Founded in 2011
Initial investment in 2016
Board member: Elevar Nominee
'SecureNow offers general insurance products to SMEs with a technology enabled proposition that is core to its distribution and customer service'
SecureNow is the first entrepreneurial effort in India to set up an SME focused broking entity. Its unique business model provides customized general insurance solutions to SMEs through a web-based platform using technology for customer acquisition and servicing. This approach is supported by a strong offline presence to build and sustain customer relationships. SecureNow has the potential to fundamentally transform insurance distribution in India by providing SMEs the bargaining power that has traditionally been available to only large corporates in India.
SecureNow caters to Indian SMEs that are highly under-insured. SMEs lack access to organized institutional brokers and are served by a fragmented and unorganized market of individual insurance brokers and agents. Large insurance brokers do not have the DNA or inclination to pursue the SME segment, given small ticket sizes, which requires a quasi ‘retail’ distribution culture, while individual brokers and agents lack the requisite sophistication and infrastructure. This results in poor quality services and response rates. With its customer focus and understanding, SecureNow aims to deliver increased convenience and better value to the underserved SME segment.
General insurance penetration in India is around 1% of GDP against a global average of around 2.8%.
Kapil Mehta, Co-Founder and CEO, brings over two decades of experience across multiple verticals, including insurance, consulting and operations in retail businesses, during which time he built a deep understanding of the Indian consumer. He started his career at Unilever and has worked at McKinsey & Company and Max New York Life Insurance. Prior to becoming an entrepreneur, Kapil was the managing director of DLF Pramerica Life Insurance, a role he was deputed to by Prudential Financial.
Abhishek Bondia, Co-Founder, has worked at McKinsey & Company and has deep experience in the P&C, health insurance and healthcare markets in the US and India. Abhishek has built extensive expertise in multiple insurance products. He is a rank-holding Chartered Accountant by education.