One Stop Solution for SME employer in Healthcare, Employee Benefits – Onsurity

By Srikanth
8 Min Read
One Stop Solution for SME employer in Healthcare, Employee Benefits - Onsurity 1

Background of founders and what’s the journey been like?

Yogesh Agarwal, Founder and CEO

Yogesh is a qualified actuary and the youngest chartered accountant in India. He has a rich experience of 10+ years in the Indian insurance market and has lead product and underwriting for some of the leading general insurance companies in India and was Appointed Actuary and Chief Risk Officer in different insurance companies. From an early age, Yogesh had been working and helping his family’s MSME business where he noticed the lack of healthcare benefits for any of the workers, not for the lack of intention but for the lack of a good and affordable product. This meant that in the case of health eventualities the only way to support employees was salary advances which were difficult to recover due to the nature of salaries and attrition.

The second time he faced the same issue was when he quit his multinational job and started his own Actuarial and Employee Benefit Consulting business with a team of 10 members. Despite having worked at top management and CXO levels in multiple insurance companies, he still could not find an affordable comprehensive health plan which gave employees all the required health benefits. Being an employee benefits and insurance expert, he was driven to create a platform which could serve for the required employee benefits.

Kulin Shah, Co-founder and COO

Kulin has previously worked with several prominent startups where he had built digital payments and insurance technology solution for large enterprises. However, he always has an ardent desire to build technology and solutions for startups, SME, and emerging business. Hence when Yogesh told him his idea about employee benefits platform, Kulin joined Yogesh in March 2020 to build Onsurity to create the future of employee healthcare in the country.

With 12 years of start-up experience – growth, product and partnerships are Kulin’s forte. He had previously worked with Aditya Birla Group, Reliance Venture Capital, FreeCharge and Acko General Insurance. During his career, he insured 40 million unique users and generated 100 crores in GWP. He also acquired 100,000 digital merchants for FreeCharge Wallet.

Brief on Onsurity and its products

Our platform is the one-stop-shop for different employee benefits and healthcare needs. Our memberships include benefits like online medicine, teleconsultations, health check-ups, health awareness programs and health, accidental and life insurance.

All these when combined empower SME employer to care for their employees and give them a sense of security. 

  • Through our Onsurity App, the employees can seamlessly manage their plans and avail different healthcare and wellness benefits (consultations, book check-ups & order medicine) for them and their complete family. 
  • Similarly, the employer can use our dedicated dashboard to keep track of the company’s costs and seamlessly manage the membership of their team members. 
  • We also offer additional benefits like health, wellness and fitness webinars and offers that are exclusive to our customers.

How is technology being adopted into the healthcare system?

It is a well-known fact that the future of healthcare lies in the digitization of processes to ensure faster access to healthcare with better quality. The healthcare segment is not just taking up technology to deliver healthcare faster, but it is also able to tackle many healthcare issues that did not have viable solutions before. Telehealth and Mhealth are fast becoming an integral part of any healthcare system, especially with the onset of the COVID-19 pandemic. Telehealth is also immensely useful for electronic health data records, making it easier for patients and doctors to store and access critical information.

There is disruption through big data, AR and VR based screening and diagnosis and even 3D printing! It is all happening now, and it is all happening fast – to meet the growing demand for better healthcare services.

What is the USP of Onsurity

The word comprehensive healthcare and employee benefits is synonymous with Onsurity, as our USP is to provide different employee benefits on a single platform. Onsurity understands the needs of emerging businesses and has developed a product with the mission to solve issues relevant to businesses.

Our monthly membership subscription conserves the precious working capital for the SME and makes it affordable to provide.

Our digital onboarding, zero paperwork, zero legal hassles, instant quote and issuance of healthcare membership card are the benefits which are currently not even available to the large Enterprises.

Thus, it makes us an obvious choice of start-ups and enterprises.  

Early days of struggle

As Onsurity launched its first product in 2020, it’s been just a few months since we have been out in the market and the biggest challenge we faced was launching and developing a product during the COVID-19 pandemic. The usual advantage that new, growing businesses have was not available to us as we found ourselves working remotely, trying to build a team and sell in a virtual environment. We, however, quickly overcame our struggles with hiring to find the right members to fit the team and successfully onboarded 700+ companies, through whom we provided healthcare to 70,000+ members across the country.

Funding received till date

The amount raised by Onsurity is currently undisclosed, but we raised our first round of funding from Nexus Venture Partners, Whiteboard Capital and AngelList. Recently we also bagged a round of funding from angel investors who are now coined Super Angels. These “Super Angels” were initially our customers whose love for the product and the company’s vision led them to contribute to our growth. Some of these angel investors include – Kunal Shah (Cred), Jitendra Gupta (Jupiter Money), Amit Lakhotia (Park+), Hemanshu Jain (Khyaal), Revant Bhate and Dhyanesh Shah (Mosaic Wellness), Gaurav Munjal (Unacademy), Aakrit Vaish (Haptik) Miten Sampat (ex-Times Internet) Harsh Shah (Fynd), Gourav Bhattacharya (ex-Matrix Partners), Kunal Khattar (AdvantEdge Founders), Abhishek Nag, Nameet Potnis, Sunny Vazirani and all the 3 founders of Clevertap – Sunil Thomas, Anand Jain and Suresh Kondamudi.

New Areas of expansion

We continue to focus on building our healthcare offerings to include Mental Wellness plans, Dental Plans and more to create the most comprehensive healthcare platform for our members. We also strongly believe in enhancing the customer experience; hence the team is constantly working towards improving the product offering, services, and healthcare experience to make it all-round, affordable, and easy to use.

Future plans

Our vision is to create simplified healthcare products for those with limited access to them across the country. In the coming years, we hope to be the first choice for employers when thinking of “Employee Benefits and healthcare programs.” And we plan to do so with our all-round healthcare technology and reliable/superior customer service.

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