combining wellness services into the stack, which allows it to cover things like virtual and physical doctor consultation, tests, full body checkup, and more – usually not part of the healthcare plans offered by legacy players.
We spoke to the company founder and CEO Rahul Singh to better understand the objectives of InsurMonthly, and how it’s different from its peers.
Here are the edited excerpts.
What makes InsurMonthly stand out from other companies that are operating in the same space?
Every player in the market is charging on an ala-carte basis taking the prices higher. We have bundled all the health and wellness services together to offer a comprehensive package at the most reasonable price. When it comes to offering a comprehensive employee benefits plan, small businesses are often at loss because of the high cost of corporate plans and limited coverage for their small team size. In such a situation they, more often than not, end up with an expensive corporate health insurance plan that eats into their working capital but doesn’t offer any real benefits to their employees, while what they truly need is a comprehensive health & wellness plan for small businesses.
How has your platform grown since inception?
In just three years, InsurMonthly has positively impacted over 3,000 lives across diverse sectors, extending its services to more than 80 businesses. Additionally, the company has played a crucial role in safeguarding the well-being of over 2000 families. This impressive outreach underscores InsurMonthly’s commitment to providing comprehensive insurance solutions, fostering security and stability within a broad spectrum of communities. As it continues to grow, the company remains dedicated to enhancing the lives of individuals and supporting the success of businesses through its robust and inclusive insurance offerings.
What are your short-term plans for product and business growth?
We at InsurMonthly are aiming at dynamic growth in the short term, with a strategic focus on enhancing our products and expanding our market reach. We are committed to refining our insurance offerings, ensuring they meet the evolving needs of our customers. Additionally, we plan to leverage advanced technologies to streamline processes, enhancing customer experiences and operational efficiency. The expansion of our customer base is a key priority, and we aim to reach new demographics and markets. By investing in innovation, refining products, and broadening our outreach, InsurMonthly is dedicated to offering the best experience to our consumers.