Segment – Insurance B2C segment: Ditto offers an online comparison platform for life and health insurance.
About
Ditto was founded in 2021 in Bengaluru, India, by four founders: Pawan Kumar Rai, Shrehith Karkera, Bhanu Gurram, and Lokesh Gurram. The company is affiliated with two legal entities: Ditto Insurance Broking Services LLP and Tacterial Consulting Private Limited.
Ditto began by making the stock market more accessible to millennials. During its first year, the startup concentrated on publishing weekly articles (as Finshots) that condensed complex stock-related content into a 12-minute read, making it easier for readers to understand companies and financial products and services.
Ditto now provides products and services for term life insurance, health insurance, hospital treatment coverage, doctor consultations, maternity coverage, and free consultations. Bharti AXA, Bajaj Allianz, and HDFC Ergo are among its insurance partners.
Ditto provides a comprehensive suite of 30 well-trained advisors who provide personalized assistance throughout the health or term insurance purchasing process. These advisors have a thorough understanding of individual needs and preferences, and they recommend 2-3 policies that are tailored to each buyer’s specific needs. Ditto’s advisors also assist with the application process, including form completion and required disclosures. They also provide post-purchase services, assisting buyers with claims as needed.
Ditto has raised a total of $483K over one round. It’s latest funding round was a Seed round on June 1, 2021, for $483K. Investors participated in its latest round, which included Zerodha’s. Ditto has one institutional investor, Zerodha’s. Ditto does not have any Angel Investors.
Key staff
Pawan Kumar Rai (Co-Founder): He has no background in financial services but previously worked with Trident Group India as a Manager. Completed his post-graduation in Management from IIM- Ahmedabad http://www.linkedin.com/in/pawan-kumar-rai-2a437a61/
Shrehith Karkera (Co-Founder): He has backgrounds in computer science and marketing and is also the co-founder of Finshots. Completed post-graduation in marketing strategy from IIM-Ahmedabad and Computer science engineering from NMAM Institute of Technology, NITTE. http://www.linkedin.com/in/shrehith-karkera-257b0911b/
Bhanu Harish Gurram (Co-Founder): He has a background in the electrical field but no experience in financial services. He is also a co-founder of Finshots; he previously worked with Nestle India Ltd. as an Engineering Executive. He completed his degree in Marketing, Strategy, and Finance from IIM-Ahmedabad and his Bachelor of Technology in Electrical Engineering from IIT-Roorkee. http://www.linkedin.com/in/bhanuharish/
Lokesh Gurram (Co-Founder): He has a background in financial services; he cleared CFA level 1, he actively worked with Samsung Electronics as an Engineer, and he completed his internship at Samsung Electronics and Zumbl.com as a software engineer and Android developer intern. Completed a bachelor of technology in Electrical Engineering. http://www.linkedin.com/in/lokeshgurram/
Philosophy/key insight
Ditto Insurance sells health insurance and term insurance policies, but beyond selling, there objective is to make sure customers understand both products better. Ditto Insurance stands out due to its commitment to simplicity, personalized customer experience, cutting-edge technology, transparent pricing, and innovative coverage options.
Ditto Insurance treats each customer as an individual, taking the time to listen and understand their unique needs. The company fulfills its promise to not send messages and calls to customers regarding insurance and products by having a no-spam policy.
Ditto Insurance prioritizes customer satisfaction by offering exceptional customer service and a human touch. The company values their customers feedback and continuously strives to improve their services to meet and exceed customer expectations. The company offers a wide range of innovative coverage options that can be customized to suit individual requirements, whether it’s additional protection for valuables, unique liability coverage, or flexible deductibles.
Media
Paisa Vaisa Ep. 368 : Empowering the Policyholder with Ditto Insurance
Shreyheit Kirkhera, co-founder of Ditto Insurance and FinShots, discusses the journey of his startup and the challenges within the insurance industry. Ditto’s advisory-first approach offers personalized guidance through calls and WhatsApp to build trust and understanding. The service focuses on term and health insurance, providing claim support, and identifying blacklisted hospitals. Transparent business models, unbiased advice, and separating insurance advice from investments establish trust. Key factors for health and term insurance are highlighted, along with the significance of cashless claims. The best coverage is income-based, and term insurance without money-back guarantees should be purchased to match income generation. Insurance coverage in India is low, but efforts are being made to improve it by regulators and businesses.
Lead Product Manager’s Answers Top 10 Interview Questions, Ft. Aaditya P., Ditto Insurance, IIM-A
https://www.youtube.com/watch?v=s5e79bRVGnk&pp=ygUZZGl0dG8gaW5zdXJhbmNlIGludGVydmlldw %3D%3D
Product managers serve as customer advocates, bridging the gap between technology and business by solving problems and improving user experiences. While data-driven decisions are valuable, customer interactions and educated guesses are essential when data is scarce. Communicating effectively with internal and external stakeholders is crucial, especially when handling delays. An example of a failed long-term project emphasizes the importance of experimentation and resilience. PM roles are available in startups and established companies, with no strict requirement for an engineering background. Certification can enhance credibility, and problem-solving skills are key. A PM mindset can be nurtured by exploring apps and products. Connect on LinkedIn for more guidance.
How Zerodha-backed startup Ditto insurance is simplifying insurance for India with its advisory-first model, June 28, 2022
Ditto Insurance, a Zerodha-backed insurtech startup in India, stands out by offering an advisory-first approach to insurance. Recognizing the confusion customers face, it provides informed guidance through a team of expert advisors. This approach, reminiscent of their successful Finshots newsletter, is rooted in unbiased financial education. The startup’s aim is not just customer acquisition but also effective servicing. Scaling their advisory model presents challenges, given the emphasis on advisor expertise. Despite this, Ditto Insurance aims to simplify insurance by empowering customers and plans to expand its advisory team. Their goal is to refine and revolutionize the Indian Insurance landscape, making meaningful contributions to customers’ financial journeys.
Prepared by: Jayesh Baviskar, July 2023
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