This insurtech startup is simplifying health insurance for employees, making it affordable and accessible

This insurtech startup is simplifying health insurance for employees, making it affordable and accessible

Launched in May 2021, Mumbai-based HealthySure is an insurtech startup that targets SMEs and makes insurance and healthcare for employees affordable and accessible. The platform offers digitised policy and claim experience with curated health and wellness offering

The COVID-19 pandemic revealed that many Indian families were just a major health crisis away from financial ruin. According to a report released by the Reserve Bank of India (RBI) last year, household debt ballooned to 37.9 percent of the GDP in the October-December 2021 quarter, while bank deposits halved to Rs 1.7 lakh crore from Q2 FY2021. 

This was largely due to hospitalisation costs, which had gone through the roof for family members. Despite many working in organisations that covered their health insurance, they found themselves struggling to pay off bills as their cover was either inadequate or had certain restrictions

With organisations unable to provide a comprehensive health cover due to budget constraints, employees tend to opt for a separate personal cover – in essence paying double the premium, leaving them with potentially crippling debt in times of emergencies.

Enter HealthySure, which is enabling employees to have comprehensive life insurance cover by helping them upgrade their corporate health cover.

Providing comprehensive coverage

Started in May 2021 by chartered accountants, and IIM Bangalore and ISB alumni – Anuj Parekh and Sanil Basutkar, Mumbai-based HealthySure offers a unified health insurance product that lets employees to take a cover of as high as Rs 1 crore, with employers subsiding a sizeable portion (offer savings as high as 90 percent for the employee).

The way ahead

According to Insurance Regulatory and Development Authority, IBEF and Mordor Intelligence reports, the group health insurance market in India is projected to grow to $11 billion by 2025 – almost 1.5x the size of the retail health market.

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