Business insurance in India is broken. In 2021, we spoke to over 500 business owners over 3 months. Regardless of industry, they had all had bad experiences.
Insurance agents would ask them endless questions in order to generate quotes, jotting down their responses with pen and paper
Insurance companies would flood their inboxes with proposals, nearly always missing key details about their business
The pain didn't end after buying a policy. Raising an endorsement or claim request led to delays, confusion, and not to mention stacks of paperwork.
There are clearly several problems with this process. But we also saw an opportunity- one that could revolutionise commercial insurance in India forever.
Senior Software Engineer
Business owners have a lot to worry about even aside from the possibility of sudden threats striking their business. Having the relevant insurance in place helps them deal with that posibility.
Product Marketing Manager
I have personally seen two incidents of fire, caused by a short-circuit, at my family business. If we didn’t have insurance, it would have been hard to recover.
I resonate with Verak’s mission to insure SMEs because they are the nation’s key economic drivers. By securing them, we are deepening economic freedom from the grassroots.
My family has a liquor contracting business in MP. Since childhood, I was witness to quite a few financial losses due to the various risks involved. With Verak, thousands of business owners across the country won’t have to face the same.
Over the past 10 years, I have seen many business owners in my network struggle due to fire caused by short circuits. People affected by such incidents had never heard about Fire Insurance, and that is the gap Verak is trying to bridge.
Be accountable to our customers
Have a business owner’s mindset
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Be a steward of investor capital
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