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Let's understand, shall we?

📈 Stage of the Product: Early Stage, Pre-PMF

Gaining Product-Market Fit, Gaining Traction

• Some stats and summary
• 1. 89% of Indian households rely on a single income, and many small business owners and workers operate without ANY financial safety net.
  2. India has over 200 million gig workers and 250 million self-employed merchants who lack access to comprehensive insurance protection.
  3. Our product suite targets a Total Addressable Market (TAM) of over 550 million users, including salaried employees, gig workers, and self-employed merchants.
  4. Partnering with large fintech companies, marketplaces, banks, and consumer internet brands, Assurekit aims to reach a significant portion of this underserved market.
  5. By simplifying insurance and making it accessible, Assurekit is working towards creating a comprehensive social safety net across India.

Before we go further, lets set some context

• TAM SAM AND SOM 🏟️
• Assumptions and Calculations:
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• 1. Total Addressable Market (TAM):
  2. • Gig workers: 200 million+
     • Self-employed merchants: 250 million+
     • Salaried employees (taxpayers): 100 million+
     • Total TAM: 550 million potential users
       
  3. Serviceable Addressable Market (SAM):
• • Assumption: 30% of the TAM can be reached through partnerships with large fintech companies, marketplaces, banks, and consumer internet brands.SAM: 165 million users (30% of 550 million)

3. Serviceable Obtainable Market (SOM):
   Assumption: Assurekit can capture 3% of the SAM in the next 5 years through its full-stack, API-driven platform and contextual, user-centric products.
   SOM: 4.95 million users (3% of 165 million)

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Pain points and Value Propositions

Pain Points

1. Lack of contextual, user-centric insurance products: Existing insurance products often fail to address the unique needs of different customer segments, leading to low engagement and adoption.
2. Complexity of insurance: Businesses find it challenging to offer insurance to their users due to the complexity of the industry and the lack of in-house expertise.
3. Difficulty in integrating insurance offerings: Seamlessly integrating insurance products with existing platforms is a major pain point for businesses, resulting in a disjointed user experience.
4. Complicated claims process: End-users face a complicated and time-consuming claims process, leading to customer dissatisfaction and mistrust in insurance providers.

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Assurekit's Value Proposition

We address the key pain points faced by businesses in offering insurance to their users through our full-stack, API-driven platform:

• 1. Contextual, user-centric products:
     We design insurance-backed products that are relevant and valuable to specific user segments, driving engagement and loyalty.
  2. Simplicity and accessibility:
     We enable businesses to offer protection to their users without the need for in-house expertise.
  3. Seamless integration:
     Our API-driven approach allows businesses to embed insurance offerings into their existing platforms, ensuring a smooth and aligned brand experience.
  4. Hassle-free claims experience:
     We simplify the claims process, ensuring a transparent and efficient experience for end-users, leading to increased customer satisfaction.

Understand the Product

1. Assurekit is on a mission to make insurance simple and accessible in India by breaking down barriers and making insurance for everyone.
2. Our ultimate goal is to create a comprehensive social safety net across the country, empowering people from all walks of life, Phase 1: salaried employees, gig workers, and small business owners, to lead lives free from financial stress and worry about the future.
3. By leveraging technology and partnerships with businesses, we aim to bring insurance to the masses and offer it on platforms they are familiar with and already use to solve for adoption and trust

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1. Assurekit solves the problem of complex, inaccessible, and generic insurance offerings that fail to meet the unique needs of different customer segments.
2. Traditional insurance products are often difficult to understand, expensive, and not tailored to the specific requirements of todays customers
3. We partner with business and create a tailored product for their users which they can use and benefit from We enables businesses to quickly launch and scale contextual, user-centric insurance offerings that are easy to use and provide comprehensive protection.
4. By partnering with Assurekit, businesses can enhance their value proposition, drive customer engagement, and create new revenue streams while ensuring their users' financial well-being.

👥 For End-users

• Relevant, contextual protection products that cater to the specific needs of today’s customers
• Hassle-free claims experience, ensuring a transparent and efficient process for end-users
• Solutions built on/ accessible via the platforms they already use, to solve for accessibility and adoption. </aside>
• Some Insights (Defining why for end users)Assuming the demographic (Gig workers and merchants) isnt very fluent with english and technology , we want to offer protection to them via the platforms they already use so that
• • We dont need to make the customer used to a new app - new process
  • Users can raise a claim and get benefits easily as they use the app daily
  • We solve for brand trust as well the plans are generally white-labelled basis the platform the plan is sold for. (Assuming plan is sold on Paytm - it will be Paytm Merchant Saathi)

💼 For Partners

• Increased engagement, trust, and loyalty for partners by providing valuable, user-centric insurance solutions
• Enables businesses to focus on their core offerings while Assurekit handles the end-to-end insurance journey
• Stakeholder management - Assurekit handles all claims and negotiations with insurers and reinsurers throughout the product lifecycle.
• Quick GTM - Our Full stack ecosystem enables partners go live quickly and scale their offerings - We have a ready to go Whilte-labelled journey and checkout, Communications stack and we help scale our programs in their platforms </aside>

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Businesses:

• Currently, businesses offer legacy/traditional insurance products through partnerships with existing insurance players in the market.
• These products are often not tailored to the specific needs of their users and require significant effort to integrate and manage.
• As a result, businesses struggle to differentiate their offerings from the crowd, drive engagement, and create new revenue streams through insurance.
• There is no adoption of the product, as the user will only understand the value while claiming, and may choose to discontinue the subscription, plus the claims process is super difficult and cumbersome.
• The product becomes just another insurance product on their platform

End-users:

• For phase 1 we are targetting Salaried employees, Wage workers and Merchants (SME’S and MSME’S ) so i will expand their problems.
• Salaried Individuals 🚧
  Most Indian households are dependent on a single earner. In India, 89% of households depend on one income source and losing a job can turn into a major worry due to reasons outside their control, such as
• • Global Recession
  • Company shutdown
  • Acquisition or merger
  • Organisation relocation
  • Forced resignations and Mass Layoffs
  • Changed company focus
• With over 100 million+ salaried employees, this problem goes deeper and the fear around jobs significantly influences their behaviour.
• Over 200,000+ employees laid off in 2023 and its just the beginning

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Gig workers and MSME’s

• In India, currently 76% of individuals are self-employed.
• There are 250 Mn+ Gig workers and 200 Mn+ Self employed (Msme’s/SME’S) individuals but there is no exisiting concrete solution, policies , etc that solve income loss problems/ credit problems for them
• Many Indian households, gig workers, and small business owners currently operate without a comprehensive financial safety net.

Comman User pain-points for all segments acorss income loss

• • Pay back personal loans
  • Find a new job for extended time
  • Manage the impact on personal health
  • Manage family expenses
  • Pay credit card bills
  • Manage savings
  • Manage survival
  • Pay rent

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Job To Be Done (JBTD) of Assurekit

We operate in the existing insurance category but differentiate ourselves but optimising for simplicity, accessibility, and contextual relevance, which competitors may be leaving on the table.

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Insurance in India , is a push product - there is low trust due to the mis-selling problem, lack of relevant insurance, etc - Even though the end goal is to make it into a Pull Product

Currently, our plans are a pull product as these are new plans which do not exisit in India so we need to build for relevance, trust and adoption

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As a reasult, Since we are a push product in an existing category, we will focus on:

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Understanding Users (Define ICP)

So we are a B2BC Brand - we create contextual and relevant insurance experiences for today’s customers by offering insurance on the platforms that they already use.

This helps us solve for

• Accessibility,
• Acquisition,
• Brand trust ( As plan are white-labelled most of the times)
• User Adoptions.

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Ideal Company/Business Profiles 🏢

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Let's meet the Decision Makers 👥

Arjun: The Fintech Product Head (Decision Maker) 🙎‍♂️
Arjun leads the product team at a fast-growing fintech startup. He's always on the lookout for innovative solutions to enhance user engagement and drive monetization. While his company has explored insurance offerings, they've struggled to find relevant, contextual products that resonate with their user base.

Quotes and insights

• 1. "We've tried integrating insurance products before, but they felt generic and disconnected from our users' needs."
  2. "Our users trust us with their financial well-being. We want to offer them protection that's truly valuable and easy to understand."
  3. "Partnering with Assurekit could help us create a differentiated offering and strengthen our product hook."
  4. "We need an insurance solution that seamlessly integrates with our platform and aligns with our brand experience."
     ​Conclusion: Demonstrate how our contextual, user-centric products can drive engagement and monetization while complementing the fintech's core offering

• Priya, The Bank's Insurance Lead (Influencer) 🙍‍♀️
  Priya heads the insurance vertical at a leading private bank. With significant experience in retail and offline insurance distribution, she's keen to explore embedded insurance solutions to differentiate the bank's offerings. However, she's concerned about the potential impact on the bank's existing insurance revenue streams.

  Quotes and insights:

• 1. "Our bank has a strong presence in the mass-market insurance segment, but we lack differentiation."
  2. "Embedded insurance could help us reach new customer segments and drive engagement, but we need to ensure it doesn't cannibalize our existing business."
  3. "Assurekit's API-driven approach is intriguing, but we need to carefully evaluate the integration process and compliance requirements.

• Rahul, The Consumer Internet Founder (Blocker) 🙎‍♂️
  Rahul is the founder of a rapidly growing consumer internet company. While he recognizes the potential of insurance as a value-added service, he's apprehensive about its complexity and the lack of in-house expertise. He's also concerned about customer perception and the potential impact on user experience.

  Quotes and insights

• 1. "Insurance seems like a great fit for our platform, but we don't have the expertise to manage it internally."
  2. "Our users trust us to provide a seamless, hassle-free experience. We can't afford to compromise on that."
  3. "We need an insurance partner who can handle the end-to-end process, from product design to claims management."

Lets Summarise the ICPs

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Articulate the Core Value Proposition

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Finding our Brand Wedge

• Insurance is perceived as complex, intimidating, and not user-friendly, especially for underserved segments like gig workers and small business owners.
• There is a lack of contextual, user-centric insurance solutions that adress the needs and pain points across customer segments.
• Integrating insurance offerings seamlessly with existing platforms is challenging, leading to a disjointed user experience and hindering adoption.
• The claims process is often complicated, time-consuming, and lacks transparency, leading to customer dissatisfaction and mistrust in insurance providers. </aside>

Lets divide this into users and partners

Users

• Problems:
• • No existing solutions that address to their needs.
  • Users find it difficult to understand complex insurance terms and conditions, leading to low awareness and adoption of insurance products.
  • The claims process is a major pain point for users, with lengthy procedures, paperwork, and delays in settlement, causing frustration and mistrust.
• Non-Negotiables:
• • Simple, tailored insurance products
  • Affordable, transparent pricing
  • Quick, efficient claims process
  • Digital experience preferable (Insight: since people are from working class, they can’t take a day-off as they might lose income.)
• Negotiables:
• • Brand recognition of the insurance provider, as long as the products are relevant, affordable, and the experience is seamless and user-friendly, the customer doesnt really care which insurer is insuring the product.
  • Extensive customization options, as users primarily seek simplicity, relevance, and value in their insurance coverage.
• User Aspirations:
• • Financial security and peace of mind
  • Access to a comprehensive social safety net
  • Hassle-free, transparent insurance journey with minimal paperwork

Partners

• Partner Problems:
• • Difficult to differentiate and drive engagement with traditional insurance
  • Lack of expertise to create and manage insurance offerings
  • Integration challenges with existing platforms
  • Poor claims experience reflecting badly on the partner brand
• Partner Non-Negotiables
• • Simple, easy-to-integrate insurance products
  • Flexible, API-driven solutions for seamless integration
  • Reliable support and clear communication
  • Transparent, efficient claims process for end-users
• Partner Negotiables:
• • Customization options, if core products remain simple and solve pain points
  • Revenue-sharing models,
  • Retain their branding for the product ( Some partners need it to happen while some use our branding for pilots test how the product is working and then put it under their brand)
• Partner Aspirations:
• • Enhance value proposition with relevant, contextual insurance
  • Increase user engagement, loyalty, and lifetime value
  • Drive incremental revenue through innovative insurance offerings
  • Foster trust and long-term relationships with users

Defining our brand wedge

How Will the Brand Look?

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Typography:

• Assurekit Bold for headings
• Assurekit Semi Bold for subheadings
• Assurekit Regular for body text
• Assurekit Light for elegant elements
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Color Palette:

• Shades of blue with grey and black for balance and clarity

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Assurekit Blue: Radiates confidence, trust, and reliability.

Grey: Complements blue, adding balance and sophistication.

Black: Ensures clarity and coherence in typography.

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• Imagery:
  High-quality, relatable images and icons that resonate with the target audience

How Will Your Brand Speak?

​Tone:

• Clear, simple language without jargons.
• Show understanding and care for the customer’s needs.
• Avoid unnecessary technical details, focusing on practical benefits.

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How Will Your Brand Behave?

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Guidelines:​

• Keep the user's needs at the center of all decisions
• Implement innovations that genuinely add value
• Will not directly criticise any policy change / goverment scheme or regulations.

Summary

Visual Identity:

• Typography: Modern, clean fonts like Assurekit Bold, Semi Bold, Regular, and Light.
• Color Palette: Trustworthy blue with grey for balance and black for clarity.
• Imagery: High-quality, relatable images and icons.

Tone of Voice:

• Straightforward: Clear, simple language without jargons - even if use it we explain properly
• Empathetic: Friendly and caring tone.
• Not Overly Technical: Focus on practical benefits.

Behavior:

• Innovative: Embrace useful new technologies.
• User-Focused: Center decisions on user needs.
• Meaningful Change: Implement innovations that genuinely add value.

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Apply the brand on & off the product.

Note: Since we white-label our plans for our customers there is not much/nothing radical we can do with the actual product in their platfrom as it may disrupt their user experience.

However, here are the following things that we can change on our level.

Changes for phase 1

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Pre-discovery (Partners)

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Social media

Old approach:

(There is some color - issue its ideally white and blue)
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Revamp

Cover pages:

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Inner pages

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Website

Old website:

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Phase 1:

(Live website) - www.assurekit.com

Phase 2:

We will be chagning the website copy to go more with the theme and style of the brand.

Key Tasks:
Fine-tuning the narrative more,
Making it more SEO friendly

Optimising content and making it better.

Mockup V1:

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(This is just the landing page , but we will be changing overall theme to of the website to match the brand)
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Plan documents

We did make a change to the plan documents within the week and it should go live soon

Old version: (Make shift plan document with plan certificate and wordings)

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Soon to be live version:
(Wage protect)

Added 4 TL;DR pages in the start to explain the plan properly.

Blog Banners:

Old approach:

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New Style:​

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Thank you for reading the phase 1 strategy of the document - will be looking forward to comments and suggestions. - This will only continue to get better with user feedback

P.S:
Also this is a WIP - i will be adding email flows, whatsapp journeys, Partner dashboards, etc -

Their first drafts are still getting ready and we are still zeroing -in on a MVP a first draft for now and it will be according to the new guidelines set