An exclusive interview with Deepanker Mahajan, Co-Founder & CEO of CoverYou
In the dynamic world of insurance brokerage, one name shines brightly as a beacon of innovation and excellence: Mr. Deepanker Mahajan, the Co-Founder and CEO of CoverYou. With a vision that transcends traditional paradigms, Mr. Mahajan has been at the helm of this pioneering insurance brokerage firm, steering it towards unparalleled success.
His profound insights into the insurance industry, coupled with a relentless commitment to enhancing customer experiences, have propelled CoverYou to its position as a leading player in the field. In this exclusive interview, we delve into Mr. Mahajan’s journey, his insights on the evolving insurance landscape, and the unique strategies that have driven CoverYou to the forefront of the industry.
What inspired you to enter the insurance industry and establish a licensed insurance brokerage?
Deepanker Mahajan: In 2007, I embarked on an unforeseen venture into the insurance realm, transitioning from a career in banking. At the time, the insurance industry was still finding its footing amidst privatization, and the prospects seemed less promising. With a solid business background, my initial aspiration was to carve a niche in finance and banking.
Upon entering the insurance domain, I was astounded by its vastness, a sector as ancient as human civilization itself. Here, individuals band together, sharing risks and reaping collective benefits in times of loss.
To thrive in this dynamic field, I quickly grasped the importance of a profound comprehension of market dynamics, customer needs, demographic segments, and regional peculiarities. My initial years were spent in sales, engaging with corporate clients, institutions, and businesses. This invaluable experience honed my ability to discern discrepancies between client requisites and available products.
Subsequently, my journey led me towards consulting and underwriting. Here, I played a pivotal role in tailoring products to meet specialized needs, crafting affinity models, and spearheading digital platform initiatives. This phase marked a significant milestone in my professional growth.
After over a decade immersed in the industry, I recognized the opportune moment to embark on an entrepreneurial endeavor. Serendipitously, my wife, a seasoned surgeon, and my expansive network of medical professionals unveiled a glaring gap in the healthcare sector.
Many lacked comprehensive insurance knowledge, often struggling with the claims process. This revelation spurred the inception of CoverYou, a venture I co-founded with four like-minded visionaries.
Today, CoverYou stands as a testament to our commitment to empower healthcare providers and institutions with tailored, accessible insurance solutions. I am immensely proud of the journey thus far, and I look forward to the continued impact we aim to make in the healthcare landscape.
As the CEO of CoverYou, what strategic vision do you bring to the company? How do you see technology and innovation shaping the future of the insurance brokerage industry?
Deepanker Mahajan: Talking about my inspiring journey that led me into the dynamic world of insurance & the vision that fuels our venture.
Our commitment resonates profoundly with India’s trajectory, aligning seamlessly with the government’s ambitious growth agenda. As India steers towards a projected GDP of 12 trillion by 2030, our aim is to be a catalyst in this transformation.
We envisage operating on an unprecedented scale, in tandem with India’s anticipated 3x to 4x expansion over the next 6-7 years. The insurance industry itself is poised for an 8x to 9x surge in the same period.
Within this landscape, broking emerges as the pivotal channel, outshining agents, bank insurance, and corporate agents. We position ourselves as a niche player in this thriving broking sector, anticipating growth akin to a 15x surge in the coming 7-8 years.
Our vision is crystal clear – to emerge as the prominent player in our specialized niche. Currently, we proudly serve as the largest & most favored insurance intermediary for the medical community in India.
Yet, this is just the beginning. With over 20 lakhs doctors & a monthly growth rate of 5-7%, we are poised to expand our reach. Moreover, there exists a vast segment of professionals like CA’s, architects, & more, who stand to benefit from our tailored solutions.
As we embark on this transformative journey, I am confident that we will uncover even greater collaborative opportunities, driving exponential growth. Together, we are poised to redefine the insurance landscape for professionals in India.
Navigating India’s diverse markets demands innovation and precision. Unlike linear Western markets, India comprises over 10 distinct regions, each with its unique dynamics. To truly reach every corner, technology becomes the linchpin.
At CoverYou, we revolutionized policy delivery, shrinking it from 10 days to just 5 minutes through seamless tech integration. Now, filling a proposal, making a payment, and receiving your policy takes a mere 5 minutes.
Our commitment to technology is unwavering. We’re spearheading numerous projects, from product innovation to process refinement. Recently, we conquered the EKYC challenge by establishing a secure cloud space, ensuring compliance with all safety protocols.
In a market as intricate as India, we know that to promise growth is to promise delivery. Through technology, we’re turning opportunities into reality.
Insurance involves building trust with clients. How does CoverYou establish and maintain transparent and trustworthy relationships with customers seeking insurance solutions?
Deepanker Mahajan: Establishing trust in the insurance industry is no small feat, especially in India, where it has been notorious for its opaque practices. Agents, often family acquaintances or LIC agents, have traditionally been the go-to source for insurance.
The minimum qualifications for these agents are basic, suitable for simple products & claim processes. However, true trust is not instant; it’s a gradual process that requires dedication to transparency.
From our inception, we’ve upheld fundamental principles. Transparency is at our core. We make sure our customers fully understand our products, and we commit to service excellence.
We maintain a fixed premium model, ensuring the same premium whether purchased today or tomorrow. Our premiums have remained unchanged for four years, reinforcing trust in a sales-driven industry.
Our representatives are well-educated, either graduates or postgraduates, offering knowledgeable guidance. When it comes to claims, our expert consultants provide hands-on support from intimation to settlement. This commitment has earned us an impressive client retention rate of 93%.
Word of mouth has been instrumental in our growth, a testament to the trust we’ve earned. Our growth is not just about business; it’s about delivering exceptional insurance solutions to the medical community in India.
The insurance brokerage market can be highly competitive. What unique value proposition does CoverYou offer that sets it apart from other players in the industry?
Deepanker Mahajan: Over the course of several years, CoverYou has emerged as a trailblazer in providing innovative and tailored insurance solutions for the esteemed medical community in India.
With a team of over 200 meticulous & highly skilled professionals, coupled with our technology driven insurance products, we have successfully transformed & redefined the dynamics of the insurance industry, particularly for doctors.
Our revolutionary Professional Indemnity for Doctors product stands as a true testament to our commitment to innovation within the insurance landscape. Unlike conventional offerings in the market, our product is meticulously designed by seasoned experts who possess a deep understanding of the unique challenges faced by medical professionals in India.
What truly distinguishes us is our adaptive coverage framework & the inclusion of key distinctive benefits that seamlessly adapt to the ever-evolving landscape of the insurance and medical industries, ensuring that your protection is always aligned with emerging risks. At CoverYou, our clients are always our top priority.
Our cutting-edge insurance solutions offer not just mere financial protection; they serve as a comprehensive risk management tool. We offer personalized guidance & resources to help mitigate potential liabilities that could disrupt your medical practices.
Utilizing advanced data analytics, our product provides real-time insights, empowering you to make well-informed decisions that reduce vulnerabilities. In addition to identifying gaps & challenges faced by doctors, we have also analyzed other pain points, the tedious procedure for claim intimation, the time taken for policy delivery, & the duration of lawyer allocation for each claimant.
Through the establishment of a network of skilled medico-legal lawyers across India & the development of an exceptionally proficient in-house claims & legal team, we have successfully resolved all delays & challenges.
We understood & empathized with the doctor’s distress & apprehension during the claims process. In order to alleviate this tension, we have developed an exceptional policy that guarantees the provision of legal representation within two hours of claim notification.
Technology has been rapidly changing the way insurance services are offered. Could you elaborate on how CoverYou leverages technology to enhance customer experiences & streamline operations?
Deepanker Mahajan: Over the years, CoverYou has pioneered customized insurance solutions for India’s esteemed medical community. With our technology-driven products, we’ve revolutionized the insurance industry, especially for doctors.
Our cutting-edge insurance solutions leverage technology to their utmost potential to offer not just mere financial protection; they serve as a comprehensive risk management tool for the medical fraternity.
through the integration of advanced technology, we have significantly reduced the issuance & processing time of policies. In the past, the standard timeframe for policy delivery was 5-7 business days.
However, our technologically-driven solutions have significantly expedited this process close to 5 minutes. This has not only led to an increase in our customer satisfaction rate but also enhanced our overall productivity by accelerating the entire process.
By developing & implementing our very own InsurTech system into every aspect of our workflow we’ve significantly paved the way for technological revolution. This change has not only improved our operations but has led to the development of a culture of creativity & innovation.
Talking about customer engagement, our main source of engagement is our website. Our customers can connect with us through our precisely built website or connect with our customer support team through our IVR number.
We aim to give our customers prompt solutions or address their concerns & queries in the most efficient & effective way possible.
Insurance claims processing is a critical aspect of your services. How does CoverYou ensure a smooth and efficient claims experience for your clients during their times of need?
Deepanker Mahajan: I’m proud to highlight the exceptional claims support we offer to our valued customers. We’ve established a dedicated team of seasoned claims professionals, each with a wealth of experience in handling claims across a wide range of products.
This expertise ensures that our customers receive the highest level of support and guidance when they need it most.
Our claims team operates around the clock, demonstrating our unwavering commitment to being there for our customers whenever they require assistance. This round-the-clock availability is a testament to our dedication to providing seamless and reliable claims support, no matter the time or circumstance.
I firmly believe that our team’s proficiency, coupled with their deep understanding of various products, sets us apart in the industry. Their ability to navigate through complex claims processes, while providing clear and concise guidance to our customers, is a testament to their unwavering commitment to excellence.
In essence, our claims team is the backbone of our customer-centric approach, ensuring that every individual who relies on our services receives the expert support they deserve. It’s this unwavering commitment to excellence that defines us, & I’m proud to lead a team that consistently goes above & beyond to deliver on this promise.
CoverYou might deal with various types of insurance, from health to property and more. How do you stay updated with industry trends and changes in order to provide the best advice to your clients?
Deepanker Mahajan: In the realm of insurance, we consider it our paramount duty to uphold an unwavering responsibility to our extensive customer base spanning every corner of India. Staying ahead of policy, regulatory, & industry shifts is now central to our mission.
We meticulously monitor updates from IRDAI, the regulatory cornerstone of the Indian insurance landscape. Under the dynamic leadership of Mr. Panda, IRDAI has ushered in transformative changes. We diligently adapt to these developments, ensuring alignment with our customer segment.
The introduction of the EKYC mandate this year posed a significant operational shift. We acted swiftly, realigning processes and technology to seamlessly integrate this mandatory protocol.
Moreover, we vigilantly track legal frameworks, including the Consumer Protection Act. As the largest provider of professional indemnity insurance in India, we proactively navigate shifts in legislation, offering tailored solutions to our clientele.
Drawing from a combined experience of nearly 40 years of our co-founders, we remain committed to networking & continuous learning. We actively engage in webinars & industry events, recognizing the invaluable insights that emerge from these forums. Networking not only keeps us attuned to emerging niches but also informs our approach to seize new opportunities and initiatives in the field.
As we steer through a dynamic landscape, we stand resolute in our dedication to deliver excellence in insurance solutions.
For individuals aspiring to enter the insurance industry or start their own brokerage, what advice would you give based on your experiences with CoverYou?
Deepanker Mahajan: Allow me to share why the insurance industry is a flare of opportunity, stability, & growth. With a track record of sustained growth over the last six to seven decades, the insurance sector is poised for even greater expansion in the next two to three decades. Especially in India, where insurance penetration hovers around 3%, the potential is staggering.
Consider a country where every facet, from consumption to business, infrastructure to technology, requires robust risk management solutions. In technology, there are bound to be errors and omissions, necessitating insurance.
The infrastructural surge, with monumental projects ranging from flyovers to power plants, presents a scale that’s truly incomprehensible.
Manufacturing, a powerhouse in regions like China, Indonesia, and Vietnam, is making remarkable strides in India. Even global giants like Tesla are eyeing the Indian market. Regardless of the sector, it stands to benefit from the overall growth, as every industry expands its budgetary allocations.
In my experience, spanning three recessions and unforeseen global events, insurance has remained resilient. It’s a field that defies economic downturns, offering a consistently upward trajectory.
This is the golden era for insurance, with the next decade holding untold promise. Joining now offers an unrivaled advantage, with limitless avenues for growth and development.
Whether pursuing an independent license or aligning with an insurance intermediary, the possibilities in this field are boundless.
I’ve witnessed firsthand the transformative power of the insurance industry, and I’ve never seen anyone regret their involvement.
Embrace the future with confidence. The insurance industry is your gateway to sustained, predictable, & exponential growth.
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