Introducing the product

Financial protection on cards, m-wallet and UPI frauds.  

The product in consideration is an insurance backed consumer solution for customers in terms of financial assets. 

Following are the observations from the journey and reviews on website/ app/ app stores - Customers find the app extremely tech savvy and easy to find products and file for claims

This is a push product in B2B2C hemisphere which generally gets sold along with a base financial product - say, cards from banks or m-wallet/ UPI end payment screens. 

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Why should we buy this product? What are the features which make it worth buying?

1. A digital fraud cover for all your UPI handles and m-wallets for a value cover starting at 10,000 till 2 Lacs (some banks are providing a UPI transaction limit of 2 Lacs)
2. Card cover for both online and offline frauds (including ATM transactions) on ALL cards which the customer owns - cover amount of up to 5 Lacs
3. 1-call to block cards - a worry free service which comes handy in case you lose your wallet. Just call us and we will block your cards for you - yes, ALL of them. :)
4. SIM card blocking - Oh, in case you lose your phone? Chill out, just reach us through any of the friend's phones and we will block that for you too.
5. Free ID replacement - We will happily take the headache of getting your PAN card and Driving license replaced on your part.
6. Dark web monitoring - In this modern age of internet, we see our data being leaked on to dark web every single day!! Hence, worry not, coz we will track your data for you and provide an on the spot intimation if we see anything out of place, so that you can take timely actions!
7. Emergency travel assistance - In case you are stranded and are in dire need to come back to base, worry not. We will help you with your return tickets and also help settle your hotel bills - both in India and abroad.
8. Benefits leading to loads of savings - Whether it is an OTT subscription or discount vouchers, we make sure that every plan customer buys - they get a full value out of it. PAISA VASOOL!

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What makes my product a class apart?

1. All the coverage limits of the protected assets are CUSTOMISABLE!!!! - in terms of value, amount and tenure.
2. Card cover losses/ frauds are having a coverage of up to 30 days old.
3. Frauds on m-wallet and UPI cover losses which are up to 10 days old.
4. Easy claims process - just call our toll free number and we will get you sorted within 7 days.
5. My card cover feature even covers ATM swipe transactions! :)

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What stage is the product on:

Mature scaling stage - has had 7 rounds of funding already. Last year's closing revenues were 500 Cr. ​

Understanding the user

User interviews:

Meet Raj - A 44 y/o married man who stays in Bhopal in a secure government job. His parents live with him along with his wife and 2 children. His time is generally divided between his work and family. He is a small town boy who values family time and tries his best to be available for his family. He is the sole bread-earner in his family with his wife being a home-maker. He is a person who like s stability and wants to shift to a house he can call his own. He has been saving a long time yet, basis the current market rates of real estate, he needs to take a loan for home as his savings go into his kids school fees and rent.

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Meet Kashish - A young MBA grad who has just shifted to Mumbai to start earning. She is ambitious and has a high appetite for risk. She wants to experience life in a new city and wants to learn. She wants to go out, make new friends, enjoy on the weekend and also kill it at her work simultaneously. Her main focus is using apps which add value to her life in the new city - e.g. Swiggy, Zomato and wherein she is easily able to make payments and also earn rewards. She is on the sides, repaying a loan which she took for her MBA, hence, every penny counts and yet, the fun should not stop. ;)

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As all insurance products go, basis interaction, I found that the product makes sense to the customer but they do not really think about it while purchasing the core product (like loan/ cards) from our partners. Hence, more of a ‘create buying intent’ scenario.

Ideal customer profile (ICP)

Further deep dive: Since my business deals & my product is a financial protection service which operates in a B2B2C setup, my major work goes into making sure that that I am able to sell my product B2B so that it can further be sold to C. Hence, I will be taking two ICPs -

1. ICP1 - My B2B partner (any financial institution which deals with a customer base like an NBFC/ bank/ fintech)
2. ICP2 - The B2B partner's customers

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Major influencers and blockers while taking a new product live with any of the B2C partners are: 

1. Partner margins and the price of the product. NBFCs generally ask for Avery high margin thus leaving us a lower net contribution (after removing the COGS). 
2. Availability of green field players in the market - e. g. The ones where companies are not using VAS products directly from insurers and also where my competitor isn’t present. 

Learning product category/ market -

Google search volumes:

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1. Deep-dive:
2. 1. Market Size(India) 🇮🇳
      
      The survey — conducted among 322 respondents in 14 cities including metros as well as Tier-1, Tier-2, and Tier-3 cities — found that almost 89% customers have seen their family members/ friends (if not themselves) get looted because of financial fraud.
      

      Category	Percentage
      Home to Office	31%
      Family purposes	44%
      Weekend multi-route travel	9%
      Outstation travel	9%
      Other purposes	7%

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Competitors 🤺

Some of the relevant competitors in the current times:

1. CPP (Card protection plan) - Multiple credit card and NBFC partners. 
2. Bajaj Finserv - Lower rates since it is an insurance company itself along with providing a number of product offerings - in terms of combinations and price points. 
3. ICICI Lombard - card protection plans

How to stay ahead? 🏃🏼

To stay ahead of competitors, following strategies should be deployed -

1. 1. Focus on customer experience: Everyone loves a hassle-free claims process - especially when they are dealing with something like a financial fraud. At that time, making it easier for customer - from the time of claims intimation till the verification and disbursal can create a big impact. Not to mention the customer care support which is pro customers.
   2. Expand to new products within finance: The curve is moving towards people who would prefer to use a BNPL loan/ BNPL small ticket debt rather than take a credit card. Inclusion of these assets in fraud spectrum can help increase relevance of my products.
   3. Integrate with other services: Integration with VAS on my products which help customers with their other financial issues etc. will be a great value ad to why my product should be a star even with tons of competition. E.g. - integration with Cleartax for easy ITR filing can be a good plus.
   4. Offer loyalty programs and promotions: Premiumization always helps in bringing value to or products. Not only do the customers see a clear cut utilisation of the money they pay, but it also gets a higher attachment for our B2B partners.
   5. Embrace new technology: Automated claims rather than an on-call service can be a swift way of saving customer's time.

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Weak points of my product - 

• No SEO (for all the keywords searched - card fraud, UPI fraud, card fraud protection, UPI fraud protection), not even one link to my D2C plans came up. 
• Non availability of literature to educate customers on this type of fraud. 

Strong point - 

• Good tie ups and relationships with partners 
• Good rating on app for my services. 

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Acquisition potential 

Considerable since every year the number of loans and credit cards being sold are increasing : The cards being sold are currently having the growth of 2% while the loans being sold are having the growth rate of 23% for FY25. 

TAM -

If we focus on the acquisitions by card users, the margins we make on 1 card VAS is ~35% and the per card VAS sold value is 1609 (without GST). Total cards being sold in FY25 are 102 Cr in volume. 

Hence, current TAM is 56,317 Cr.

SAM -

Out of these, we currently have access to 2 major banks who do roughly 30 Cr. 

Hence, SAM is 16,895 Cr. 

SOM -

Our attachment for the given SAM is 30%, translating to expected volumes through our partner banks being roughly 30,000 for this year. 

Hence, SOM on the same concept will be 35%*1609* 30,000 = 1.69 Cr. 

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Core value of my product -

Give customer a complete stress free protection and assistance service for his/ her day to day needs in finance.

Which Channels to choose?

Since we are dealing with a product in mature scaling stage in a B2B2C hemisphere, I will work on organic search by introducing SEO. But main problem I will solve in my current way of selling (meeting potential partners and cracking a deal with them) is -

• Understand their requirements so that I can modify my product accordingly (e.g. I have recently introduced an auxiliary product called ID fence which tracks Cx data in case gets leaked on dark web) - a good addition to my core value prop. 
• Coming up with more bundling deals so that the partner margin losses are removed and I can get a good attachment and revenue.

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1. Comparison of channels
   
   

   Channel vs Parameters	Google search keywords	Employee Referrals	Paid Ads	Product Integrations	Content Loops
   Flexibility	High	High	Low	Low	High
   Effort	Medium	High	Low	High	Medium
   Speed	Medium	Medium	Low	Medium	Medium
   Scale	High	Medium	Low	High	High
   CAC	Low	Low	High	Low	Medium

   
   CAC : LTV ratio ? When doing Internal Referrals : Assumption: 1 Current customer sent referrals to 10 of his relatives/ friends and 1 got converted
   Rule: For every successful referral
2. 1. Referred person will get ₹1000 --> cash prise or Amazon voucher
   2. Referrer will get 30% off ---> ~INR 600 (on a plan priced at 1899/-)
   3. Rest of the ₹500 will be for Development, operations, sales, servicing

OA employees = 343

Consider we target 10% of these employees = 34

Calculate CAC: INR 5100/ 34) = INR 150

Formula LTV: AOV x %margin x frequency x retention

Calculate LTV: (₹100 x 10%) x (Daily 1 time) x (30Days) = ₹300

LTV should be ~3x of your CAC

LTV/CAC : 300/150 = 2

Note: LTV:CAC is going to be much lower in the case of Paid Ads, keywords

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Considering the above scenarios it sounds logical to proceed ahead with Referral Program and Product Integrations

Internal (employee) Referral Implementation

Decision Matrix:

2. 1. • Plan
        According to the decision matrix, we have come up with a solution:It's raining offers for OneAssist family. The Referrer will share a referral via WhatsApp, emphasising the benefits of receiving a gift from a friend or family member can create a sense of celebration of offers during Monsoons.
      • • Savings galore
        • Spavings - spend on the program to save on long run when a fraud occur
        • Easy claims
          
      • Referral Journey
        User is given the code
      • Code takes the user to the deeplink (google app/ app store to download)
      • Once downloaded and signed up, user can add whichever plan they see on the app.
      • Use discount code
      • User buys the plan at reduced rate
      • Employee gets reward at end of o
        

Integration Implementation

Comparison
Considering what can add more value to my product, I am comparing certain options which can be fruitful to the end customer:

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Content loops - 

Hook - Based on fear-inducing/ caution-inducing headline like staggering metrics on the lines of ’23,000 card frauds in year so far in India’, ‘Your credit card is at risk’. 

Content creator - We have a creative agency which works for us, can co create with them on a new RBI guideline/ new fraud metrics/ basic hygiene checks to keep ourselves safe from frauds. 

Distributor - Our website (which will be discoverable through keywords like bank, loan, credit card, card fraud, UPI, wallet etc). We will also use our internal post sales communications as the distribution channel to our current Cx base. 

Thank you for giving this opportunity to revise my project. THanks you for taking the time to read through it. Awaiting your feedback 🙂 🙏

Have a great Friday!! 🍻