We all have at some point or the other been stuck for financial advice after exhausting all the options to find the right kind of advice from our friends and others who consider themselves experts in providing financial advice. Often this information is not accurate and one startup that has understood this fact very well is AskArvi.
AskArvi is an interactive fintech platform for insurance buyers. AskArvi breaks down the complexities of insurance and helps the buyers understand its intricacies in simplest way possible.
Mumbai based AskArvi was founded in the year 2017 by Sushant Reddy. Sushant Reddy is the brain behind the idea of setting up an interactive platform for insurance buyers. Sushant holds a Bachelor’s Degree in Mechanical Engineering from IIT Mumbai and an MBA degree in Finance and Entrepreneurship from Columbia Business School. AskArvi is a team of 9 employee.
Arvi offers insurance over a mobile chat using AI and data. Current competitors list the same products to a 35 year old or a 45 year old, a home-maker or a businessman, an entrepreneur or a salaried. Arvi uses ‘chat’ based personalized experience where we intelligently profile customers, understand their needs and recommend the perfect products that fit those needs.
India is one of the lowest penetrated markets for Insurance. Insurance density in general insurance market that refers to insurance premium to GDP ratio of 0.7, compared to global average of 2.8% (25% of average). Current insurance experience is heavily human centric – not just the pre-sales experience but even post-sale experience is very manual and cumbersome. AskArvi is the first insurance intermediary with a ‘mobile first’ approach. Platform extensively uses AI and data-analytics to help customers – for example, based on customer profile, age and region, Arvi tells them the likely reasons of claim, costs associated with those reasons etc. Users will be able to make much more informed choices post the engagement
AskArvi has begun with health & travel segments and as they move along, they want to expand into life and motor products and investment-linked insurance plans. They want to be the most preferred insurance buying platform for young India.