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1. Google will be hosting its Google for India event today. The sixth edition of the event will be held online and the highlight of the India-focused event will be a special keynote from Google CEO Sundar Pichai. The event started at 2 PM IST and is streaming live on the Google YouTube channel.
2. Medikabazaar, a Mumbai-based startup that operates a platform for hospitals and healthcare centres to procure pharmaceutical products has tied up with USA based startup, Zipline for medical drone deliveries in Maharashtra.
3. Reliance Jio continued its spree of investments this week as well. The company raised INR 730 Crores by Qualcomm for a 0.15% stake in Reliance Jio. With this Reliance Jio has raised a total of INR 118,318.45 Croresso far, making it the 13th investment in a span of 12 weeks.
The Corona Kavach policy and more...(1/2)
Healthcare is expensive, and now because of COVID-19 its also the talk of the town. Yes, getting a vaccine will be brilliant, but will everyone have access to it? How will it be priced? These are important questions.
The 'Corona Kavach' policy...
It was only in April 2020 that the government made it mandatory for employers to provide medical insurance to their employees. On 10th July 2020, the government has now introduced the 'Corona Kavach' policy. A standard COVID specific product addressing basic health insurance needs. 30 general and health insurance companies have been allowed to market this Corona Kavach Policy. Policy details here.
Traditional insurance is cumbersome, requires paperwork and is characterised by an asymmetry of information leading to two problems.
1. ‘Adverse selection’- People more prone to falling ill are more likely to insure themselves than the 'healthy'. This drives up the cost for everyone.
2. ‘Moral hazard’ -Doctors have better information about a patient’s treatment needs than the patient, and have a financial interest in providing more treatment than necessary. This too raises costs.
The insurance sector in India is expected to grow to USD 150 Billion by 2023. One of the factors boosting this growth is the increasing customer reach and growing customer sophistication on service levels which is creating a new wave of 'InsurTech' companies changing how insurance is sold and serviced.
'InsurTech' the new kids on the block...
InsurTechs or digital-only insurance company use technology similar to e-commerce companies and offer a more enhanced customer experience, involving minimal to no paperwork, less jargon, quick and easy support, and provide data-driven insights and supports both customers and insurers to make informed decisions regarding their insurance.
India is the second-largest online market with 560 Million internet users after China. As the population in the country become more digitally savvy, multiple players are preparing to ride this emerging opportunity.
There are already a few InsurTech players in the Indian market, for example, Acko, 'the no-brainer choice for car & bike insurance' - states on its website, that in 2 minutes you can get an insurance policy for your motor vehicle. Zero paperwork to sift through, low-cost prices, and insurance that you can buy on a click like your Amazon order, is definitely the need of the hour.
MAKE LEMONADE. Did you know...
Lemonade, a SoftBank-backed home insurance start-up, has logged the best U.S 'Initial Public Offering' debut of 2020. The InsurTech’s shares went public on July 2nd on the New York Stock Exchange, valuing the company at more than USD 3 Billion. The shares which were priced at USD 29 had reached more than USD 60 by the afternoon.
Lemonade uses the combination of artificial intelligence, mobile apps, and other tech-centric methods, along with behavioural economists to disrupt the centuries-old insurance industry. The InsurTech provides coverage for U.S homeowners and renters for stolen or damaged property, as well as personal liability. The startup claims that its average customer can buy a Lemonade policy in three minutes.
Now, waiting on the 'Nimbu Paani' version of Lemonade...
Do you even PPE?... (2/2)
Since COVID has hit us, India has gone from manufacturing 0 PPE kits (Personal Protective Equipment) to around 4.5 lakh PPE kits every single day.
In India itself, the PPE industry is an INR 7,000 Crore industry in the making. PPEs include goggles, face-shield, masks (Surgical/N-95), gloves (surgical/examination), coverall/gowns (with or without aprons), headcover and shoe cover.
Makers gonna make...
One of the first innovators of PPE has been Maker's Asluym a start-up based out of Mumbai. Maker’s Asylum is a playground where people from different backgrounds – engineers, artists, designers can get together and make stuff.
On 23rd March ’20, when the lockdown began, a few of the team members and volunteers quarantined at Maker’s Asylum to help the healthcare sector by creating and open-sourcing types of PPE equipment, like the M-19 face shields, the M-19 Claw...
Face shields for all...
During the early days of the pandemic, there was a massive shortage of personal protective equipment in India. The Maker’s Asylum team prototyped some face shield designs using laser cutting for faster, cheaper and more efficient results. Since then, Maker’s Asylum is one of the first organisation in India to produce over a million face shields. They managed such a high number within 49 days of starting work.
DR Pro Tip: A laser cutter takes less than 3 minutes to make a face shield.
We dialogued with Vaibhav Chhabra, CLO and founder, Maker’s Asylum about how the organisation is helping the healthcare sector by open-sourcing and making PPE equipment for Indians, watch our very first 'Beyond the Business' video below.
Within 49 days Maker's Asylum had created a million face shields.
Are you doing something equally cool? Hit us up! And we may feature you too. Email us on firstname.lastname@example.org.
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