Have you ever found yourself lost in the labyrinth of insurance jargon? If so, you’re not alone. Trying to figure out insurance policies can be even more difficult than dealing with the complicated aspects of the banking world. Insurance-related issues often leave policyholders feeling stranded and helpless. But fear not, for there’s a guiding light amidst the chaos – Insurance Samadhan!
Insurance companies seem really good at using complicated words and unclear rules in their policies. These often make customers feel confused and unsure about what to do. To help customers solve problems related to insurance, Insurance Samadhan was born in 2018.
Today, on The Inspiring Chapters, we are sharing the successful story of Insurance Samadhan.
The Problem that Insurance Samadhan Aims to Solve
The truth is, insurance firms are well aware that most people are not familiar with the legal language intricately woven into their policies. Instead of giving straightforward and simple information, they prefer to use confusing words, which makes it simpler for them to trick customers into purchasing policies that might not be right for them.
This unjust behavior impacts the most vulnerable groups including older individuals, people who don’t understand English well, and those who don’t know much about insurance. It’s not their own fault if they find it hard to understand the policies. It is the job of insurance companies to make sure their customers can easily see and understand what they’re getting.
This is exactly why the Insurance Samadhan platform was created. It is the brainchild of three insurance experts, a legal professional, and a tech-savvy genius turned Co-Founder. In the midst of the confusion surrounding insurance the startup has emerged as a guiding light for countless consumers!
Meet the Dream Team of Insurance Samadhan
Shailesh Kumar – The Insurance Encyclopedia: Having a wide network and many years of experience in the insurance field, Shailesh is like a living book of knowledge when it comes to insurance claims and trends related to selling insurance in the wrong way.
Shilpa Arora – The Mastermind COO: With over 26 years of professional experience, including 15 years in the insurance realm, Shilpa has groomed more than 2000 insurance professionals. At Insurance Samadhan, she takes care of everything making sure that clients have a smooth and easy experience.
Ravi Mathur – The Tech Guru: With a startup background and 12 years of experience, Ravi is the brain behind the technology that powers Insurance Samadhan, streamlining complaint resolution and empowering aggrieved customers.
Sanjay Aggarwal – The Legal Expert: With 28 years of entrepreneurial experience, Sanjay contributes negotiation skills and legal knowledge to the team, enhancing their capacity to advocate for fairness.
Deepak Bhuvneswhari Uniyal – The Visionary CEO: Leaving a lucrative career to become a full-time insurance advisor, Deepak’s 17 years in the insurance industry and 25 years of overall expertise make him the driving force behind Insurance Samadhan’s goal to become the most trusted platform for resolving insurance issues.
The Genesis of Insurance Samadhan
The inspiration for Insurance Samadhan struck when Deepak, Shilpa, and Shailesh worked together at Max Life Insurance. Deepak’s decision to become a full-time insurance counsellor was driven by the realization that many people were deceived, facing claim rejections and inadequate settlements.
A pivotal moment occurred when they assisted a high-ranked police officer in recovering a massive sum mis-sold to his elderly father. Witnessing the struggles of even a seasoned official ignited a sense of urgency to tackle the complexities of insurance head-on.
In 2017, after Shailesh retired, the trio, along with Sanjay, decided to establish Insurance Samadhan to combat insurance-related troubles.
From Manual to Tech-Powered Success
Initially, everything was done manually, but they were determined to transform their approach. When Ravi joined as the Chief Technology Officer, the team used technology to study patterns in claims and wrongful selling. This led to creating a strong platform that has effectively resolved over 15,000 complaints.
The Triumph on Shark Tank
The founders of Insurance Samadhan took the platform of Shark Tank India in its first season with a hope to raise funds for scaling up their operations. They proposed a 1% equity stake in their company in exchange for 1 crore. The deal was successfully struck when Peyush Bansal, the Founder and CEO of Lenskart, agreed to invest 1 crore in exchange for a 4% equity share.
Appearing on Shark Tank India was a turning point for Insurance Samadhan. Their unique services garnered widespread attention and admiration. The surge in traffic, inbound calls, and social media engagement demonstrated the impact they were making.
Partnerships and Success Stories of Insurance Samadhan
Insurance Samadhan has maintained strong partnerships with many corporates and Insurance companies to provide policyholders with a seamless resolution to their queries. In March 2023, it joined hands with Ola Insure, the insurance arm of popular cab aggregator Ola.
Insurance Samadhan proudly holds the title of Asia’s only startup specializing in resolving complaints related to life, general, and health insurance, boasting an impressive 70% success rate.
The company’s new “check the quality of your insurance policy” service will change things a lot. It will find any mistake in policies that might cause problems later.
Being the go-to place for all insurance complaints, they are like a strong guide that helps policyholders and makes them believe in insurance again. If you’re having problems with your insurance, don’t be afraid to ask for help from Insurance Samadhan. They value trust, being clear, and getting things done right. With them by your side, your insurance worries will be a thing of the past, and a brighter insurance future awaits you!
