Asia InsurTech Podcast spoke with Deepak Bhuvneshwari Uniyal, Co-founder and CEO of Insurance Samadhan, a tech platform resolving insurance complaints and claims in life, health, and general insurance. Deepak has started as an insurance sales agent and experienced first hand why insurance is so important for people to manage risks.
Insurance being a very technical product that is not tangible, people have difficulties understanding the importance of it and what solutions they exactly need. A challenge insurance sales agents are facing as well. With only a couple of weeks of training, one can become a licensed insurance agent in India. Deepak is convinced nobody is able to understand a highly technical product with such little training and thus is unable to provide comprehensive advice to customers.
With Insurance Samadhan, Deepak aims to simplify insurance products and help avoid mis-selling.The startup represents consumers, helping them to call their rightful insurance claim or resolve a complaint. The business model is based on a success fee so Insurance Samadhan has developed a mechanism to test if people have a rightful claim before taking on the case.