Insurance Samadhan: Solving Complaints and Generating Revenue

Insurance Samadhan is a startup company founded by Ravi Mathur, Deepak Bhuvneshwari Uniyal, and Shilpa Arora, who are all co-founders of the company. The main focus of the company is to provide assistance to people who have been tricked or fooled into buying insurance policies instead of more beneficial investment options like fixed deposits. The company has recognized the common issue of people being sold insurance policies without their proper knowledge and consent.

The company provides assistance in three main categories of insurance: Life Insurance, Health Insurance, and General Insurance. With the experience and expertise of 45 years in the financial field, Insurance Samadhan aims to help people make informed decisions about insurance policies.

AIM

The aim of Insurance Samadhan is to solve the issue of people being tricked or fooled into buying insurance policies instead of more beneficial investment options like fixed deposits. The company aims to provide assistance in three main categories of insurance: Life Insurance, Health Insurance, and General Insurance.

The main goal of Insurance Samadhan is to bring transparency and trustworthiness to the insurance sector in India. The company recognizes that there is a growing number of scams and frauds in the insurance sector, which has led to a lack of trust among the general public. Therefore, the aim of the company is to provide unbiased and trustworthy advice to people so that they can make informed decisions about insurance policies.

Another aim of the company is to leverage technology to provide customers with the right information and assistance. The company has designed a bot that welcomes the customers and asks for inputs like age and policy type. Based on the inputs provided by the customers, the staff of the company gets engaged with them and provides them with the necessary information and assistance.

The co-founders of the company have 45 years of experience and expertise in the financial field. They aim to use their knowledge and experience to help people make better decisions about insurance policies. By providing personalized advice and assistance, the company aims to build long-term relationships with its customers.

BUSINESS MODEL

The business model of Insurance Samadhan, a startup in India, is designed to provide customers with personalized and trustworthy advice and assistance in the insurance sector. The company aims to achieve this by leveraging technology and the expertise of its co-founders.

The company has a website and a WhatsApp number where customers can reach out for assistance. When customers reach out, they are greeted by a bot that asks for inputs like age and policy type. Based on the inputs provided by the customers, the staff of the company engages with them to provide the necessary information and assistance.

The company provides assistance in three main categories of insurance: Life Insurance, Health Insurance, and General Insurance. The co-founders of the company have 45 years of experience and expertise in the financial field. They use this knowledge to provide personalized advice to customers based on their specific needs and circumstances.

Insurance Samadhan's business model is designed to provide customers with transparency and trustworthiness in the insurance sector. By providing unbiased and trustworthy advice, the company aims to build long-term relationships with its customers.

The company earns revenue by charging fees for its services. Customers can choose from various plans depending on their needs and budget. The company also earns revenue through referral fees from insurance providers.

TARGET MARKET

The target market of Insurance Samadhan, a startup in India, includes anyone who is looking for trustworthy and personalized advice and assistance in the insurance sector. The company provides assistance in three main categories of insurance: Life Insurance, Health Insurance, and General Insurance.

The company's target market includes individuals and families who are looking to purchase insurance policies or are looking for advice on their existing policies. This includes both young and elderly customers who are looking for assistance in navigating the complex world of insurance.

The company also targets small and medium-sized enterprises (SMEs) who are looking for group insurance policies for their employees. By providing personalized advice and assistance, the company aims to help SMEs choose the right insurance policies for their employees, which can help them attract and retain talent.

In addition, the company targets insurance agents and brokers who are looking for a reliable partner to help them provide better services to their customers. By providing expertise and assistance, the company can help insurance agents and brokers increase customer satisfaction and retention.

SALES AND REVENUE

The company's current valuation is Rs. 100 crore.

In the past three years, the company has solved more than 14,000 complaints and helped many common people recover an amount of Rs. 30 crore. The company earns its revenue by charging a success fee of 12% for completing cases. The success rate of the company is 70%, which is a good indicator of the company's ability to solve the complaints.

The company generates revenue by solving complaints and charging the success fee at the end of the process. The sales of the company have been increasing steadily over the past few years. In the past three years, the company has generated a sales of Rs. 1 crore. In the financial year 2021-22, the company has generated sales of Rs. 104 lakhs rupees. In the last month, the company generated revenue of 22 lakhs rupees.

JOURNEY IN SHARK TANKS INDIA

The pitchers approached the sharks with an ask of Rs. 1 crore for 1% equity in their company. However, Anupam backed out of the deal, and Namita and Ghazal were confused about the scalability and valuation of the company and decided not to invest.

Vineeta made a counter offer for 4% equity in exchange for Rs. 1 crore, which was rejected by the pitchers. Peyush then made a counter offer for 10% equity in exchange for Rs. 1 crore, which was also rejected by the pitchers.

The pitchers then made a counter offer for 1.3% equity in exchange for Rs. 1 crore, which was rejected by Peyush. Peyush then made a counter offer for 5% equity in exchange for Rs. 1 crore, which was again rejected by the pitchers.

Finally, the pitchers made a counter offer for 2.5% equity in exchange for Rs. 1 crore, which was accepted by Peyush. The final deal was done with Peyush Bansal for 4% equity in exchange for Rs. 1 crore in the company.