Symbo, New-Age Insurance Broker Offer Cover for Marathoners and Spectacle Buyers

Symbo, a new-age insurance broker is partnering with different firms to offer products beyond motor and health insurance. Looking for expansion in the retail market, Symbo aims to provide products catering to groups like women, travellers, marathoners, and spectacle buyers.

The prime investors of Symbo are Abhinav Jhunjhunwala of AJ Capital, Insignia Ventures and Dymon Asia Ventures. Symbo Insurance co-founder and CEO Anik Jain said, “We do expect that there will be a shift in the non-life industry, which is currently dominated by motor, and the share of other individual covers are going to rise.” Anik Jain had earlier worked for organisations like Reliance Life, Marsh and Mahindra Insurance Brokers and ICICI Lombard.

The insurance brokers, for the most part, act as an aggregator for retail products or serve corporates. The latest offering by the broker is for football players to cover them from ligamentous injury and fracture during play. Being treated as OPD, these injuries are generally not covered under a standard health insurance policy.

Symbo is partnering with insurance companies such as Religare, Bharti AXA, Reliance General, IFFCO Tokio and others for underwriting purposes. The distribution partners of Symbo includes companies with large customer base - StepSetGo, Poddar Housing & Development, Goeventz and World Optix.

The company aims to offer niche insurance products at a low premium cost. With a premium of Rs. 49 cover for a medical emergency, accident insurance during marathon and event cancellation is provided. Also, at Rs. 49 there is insurance offered for vision care products such as spectacles and cataract operation. Additionally, there is a cover for cervical or breast cancer at Rs. 200 for each lakh.

“We offer all product solutions, including motor, health and life. But we believe innovative products can be used as a pull factor. We do not believe in inconsiderate ‘burn’. We have no assisted sales and we are strictly a digital platform API integrated with all companies. Our solutions are directly used by existing customer partners,” said Jain.