Startup “Toffee” Aims To Make Buying Insurance Easy
Purchasing insurance can be a herculean task as there are several vendors giving different offers, and very little information on what each one covers. Startup “Toffee” is designed to make these tasks easy for people, says co-founder Rohan Kumar. His partner Nishant Jain and him have been consultants for Insurance providers and have been working on why people refrain from buying insurance online. That’s how “Toffee” came in to existence.
Kumar states that they had been working in close co-ordination with Apollo Munich for the past two years to help them improve conversions. They have been into the product and designing consultancy for about a decade. After lot of research, they concluded that most companies didn’t have products catering especially to the online buyers. They had offline products which they had been selling online and insurance being complex and comprehensive, such experience don’t generate conversions. Also, there has been practically no product innovation in insurance over the years. Every company is selling the same product.
“Toffee” was born to simply customer experience and is tailored to meet the needs of “under30”, who are net savvy. In coordination with insurance companies, Toffee offers specially tailored insurance packages covering specific scenarios. The users simply need to select the scenario and Toffee takes up from there and does everything including selecting the best provider. This process is simple and can be completed with just a click of a mouse. The applicant will need to fill in personal details and the name of the nominee. After this, the applicant is directed to the website of the insurance provider to make the payment.
As compared to the traditional insurance covers which are quite comprehensive, Toffee offers small packs which takes care of short term worry and drastically cuts the insurance premium, which is quite appealing to the younger generation.