Segment – Insurance for B2B; health insurance manufacture
About
Established in 2019 in New Delhi, RIA.Insure is the online version of an established insurance broker. RIA Insure provides a variety of products and services, including insurance APIs, an AI/intelligence layer, proprietary risk models, a platform for health data, and a platform for low-code automation of the insurance workflow.
Ria Insurance has raised funding in October 2019 from Aflac, Rainmatter Capital, Leo Capital. The entity names are Get RIA Technology and Data Services Private Ltd. and Healthy Life Holding and Investments Private Ltd.
RIA insurance brokers have been operating in the market since 2003 and are backed by a license from IRDAI for direct broker registration. The RIA insurance broker firm provides a variety of services in the area of insurance brokerage, such as brokering of insurance by making insurance policy purchases easier for different needs; helping customers identify and manage risks related to their personal or professional situations; claims consultancy; guidance on government programmes; providing for the insurance requirements of small and medium-sized businesses (MSMEs); retail individual insurance; general insurance for properties; liability insurance; marine insurance; Employee Benefits Insurance.
RIA competes with firms like ACKO, Renew Buy, Health India TPA, and possibly others.
Key staff
Nipun Virmani, Prerak Sethi, Mukul Tulik, and Suresh Kumar Sethi are the four founders of the business.
Prerak Sethi (founder) is also the CEO and founder of AksaInsights, the founder of the website roomstory.com, and a co-founder of the India Insurtech Association. He was also a former advisor at RIA Insurance Brokers. Also, he was the Indian Kellogg Alumni Club’s treasurer. The University of Michigan awarded him a BS in computer engineering, and Northwestern University’s Kellogg School of Management awarded him an MBA in finance and entrepreneurship. http://www.linkedin.com/in/preraksethi/
The company’s founder, Nipun Virmani, was also the mind behind roomstory.com and Aksa Insights. He established BuildingBlox India. graduated from the University of Michigan with a bachelor’s in computer engineering and the MIT Sloan School of Management with a master’s in entrepreneurship and management. http://www.linkedin.com/in/nipunvirmani/
Prior to joining the company as a co-founder, Mukul Tuli worked as a senior director at Sprinklr, a director at SalesForce, and a director of corporate strategy at Essilor. completed a master’s in business administration at the Kellogg School of Management at Northwestern University, as well as a bachelor’s and master’s in mechanical engineering at the Indian Institute of Technology (IIT), Kanpur. http://www.linkedin.com/in/mukul-tuli-15b41112/
Suresh Kumar Sethi, who is also the co-chairman of BFSI and the PHD Chamber of Business and Industry, founded the Insurance Foundation of India. In addition, he established Modicorp, where he now serves as chairman of the board. RIA Insurance Broker Pvt. Ltd. was also founded by him. completed a bachelor of technology in electrical engineering at the Indian Institute of Technology in Madras, a certificate program in corporate finance at the London Business School, an MBA in finance at the Faculty of Management Studies at the University of Delhi, and a certificate program in independent directorship at the International Institute of Directors. http://www.linkedin.com/in/sksethi/
Philosophy/key insight
This platform is cloud-native and built on a microservices architecture, and the company’s mission is to actively partner with its customers to improve their health and health outcomes. They use health data to keep their customers healthier.
RIA insurance brokers prioritize customer satisfaction and aim to tailor their products and services to meet the specific needs and wants of each customer. They make use of analytics and Customer Relationship Management Systems (CRMs) to leverage their insurance expertise effectively.
Furthermore, RIA is focused on building an ecosystem in the insurance industry that incorporates analytical tools, Application Programming Interfaces (APIs), AI layers, risk management models, and automation platforms. This indicates their commitment to staying at the forefront of technological advancements in the insurance sector.
Media
Title: Envestnet rolls out program that lets advisers see how they measure up against peers, Investment News, Date: October 18, 2022
The Intelligent Financial Life Advisor Practice Score was developed by Envestnet in collaboration with the financial services research and advisory firm AIte- Novarica Group. Envestnet is also building a comprehensive database to gain a broader perspective on the wealth management industry. The results show that advisers in the top quartile manage $194 million on average in client assets, compared to $146 million for advisers in the bottom quartile.
Title: Transforming Healthcare in India: Moonshots for the Future, Parek Sethi from RIA InnovatioCuris Team, Date: October 16, 2018
This article examines how India’s healthcare system is changing, highlighting cutting-edge “moonshot” solutions to problems with accessibility, affordability, and quality. Healthcare programs that serve the country’s diverse population and constrained resources are necessary due to its distinctive demographic makeup. A major moonshot is the blending of technology and analytics, especially when it comes to the shortages of pathologists and radiologists. Machine learning-powered computational radiology in medical imaging can hasten diagnoses by assisting with image interpretation. Comparably, computational pathology analyzes tissue samples using artificial intelligence to help detect diseases earlier.
The article emphasizes the need for moonshots to supplement human expertise rather than replace it in order to allow doctors to make more precise diagnoses and enhance patient outcomes. The article emphasizes the significance of “small ticket size” solutions that are inexpensive and available to all income groups in order to significantly transform Indian healthcare. In the end, the fusion of cutting-edge technology and medical knowledge holds the potential to provide healthcare to the next 500 million Indians, completely altering the nation’s healthcare system.
Title:Deep Tech and Insurance: Unlocking Innovation in the Indian Insurance Ecosystem, India Insurtech Association, Date: 15 Feb, 2022
Through partnerships, access to international markets, and technology-driven initiatives, the Indian Insurtech Association (IIA) seeks to promote innovation and cooperation in the Indian insurance ecosystem. The Deep Tech and Insurance series from IIA examines how technology is incorporated, how it spurs innovation, and how blockchain could be used in the insurance industry. With the goal of addressing market demands and exchanging knowledge about blockchain’s application in insurance, IIA has partnered with B3i.
The interoperability, innovation, security, immutability, and privacy that Distributed Ledger Technology (DLT) provides are revolutionizing the insurance industry. Depending on the requirements, public or private DLT networks may be preferable. Organizations can automate procedures, guarantee compliance, and promote cooperative insurance networks thanks to DLT protocols. By fostering efficiency, cooperation, and transparency, blockchain technology, particularly DLT, has the potential to revolutionize the insurance industry.
Analyst questions
Please distinguish the services provided by the existing insurance broker and the new online platform.
Are you providing broking services only or also ‘manufacturing’ products in the insurance space?
How do you use technology to make this space accessible?
Prepared by – Jayesh Baviskar, September 2023
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