Micronsure: Bringing Happiness to the Underserved & Unserved

Kamalakar Sai Palavalasa,  Founder & Group CEO

Kamalakar Sai Palavalasa

Founder & Group CEO

In both urban and rural areas of India, there is a huge population with little disposable income. Due to the lack of appropriate government programs and insurance plans supplied by established insurance firms, low income populations do not have insurance protection. MICRONSURE is a technology-driven consulting and distribution company for microinsurance. The firm is dedicated to protecting the lives and livelihoods of those in economically vulnerable groups in society. MICRONSURE collaborates with insurers to develop need-based microinsurance products that are both inexpensive and sustainable. These products are then distributed via organizations serving various societal sectors via technology. MICRON-SURE's expertise in the microinsurance industry spans a variety of areas. To its insurance and distribution partners, it presents a comprehensive solution.

With the aid of technological solutions, MICRONSURE is dedicated to extending financial inclusion to the underprivileged. With the help of technology, distribution, and consulting, it unites three key elements of the microinsurance supply chain to offer its partners end-to-end service. Its inhouse patented system, Miwisa, (Microinsur Ance Workflow Information System And Application) assists clients and partners in managing the procedures effectively and efficiently, providing increased productivity through expedited issuance, streamlined procedures, Policy Management services, QRC, and others. The people are provided with insurance protection through this method, preventing them from falling into poverty as a result of the five D's(Death, Destitution, Disease, Disability, and Dismemberment).
Its technological infrastructure is revolutionary, as in that it offers insurance as a product throughout the full client lifecycle. The platform allows for the immediate launch of newer products, and first-time combo products can be launched with the press of a button. Combination items include those that are life+general, life+health, or general+health.

To help the economically under privileged segment of society guarantee their future from unforeseen occurrences, MICRONSURE is aiming to deliver inclusive insurance to them. In addition to promoting social welfare, the organization is using technology to help its business partners increase their output and revenues. MICRONSURE collaborates with organizations that either engage in the financial sector or offer additional services to clients in these markets. Since the company's start in June 2020, it has partnered with 250 such organizations and served one million clients by offering insurance across 12 product categories. Now operating in nine states in India, MICRONSURE is a vibrant and quick-ly expanding start-up in the microinsurance sector.

MICRONSURE was recently recognized as the BEST STARTUP in FINTECH INSURANCE in the prestigious NATIONAL STARTUP AWARDS-2022 awarded by the DPIIT, Ministry of Commerce and Industry, Government of India.

MICRONSURE aims to create a meaningful impact toward securing the lives & livelihoods of the lower-income segment

The journey so far has been fruitful, its association with partners has increased from a dozen in 20­21 to 250+ partners and has provided Insurance Protection to more than one million customers. It aims to hold the biggest market share in India's microinsurance sector. On the product side, the company has already begun with 12 product segments and plans to develop another 12 segments that will assist in covering the entirety of an individual's life cycle. "In the coming years, we want to expand to the remaining Indian states, and we also want to penetrate other emerging nations. As to the future roadmap, we want to dominate the Indian microinsurance market", concludes Kamalakar, Founder & CEO at MI-CRONSURE.