Enterprise: MicroNsure Consultancy Private Limited

Founder: Kamalakar Sai Palavalasa

Industry: Finance & Insurance

Year it was founded: 2020

Location: Hyderabad, Telangana State

In the dynamic world of startups, MicroNsure Consultancy Private Limited emerges as a beacon of innovation and social impact, clinching the Best Startup (Service Sector) award at the prestigious Telangana State Awards 2023. With decades of experience in the insurance industry, founder Kamalakar Sai Palavalasa recognised a gaping void in developing economies. While developed countries enjoy financial security, the underprivileged in emerging markets lack a crucial safety net, prompting the birth of MicroNsure.

In conversation with GlobalLinker, Kamalakar Sai Palavalasa, shares how he is committed to breaking the cycle of poverty by providing microinsurance to the economically vulnerable section of society.

What is the vision of your company?

MicroNsure, born in 2020, is not just a company; it's a technology-led revolution with a mission to shield the economically vulnerable from the uncertainties of life. With a keen eye on the vast population with limited resources, MicroNsure partners with insurers, leveraging cutting-edge technology to design and deliver sustainable microinsurance solutions through the MIWISA platform. Our aim? To protect communities from the perilous 5 D’s – Death, Destitution, Disease, Disability, and Dismemberment.

What makes your business a game-changer?

Pioneering the 3-in-1 approach of Technology, Consulting, and Distribution, we deliver innovative, sustainable solutions to economically vulnerable populations. Our holistic approach, from product creation to distribution and technical support, is reshaping the microinsurance landscape. We offer a holistic solution to our insurance and distribution partners. Our technology platform caters to Insurance (as a product) for the entire lifecycle of the customer and enables instant launch of new products. For the first time, combo products can be launched by click of a button. Combo products include Life + General or life + Health or General + Health products.

What are the challenges you face? How do you turn challenges into stepping stones?

In a world shaped by technological leaps and evolving millennial mindsets, MicroNsure acknowledges the hurdles faced by insurance techs. From addressing the lack of insurance awareness among the weaker sections to streamlining documentation and navigating regulatory complexities, MicroNsure is on a relentless pursuit of accessibility. Our secret weapon? The continuous evolution of our technology platform, MIWISA, promises productivity and profitability for our partners.

You recently won the prestigious Telangana State Award, hosted on the GlobalLinker platform. Share your thoughts.

It's not just a feather in their cap; it's a testament to MicroNsure's passion for positive change. This recognition fuels our commitment to bring inclusive insurance to the most deserving population of our society, motivating our entire team to strive harder.

What are the 3 keys to your success?

Three pillars stand tall – Technology Integration and Innovation; a Customer-centric Approach to Microinsurance; and Strong Partnerships with NGOs and government bodies. From user-friendly digital platforms to designing need-based solutions, MicroNsure exemplifies a commitment to excellence and societal impact.

What is your advice to business owners that are starting out?

My advice to aspiring entrepreneurs navigating the challenging terrain of business: Embrace failure as a learning opportunity; build a resilient team; stay adaptable to change; network tirelessly and seek mentorship; set clear goals; and celebrate every success – big or small. 

We would like to know more about the person behind the entrepreneur.

(1) Every day you wake up at -  6:00 AM

(2) The first thing you do when you wake up? I like to spend some time alone to assess how the previous day went and plan the activities for the day ahead. I also spend time meditating and working out before I start work.

(3) Three things you do to unwind

• I like to listen to good soothing music
• I love to spend time quality time with my family
• Reading about industry trends and related topics has been a daily habit
  
  

(4) When you face a big challenge, you - I like to tackle all the challenges with a calm mind. Instead of reacting immediately, I try to analyse the issue and find the best possible solution. Brainstorming with my team has been a regular practice.

(5) The best piece of advice you've ever been given - "Focus on Solving a Real Problem." Successful businesses often emerge from in-depth understanding of pain points in the market. Instead of solely chasing trends or trying to create a product or service based on perceived demand, concentrate on addressing a genuine need. This involves thorough market research and a genuine connection with your target audience.

(6) Name 3 books every entrepreneur must read

• Built to Last: Successful Habits of Visionary Companies by Jim Collins
• Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne
• Thinking, Fast and Slow by Daniel Kahneman

Network with Kamalakar Sai Palavalasa by clicking on the 'Connect' button on his GlobalLinker profile.

Also read: This SME grew by diversifying from essential oils to daily-use Ayurvedic products

Disclaimer: This article is based solely on the inputs shared by the featured member. GlobalLinker does not necessarily endorse the views, opinions & facts stated by the member.