IASSIST INNOVATIONS, LEADERS OF THE MOST INNOVATIVE RESEARCH-BASED INSURE-TECH PLATFORM
iAssist Innovations Labs Private Limited is one of the most innovative research-based insure-tech companies. They are the leaders in the field of creativity in innovation. It is the core business value that pushes the brand to grow.
The key minds, the visionaries, behind this idea are Sharad Kumar and Manmaya Ray. These two visionaries with the help of their founding team Giridhar Bhat,Praveen Chettu,Shantam V,Manjesh N,Surender Ch and more have Solved the client’s unexplained problems with a cost-effective platform using the most advanced technologies. This is a different approach as other providers try to sell more by bundling various solutions, which the customers may not need. This small yet revolutionary idea is what made iAssist (IAIL) the pioneer in the market.
THE PEOPLE WHO MADE iAssist Innovations
iAssist is led by the best brains of the Insurance industry with cumulative experience of more than 100yrs in the rich insurance and risk management domain. Mr. P Bala (Technical Director), Mr. Yash Parashari (CEO – Crest Insuretech, IIM Calcutta), Mr. Sudipta Biswas (Co-Founder & Director – Crest Insuretech, IIM Ahmadabad, CEO iGreenrisk), Mr. Vanshaj P (Co-Founder & Director – Crest InsureTech).
The iAssist team is guided by three well-known mentors Mrs. Anisha Motwani (Board member of multiple large Insurance/Insurtech companies), Mr. Atul Gupta (A serial Entrepreneur), Mr. Suresh Mahalingam (a well-known leadership coach, Advisor to multiple large companies and Startups & Ex CEO/MD of reputed Insurance companies), and great tech wizards who are the pillars of the tech innovation that happens now and then.
THE STRENGTH TO WORK TOWARDS THE GOALS
The strength is the team, the founders, the Advisors, the ace business team, the tech innovation team, the strategic partners, and the valued customers. They all are the backbone of IAIL. Each of them has helped in this journey to emerge better, and stronger; each of them has helped in shaping up the company. The value they bring to the table all prove to be the biggest strength of IAIL. Besides, the culture of investment in people, giving them autonomy and flexibility to experiment with new ideas and learn from them has made the company stronger.
And with such an amazing team it gets easier to focus on the goals of the visionaries. They further added, “Our long term is to be the world’s largest insure-tech company. We will collaborate with various constituents and help them digitally transform their business. In short term, we intend to launch solutions around claims processing which is a hiccup where insurers have not been able to instill confidence in people.”
THE HICCUPS ON THE WAY & PROBLEM-SOLVING NATURE
Pandemic proved to be the biggest challenge of all. The company had to let go of the office space, the team was scattered and confined to home given the restrictions. But one thing which everyone agrees on is that there wasn’t ever an inch of doubt/fear about the success.
The founders shared, “When many startups shut shop owing the situation to a pandemic, our company took this as a blessing in disguise, and during this time, we had our partnership forged with one of the top insurance companies. With the will to carry on and the desire to perform, no obstacle is too big to handle.”
The DNA of the company is to solve problems nimbly using the latest technology. It is well established that learning new things makes one stronger and change is inevitable. But the way the people and the organization adapt to the change is impeccable. The way the company is built by the folks, there was a lot of effort and many sleepless nights, they have put in them all so that the problem-solving aspect of the company stays alive.
THE COMPETITIVE ADVANTAGE AND THE PANDEMIC DYNAMICS
iAssist Innovations has developed solutions that transform claims settlement in the insurance industry. When the industry talks about 5-21 days, their yardstick is in minutes. They solve the most difficult problems related to data privacy, 100% audit, and transform the TPA business where value is created using tech solutions. This is one of the main reasons that they stand ahead of the competition. Today most insur-tech startups are focusing on distribution, but one of the main issues of low insurance penetration is due to lack of confidence at the time of claim. That is what they seek to crack.
The pandemic made no impact on the founders’ will to keep growing the brand. They assert, “there were some challenges because of the Pandemic, but that didn’t deter us. We made sure that the employees are well taken care of during the pandemic, which in turn helped us soar scaling new heights. True that the dynamics have changed with Pandemic but the way we look at it, we are at our best of customer satisfaction.”
SCALING NEW HEIGHTS AND ENCOURAGING CREATIVITY
It gives the founders immense pride that from where they started, they have come a long way. The thought itself gives the adrenaline of giving out best. A 3-year-old organization achieving successes and accolades with tremendous work of the team, it is amazing what is achieved as an organization. And this is because no employee is ever barred from sharing ideas. Every opinion is heard and creative thinking is encouraged.
No idea is too small, and it is true for all in the organization where people never tend to shy away to throw ideas across. There were times when the ideas didn’t work. Others outside the org may look at it as a failure, but the company looks at it as a learning curve. There is never a shortage of ideas to come up, given the wealth of knowledge the team holds.
“We never label ourselves a startup or a typical IT company, we rather call ourselves a lab (a Research and Development) where the most creative of the brains contribute to the success of the organization. Everyone has the freedom of expressing themselves in solving or approaching a problem. As the saying goes, “the more hands, the merrier”; in the case of our org, it is “the more brains, the more solutions”.
MISSION, CORE VALUES, OR VISION?
Without any second thought, it’s always the core value. The values that every IAILian carries out right from the day he/she steps into the org, always stand first. One solid mantra is that if you stick to the core values, the mission/vision of what you need to achieve will be clear. So, it is ensured that they are followed to the dot and these values hold the same for every individual in the organization. The vision is – To become the best risk solution provider worldwide while practicing transparency and ethical values. It will be achieved by continuously investing in technology and our people.
These values are communicated subtly in the organization. The founders added, “We don’t bombard the employees with emails/meetings, etc. for communicating the values of the organization. We live by them and that reflects in every action and decision. We have given everyone the leverage to mail/message/call anyone, irrespective of the position that he/she holds, and the leaders are more than happy to have a chat/talk/call to clarify any doubts.”
ADVICE FOR FELLOW BUSINESS HEADS AND READERS
– BY THE FOUNDERS
People shall believe in themselves and develop risk-taking abilities. We are in an era where entrepreneurship is encouraged, and we have seen ideas transforming the way we do business worldwide. The speed of these changes is going to increase going forward. So, look out for real and large problems around you and see how you can help solve these issues. Set your aim high enough as that will give you purpose in life to achieve something which transforms the society around you.