GROUP

- 08

IN-BITESURE
Anuj Singhal – F2021012
Apurva Agarwal – F2021015
Debanjan Endow – F2021020
Kritika Goyal – F2021029
Nikita Mishra – F2021041
 Fintech & Bite-sized Insurance
“Company - IN-BITESURE”
Do we ever check/avail/choose the optional insurance provided by Airlines, Shipment, Food
delivery apps, etc.? I think not, at least I never do that. The fact that these businesses are
charging us Rs. 150-500 per order, keeping it optional are the main drivers for me not realizing
that we can also innovate a process that can prove to be beneficial for customers, our business,
environment as well as other businesses.
Our idea/proposal is to provide the same insurance within a range of Rs. 50-150. Also, making it
mandatory for everyone buying the product/service on which we have our bite-sized insurance
available. We initially are experimenting with only the aviation industry. Particularly targeting
tickets that are already available at a discounted price (senior citizen, student, armed forces,
etc.). This will also help us to connect with the customer emotionally in a way that they always
feel protected at each step of their life. Thus, fulfilling our promise of taking TRUST TO
INFINITY.
We aim to offer all the benefits which are already being provided by the existing players at a
much cheaper price. Also, we are tremendously encouraged to keep ourselves evolving. We will
always be open to innovation, providing quality service/products to our customers.
Indian populace has always looked at insurance with a lens that bound them to see everything
related to LIC or they are always comfortable staying away from it. This, in our view, is because
of below main reasons -
Lack of awareness
Less tailored-made products
Claim time being massive
Don’t see this as an investment
Opaque process
Lack of CRM vertical

Here comes our corporate vision & objectives –

Optimum customer service
Continuous innovation
Effectively manage our investments for optimizing yield
Better risk appetite through proper management
Incentivize customers periodically
Increase uptake of bite-sized insurance
  People who are unaware of the
insurances will get more clarity.
 In just one click, they can avail
insurance for themselves.
 Customized insurance as per their
needs and requirements
Figure 2: GAIN CREATORS
 This insurance will induce a constant
sense of security at a very minimal cost.
 Policies as per demands of customers add
a personal touch which helps in customer
retention.
 Easy claim reimbursement process
Figure 1: GAINS

 Being at the nascent stage, we are  There won’t be any fear of missing flight
offering very few kinds of insurance and lost baggage.
 To track the genuineness of a claim is a  Terms and conditions of the policy will be
very subjective and tedious process easily readable and understandable,
 Offering Cashback on bite-size Thus, enabling transparency.
Figure 3: PAIN RELIVERS insurance is really a challenging task at  Flat claim amounts will be given (no
the initial stage discrepancy)

Figure 4: CUSTOMER JOBS

 Travel Insurance as a part of Flight Ticket  Offering just travel insurance will limit our
Cost customer reach.
 Shipment Insurance  In case of false claims, the Legal process
involves huge costs.
 Due to CRM unavailability, service quality
is hampered.
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Figure 5: PAINS
Figure 6: PRODUCT & SERVICES

*Assumptions:
 Initially, it is assumed that the airline company reserves a 40% quota for students/armed forces/senior citizens, etc.
 The claim ratio will be less than 10% as per the historical records in the aviation sector.
 The price range of Rs. 50- Rs 150 is due to the fact that the historical data depicts that the loss ratio is almost negligible.
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