SecureNow Insurance Broker
Contact person: Kapil Mehta
Email address: firstname.lastname@example.org
Contact number: 9811158553
Asia and ANZ
The Digital Insurer Insurance Innovation Award
SecureNow is an award-winning insurance broking firm specializing in distributing pure-risk, commercial insurances to small and medium enterprises. These small companies do not have access to quality insurances on their own and are under-served and un-insured. SecureNow is able to distribute commercial insurances in a sustainable manner by establishing a business model that effectively leverages technology to provide small companies insurance options comparable to what larger companies get. It is a full service firm that provides excellent claims support to small companies in addition to placing quality insurances.
Driven by technology and deep industry relations, the company has scaled up rapidly to reach a broad spectrum of 7000 clients and acquires over 15 new ones each day. SecureNow's team includes alumnus of leading educational institutions - IIM - Ahmedabad, IIT - Delhi, and SRCC - Delhi with experience in leading firms such as Hindustan Unilever, McKinsey & Company, Max New York Life Insurance Company. The founders write write weekly & monthly columns on insurance matters in newspapers such as Mint, and The Hindu BusinessLine. They develop the Mint SecureNow Mediclaim Ratings which are considered the most credible ratings in the health insurance industry to evaluate insurers and their products. SecureNow has been identified in the fintech map of India by CB Insights and included in the Top 50 Fintech Companies in India by Fintech Asia. We have won many awards and recognition by the industry like Claims Innovation Award, The Skoch Order of Merit, The Asia Insurance Industry awards as one of the top 3 brokers in Asia, Fintech Innovation awards 2016 and Tech HR Spotlight awards.
We have been disruptive in the insurance industry and differentiate ourselves with our in-house search engine insurpoedia that provide answers to all the insurance related queries; calculators that help get instant quotes within seconds as per the client’s need and a handy app ‘notify’ that helps deliver medical insurance card, store important documents and help you locate the right hospital when you need it the most. We do not simply sell insurance to the clients but we provide consultation on benefits & suggestions on insurance management. We diagnose the previous year policies of our clients for coverage and propose competitive renewal terms from top-tier insurers. Our innovations, specific to knowledge, are listed below:
Online Calculators – to provide well-explained, commercial insurance options in seconds. SMEs struggle to buy insurance because they are too small to matter to insurers. It takes them weeks to procure insurance options, that are expensive and seldom explained properly. Our proprietary calculators address this by providing solutions in less than a minute. These calculators explain underlying terms, exclusions and warranties transparently. Hovertips describe the meaning of technical terms simply. The calculators are on www.securenow.in.
Insuropedia – to answer any insurance related query. Insuropedia, SecureNow’s proprietary tool, is available on our website. You can ask any question on insurance and get meaningful responses. Insuropedia is backed by intelligent search technology and vast content. Intelligent search suggests queries as users begin to type. The most frequently asked questions are shown first and the order is refined over time based on actual search history. There is a database of over 1000 responses, arranged in an easily accessible structure, in the back-end. We get over 25,000 people every month searching for information on Insuropedia.
Claims Portal – Provide insightful health claims MIS to clients. Currently, group health insurance clients get only basic information on their claims: total claims value, number of claims and a list of claims made. We developed the claims portal to provide much richer information such as most commonly used hospitals, diseases arranged by therapeutic type, recovery periods by disease and profile of employees falling ill. The portal extracts data from our systems and makes attractive charts with this information. This presentation is then shared with clients quarterly.
Hospital Locator – Identify hospitals that accept your insurance. There are several online tools available to locate hospitals. However, there is no systematic way to identify hospitals that accept specific insurances. Our hospital locator can tell our clients where to go depending upon the insurance they have. The information can be viewed in list or map form. The locator can be accessed from our website.
PAM - Our fully functional customer policy administration portal provides all your insurance documents, active lists and contact persons in one place. The online uploads of endorsements and claims significantly increases efficiency. The system sends renewal reminders and updates seamlessly.
Notify - Our android app Notify, available on Google Play and iOS, delivers medical insurance cards electronically to the phone, within three days of the insurance being placed. The standard industry process is to give physical cards, which are never found when you need them most, three to four weeks after the insurance start date. The app also allows claimants to reach us at any time. We also provide a location-based attendance management system to our clients at no cost. This replaces the current biometric devices used to mark attendance and leave. The feature is part of our Notify app and encourages employees to use the app every day. Clients benefit because the system is far more efficient and fool-proof than current processes. We benefit because our renewal rate with clients using Notify is over 90%. Notify has a 24/7 chat tool where claims can be registered or enquiries made. The app remains valid even if we change the insurer on renewal – we electronically replace the mediclaim cards. The app seamlessly stores information on personal insurances with reminders and records of original documents carefully maintained. Through Notify, we have been able to address a real and significant need in the industry at large using technology. Notify was able to address the aforementioned problems effectively. Mentioned below is an account of the same:
1. Electronic health insurance cards are sent seamlessly to the app within a few days of the insurance being placed. These replace physical cards and are accepted by hospitals. A process that used to take several weeks happens in days, thanks to Notify. This is a giant leap in terms of distribution of group products for risk management.
2. The cards are always available on your phone. This is the one device everybody carries to the hospital in an emergency. One can be carefree now about misplacing cards and not having it on them in case of an emergency.
3. The employee can call SecureNow from within the app and need not remember a number. A person, and not an irritating IVR, answers the call - The user experience is significantly improved!
4. There is a 24/7 chat facility that is used for claim intimation or escalating any issue - This ensures that the insured is never on their own when it comes to claim handling/settlement.
5. Every year we electronically update the E-cards. No new physical cards are needed even if the insurer changes.
6. Employees can upload changes to their dependents and make corrections using the app. These are approved by a supervisor and then automatically updated in the insurer’s active insurance list. Paperwork is eliminated, thus increasing productivity.
Insurance broking is increasingly dominated by multinationals. They tend to focus on large domestic and multinational companies. Consequently, smaller companies, who are most vulnerable to risks, are un-insured and under-served. This is the segment we address. Since it is impossible to effectively serve such small companies through face-to-face interactions, we have established a business model that leverages technology to provide small companies insurance options comparable to what larger companies get. There is much work to be done but we have taken the first sure steps to building an enduring insurance brokerage.
SecureNow's Journey and Aspirations: https://www.youtube.com/watch?v=z171QyaBt0w