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Awareness towards health has increased after the Covid-19 pandemic. People have seen a medical crisis during pandemics which has made them more concerned about health insurance. The increase in awareness and demand for health insurance has confirmed that consumers want better health insurance for themselves and their families. Even after opting for good coverage, when in need, claiming health insurance becomes a pain point for consumers.
HealthySure has brought a solution through its affordable and accessible healthcare insurance system. It enables Indian citizenship to get a healthy society through insurance along with healthcare services. Read to know more about HealthySure, its founders, business model, its services, and the startup story.
HealthySure - Company Highlights
| Startup Name | HealthySure |
|---|---|
| Headquarters | Mumbai |
| Industry | InsurTech |
| Founders | Sanil Basutkar & Anuj Parekh |
| Founded | 2021 |
| Total Funding Raised | INR 9 Crores |
| Website | healthySure.in |
HealthySure - About
HealthySure - Industry
HealthySure - Founders and Team
HealthySure - The Idea and Startup Story
HealthySure - Name, Tagline, and Logo
HealthySure - Products and Services
HealthySure - Business Model and Revenue Model
HealthySure - Customer Acquisition
HealthySure - Challenges Faced
HealthySure - Growth
HealthySure - Funding
HealthySure - Competitors
HealthySure - Tools Used in the Company
HealthySure - Future Plans
HealthySure - About
HealthySure is an employee welfare insurtech. They offer 360-degree insurance and healthcare for organizations and their workforce. Their ultimate vision is to enable affordable and accessible healthcare to the Indian population, and they see organization sponsored health programs going a long way to achieve that.
Even if an organization is spending a small amount to get insurance cover for their workforce, they plan to leverage that spend and let employees take advantage bring down the cost of comprehensive voluntary health insurance.
They genuinely believe that a lot can be done to improve healthcare in the country and they hope to play a big part in the coming years to help achieve that.
HealthySure - Industry
The Group Health Insurance Market is projected to grow to $11Bn (Rs 80,000 Crore) by 2025 and is almost 1.5x the size of the retail health market. (IRDA Industry Statistics and IBEF and Mordor Intelligence reports). These numbers were projected pre-pandemic. They have clearly seen that this number will be way higher due to the increasing awareness and necessity of health insurance post-covid.
There are more than 100 million private organizations in India. As India’s penetration of insurance and health cover is very low, there is a huge scope for social security to be provided through organizations as is the case with some of the developed countries. HealthySure is focusing on SMEs and corporates in India with 1 Million such businesses, employing 36 million people.
Harshit Verma
HealthySure - Founders and Team
Anuj is the Co-founder and CEO. He is a chartered accountant and a national rank holder, and has graduated from IIM Bangalore. He has over 7+ years of experience in management consulting, investment banking and corporate finance. Anuj was the key project consultant at Virgin Hyperloop, driving commercialization of world’s first hyperloop corridor in India before taking the plunge into entrepreneurship.
Sanil is the Co-founder and Product Head. He is a chartered accountant and has graduated from Indian School of Business. He has 7+ years of experience in product management, financial services and management consulting. He is also a founder of Saransh app, a news-in-short equivalent for the vernacular masses. Sanil was the lead product manager at Torre Capital, a fintech investments platform before co-founding HealthySure.
They are very good friends from their undergrad days when they studied at N.M. College. They always wanted to solve problems, create an impact and had an entrepreneurial mindset. The problem that they are solving, they could personally relate to which just gave them the push to launch HealthySure.
They bring in complimenting set of skills - while Anuj handles sales, business development and operations, Sanil is involved in product, technology and marketing. Rest of the functions are pretty much divided between the rest of us. Their experience working with startups has really helped us manage multiple things within the company.
They are currently a team of 25+. They have set up a culture that promotes ownership and responsibility. They encourage team to be not afraid to make mistakes and solve problems on their own. They like to offer a helping hand to them wherever needed. While they promote their openings across, they generally speak to people who directly approach them and also heavily promote referrals within their team and network.
HealthySure - The Idea and Startup Story
It was during, the pandemic that they observed a big problem faced by people even with a health insurance cover. For some of their close friends, COVID hospitalization costs for family members were going through the roof. Despite having organization-sponsored health insurance, they were struggling to pay off bills as their cover was inadequate or had certain restrictions such as a room or disease capping leading to short claim settlements.
As they dug deeper into this problem, this pattern of inadequate health cover was clearly visible across the board.
Organizations, in most cases, are restricted by budget constraints and as a result opt for a cover that may not be comprehensive. For instance, a corporate health cover of 3 lacs may not be enough to cover healthcare needs of an employee’s family and this does not inspire confidence. This results in either the employee opting for a separate personal cover and in essence paying double the premium or as in most cases, the employee is unable to afford a comprehensive cover, thereby leaving him with the potential for crippling debt at the time of critical emergencies - as was the case observed during COVID. It’s not that people don’t want to have a comprehensive cover, health insurance is also becoming an expensive proposition for many.
They have innovated a first-in-industry product that helps employees upgrade their corporate health cover for a nominal amount. In the process, the employees enjoy saving as high as 90% over an independent policy. The employees get an added advantage of continuing such covers in personal capacity post-employment with HealthySure. HealthySure is thus making it very affordable to have a comprehensive lifelong insurance cover for any employee.
HealthySure - Name, Tagline, and Logo
HealthySure is a unique combination of belief in enabling a healthy society and primarily enabling it through insurance along with healthcare services. So, it's basically a blend of Health + Insure. Their close friends pitched in with the suggestion while they were brainstorming on what to call ourselves. They immediately identified with it. Their logo is just an extension of their name and identity.
HealthySure - Products and Services
HealthySure provides group health insurance to companies. They have innovated a first-in-industry product that helps employees upgrade their corporate health cover for a nominal amount. In the process, the employees enjoy saving as high as 90% over an independent policy. The employees get an added advantage of continuing such covers in personal capacity post-employment with HealthySure. They are thus making it very affordable to have a comprehensive lifelong insurance cover for any employee.
HealthySure offers employees to take a cover of as high as Rs. 1 crore and all this, while saving significant costs since a sizable portion is subsidized by the organizations themselves. All this is managed through a seamless tech experience for the organization and as well as their workforce.
The platform also offers a 360 degree healthcare services for their clients including doctor consultations, health checkups, mental wellness, fitness memberships, discounted pharmacy purchases and lab tests among a few.
They operate in the B2B space and are also able to target employees and have a B2B2C segment. Insurance plans may cost as little as Rs 50 per employee per month for basic covers and can go as high as Rs 3,000 per employee per month for a comprehensive coverage. Compared to retail covers in the market, this still comes at a very low cost.
HealthySure - Business Model and Revenue Model
HealthySure monetizes through insurance commissions and selling healthcare services to organizations. Due to their unique offering of Unified Health Insurance, they also see good demand from employees subscribing to additional voluntary insurance coverage.
HealthySure - Customer Acquisition
Getting the first set of customers is always a challenge for any business, specially if you are a B2B business. What worked in their favor was their narrative of ensuring the best possible service and addressing the pain points of their customers.
As the market grew, they started automating their processes and thus letting them gradually build scale. To give an example, they carefully studied the health insurance claims journey of an employee. In a few months, they automated the entire backend process for their customers. They were careful not to bring in the usual solutions of chatbots and telecallers as they understand that human element is always critical in a stressful time like hospitalization. Their clients therefore always have a person to talk to which gives them comfort. As a result, they have settled more than 100+ claims and have received 5 star ratings from their customers on the service.
HealthySure - Challenges Faced
For any startup, building a team and fostering a great culture is the biggest challenge, even more than raising capital. They have been lucky to have had great people in the founding team, who have believed in their vision and continue to deliver exceptionally.
Building their team required great efforts. While it is important to build a team as soon as possible, they would generally take time. They spoke to people who approached them directly or through their networks and build a connect with them. So even if their team building took time, they had the best of people join them who believed in them and their vision. They have managed to keep their attrition really low which has given them a good stability to build the company.
Their culture of emphasizing learning, ownership, and responsibility ensures that they are building leaders within the company. This is something that will be their competitive advantage for years to come.
HealthySure - Growth
HealthySure started operations 9 months ago and currently doing an Annualized Gross premium of around 15 Crores. This is additionally supplemented by revenue from healthcare-related services. They expect this to grow significantly. They are scaling up their team, technology and operations. While they are yet to achieve profitability, they are confident it may come within the next 2-3 years. They have been very efficient in capital deployment and will focus on growth as well as profitability.
HealthySure - Funding
| Date | Stage | Amount | Investors |
|---|---|---|---|
| Feb 2022 | Pre-series A | INR 9 Crores |
They have raised a pre-series A round funding of Rs. 9 crores in Feb-22 with a clutch of institutions participating. The funds are currently being deployed to scale up their tech, operations and to create an amazing brand HealthySure.
HealthySure - Competitors
Some top competitors of HealthySure are:
- Pazcare
- Nova Benefits
- Plum
HealthySure - Tools Used in the Company
Some of the tools that HealthySure uses to run the startups are:
HealthySure - Future Plans
They hope to serve around 1,50,000 lives within the next 12 months and over a million over the next 2 to 3 years. They have aggressive plans to build a brand that the entire B2B ecosystem has trust and confidence with. Their target groups are SMEs in India, who are predominantly looking to buy employee benefits for the first time. They see a lot of growth in this sector as organizations realize the importance of health covers post the pandemic. There are also some indications of government mandating employee health covers as social security for organizations like certain developed countries. If this happens, it will give rise to exponential demand.
FAQs
When was HealthySure founded?
HealthySure was founded in 2021.
Who is the founder of HealthySure?
Sanil Basutkar & Anuj Parekh are the founders of HealthySure.
Is HealthySure funded?
Yes, HealthySure received a funding of INR 9 Crores in Feb 2022.
Source :- https://startuptalky.com/ Author :- Preeti Karna Date :-March 16, 2022 at 12:17AM