Employee healthcare and wellness platform Onsurity plans to introduce newer product lines and tap deeper into India’s small and medium-sized enterprises (SME) market, said Yogesh Agarwal, Founder and CEO, Onsurity.
Onsurity plans to launch a liability product line comprising various insurance products, including Director and Officer indemnity, commercial general liability, and public liability insurance. “SMEs are increasingly seeking these insurances due to growing organisation, changes in taxation, and requirements for accessing capital. This demand in India’s SME sector is driving the need for digital insurance technology to meet these specific insurance needs,” Agarwal said.
These products are essential for different businesses, including restaurants, to safeguard against potential lawsuits. They cover legal costs and are often mandatory for businesses to obtain certificates or registrations, he explains.
The Insurtech start-up raised $24 million in Series B funding led by the World Bank’s International Finance Corporation last year. With the recent financing, Onsurity aims to tap into India’s 63 million businesses strong SME sector. Agarwal said, “The focus is on leveraging capital to develop technology that efficiently serves SMEs, aiming for value delivery without high operational costs. Investments will aid in enhancing the platform, enabling a broader reach.”
Founded in February 2020, Onsurity is a Bengaluru-based employee healthcare benefits provider for India’s SMEs, start-ups, and enterprises. The company currently works with over 5,000 companies, including Jupiter Money, CleverTap, Porter, Zepto, Sobha Developers, DBS Bank and Pantaloons among others.
“We aim to increase the number of businesses on a platform from over 5,000 to over 50,000 over the next two years. Currently, the platform has one million customers and we aim to have 5 million customers,” Agarwal notes.