Company Overview:

• Company: SecureNow

• Industry: Insurance, Risk Management

• Founded:2011

• Headquarters: New Delhi, India

• Business Model: Online insurance brokerage that provides businesses and individuals with customized insurance solutions, focusing on a range of corporate and commercial policies.

• Key Product:Commercial General Liability Insurance (CGL)

Problem Statement:

In India’s growing business landscape, businesses face an increasing number of liabilities, from customer claims to third-party damages, legal actions, and workplace incidents. Small and medium-sized enterprises (SMEs) and large corporations alike need protection from the financial implications of such events, but many remain underinsured or unaware of the importance of liability insurance.

For SecureNow, the challenge was twofold:

• Educating the Market: Many businesses were unaware of the importance and coverage offered by Commercial General Liability insurance.

• Accessibility and Affordability: Many businesses, especially SMEs, were hesitant to purchase insurance due to perceived complexities or high costs.

Objectives:

• Provide Accessible and Customizable Coverage: Offer businesses a comprehensive yet affordable liability insurance plan that could address multiple risks.

• Increase Awareness: Help businesses understand the importance of CGL insurance in safeguarding their operations from third-party claims.

• Simplify the Purchase Process: Streamline the process of buying CGL insurance, making it easy for businesses to understand and purchase online.

Solution

SecureNow launched its Commercial General Liability Insurance (CGL) offering, focusing on providing extensive coverage and educating businesses on how to safeguard themselves from common liabilities. Key features of the solution included:

• Comprehensive Coverage: The CGL policy from SecureNow covers third-party bodily injury, property damage, personal and advertising injury, and medical expenses resulting from business operations.

• Bodily Injury: Covers legal expenses and compensation for third parties who sustain bodily injuries on business premises or during business operations.

• Property Damage: Protects against claims made by third parties for damage to their property due to the actions of the business.

• Product Liability: Covers damages or injuries caused by products sold or manufactured by the business.

• Customizable Plans: Businesses could tailor coverage to suit their specific needs, ensuring that they only paid for what was necessary while maximizing protection.

• Affordability: SecureNow worked to keep premiums affordable for SMEs, offering competitive pricing models and discounts for businesses with strong risk management practices.

• Seamless Digital Experience: SecureNow’s user-friendly platform allowed businesses to get quotes, purchase, and manage their CGL policies online, simplifying the buying process.

• Expert Consultation and Support: SecureNow provided expert advisory services to businesses, ensuring they understood the intricacies of CGL insurance, what it covered, and why it was crucial for their operations.

Results

• Increased Market Adoption:SecureNow successfully penetrated the SME market, with businesses across various sectors (e.g., retail, manufacturing, hospitality) purchasing CGL insurance to protect themselves from third-party claims.

• High Customer Satisfaction:The ease of purchasing, affordability, and the flexibility to tailor policies helped secure long-term relationships with businesses. Many clients returned to SecureNow for additional coverage needs, and the company received positive feedback regarding its user-friendly online platform.

• Educational Impact: Through blogs, webinars, and content marketing, SecureNow increased awareness about the importance of CGL insurance. Many businesses that had previously overlooked the need for liability coverage began to seek out SecureNow’s services.

• Partnerships with Businesses: SecureNow’s CGL policy became part of several corporate wellness and risk management programs. Their partnerships with industry bodies, business forums, and trade associations helped boost their reputation as a trusted advisor in business insurance.

Challenges

• Raising Awareness: Educating businesses, especially SMEs, about the necessity of CGL insurance was initially challenging, as many companies didn't perceive the potential risks of third-party liability.

• Market Competition: The Indian insurance market is highly competitive, with many players offering similar products. SecureNow had to differentiate itself through superior customer service, educational content, and pricing.

• Adapting to Customer Needs: As businesses vary in size and risk profile, SecureNow continuously adapted its CGL offerings to meet the specific needs of different industries.