Nova Benefits Market Research Report
Company Overview
- Name: Nova Benefits
- Mission: To provide personalised health and wellness benefits to employees and their family members, ensuring not only care during hospitalisation but also preventing illness.
- Key People:
- Saransh Garg, Co-Founder, CEO
- Yash Gupta, Co-Founder, CTO
- Bhagat Vachhaney, National Head - Sales
- Atrey Bharadwaj, Principal Officer
- Shiffana MK, People and Culture
- Ashwath Nambiar, Design
- Rohit Arumugam, Wellness
- Akhil Dhoot, Customer Success
- Srinivas Kamineni, Claims
- Nitin Chandnani, Business Finance
- Headquarters: The company operates from major Indian cities including Bangalore, Mumbai, Pune, Delhi, Chennai, and Hyderabad.
- Number of Employees: In the last year, the team size grew from 60 to over 200 members, indicating a rapidly expanding workforce.
- What is the company known for: Nova Benefits stands out for its excellent service, empathetic approach, and dedication to employee wellness, offering a comprehensive suite of insurance and wellness solutions to corporates.
Products
Insurance Products
- Group Health Insurance: Customised plans providing necessary financial support to employees.
- Super Top-Ups: Additional coverage options increasing base policy coverage, paperless and tax saving.
- Group Covid Insurance: Specific coverage for medical expenses related to Covid-19 with digital claim intimation.
- Insurance Overview: Policies like Group Term Life Insurance including policy add-ons like HIV coverage, bereavement cover, IPD, and more.
Wellness Products
- Telehealth Services: Access to over 1,00,000 doctors from 76,000+ hospitals covering more than 20 specialities.
- Fitness Offerings: Online and offline gym subscriptions, personal training, and AI-driven fitness reminders.
- Mental Wellness: Includes personal therapy sessions, support groups, and mental awareness workshops.
- Maternity Wellness: Packages for new parents and newborns, including a specially curated maternity box.
Key Features of Products
- Holistic Employee Care: Extensive insurance and wellness benefits, covering health emergencies, mental health, fitness, and diet.
- Ease of Use: Tech-first platform with easy access to benefits, claim processing, and employee onboarding.
- Customization and Flexibility: Benefits tailored to specific organizational needs, offering extensive coverage and affordability.
- Digital Innovation: Streamlined processes for enrolment, query resolution, and real-time digital claims processing.
- Pan-India Accessibility: Services and deliveries spanning over 10,000 pin codes across India.
Recent Developments
- Partnership with ICICI Lombard: A significant development in the area of claims processing through real-time digital innovation.
- Employee Growth: Rapid expansion of the team and doubling of workforce size over the past year.
- Client Engagement: Successful long-term partnerships with companies like Snapdeal and Fynd, enhancing service offerings.
- New Offerings: Introduction of the Maternity Box and enhanced telehealth services with AI fitness integrations.
- Expanded Coverage: Enhancements in policy offerings, such as HIV cover, LGBTQ cover, and bereavement cover, making it more inclusive.
Customer Testimonials
- Dhiraj Tanwar, Senior Vice President, Yes Securities: Praised the team for their seamless coordination and outstanding support.
- Bhuvaneshwar Naik, CHRO, Lentra: Highlighted Nova Benefits for their empathy and exceptional service dedication.
- Rohan Mankand, Springworks: Noted Nova's advantageous digital solutions and tailored offerings enhancing decision-making processes.
- Kunal Bahl, Co-Founder and CEO, Snapdeal: Emphasized the excellent partnership experience and extensive support Nova provides.
This comprehensive summary of Nova Benefits outlines the company's commitment to creating a robust employee wellness platform, highlighting its innovative insurance solutions, wellness offerings, and recent advancements in service delivery.
