This Startup Is Personalizing The Experience For Insurance Buyers - ASKARVI
Startup Showcase

This Startup Is Personalizing The Experience For Insurance Buyers – ASKARVI

By building a friendly Virtual Insurance Assistant, it intensively reaches out to the customers by automating their pre and post sales experience.

ASKARVI

By @Connectvj –Interview with Sushant Reddy, Founder and CEO at ASKARVI.

We interviewed him to know in-depth about him & ASKARVI. This is the 8th Interview of our Startup Showcase Series.

AskArvi is an interactive fintech platform for insurance buyers.

Started with an idea to provide a personalized experience to customers, AskArvi breaks down the complexities of insurance and helps them understand its intricacies in the simplest way possible. Furthermore, they improve the purchase experience of customers by directing them to the relevant insurance plan as well as helping them through the sale process via mobile chat feature.

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AskArvi leverages new capabilities of Artificial Intelligence and Data to fix the flaws that are prevalent in the Indian Insurance Industry. It intelligently uses the attribute of “mobile chat” based medium to understand the customers’ need and recommend them a product matching to their need.

By building a friendly Virtual Insurance Assistant, it intensively reaches out to the customers by automating their pre and post sales experience. The vision of the company is to make insurance agents completely redundant in a few years time.

Explain your professional background briefly.

I am a digital enthusiast who is always on the hunt for finding smart solutions to provide an incredible experience to the customers.

Prior to starting AskArvi, I was the Co-Founder & CEO of Quantum Phinance, a Fintech company dealing in B2B space. I have proven track record of building a successful B2B business in the fintech space as the software built by me in the previous organization is currently deployed at top Banks, corporate treasuries and Asset Management companies in India.

I hold a Bachelor’s Degree in Mechanical Engineering from IIT Mumbai and an MBA degree in Finance and Entrepreneurship from Columbia Business School.

 Who are your ideal customers and what difference are you creating for them?

Online insurance is largely ‘reactive’ where companies wait for customers to discover a portal. AskArvi.com plans to leverage its ‘chat’ experience to proactively engage customers around insurance.

The company is exclusively targeting the younger population that has been largely ignored by traditional insurance players. Company plans to acquire customers in this age group through a mix of innovative online channels and offline partnerships. We have plans to make the customer experience more simplified and responsive by further leveraging AI and blockchain technology in customer support and claim settlements.

With such a unique concept, what challenges do you face within the market and the company?

Users are human-dependent while buying any finance, especially insurance product. We are trying to automate the end to end workflow and during the flow, we are educating, engaging and interacting with the users.

Trusting bot and buying online insurance products is our biggest challenge today.

How do you see insurance sector evolving over time?

Insurance penetration in India is one of the lowest (less than 0.8% of GDP is paid as insurance premium when the global average is 4 times that number). Online channel is one of the fastest growing distribution channels in insurance industry according to BCG-Google Report 0f 2014.

We envision that over next 10 years, ‘insurance agents’ and intermediaries will become redundant. Intelligent assistants will engage customers in a consistent, data-driven and objective way that improves the overall buying experience.

How was your first fundraising experience and what problems did you face?

In September 2017, we raised an early stage undisclosed amount of funding from a group of American angel investors.

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It was full of learning and since the aim was to simplify the products and minimize the time taken to buy a product online, we attracted investors.

How has the company grown over the years?

We are growing each day in terms of our learning and processes. And that’s our biggest strength right now.

What is AskArvi’s ultimate vision?

We envision that over next 10 years, ‘insurance agents’ and intermediaries will become redundant. Intelligent assistants will engage customers in a consistent, data-driven and objective way that improves the overall buying experience.

What advice would you like to give the entrepreneurs who are planning to launch their own venture?

One advice that I would want to give young entrepreneurs is “Make sure you are ready to take a risk to achieve your dreams, be it in your 20’s or 70’s”

 

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