SecureNow Insurance Broker: Company Profile

Background

Overview

SecureNow Insurance Broker Pvt. Ltd., established in 2011 and headquartered in New Delhi, India, is a leading insurance brokerage firm dedicated to providing accessible and affordable pure-risk insurance solutions to small and medium-sized enterprises (SMEs). The company aims to bridge the gap in quality insurance access for policyholders who typically lack such options. With a client base exceeding 30,000, SecureNow has experienced rapid growth, primarily driven by word-of-mouth referrals.

Mission and Vision

SecureNow's mission is to offer fair and sustainable insurance options to policyholders, ensuring comprehensive coverage for all. The company's vision is to create a future where everyone thrives under the protective cover of all-risk insurance, achieved through effective use of technology.

Industry Significance

As a full-service insurance brokerage, SecureNow plays a pivotal role in the Indian insurance sector by catering to the underserved SME market. Its commitment to fair practices and technological innovation has set a benchmark for customer-centric services in the industry.

Key Strategic Focus

Core Objectives

Accessible Insurance Solutions: Provide SMEs with quick, easy, and affordable pure-risk insurance options.

Customer Education: Enhance policyholder understanding of insurance products and their benefits.

Technological Integration: Leverage technology to streamline processes and improve service delivery.

Areas of Specialization

SME Insurance: Tailored insurance solutions addressing the unique needs of small and medium-sized businesses.

Claims Support: Offering comprehensive assistance to clients during the claims process.

Key Technologies Utilized

Digital Platforms: User-friendly online portals for policy management and claims tracking.

Data Analytics: Utilizing data to assess risks and customize insurance offerings.

Primary Markets Targeted

Small and Medium Enterprises (SMEs): Businesses seeking reliable and affordable insurance coverage.

Individual Policyholders: Individuals in need of personal insurance solutions.

Financials and Funding

Funding History

SecureNow has raised a total of $9 million in funding.

Utilization of Capital

The capital has been allocated towards technological advancements, expanding the product portfolio, and enhancing customer service capabilities.

Pipeline Development

Key Pipeline Candidates

Digital Insurance Products: Development of new online insurance products tailored for SMEs.

Claims Management System: Enhancement of the existing claims support system to improve efficiency and customer satisfaction.

Anticipated Milestones

Product Launches: Introduction of new insurance products in the coming fiscal year.

System Upgrades: Implementation of an upgraded claims management system within the next six months.

Technological Platform and Innovation

Proprietary Technologies

SecureNow Portal: A comprehensive online platform for policy management and claims tracking.

Data Analytics Engine: An in-house developed system for risk assessment and product customization.

Significant Scientific Methods

Risk Assessment Models: Advanced algorithms to evaluate and price insurance risks accurately.

Customer Behavior Analysis: Utilizing machine learning to understand and predict customer needs and preferences.

Leadership Team

Kapil Mehta – Co-founder & CEO

Professional Background: Former Managing Director at Prudential Financial’s life insurance company in India; Director at the Insurance Broking Association of India; experience with Max New York Life, McKinsey & Company, and Unilever.

Contributions: Authored "Happily Insured," published in October 2022; active in industry associations; policyholder representative on the Policyholder Protection Board Subcommittee of a life insurer.

Abhishek Bondia – Co-founder & Principal Officer

Professional Background: Leads Digital Channel, Technology, Product, Underwriting, and Operations at SecureNow; monthly columnist for Moneycontrol, Mint, and Outlook Money; guest faculty at MDI Murshidabad.

Contributions: Regularly answers reader queries on insurance; featured in personal finance TV shows including CNN News18 and CNBC Awaaz.

Competitor Profile

Market Insights and Dynamics

The Indian insurance brokerage market is experiencing significant growth, driven by increasing awareness and the need for comprehensive insurance solutions among SMEs. Technological advancements are reshaping the industry, with a focus on digital platforms and data analytics to enhance customer experience and operational efficiency.

Competitor Analysis

Policybazaar: A leading online insurance and financial services platform offering a wide range of insurance products.

Coverfox: An online insurance broker providing personalized insurance solutions and comparisons.

Turtlemint: A digital insurance platform offering personalized advice and a wide range of insurance products.

Strategic Collaborations and Partnerships

SecureNow has established partnerships with multiple insurance providers to offer a diverse range of products, ensuring comprehensive coverage options for its clients.

Operational Insights

SecureNow differentiates itself through its focus on SMEs, providing tailored insurance solutions and exceptional claims support. Its technological integration enhances service delivery, setting it apart from competitors.

Strategic Opportunities and Future Directions

SecureNow aims to expand its product offerings, enhance digital capabilities, and strengthen customer relationships to solidify its position in the market. Opportunities include exploring new market segments and leveraging emerging technologies to innovate insurance solutions.