Insurance in Indian subcontinent is at the threshold of massive growth. The serviceable operable market was valued at 131B USD in 2022 with only 4.2 % of the market penentration. This market has been growing at a steady pace of 17% per year, presenting substantial growth opportunities.

The fact that only 58 companies were servicing this demand presented a sizable opportunity space to explore

The mid-level players in the sector have also benefitted by the government spendings that have propelled the spending in the category. Ayushman Bharat Scheme by Government of India has helped build the category consideration in segments that were not reached before. Rural segment registering an 18% growth, 1% higher than the urban segment, provides the evidence for the potential to scale beyond the 4.2% market penetration.

Within the insurance landscape, Digital health insurance is the fastest growing sub-segment. At 26% growth with less than 2% market penetration, this segment promises significant upside if data personalisation can help arrest the risk around the policy underwriting.

Digital insurance landscape can currently be divided into B2B, B2C and B2B2C. Key market gaps in B2B include high cost on sales force and regulatory compliance, workforce formalization and longer cycles from pitching to premium purchase. Most of the major banking players dominate this segment.

Key market gap for B2C business is lack of strong post purchase repeat usage. A significant size of user base is onboarded digitally, making it a low touch, less salesforce heavy model. Acko, MaxBupa, Bajaj Alliance are major players in this segment.

B2B2C are insurance aggregation platforms that do demand generation for B2C platforms. They may have less contribution margins to premium than B2C players but becomes the primary point of contact for the consumers as they compare policy prices. PolicyBazaar, CoverFox etc are the most premium players in this segment.

The solution is placed at the B2B2C space, in the form of a fitness tracker called Fitsure. Fitsure tracks workouts and generates trackable outcomes that can be used to negotiate for premiums.

Consumer engagement is derived from repeated workouts translatable to winning great deals, managing Chronic care and nutrition issues.

For businesses, the customer’s fitness data can be used extensively to assess risk and claim underwriting. This data can also be used to build new tailormade products for the end consumer based on new market subsegments that get created.

The planned user journey for this application starts with acquiring customers through three channels, search, influencer marketing and partnerships. Activation might include steps around signup, routines and managing Chronic conditions. Retention is built through personalised gamified rewards and referrals are built through community track together programmes

Below are the sample wireframes and an explainer video of the concept