Onsurity is a global Healthtech organization which is disrupting the financial services and healthcare industry with its unique mix of technology and innovation to improve customer experience. The company is focused on “employee wellness” by providing SMEs with technology-oriented solutions to improve employee and team healthcare. Onsurity started as a technology company to help SMEs and its employees in May 2019, but quickly pivoted to focus on healthcare. With renewed focus the company was re-launched in February 2020, by Kulin Shah & Yogesh Agarwal.
Yogesh Agarwal is the Founder of Onsurity. In an interaction with The Tech Pod, Yogesh speaks about the role of IoT in healthcare industry. Read more!
Tell us something about yourself and what does Onsurity do?
I started my actuarial career as an Actuarial Consultant with KPMG in 2012, where I worked with global and Indian (re) insurance companies for their product design, pricing, underwriting, business planning and strategy before finding my true calling in the actuarial profession. I was a practicing Chartered Accountant and worked as a Statutory Auditor with Ernst & Young. I have also worked as an Employee Benefit Actuarial Consultants for many years and have worked for the design of different social security and employee benefits for companies and governments.
It was always my dream to bring affordable insurance and employee benefits products for the SME sector and this yearning to make lives better, gave birth to Onsurity – a brand that believes in providing simple, affordable and effective employee benefits solutions for SME.
Through Technology, we are providing the social security and healthcare net to workers and employees of SMEs who are currently in danger as they are not covered under any social security scheme. Out of 55 Crores strong workforce in India, only 14% works in the organized sector where large corporates provide their employees and their family some form of healthcare and benefits. We are also trying to spread the healthcare from urban areas to rural areas through the use of technology.
They say technology can be a life changer. We at ‘Onsurity Technologies’ totally abide by this statement. We are on a mission to make their lives easier by helping our users with our distinctive fintech products. Every day we strive to provide more features to our ever-increasing user base while giving them a one-of-a-kind experience. We are marching towards covering the ecosystem in the tech and wellness sector through technology and keep bridging the gap as we keep advancing.
What is your take on the evolution of AI-based technology?
AI has the ability to spot the trends and learn based on the influx of data. This can give us an upper hand in assessing the prognosis of the case and ensure better quality in healthcare and consequently lifestyle. It has its influence right from case taking to treatment and management. For example, if we have a large data of a particular ailment with varied trends of response to treatment, the kind of engagement with the patient would be more personalized than generic. Healthcare industry has been yearning this for ages. AI-based algorithms have assisted pathologists to accurately diagnose cancer. AI has been proved to be better at diagnosing arrhythmias than a human. AI-based symptom checker has helped in diagnosing and treating the ailment faster and better and so much more. AI has made lives easier for everyone.
With the help of AI in healthcare, insurers can come up with better products and comprehensive packages and products can be more personalized. AI-based claim processing would help settle claims faster. It will help in fraud detections based on the tremendous data points and trends available. AI will be responsible for enhancing customer experience tremendously. At Onsurity, we are aiming to aggregate and amalgamate the exceptional technological brilliance with ‘end-user expectations’ to enhance the experience.
How are you delivering solutions to your customers during the pandemic? Explain it in detail.
When the whole world shutting down and was battling with the darkness of COVID-19, there were many companies that were trimming down and cutting losses. But in this darkness, we were the shining little glimmer of hope to the badly hit MSMEs through our product – TeamSure. Our product ensured that all employees be it temporary or permanent, should be taken care of especially from the deadly coronavirus. We believe employees are the backbone of a company and their contribution is what takes a company to the next level.
Amidst the pandemic, we launched our product and within just 45 days, we created a wave of excitement with our approach. It emerged as a fully functional solution where there was no physical interaction, and everything happened remotely through the comfort of the home. MSMEs purchased the products for their employees and made sure their well-being was well taken care of with our unique features and was compliant with the MHA guidelines. So, we are proud to say that we have contributed heavily in securing the well-being of many employees during this pandemic.
What does the “Internet of Things” mean for the future of the healthcare industry?
IoT is nothing less than a blessing in disguise. They say invention is the mother of necessity but in today’s world innovation is the grandmother of necessity. The Internet of Things Healthcare market was valued at USD 28.42 Billion in 2015 and is projected to reach USD 337.41 billion by 2025, growing at a CAGR of 28.2% over the forecast period. IoT has the capability of making healthcare affordable and efficient in the future. It will enable the patients to get better access to data, personalized care which will lead to fewer visits to the hospital.
How is technology helping to accelerate businesses?
Technology has played a pivotal role, especially during this lockdown. Even though employees and employers are working from home, they are tightly bound by technology. With innovations happening constantly and with digital solutions paving the way, it is helping businesses reach a wider audience and reach new heights. With the help of technology, there is no stoppage in businesses even during this crisis and the business is continuing to boom rapidly.