It’s All In The Name
We all agree that half of the attraction and charisma of a business is in its name. Coming up with a name for a business that is in line with its business offerings continues to be a challenge. For Onsurity, a company making healthcare accessible for people workers in the MSME sector, the name comes from ‘sure’.
The logic behind it is that everyone can be sure that they are being taken care of when forming a partnership with the company. ‘On’ comes from the fact that the customers switch ‘on’ to Onsurity. The company’s logo is a circular ring depicting 360degree healthcare being taken care of with the ‘tick’ symbol in the logo.
Yogesh Agarwal, Founder and CEO of the company, saw first-hand the fate of MSME employees while helping out in his father’s business in Kolkata. He realised that the staff had no access to healthcare to ensure they cared for their financial and medical needs. This inspired him to create a product for the MSME employee space. Kulin Shah, Co-founder and COO of Onsurity, saw the potential in the idea and how it could revolutionise healthcare for Indians. Thus, Onsurity was launched in 2020 to democratise healthcare in India.
Story Behind The Ideation Of Onsurity
With membership plans starting at Rs. 145 per month, payable on a monthly model; the business model is engineered to ensure that the healthcare space does not grow as a silo. They expand the business outcome of Insurtech and Fintech’s reach alongside by helping them tap into an underutilised space.
While this is on the financial and business side of the Onsurity model, they also play an indispensable role in making healthcare and wellness accessible and affordable for employees. They’ve started changing employees’ ignorant mindsets toward their employer-sponsored healthcare plan. This is done by bringing healthcare benefits on mobile platforms that people can access nationwide. However, it is not just their feature offerings that make them unique.
They consist of a small and proud tribe of companies that boast of customers turning investors because of the quality of the product in the offering. Onsurity continues to set up new benchmarks in the employee healthcare ecosystem and redefine and monetise the role other key players, such as insurance, finance, and On-demand, play in the space.
Understanding The Business Dealt By Onsurity
Onsurity is dominantly a technology-driven product with a customer base of 1500+ MSMEs. These MSMEs consist of a wide range of business types and sectors. They are firmly placed as the revolutionary and affordable healthcare catalyst to the employee healthcare space. So far, they have onboarded businesses across restaurants, salons, and marketing agencies, to establishments.
The fundamentals of the product being offered are simple; a comprehensive yet simple and transparent experience for the employers, employees, and their families.
Their offerings include:
- Instant plan purchase and employee onboarding
- Plans that expand beyond permanent job roles and extend when someone leaves their job
- Membership purchase for family members
- Hospitalisation assistance and claims support
- Trusted partner network providing the infrastructure for insurance, lab tests, medicine delivery, doctor teleconsultations
The core of Onsurity products continues to be the constant evolvement of their offerings, keeping employee experience at the centre. When the company was conceptualised in 2020, its primary operations were healthcare benefits.
The range of offerings has grown; however, the idea to make healthcare easy, affordable, accessible, and compatible with any company’s goals for employee healthcare remains at its core. They are focused on bringing the idea of preventive health and wellness besides pure breed healthcare.
Also read: Read About This $945,000 Start-Up And Their Better Egg Story – Evo Foods
What Is The Edge Credits Program?
Onsurity Edge Credits Program is an initiative by Onsurity to empower start-ups with easier access to employee healthcare benefits. As a part of the program, employers get access to free credits worth up to Rs. 25,000 that the customer can redeem to purchase healthcare membership for employees.
These are their primary eligibility criteria:
- The company should have a valid GSTIN
- Should have a company website or web profile
- Minimum employee size: 3
- Should not have previously received Onsurity credits
- The Credits cannot be clubbed with any other ongoing offer/discount
A Need-Based Program For MSME
The Credits Program is an initiative by Onsurity to empower MSMEs with easy and affordable employee healthcare benefits. This also helps employers build a healthy work environment, thereby increasing employee productivity and efficiency.
Funding Details, Market Insights And Partner Clients Over The Years
India has over 63 million SMEs, impacting 300 million Indians directly. Out of this number, only 5% have access to healthcare. Onsurity is balancing this disequilibrium. They are making employer-sponsored membership a mass market segment impacting not just the employees but also their families, and extended families.
The company has total funding of over $18.5 million. They’ve raised $16 million in Series A funding from Quona Capital, Nexus Partners, and the founder and CEO of Clove Healthcare, Vivek Garipalli.
At Onsurity, they believe in forming partnerships to further their vision of making employee healthcare available to a larger audience. These partnerships consist of companies like:
- Microsoft
- Startupwala
- VISA
- Bombay Stock Exchange
Onsurity’s USPs
- Pioneers of monthly subscriptions
- Leadership team with 150+ years of experience
- In-depth product understanding
- Addressing the market requirement – accessible, affordable, and sustainable healthcare access
Meet The Founders
Yogesh Agarwal, Founder and CEO of Onsurity is the youngest actuary in the World. He is a qualified actuary and a chartered accountant with 10+ years of experience in the Indian insurance market. He has led product & underwriting at general insurance companies and has been appointed actuary in multiple insurance companies. He has experience as an employee benefits consultant for 300+ companies.
Kulin Shah, Co-Founder and COO of Onsurity have 17 years of start-up experience in areas like growth, product, and partnerships. He has work experience in Reliance Venture Capital, FreeCharge, and Acko General Insurance. He has insured over 40 million unique users in the workspace and generated Rs. 100 crores in GWP and has acquired over 100,000 digital merchants for FreeCharge wallet.
Onsurity’s team members have deep expertise in technology, AI/ML, consumer internet, SaaS, insurance, fintech, operations, and marketing. The company is a technology-native company that always takes a consumer-first approach.
