MicroNsure Consultancy PVT. LTD., SME Business of the Year Award Winner 2023
Business Name: MicroNsure Consultancy PVT. LTD.
Founder’s Name: Kamalakar Sai Palavalasa
Location: Hyderabad, India
Establishment (Year): 2020
Category: Finance - Insurance
Sub-Category: Insuretech, Microinsurance
Social Media: LinkedIn
MicroNsure is a technology led Microinsurance consultancy and distribution company. They are committed to securing the lives and livelihoods of economically vulnerable sections of society. In India, a sizable population with low disposable income resides in both urban & rural areas. The people in low-income groups lack insurance protection due to the absence of government schemes and the right insurance plans offered by traditional insurance companies.
MICRONSURE partners with insurers to design sustainable and affordable need-based microinsurance products and delivers these products using technology through institutions working in these segments of the society. These Insurance products are designed and delivered through the proprietary technology platform MIWISA. Through this process they offer insurance protection to the populations and protect them from being pushed into poverty because of the 5 D’s (Death, Destitution, Disease, Disability and Dismemberment).
MICRONSURE works with institutions which are either in the financial services or provide other services to the customers in these segments. Since their launch in June 2020 they have tied up with 250 such organisations and have provided Insurance to more than 1 million customers through 12 product segments.
These products are in the premium ranges of 30 ps per day to a maximum of 2.50 Rs per day. Technology becomes a key factor for both distribution and servicing. The cost of distributing such low premium products can only be viable if it reaches the masses and this can be done using only technology. MIWISA (Microinsurance workflow information system and application) , the technology platform helps an institution to manage the entire insurance workflow on a single platform with direct access to the Insurance companies through API’s. Key Facets of their business that needs to be highlighted is How MicroNsure is working towards bringing inclusive insurance to the economically weaker section of the society there by helping them to secure their future from unforeseen circumstances. Secondly how the organization is harnessing the power of technology to bring not only social welfare but helping its business partners to enhance their productivity and profitability also.
Unique Selling Proposition / Competitive Advantage:
MICRONUSRE is the first company in the micro-Insurance space which offers Technology, Consulting and Distribution (3 in 1) to take innovative sustainable Insurance solutions to the economically vulnerable population.
The expertise at MICRONUSRE is not limited to only one aspect of the microinsurance business. They offer a holistic solution to their insurance and distribution partners. From building need-based, affordable products to their distribution and technical support to enhance business efficiency, MicroNsure offers end-to-end solutions. They endeavor to utilize their robust distribution network and expertise to build a more resilient and less vulnerable society.
The innovativeness of their technology platform includes Insurance as a product for the entire lifecycle of the customer. Newer products can be launched instantly from the platform and for the first-time combo products can be launched by the click of a button. Combo products include life+ general or life + health or General + health products.
𝐀𝐜𝐡𝐢𝐞𝐯𝐞𝐦𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐦𝐢𝐥𝐞𝐬𝐭𝐨𝐧𝐞𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐨𝐦𝐩𝐚𝐧𝐲
MicroNsure is a dynamic and fast-growing start-up in the Microinsurance segment. Currently they are present in 9 states in India which includes Andhra Pradesh, Telangana, Kerala, TamilNadu, Gujarat and Rajasthan, Karnataka, Maharashtra, Madhya Pradesh. Their association with partners has grown from a dozen in 20-21 to 165+ relationships as on date and they have insured more than 10 lac+ lives as of now. The journey so far has been an enriching one, but they are looking forward to growing and expanding more aggressively in the future. Their aim is to achieve the largest market share in the microinsurance segment in India. Their aim is to take the products to 2 crore households in the coming 3-5 years. MicroNsure has been awarded as the Winner of Startup India National award 2022 in the Fintech (Insurance category). This award is by DPIIT in the Ministry of commerce and Industry and is given to Best startups in India in various segments.