Insurance Samadhan: Deepak Bhuvneshwari Uniyal on Solving Insurance Grievances with Tech
Insurance is a promise of protection, yet for thousands of Indians, it becomes a nightmare of rejected claims and mis-selling. Deepak Bhuvneshwari Uniyal, Co-founder of Insurance Samadhan, is on a mission to restore trust in the sector. Leveraging 25 years of corporate experience and a team of industry veterans, Deepak has built a tech-enabled platform that hand-holds policyholders through the complex world of insurance grievances. Today, Insurance Samadhan stands as the only startup across Asia dedicated to resolving insurance complaints and ensuring that legitimate claims are paid.
The spark for Insurance Samadhan came from within the industry. Deepak and his co-founders, who combined have over 50 years of insurance experience, realized that customers were often left alone to navigate a vicious cycle of rejections. "We saw mis-selling was rampant and genuine claims were being rejected over minor technicalities," Deepak recalls. "The policyholders didn't understand the nitty-gritties, and there was nobody on their side. We decided to be that someone."
The Filtration of Genuineness
One of the core technical achievements of the platform is its ability to identify legitimate cases. "We analyzed over 70,000 complaints to build our technology," Deepak explains. "Whenever a case comes to us, our AI uses nearly 100 parameters to filter out non-genuine complaints. Once we pick a genuine case, our tech-enabled systems represent the customer to the insurance companies, dramatically reducing the resolution time from years to just a few weeks."
Building a Success-Based Business Model
Insurance Samadhan's business model is built on confidence and customer success. They charge a nominal registration fee of ₹500, and only if the money is successfully recovered into the customer's account do they charge a 12% success fee. "This speaks volumes of the confidence we have in our solution," Deepak notes. "If the complaint is not resolved, we don't take a success fee. We wanted to ensure that we are aligned with the customer's interest from Day 1."
The journey was not without its share of 'unknowns.' Since no reference point existed for such a service in Asia, the team had to build their reputation from scratch. They focused on collecting authentic customer testimonials. "Every problem we solve makes that customer our brand ambassador," Deepak says. From farmers to retired army officers and CXOs, the platform has resolved over 14,500 cases in just three and a half years.
Nurturing In-House Talent
Building a team for a niche market required an innovative approach to hiring. Instead of looking for industry-ready experts who didn't exist, Deepak turned to fresh graduates. "We hired freshers as interns, trained them in the nitty-gritties of insurance law and technology, and today, 30% of our full-time managers are those former interns," he shares. This focus on internal growth and cultural fit has been a cornerstone of their scalability.
Deepak's Advice for Founders and Policyholders
- Stay Focused on the Vision: Others might not see what you see. If you have identified a genuine pain point, stick with it.
- Solve, Don't Just Build: Focus on solving the problem first. Profitability and valuation are natural byproducts of a solution that works.
- Technology is the Scale: To move from resolving one complaint to thousands, technology is the only answer. Invest in customized tech that fits your specific problem.
- Discipline and Passion: Entrepreneurship is an intense journey. You need to be 'crazily, madly passionate' to overcome the hurdles that will inevitably appear.
The Vision: A Lifelong Policy Journey
Looking ahead, Insurance Samadhan aims to move beyond just resolving grievances. They want to be part of every policyholder's journey—from decoding policies and changing nominees to providing a rating system for insurance products based on claim settlement experience. Deepak's goal is to reduce the resolution turnaround time to just 15 working days, making insurance as seamless as a promise should be.
Insurance Samadhan at a Glance
- Resolved: 14,500+ insurance grievances in 3.5 years.
- Reach: Asia's only dedicated insurance complaint resolution startup.
- Model: Success-based fee (12%) ensuring skin in the game.
About the Guest
Deepak Bhuvneshwari Uniyal is the Co-founder of Insurance Samadhan. With over 25 years of experience in the corporate sector and as an entrepreneur, Deepak is a veteran of the insurance industry. He is a 'Million Dollar Round Table' (MDRT) achiever and a passionate advocate for policyholder rights. Deepak is dedicated to using technology to bring transparency and justice to the insurance ecosystem in India.
Insurance Samadhan is a tech platform that resolves insurance grievances like mis-selling and claim rejections across Life, Health, and General Insurance. By acting as a communication bridge and a legal aid for policyholders, Insurance Samadhan ensures that the complex world of insurance becomes more customer-centric and trustworthy.