In this episode, Michael Waitze spoke to Mitesh Jain, the co-founder, and CTO at Symbo Insurance. Mitesh previously worked for Deloitte and worked on the rollout of Obamacare in several US states. After coming back to India he founded and exited tech HR startup Happy2Refer before he co-founded Symbo in India in 2017 and which shortly after expanded to Singapore. We previously recorded a panel with Laurens Koppelaar, CEO of Symbo Singapore. Find the episode here.
Symbo serves the insurance industry across product, distribution, and operations and all lines of insurance with capabilities across reinsurance and direct insurance (general & life, personal & commercial). For direct insurance, the startup helps source and design risk-appropriate insurance coverage for clients, build distribution and affinity networks to drive large scale insurance penetration and offer policy administration and claims assistance services. Their reinsurance platform is a comprehensive workflow automation solution built to digitize and facilitate the exchange of complex reinsurance transactions amongst clients, reinsurers, and brokers.
Mitesh explains how Symbo is taking a customer-first approach and is developing new products together with customers and then finds insurers to underwrite them. Two examples are fitness insurance and marathon insurance. He also touches on how Symbo is leveraging technology to reach tier 2 and tier 3 cities in India that show very low insurance penetration