Name: Shilpa Arora
Business Name: Insurance Samadhan
Location: Noida, Uttar Pradesh , India
Establishment (Year): 2018
Category: Personal Services
Profession/ Specialty: Insurtech
Website: https://www.insurancesamadhan.com/
Social Media : Linkedin
Company Detail:
Insurance Samadhan is an Insurtech startup focused on enhancing faith in the insurance ecosystem by providing tech-enabled solutions to resolve policyholder grievances. The company has successfully addressed issues such as mis-selling, claim rejections, delays, and short settlements in life, health, and general insurance.
Their flagship product, Polifyx, is a mobile application that assists policyholders in analyzing and managing their insurance policies efficiently. The mission of the organization is to empower insurance policyholders in managing policies and resolving grievances.
Unique Selling Proposition or Competitive Advantage:
Insurance Samadhan offers a unique solution through its Polifyx app, which leverages technology, data algorithms, AI/ML, and NLP to address significant challenges in the insurance sector. The app allows policyholders to upload their insurance policies for quick analysis, provides assistance in portfolio analysis, claims filing, and tracks complaint status.
The focus on resolving policyholder grievances in a transparent and tech-driven manner sets the company apart.
Challenges Faced During the Journey
The main challenge was to leave a fixed salary and a settled job and get into a market where they knew there was a problem but were not sure how successful the model would be. There was resistance from family and parents. There were questions on what would happen if they failed in the venture and how much time would be needed to achieve success. When they started, handling these questions was difficult. They gave themselves 5 years where they decided to keep going. There are highs and lows which they need to handle all alone because they don’t believe in taking it home.
The life of an entrepreneur is hard and they need to do a lot of self-talking to get up again after a blow. From a stable job to a zigzag journey of a founder. They must constantly update their skills and be an all-rounder to understand every aspect of the business. Being from a science background, they had to learn finance.
Advice for Women Entrepreneurs
Women have to work harder than men to build trust in the ecosystem. Understanding finance is important and if not from the background, learn it. New skills like AI/ML, Product Management, etc., are important depending on the business.
It's important to work on communication skills and be vocal about plans and ambitions. It is important to be persistent in the journey and trust what they are doing. There will be times when they shall not have answers to the questions, it's fine. Go back and do some research and come back. Just be honest!
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