With a rich history, the Indian Insurance sector has gone through multiple evolutions with the progression of time. Dated back to 1818, when insurance business started during the British era till today when liberalization and privatization are driving the industry, the journey of the insurance sector is much talked about.
A major transformation in the insurance industry is due to the embracing of technology by the service providers. As one of the highest ‘data-rich’ sector, technology is playing a pivotal role in improvising and streamlining the sector. With reforms and regulations in place, private players have entered in a big way by creating a niche for themselves and with a plethora of services on the offering, buyers have the option to select the best!
One such entity that has emerged as one of the leading players in today’s tech-enabled insurance industry is OneAssist Consumer Solutions Pvt. Ltd. Founded in 2011; it is headquartered in the business capital of India – Mumbai. The spark that led to the inception of OneAssist is a glimpse of their research and insights about the industry. The Co-founders analyzed that there was a growing trend of dependence on daily objects in everyone’s lives. These are things that we take for granted and only realize how dependent we are when they are damaged or lost.
The two indispensable necessities without which today’s life is quite unimaginable are ‘Wallet’ and ‘Mobile phones’. Based on this raw idea, the dynamic duo of Gagan Maini and Subrat Pani created the platform. OneAssist is a one-stop solution expert that not only covers the financial losses but also handles all the leg work involved when a buyer loses a wallet, cards or if the mobile phone is damaged. The entity launched OneAssist for Wallets in 2012 followed by OneAssist for mobile plans in 2014. By the virtue of its uniqueness and catering a niche market, OneAssist has scaled up to new heights and continues to create new milestones by each passing day. With more than 1.5 million active customers today, OneAssist’s offerings have grown in strength and as the company continues to evolve as per the ever-changing needs of its customers, it stands amongst the most preferred solution provider.
The Leaders – Creating Their Own Benchmarks
Gagan Maini and Subrat Pani are the two veterans of the Fintech industry who have acquired the acumen and expertize over the years and finally entered the entrepreneurial world by conceptualizing OneAssist as Co-founders.
Gagan Maini – Having industry experience of over two decades, Gagan has previously been associated with renowned companies managing leadership roles. An MA in Economics, he is passionate about customer connect and focused on driving customer experience. A Marketer by instinct, Gagan enjoys the challenge of finding out customer needs gaps and has been instrumental in building brands & products across categories and has set up and run a successful business.
Subrat Pani – As a veteran in retail banking and consumer goods, Subrat is always inclined towards working on new business opportunities. Setting up businesses at the initial stages is his forte alongside managing diverse role in sales-distribution, CRM, marketing and much more! An IIM-C grad, he has worked with prestigious brands Godrej-GE, Arvind Mills, ICICI Bank and Kotak Mahindra Bank, and SBI-GE before giving wings to his entrepreneurial dreams.
The Success Saga
With the passage of time and innovations continuing to disrupt the market, one thing that was evident and constant was the customer’s requirement that kept shifting with time. OneAssist realized that today’s household was heavily dependent on the usage of home appliances and any such loss or damage to these gadgets can be a great discomfort for the family. Also, the fact that there was no single solution provider that covered multiple brands of appliances was a market opportunity that needs to be answered.
Tapping this prospect, the company launched ‘HomeAssist’, a single plan that covered all appliances that covered every brand and model. Additionally, it also launched an Extended Warranty Plan for Home Appliances that comes into effect after the regular warranty gets expired. By handling all the leg work and stress that normally associated, these packages have turned out to be the perfect solutions for ensuring peace of mind for the customers. Going forward the team intends to focus on protecting the costly gadgets, both in the offline and online space.
Challenges in the Industry
One of the biggest hindrances faced by the insurance industry is the fact that a lot of time and energy goes in building customer awareness regarding the importance of securing the gadgets at home. There is a lack of interest among the consumers when it comes to protecting the appliances within a house. People are more inclined towards ensuring their lives, homes or even automobile, however, they are still skeptical about insuring their valuable gadgets.
Team OneAssist has partnered with some of the biggest brands in the country including Airtel, Xiaomi, and Amazon. Also, by getting associated with premium banking providers like ICICI, HDFC, and Axis Bank have assisted the company to educate and create awareness about the importance of securing valuable appliances.
OneAssist Consumer Solutions: A Novel Way of Securing Household Appliances
