Exclusive Interview with Mr. Anik Jain, CEO & Co-founder of Symbo…
Business News This Week (BNTW) Team thanks Mr. Anik Jain, CEO & Co-founder of Symbo India Insurance Broking Private Limited (Symbo) for the exclusive interview opportunity. Mr. Anik Jain, (AJ), discussed various aspects such as plans to dominate the embedded insurtech market, strategies set for expansion and fundraising and many more with our Chief Editor, Mr. Neel Achary, BNTW.
BNTW: Can you tell us about Symbo and people who founded it?
AJ: Symbo is an insurtech startup focused on the insurance distribution space. We work with retail and ecommerce partners to distribute relevant insurance products right at the point of purchase. With a simple opt-in in the purchase journey, consumers can insure the product they are buying against common issues like accidental damage, theft, etc which standard warranties might not cover. The insurance coverage is powered by leading insurers of India and some of our largest partners include Lenskart, Bata, Decathlon, among others. We also run a Saas platform business which provides insurers with all the tools they need to manage key aspects of their business effectively i.e purchase, distribution and administration of insurance.
Apart from me, (Anik Jain, CEO & Co-founder of Symbo comes with experience of more than 17 years across varied fields) the other co-founders include Mitesh Jain, CTO & Co-founder, an Experienced Founder with a demonstrated history of working in Technology Consulting and product management and Adrit Raha, Co-founder & Co-CEO, who shares responsibility for overseeing all aspects of the business – from the company’s mission, vision and goals to setting strategy, direction and, most significantly, managing my super talented troupe.
BNTW: What are the advantages that Symbo offers for both online sellers and consumers?
AJ: Insurance has been traditionally “sold” and we are trying to change that by making insurance a product that is “bought” by the customers. We do so by embedding deep into the buying journey with our partners and attaching insurance products which are relevant and intuitive. For eg: we sell Eyewear insurance which customers can buy when they are purchasing their sunglasses at our partners’s stores.
Consumers get affordable, relevant insurance coverage with zero-friction in the buying process. Sellers can offer a better customer experience and for the first time deliver a care program which their standard warranties might not cover. This leads to brand loyalty and higher revenues.
The insurance on products fosters a feeling of assurance which helps the customers connect with the brand with a heightened sense of built trust and security.
BNTW: Can you describe how Symbo’s plans to dominate the embedded insurtech market?
AJ: Insurance companies are often considered very monotonous and are known for their lengthy paperwork and legacy processes. Symbo as an embedded Insurtech platform aims to revolutionize this traditional approach and build an “Insurtech” platform that is innovative, agile and backed by advanced technology. We have ushered a new robust approach by providing insurance online, in a seamless and easy manner with hyper-personalized insurance covers on an array of products. By also providing covers in more product categories, we aim to be the leading embedded Insurance platform in the Insurance market space. We also are cultivating an ecosystem for the millennials to educate them about insurtech and the insurance industry through stories on various social media accounts to ensure innovation in the consumer experience. In the long term our goal is to provide at least one insurance by Symbo to every citizen of the country and provide bite size insurance for everything from head to toe.
BNTW: In which categories do you want to grow?
AJ: We are seeing great traction in e-commerce, logistics and fintech and are doubling down on that.
BNTW: What are your expansion and fundraising strategies in the future?
AJ: We are sufficiently capitalized post our last Series A funding. However, like most high-growth startups we are in talks with a bunch of investors and would bring in the right strategic partner who can help us fuel our expansion.
BNTW: How do you envision the insurance sector evolving in the future to provide better services?
AJ: The pandemic has already brought in a digital explosion. I can confidently say that it will not be long when all insurance companies will start going digital and get into the Insurtech space that we are in today. While the space and services will go digital, they will also evolve drastically in their technology capabilities that will be used even 5 years from now. It is safe to say that there might be a time where Insurance of any kind will be available online and the customers will not have to worry about filling cumbersome paperwork for the same. The next couple of years are going to be very intriguing to look forward to and see how fast this digitally driven world will change the insurance space in the best way possible.
BNTW: What sets Symbo apart from other companies in the same field?
AJ: As I mentioned earlier, Symbo is an embedded “Insurtech ” platform, so transforming the tiring processes of claiming the physical insurance processed to an online, single-click process, is the main difference between us and any other company.
We are also creating categories of insurance products which are new and innovative. With this, we are able to benefit not only the customers but the sellers as well as for the first time, sellers have the right product and technology to start selling insurance.. In this technology-driven world, our biggest advantage is having our services online which makes it all even easier and accessible for everyone by saving their time. Traditionally, insurance has always been ‘sold’ and not ‘bought. Symbo is trying to change that by creating relevant and intuitive coverage products available to the user right in their buying journey, making the entire process seamless and easy.
BNTW: Could you describe how personalized insurance and protection plans work?
AJ: The personalized insurance varies according to the evolving customer’s need. For example, we provide covers in the mathathon, fitness, spectacle and other spaces as well. Any company that sells a particular product can integrate the API system that is provided by Symbo, which allows the brand/seller to insure the products that they are selling. While on the other hand, for customers who buy products from such brands and Symbo powered sellers they are able to insure the products that they are buying, be it a shoe, spectacles or any other products. Symbo has over 100+ products in their integration system till date that are insured/covered.
BNTW: Could you tell us about your collaborations?
AJ: We have collaborated with Lenskart wherein we have insured over a million spectacles that are being sold by them. Symbo’s ‘Eyewear Insurance’ is offered to Lenskart customers as an add-on in the buying journey, with a simple click of a button. Similarly, we work with other partners like Redtape, Himalaya opticals, Decathlon, Playo, and have curated coverage programs running for their customers.
BNTW: What have been your accomplishments thus far? Any recognitions?
AJ: We have been awarded the “Digital Insurance Innovation” of the year award from ET BFSI at the World BFSI Congress and Awards 2020. We have also won “Digital-Insurance Broker” award at SBR Technology Excellence Awards in the year 2020.
