Learn how this Insurtech startup is rewarding timely payment of insurance premium to secure your present and future
You are a family of four. You have a home loan, a car insurance, medical policies and a life insurance policy.
You are the sole earning member in the house. How do you afford all these premium payments while the burden of the present expenses continue to mount? This burden of hefty premiums, especially in an economy ravaged by the pandemic, is a major cause of stress among Indians.
In fact, according to a survey by global Insurer Swiss Re, nearly 25 percent of Indian policyholders are willing to sacrifice property and life insurance premium payments to ease their financial burden. Moreover, as of July 2020, premium payments by individuals rose by nearly one-third to Rs 7,124 crore from Rs 5,667 crore from a year earlier, the GI Council data reads.
While timely insurance premium payments are essential for safeguarding your future, what about your present? Insurepays has you covered.
Transforming insurance premium payment
Co-founded in April 2020 by Keerthi Kumar Jain (KK Jain), Neha Jain and Santosh Sarvade, Insurepays aims to reward people who honour their insurance premiums by making timely payments with valueback gift vouchers from thousands of partner brands.
Be it Life, Motor or Health, Insurepays — via thousands of partner brands, across 300+ categories — Insurepays helps you earn premium through #ValueBack.
“Insurepays is on a mission to transform the way Insurance is perceived by millions, as true financial independence is achieved only when future and present are ensured,” says KK Jain, co-founder and CEO.
An industry veteran with a storied career of over 15 years at ICICI and Yes Bank, among others, Jain also co-founded fintech platform.in in 2014. Today, it is amongst the most successful and fastest growing NBFC P2P platforms in India.
The idea behind Insurepays is simple, says Jain. “It ensures that your premium is taking care of your future and present.”
Register online for free and upload the receipt of your insurance premium paid - be it monthly, quarterly or annually - and receive 100% value back points in the form of vouchers. These vouchers can be redeemed from any of Insurepays’ 25,000+ partner brands across e-commerce giants to beauty e-tailers, to online grocery stores and more. Some of the partner brands include - Amazon, Myntra, , Starbucks, , , Cultfit, and many more.,
“With these vouchers, most of which offer discounts over and above any offers or discounts running, your insurance premium is coming back to you. It is your reward for timely insurance premium payment,” says Jain.
The company is self-funded by promoters and raised a pre-series A round of $ 1 Million and will soon be closing a Series A round. Among the many features of the app is the spend tracking and management feature which provides the user with an analysis of spend, access to premium experiences, and 100 percent value back-tracking against each of their policies.
Winning big with Insurepays League
With over 41,000 users registered, and more than Rs 787 million already given in value back on premiums paid, the company is now looking to grow and aims to onboard 200,000 by the end of November. It aims to achieve this lofty number with the very lucrative, week-long Insurepays League. On November 9, the company launched the Insurepays League to provide new users the unique opportunity to earn upto Rs. 1 lakh in cash and gold in three simple steps.
This is a league where ‘sabka jeetna fixed hai.’ By simply registering on Insurepays.com before November 30th, the first 25,000 daily users can get paid gift vouchers of more than Rs 9,100, in addition to earning premium equivalent ValueBack points.