Interview with Sanchit Malik – CEO and Co-Founder of Pazcare, an InsurTech platform

An exclusive interview with Sanchit Malik – CEO and Co-Founder of Pazcare, a Bengaluru-based InsurTech platform

In the dynamic landscape of insurance and technology, the emergence of InsurTech platforms has brought forth a new era of innovation and convenience. A trailblazer in this domain, Mr. Sanchit Malik, the CEO and Co-Founder of Pazcare, has harnessed the power of technology to reshape the way individuals access and engage with insurance services.

Headquartered in Bengaluru, Pazcare stands as a testament to Mr. Malik’s visionary leadership and commitment to enhancing the insurance experience for all. This interview delves into Mr. Malik’s insights, motivations, and the transformative journey of Pazcare in redefining insurance through seamless integration with technology, ultimately offering a glimpse into the future of insurance services.

Can you tell us about the inspiration behind starting Pazcare and how the idea for the InsurTech platform came to you?

Sanchit Malik: Before Pazcare, I was running Townscript which got acquired by Bookmyshow. Townscript was a great success but one regret that I was carrying from Townscript was that events ticketing was a small market in India. So, I decided next time whatever business I dive into, it has to be a large market.

That’s when I was exploring financial services as the space. One day, my car had a minor accident. I thought claiming insurance and getting it fixed would be easy. But, it was anything but that. I had to make endless calls, fill out so many forms, and meet with insurance people. It was confusing and tiring.

That’s when it hit me. If I’m facing this, millions of others probably are too. Why is insurance, something meant to help us, so complicated? This experience inspired me to start Pazcare. I wanted to make insurance clear, simple, and genuinely helpful for everyone.

What were the biggest challenges you faced in establishing the company in the competitive InsurTech industry?

Sanchit Malik: In the beginning, the most significant challenges were navigating the intricate regulatory landscape of the Indian insurance sector, gaining the trust of both companies and their employees, and differentiating ourselves in an already crowded space.

Building a technology-first solution in an industry that has traditionally been offline also posed its challenges.

Insurance, fundamentally, is about trust. We had to build this trust from scratch, especially when working with well-established insurance names with decades of reputation.

Our vision was to shift the predominantly offline insurance process to a digital platform. Introducing a new method required not only tech solutions but also re-educating our audience about its benefits. It meant altering the mindset of traditional companies and employees accustomed to paper-based processes.

Kindly brief us about your company, its specialization, and the services that it offers.

Sanchit Malik: Pazcare began its journey with a singular vision: to revolutionize the InsurTech domain with a user-centric approach aided by tech. Today, we proudly stand not just as an InsurTech firm, but as a complete employee benefits stack addressing comprehensive employee well-being.

Talking about specializations, the challenges HR teams face in administrating and overseeing benefits can be overwhelming.

Traditional benefits management often involves manual data entry, leading to errors and inefficiencies. Pazcare’s system automates many of these processes, from onboarding new employees to updating benefit structures, ensuring accuracy and saving valuable time.

Our platform addresses this by offering a comprehensive dashboard that brings all employee benefits data into one cohesive view. This unified approach means HR teams can monitor, manage, and modify benefits with just a few clicks.

Our platform provides HR teams with instant insights into benefit utilization allowing them to make informed decision-making and continuous optimization of benefit offerings.

Similarly, with our dedicated app, employees have the flexibility to access their benefits on-the-go. Whether it’s checking policy details, booking a health check-up, or consulting with a doctor, everything is available at their fingertips.

One of the standout features for employees is the simplified claims procedure. The app guides them step-by-step, from initiating a claim to tracking its progress, making what was once a daunting process straightforward and transparent.

In essence, Pazcare’s approach seeks to empower both the administrative side (HR teams) and the end-users (employees) with tools that not only simplify but also enhance the entire benefits experience.

What sets Pazcare apart from other InsurTech platforms, and what unique value does it bring to customers?

Sanchit Malik: Pazcare has evolved far beyond a conventional InsurTech platform. While our roots are embedded in insurance technology, our vision has always been broader, aiming to encompass the entirety of employee well-being.

The real strength of Pazcare lies in its integrated approach. We address not only the essential insurance needs but also delve deep into what employees need and try to solve that. From holistic wellness to tax-saving benefits, we have carved out a niche that places employee well-being at its epicentre.

Pazcare is the full stack benefits platform that not only includes insurance but health & wellness and financial wellness products

In essence, Pazcare’s unique proposition to its customers is not just about simplifying insurance but about enhancing the overall quality of life for employees, making them feel valued, protected, and cared for. We’re not just an InsurTech platform; we’re a partner in fostering healthier, happier workforces

How has the Bengaluru ecosystem supported the growth of Pazcare, and what advantages does being based in Bengaluru offer to your company?

Sanchit Malik: Bengaluru, often termed India’s Silicon Valley, has been instrumental in our growth. With its rich talent pool of tech enthusiasts, and domain experts, it’s been easier for us to innovate and scale. The city’s thriving startup ecosystem, with its networking events, workshops, and mentorship programs, has also significantly bolstered our progress.

Bengaluru didn’t just offer Pazcare a city to operate in; it provided an ecosystem that nurtured, challenged, and facilitated Pazcare’s growth at every step. The city’s unique blend of traditional business values and modern innovative approaches played a quintessential role in shaping Pazcare’s journey

What strategies did you employ to attract investors and secure funding for Pazcare’s expansion and development?

Sanchit Malik: Employee benefits in India is a very large space with 5 million+ companies and is ready for disruption and consolidation.

Employers spend 7-10% of employees’ salaries on benefits and we want to be that platform for the employers to enable those benefits.

We are creating a category in India which streamlines these benefits for the employees. Our clear vision has enabled us to attract leading investors..Also, our growth has been phenomenal with 1400+ companies using Pazcare. We have just scratched the surface and have a huge scope of serving 10,000+ companies and 3million+ employees in the coming future

From the start, we focused on showcasing this while establishing our unique value proposition, and our rapid growth potential. Regular, transparent communication about our progress, metrics, and vision helped build trust with investors. We also emphasized the immense market opportunity and our capability to capture a significant share of it.

What advice would you give to aspiring entrepreneurs looking to enter the InsurTech space or start their own tech-based ventures?

Sanchit Malik: Not just in the insurtech space, but any business you start, start in a very large market with a very large TAM. Your product should be scalable and ideally, you should have a founder market fit (ability to execute in that market)

In your opinion, what is the most crucial factor that contributes to Pazcare’s ongoing success and growth in the InsurTech industry?

Sanchit Malik: Differentiated product offerings, high-quality service & retention have been our focus. Also, our team is our moat and we have worked hard on building a quality organization to drive great customer experience.

Empathy at the Core: Rather than looking at insurance from just a transactional perspective, Pazcare embraced the customer’s viewpoint. By understanding their frustrations, needs, and aspirations, the platform was designed to resonate with their journey, eliminating friction at every possible touchpoint.

Custom-Tailored Policies: Recognizing that one size doesn’t fit all, Pazcare provides insurance recommendations suited to individual needs. This approach transformed insurance from a mere obligation to a genuinely beneficial tool for employees.

Transparent Processes: Insurance has historically been known for its intricate terms and conditions. Pazcare sought to break this by ensuring everything was communicated clearly, ensuring customers knew exactly what they were signing up for.

Whether it’s the status of a claim or a policy renewal, we keep customers informed every step of the way. This transparency nurtures trust and reduces anxiety.

Beyond Insurance: Recognizing that customer satisfaction isn’t just about addressing their current needs but also anticipating future ones, Pazcare began offering other employee benefits like health checkups, wellness programs, and recently tax-saving benefits, creating an ecosystem centred around holistic employee benefits.

Can you shed some light on Pazcare’s future plans and upcoming projects that customers and investors can look forward to?

Sanchit Malik: From our humble beginnings as an insurtech startup, Pazcare has now become a comprehensive employee benefits partner. Our journey, fueled by diligent research and relentless innovation, has transformed us into the ultimate one-stop destination for all employee benefits.

As we expanded our horizons, many companies recognized our potential and brought us on board as their trusted partner in employee benefits.

Today, our holistic wellness packages encompass everything from doctor consultations and health screenings to vital mental well-being services.

And, with the introduction of Pazcard, we’ve added another feather in our cap, making tax savings simpler for employees.  The team is abuzz with excitement, and we’re just getting started.

As our team reflects on our journey with pride, our focus remains sharp: to always deliver the best for employees.

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