When it comes to insurance, it’s an old industry based on trust: Amrit Singh, Loop

While the global pandemic has brought economies to a halt and massively disrupted businesses, it has also fuelled start-up dreams and we even saw several Indian start-ups achieve Unicorn status during the pandemic period. The times have never been better for the budding entrepreneurs to give wings to their start-up dreams. The Government, too, has come up with various schemes to support its ‘Vocal for Local’ drive.

Adgully has been turning the spotlight on the entrepreneurs who fought against all odds to bring their dreams to fruition in our special series – START-UP STARS. We at Adgully wholeheartedly support the ‘Vocal for Local’ movement and over the next few months will be featuring all local/ homegrown businesses, brands and Apps.

Amrit Singh, Co-Founder & CRO, Loop, was building digital medical records for patients in rural India and in Africa and saw how poor the quality of healthcare was. There he witnessed the clear lack of preventive or primary care. Singh saw that patients were not given any financial support or medical support, especially in the form of second opinions. In most cases, they would trust the local general physicians to do a proper diagnosis and give the right advice. But more often than not, they failed to do so for many reasons. That’s when Singh saw an opportunity to build a better healthcare system bundled with insurance.

In an exclusive conversation with Adgully, Amrit Singh, Co-Founder & CRO, Loop, speaks about how this company was founded, challenges and opportunities in healthcare insurance, new campaigns, learnings from the past years and much more.

What are the recent campaigns that you have done to promote your business?

When it comes to our marketing efforts, our motto is to approach with value. When we wanted to capture the eyes of the start-up ecosystem, we went to them with free healthcare for founders through our top-notch team of in-house doctors and specialists. And of course, nothing beats word of mouth. So, in addition to the services we offer to our clients, we always try to go above and beyond. Recently, we sent out home quarantine care packages to the Covid positive employees of our clients.
We go to HRs with content marketing efforts that provide them with the tools they need to excel at their job. Through our recent rebranding campaign with Kunal Kapoor, we are trying to reach more of the HR community across different cities in the country so that they are aware of all the amazing things we offer their community.

What need gap did you want to fulfill with your start-up? What is the core business proposition?

The healthcare system is currently set up in a way that it benefits more from treating those who are ill than from keeping them healthy. This is because being reactive is where the money is at. In a world where the cost of healthcare is rapidly shooting up, this set-up makes quality healthcare dangerously inaccessible to millions of people. There’s a need for a modern healthcare provider who prioritises preventive care and top-notch primary care so that the focus is always on keeping people healthy rather than waiting around to treat them when they fall sick.
Right now, we are in the process of reaching millions of people through their employers as an insurance broker with free OPD from in-house doctors. Even in the employee healthcare ecosystem, things are highly outdated. So, there are plenty of opportunities for us to become a healthcare partner that modern companies deserve.
How did you identify your TG? Did you carry out any feasibility study prior to starting your business?
Ultimately, we want to provide high-quality healthcare to millions of people in India. The best place to attach preventive and primary care is through health insurance, and most Indians who have health insurance, get it from their employers. When it comes to these employers, their HR teams are dealing with outdated employee health practices from traditional providers. So, our marketing efforts are focused on helping HR teams overcome those hurdles and be excellent at their job.
What were the challenges that you faced in your start-up journey and how did you overcome them?

One of the biggest challenges was acquiring a broking license to provide our customers with more options on insurance policies.
What were the clearances that you required for your venture from various authorities?

We got support from the IRDAI to acquire a broking license.
How is digital helping you further your business?

When it comes to marketing, digital helps us to be razor-sharp-focused in our efforts. Of course, we experiment and go through a lot of trial and error, but digital allows us to learn from every step and keep improving ourselves in every aspect. I believe in 2022, we have more than enough tools to grow our businesses, it’s just a matter of using them wisely.
As for our product, we provide our free OPD services through the loop app. Every Loop member gets a dedicated medical advisor, who helps answer quick health questions and guide them in their healthcare needs through a simple chat feature. They also have access to unlimited virtual doctor consultations with specialists, along with discounted lab tests. This makes it more accessible to more people. We are making healthcare more convenient for those who have to jump a thousand hurdles to get to a doctor.
We’ve also brought the age-old health insurance and benefits system to 2022 through our app. Policies and e-cards are now just a tap away and our members get 24x7 claims support through the app.
What were your key learnings from the past years? How do you see the start-up ecosystem progressing this year?

It sounds obvious, but every passing year we realise the importance of making things people really want. You figure this out by speaking to your customers every day.
And when it comes to insurance, it’s an old industry based on trust. So, trust and relationships are still super important for doing business.
What would be your message for budding entrepreneurs?

• Firstly, invest in the people who share your vision, instead of filling up open positions at your organisation.
• It goes without saying, love your customers and they will love you back. Always approach with value.
• Finally, ensure that your product, growth, marketing, and customer success teams work together every step of the way. Intra-company communication is critical, so you can all be on the same page and build the organisation.