Insurance tech startup Nova Benefits, founded just before the onset of the pandemic in 2020, has witnessed 2X growth in a span of one year, the company said.
Nova Benefits’ platform helps companies with policy purchase and improving claims experience.
The company has recently processed over 500 claims in the months with an AVG CSAT of 9.6/10, it said. Nova Benefits has over 100 clients on board with 30,000 members on the platform including startups like Yulu Bikes, Dream 11, Snapdeal, Chumbak and more, it added.
“Since the beginning of the covid-19 pandemic, there has been a surge in claims in the health insurance industry. Data from General Insurance Council (GIC) of India reveals, Covid related claims reached 15 lakh claims amounting to 24,000 crore rupees since the pandemic started,” Nova Benefits said.
This surge has led to employers looking for more digital and seamless solutions for processing claims for their employees, it added.
Nova Benefits is improving the claims experience through transparency, an intuitive user-interface and speed of processing, the company said.
Through integrations with insurers, Nova is also bringing transparency and tracking in the claims process by providing information on claim status on its web and mobile app.
HRs can track all on-going claims on Nova’s platforms whereas employees can access their insurance cards, start a claim and track its status.
Nova’s claims concierge team assists employees with understanding their medical bill and what part would be payable by the insurance company.
“We’re the first company that has begun reporting claims CSAT. The insurance industry has been reporting “claims settlement ratios” but not “claims CSAT”. The problem with “claims settlement ratios” is that it hides several important factors related to customer satisfaction. These factors include the amount of deductions made on the hospital bill, speed of claims processing and overall ease of customer experience,” said Nova Benefits Co-Founder and Chief Executive Officer.
Almost 80% of Indians are still heavily dependent on their employee insurance. Apart from claims, Nova Benefits is helping companies reduce the time-to-decision for purchasing their health insurance policy from weeks to a single day, the company said.
Nova’s policy recommendation engine takes inputs such as median salary, industry benchmarks, gender split and others. They can also transparently see the financial trade-off of choosing different policy parameters, it said.
Nova Benefits had in April 2021 announced a pre-series A funding of $1 million from Better Capital, Multiply Ventures and Titan Capital.
The funds are being used to integrate with insurance and HRMS companies, co-create a new category of health insurance products with insurers and expand its engineering and business development efforts, the company said.