How did you start Beshak.org?
One of the biggest hurdles to insurance penetration in India is the huge trust deficit between insurers and consumers. I realized this during my stint at an insurance firm where I led a few businesses. One reason for this trust deficit was lack of proper information available to customers, especially where they had to buy long-term complex products like health insurance that also required significant financial commitment over a lifetime.
On one side, there were customers who struggled to make informed decisions. On the other side were distributors who merely offered standard comparisons, with support from a sales call centre, and were influenced by the commission-based revenue model. I strongly felt that customers deserved a neutral research platform that empowered them to make informed decisions about their family’s financial security. That was what led me to start Beshak.
What difficulties did you face during the launch of Beshak?
Building a unique mission-led model in India based on first principles is challenging. We had no reference point when we started. That initially made it very difficult for us to explain the concept to customers as well as investors (and this happens even now). We had no choice but to execute, learn from our mistakes, and execute again, which can be quite tough for a small team, especially when you are bootstrapped.
Who are your clients? How do you help insurance buyers?
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