Startups

How this insurtech app is refining after sales services- Unravelling the startup story of The Claim Consultants

• ByStartupStory     |    January 18, 2022

“With years spent on gaining excessive knowledge and expertise in the field of insurance, I realised that at the end the customer did not benefit from the schemes but rather gave in their hard earned money to the insurance agencies. An enterprise should focus on serving their customers rather than treating them like profit cultivators. That realisation marked the beginning of my journey as an entrepreneur,” said Hitessh Saini, Founder of The Claim Consultants in an exclusive interview with Startup Story Media.

 

Loss of life, threat to business and the risk of failure are all factors that encourage us to procure insurance. The onset of the current pandemic has furthermore taught us about the importance of human life and the need to stay protected from the risk posed by the external environment. However, owing to the lack of necessary experience to understand technical jargon and contemplation upon the inadequate after sale services provided by insurance companies, more often, the consumers get tricked into accepting lesser money. In an attempt to empower clients to extract the maximum possible compensation with respect to insurance claims, the seeds of inception were sown for The Claim Consultants.

Founded during January 2021, The Claim Consultants is a one stop solution to all insurance needs of customers. The platform provides a comprehensive claim management solution that helps policyholders and claimants manage their entire claim lifecycle. The startup works primarily along the hidden insurance segment and enables clients to take benefits of the grey areas of an insurance contract. The startup also offers an ‘Insurance Score’ to its clients which is a revolutionary technology invented for the first time in the industry. 

Fuelling the revolution

A graduate from Manipal University, Hitessh Saini conceived the idea of The Claim Consultants during the pandemic. Prior to treading upon his entrepreneurial journey, Saini worked closely in the insurance industry. Beginning his journey from HDFC Insurance to PolicyBazaar and thereafter moving to Doha, the young aspirant worked his way around the insurance segment before he returned back home to his homeland in India. Soon after his return he found his true calling and established The Claim Consultants.

Recollecting the ideology behind the startup, Hitessh exclaimed, “I worked extensively in the insurance industry before I started my own venture. The main idea struck my mind when the world had to go through the gruelling pandemic which led to millions surrendering their life. During this unprecedented time, I observed that the families that were left behind did not have any financial support left as the insurance companies refused to give away the compensation sum. It was during this time that I knew that I had to put my years of expertise to serve the end consumer and allow them to outsmart the agencies and not vice versa. We thus began the journey of The Claim Consultants in January 2021 and have not looked back since then.”

Disseminating the business plan

Initially set off to resolve the poor quality of after sale services and covid relief, The Claim Consultants has emerged as a leader in the industry owing to its business module. While other players charge commission from their clients, the insurtech startup uses an effective subscription based model to charge their clients.

Talking about the varied services offered to the clients along with the factors that differentiate The Claim Consultants from conventional business, Saini stated, “The main aim behind our startup is to help the end customer. Furthermore, we also enable our clients to file insurance claims easily through our platform. Our team of insurance experts also specialises in the hidden insurance segment wherein we let our clients identify grey areas which would enable them to extract the maximum possible compensation from their insurance agent against a specified policy which sets us apart. We also allow our clients to derive compensation from unknown insurance schemes that they are covered under. For the first time in the entire insurance industry we have also introduced an insurance score that an individual can get through our mobile application. The functioning of the same is our trade secret.”

Currently, The Claim Consultants operates through a B2B model, whereby the clients majorly comprise business organisations including hospitals and manufacturing firms that purchase and derive claim consultation from the startup. To enable a wider consumer base, the startup has additionally forayed into the B2C model as well, where the direct consumers can avail the services rendered by the startup. The startup presently has a network of 5000 advisors onboard to serve the customer base.

Gliding through Challenges and Funding

It always takes immense pressure for a piece of coal to emerge as a diamond and the same was true for The Claim Consultants. The journey that it set off from a concept to a full-fledged business was rocky and thorny. Cutting through the competition and successive threats was indeed a huge challenge for the startup.

Highlighting the key challenges that the startup faced since inception and the journey it went on to overcome the same, Hitessh said, “Every new venture faces a range of challenges when they initially start their operations and so did we. When I began the journey of The Claim Consultants, it was a time when Covid was at its peak. We had huge monetary losses and I was covered in serious debt. Furthermore, the necessity to evolve along with the changing technology was another major challenge for us. Within the first few months the trajectory of growth was downwards but we pulled up our socks and wiped off our tears to work extensively for the startup. Since that day we haven’t looked back and we’re on a journey of moving upwards and onwards.”

Currently bootstrapped by the founder, The Claim Consultants has led an angel round of $500,000 and intends to further raise a funding round by the end of the month.

Beholding the future

From a financially indebted company to a pillar of striking success, The Claim Consultants has come a long way since inception. To carry forward the trajectory of growth, the startup intends to diversify into newer markets. Currently functional in India, the startup aims to replicate a similar model in international locations like the Middle East and Malaysia. Furthermore, the startup also plans to expand its reach within the country by increasing the number of touch points from 200 to 500 locations within the next three months.

On being asked to give the budding entrepreneurs a word of advice, Hitessh Saini said, “The only advice that I would give to the bussing entrepreneurs is to not give in to the pressures that life throws at us and to dream big. It is important to dream big and make an attempt to fulfil the same regardless of how tough the times may be. A noble man once said that ‘tough people last and not the tough times’ and I am a strong believer of the same.”  

With their head held high and a motto to go upwards and onwards, The Claim Consultants is geared up to revolutionise the insurance segment and carve its own identity.

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