In the bustling landscape of India’s SME sector, a silent challenge often goes unnoticed —- providing adequate healthcare benefits to employees. While large corporations boast comprehensive insurance packages, small and medium-sized enterprises (SMEs) struggle with limited options and high costs. But what if there were a way to bridge this gap?
People Matters sat down with Yogesh Agarwal and Kulin Shah, the visionary founders of Onsurity, to delve into their innovative approach of providing healthcare benefits tailored specifically for small and medium-sized enterprises (SMEs). This conversation not only highlighted their entrepreneurial journey but also shed light on the unique challenges and solutions they are bringing to the insurance industry.
The Genesis of Onsurity: A Personal Catalyst and Industry Gap
The creation of Onsurity was sparked by a blend of personal experiences and professional insights. Yogesh Agarwal, a Chartered Accountant and one of the youngest actuaries in the insurance sector at that time, recounted how his experience in running a boutique actuarial consulting firm highlighted a glaring issue: the lack of adequate healthcare benefits for small teams.
Despite offering competitive salaries, Agarwal struggled to find insurance companies willing to provide comprehensive benefits to firms with fewer than twenty employees. This challenge was further compounded by a frustrating experience with a broken healthcare claims process during a family member’s hospitalisation.
“The realisation that SMEs were being overlooked by the insurance industry was eye-opening,” Agarwal shared. “We knew we had to create a solution that was accessible and comprehensive, specifically designed for these businesses.”
Kulin Shah, who brought a wealth of experience from his previous roles in startups and insurance innovation, echoed this sentiment. Having worked closely with Kunal Shah at FreeCharge and played a pivotal role at Acko General Insurance, Shah understood the potential impact of digital transformation on traditional industries.
“We saw a significant gap in the market,” Shah explained. “SMEs contribute immensely to the economy but often lack access to basic healthcare benefits due to the industry’s focus on larger corporations. Onsurity was born out of the desire to democratise healthcare for these businesses.”
Unique Offerings: A Subscription Model for Comprehensive Healthcare
Onsurity sets itself apart with a unique approach, specifically designed keeping in mind India’s 63 million SMEs. Unlike other companies that adapt enterprise-level products for smaller businesses, Onsurity’s solutions are built from the ground up to cater to the specific needs of SMEs. One of their standout features is the monthly subscription program that combines healthcare,insurance, and wellness into a single, comprehensive product. Shah elaborated, “Our subscription model is akin to selecting a plan on an OTT platform like Netflix. It’s intuitive, affordable, and eliminates the burden of large upfront costs, making it accessible for SMEs of all sizes.”
This innovative model not only simplifies the process for business owners but also empowers them to offer competitive health benefits, helping to attract and retain talent in a competitive market. “We wanted to make it easy for SMEs to provide the same level of healthcare benefits that larger companies do,” Agarwal noted. “Our platform is designed to be user-friendly, ensuring that even those without a dedicated HR team can manage their employee benefits effortlessly.”
Leveraging Technology for a Seamless Customer Experience
A core element of Onsurity’s offering is its technology-driven approach, which streamlines the customer experience and eliminates the traditional complexities associated with insurance. All processes, from plan selection to claim filing, are managed through a mobile app, providing a seamless and efficient experience for users.
“Digital transformation is at the heart of what we do,” Shah emphasised. “By leveraging technology, we can reduce the time required for claim reimbursements and provide a hassle-free experience for our customers and members.”
This commitment to a digital-first strategy is not just about convenience; it’s about fundamentally changing how insurance and healthcare are accessed and managed. “Our goal is to support our users every step of the way,” Agarwal added. “We prioritise health and recovery over the financial aspects of insurance claims, ensuring that our customers feel supported during critical times.”
Addressing the Broader Challenges Facing SMEs
Beyond healthcare, Onsurity is addressing the broader business risks that SMEs face as they grow and aspire to work with larger corporations. This includes providing solutions like Directors and Officers Liability Insurance, Asset Insurance, and Cyber insurance for companies as well as their employees, protecting SMEs from a range of risks.
“SMEs often lack the resources to manage these risks effectively,” Shah explained. “We’re offering products that safeguard their financial and personal interests, ensuring business continuity and employee well-being.”
Agarwal highlighted the importance of these offerings in today’s digital age, where businesses are increasingly vulnerable to cyber threats. “As more SMEs go digital, the need for comprehensive risk management solutions becomes critical,” he said.
“We are expanding our product line to include cybersecurity solutions, which are essential for protecting digital assets and ensuring long-term business success.”
The Founders’ Vision: A Future of Empathy and Innovation
Both founders share a vision that goes beyond business success; it’s about creating a lasting impact on the SME sector. Yogesh Agarwal emphasised empathy as a core value, both personally and professionally. “Understanding the challenges our customers face is crucial,” he stated. “This empathy drives us to innovate and find new ways to improve the customer experience.”
Agarwal also highlighted the importance of practising what they preach: “We also have a responsibility to be healthy ourselves because running a healthcare company means people expect us to be the first to lead by example. A lot of time goes into maintaining our health, sticking to a balanced diet, and keeping up with exercise routines. These habits help us balance our startup life.”
Kulin Shah also highlighted the importance of accountability and ownership within their team. “We empower our employees to take ownership of their work, fostering a culture of innovation and trust,” he said. “This approach not only benefits our company but also ensures that our customers receive the best possible service.” Shah and Agarwal’s commitment to thinking from the SMEs perspective and prioritising their unique needs resonates strongly, offering valuable insights for readers interested in the SME healthcare sector.
Looking ahead, the founders see a future where SMEs continue to grow, driven by technological advancements and a greater focus on employee well-being. “As the SME sector expands, so does the need for comprehensive health and wellness solutions,” Agarwal noted. “We’re excited to be at the forefront of this transformation, helping SMEs navigate the challenges of a rapidly changing business environment.”
Onsurity’s journey from vision to reality is a testament to the power of innovation and empathy in addressing the unique challenges faced by SMEs. With a deep understanding of their needs and a commitment to leveraging technology, Kulin and Yogesh are poised to redefine the landscape of SME healthcare and insurance, providing accessible, comprehensive solutions that empower businesses and their employees alike.