OneAssure: Ruchir Kanakia is Humanizing Health Insurance through Trust and Technology
In the early stages of his career, Ruchir Kanakia learned a vital lesson that most engineers take a decade to realize: Indians don't like paying for software, but they are more than happy to pay for services. After seven years of building and scaling legendary Indian startups like Exotel, InstaMojo, and Cuemath, Ruchir turned his attention to the most service-starved sector of the Indian economy—health insurance. Today, his venture OneAssure is bridging the trust gap in the insurance industry by combining a consultative marketplace with a relentless focus on post-purchase claims support.
On the ELI Podcast, Ruchir shares how his journey from a bootstrap bedroom office to raising $2.6 million in seed funding was driven by one simple observation: medical debt is the single largest reason Indian middle-class families fall back into poverty. OneAssure (oneassure.in) aims to change this by turning a complex legal contract into a human-first service that sticks with the customer until the money reaches their bank account.
The Insurance Tech Opportunity
Despite the UPI revolution in payments, insurance technology penetration in India remains below 10%. Ruchir identifies this as a massive white space, specifically in the **Personal Health** segment, where frequent claims and complex documentation require a high-touch, consultative approach.
The Learning Years: From Exotel to Cuemath
Ruchir’s path to entrepreneurship was anything but linear. Straight out of college, he joined a large corporate but left in just seven months. "I realized large companies offer money at the expense of learning," he recalls.
He joined Exotel in 2012 when the "house and office were the same place." As a founding member, he did everything from setting up infrastructure across 80 cities to attending fundraising meetings. This was followed by a stint at InstaMojo during the 2015 funding boom, where he saw the challenges of scaling a team from 8 to 108 in months. Finally, at Cuemath, he learned the power of "depth"—focusing on a single subject (math) and going deeper than anyone else. These experiences taught him the "0 to 1" and "1 to 10" playbooks that would define OneAssure.
The Pivot: Why SaaS Wasn't Enough
Ruchir's first solo venture was a SaaS product for insurance companies. While he secured early interest from major firms, he quickly hit a wall. "I wanted to sell a product, but they wanted services. I wasn't enjoying the impact—it wasn't reaching the end-user."
He realized that the real problem wasn't the software used by insurance giants, but the confusion faced by individual buyers. In a country of diverse languages and legal jargon, a 30-page insurance policy is effectively a "black box" for 95% of consumers. This realization led to the pivot to a service-first marketplace model.
The OneAssure Ecosystem
- Discovery: Connecting users with qualified, trusted experts in their own communities.
- Consultation: Experts scan 100+ plans to recommend the top 3 based on medical history and budget.
- Selection: Simplifying the "legal contract" into terms the common man can digest.
- Claims Support: The core value prop—standing by the customer until the hospital bill is settled and the money is in their bank.
Solving the "Chicken and Egg" Problem
Building a platform requires matching supply (qualified experts) with demand (policy buyers). Ruchir personally onboarded the first six partners and even handled the first few dozen customers himself. "You have to put the lens of the partner and the customer first," he says. "Matching demand and supply is a delicate balance that starts with solving for the biggest pain points manually before you automate."
Today, OneAssure holds a **Direct Broker (Life & General)** license from the regulator, allowing it to distribute products from giants like Niva Bupa, ICICI Lombard, and HDFC ERGO. They process roughly ₹20–25 lakhs in monthly premiums, focusing on sustainable unit economics over vanity metrics.
Impact and Scale
- Licensing: RBI and IRDAI compliant Direct Broker license valid through 2027.
- Retention: High conversion rates (1 in 4 users buy) driven by consultative trust.
- Funding: $2.63 Million raised from investors like NuVentures and AngelList.
- Reach: Expanding teacher-like network of insurance experts across India.
The Meaning of Entrepreneurship
For Ruchir, an entrepreneur is someone who identifies a problem and makes it a viable business. "It becomes a business only when you figure out if people are willing to pay for your service. Before that, it’s just a problem and a solution."
His motivation is fueled by direct customer impact. He recalls a customer who met with an accident three months after buying a policy. "He called to thank me because his ₹2 lakh bill was covered, saving his life's savings. That keeps me motivated every day. We are doing something bigger than ourselves."
Ruchir's Advice for Founders
"If you realize you are stagnating or don't enjoy your work, quit immediately. Don't procrastinate the inevitable. You will be good at things you enjoy because curiosity and passion will drive you to learn faster."
The Journey Ahead
OneAssure is currently undergoing a total digital revamp to further simplify the user experience. As medical inflation continues to outpace salary growth, Ruchir Kanakia is determined to ensure that every Indian has access to a "one-stop shop" for health security. By focusing on depth—personal health insurance from selection to claims—OneAssure is building a defensible moat in one of India's most critical sectors.