SafeTree brings product innovation to the Insurance Sector

Bresounds a new ray of hope for Donors of oocytes in India.

NEW DELHI, September 13, 2022 /PRNewswire/ — India has low insurance penetration levels and faces huge insurance protection gap across all segments. Recently, the Indian regulator IRDAI has taken various measures to increase insurance penetration within the country.

Product innovation is also a new avenue for insurers to bridge the domestic penetration gap. Effective product innovation is tied to a deep understanding of customers’ emotional and practical needs and wants, coupled with the ability to get those products to customers quickly. Traditionally, insurers have focused on risk analysis rather than customer needs and preferences and have not considered product development as a core competency.

Safe Tree, or Gurgaon-based Insurtech works closely with insurance companies to develop products that are as per customer requirements. “Our approach focuses on discovering customer needs first, then responding with proposals“, said Vikas AnandCEO of Safe Tree, our The teams are divided by industry so that we understand the problems and dynamics of each industry and accordingly develop products suitable for each requirement.”

Mr. Vikas shared this Safe Tree has developed a new insurance proposition for Oocyte donors for the first time in the country. India has been one of the world’s largest IVF markets over the past two decades due to the exponential growth of fertility clinics. According to the new regulatory guidelines before starting the simulation procedure for donors, IVF clinics are required to provide a health insurance policy for oocyte donors. But there is no insurance player in the industry that has coverage for Oocyte donors.

The SafeTree team began exploring ways to build a product with an insurance company that could change the nomenclature of this particular problematic concern in insurance policy. Considering that this was a normal exception and a component of the IVF clinic, the team conducted days of research together with the most popular insurance companies in the market and a workable product was designed in house.

After two months of painstaking work and numerous meetings with the insurance teams of the insurance companies, a well-known insurance company accepted the product design and the proposal to cover the oocyte donors from the beginning for a respectable insurance offer.

This was actually a great discovery. SafeTree is in the process of developing more such products that would help customers who are looking for customized insurance policies based on their needs.

He also informed that after Covid-19 many private schools had an exodus of students due to financial challenges faced by parents. Therefore, they created their ‘unique’Unlimited educationInsurance proposal which ensures the continuation of the student’s education in a private educational institution despite the financial challenges faced by the parents due to the health, death, loss of work of the earning parents. Similarly, Safe Tree is working towards a comprehensive insurance solution for rural farmers.

Mr. Anand believes that product innovation will further increase customer confidence in insurance products and hopefully bridge the protection gaps in the country.

About SafeTree

SafeTree is a registered trademark of A2V Insurance Brokers Private Limited, an IRDAI licensed broker. The main objective of the firm is to protect individuals and corporations from financial risks through new, simple and innovative insurance solutions. They are currently developing tools that will change the purchase of insurance products from reactive to proactive. To learn more about the Company and how it plans to change the insurance landscape, visit us at http://www.safetree.in

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SOURCE SafeTree

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