 And welcome to Entrepreneur India's second and only comment. I am Sushka. I am Chief Correspondent with Entrepreneur India. And I will be moderating this very interesting panel on the impact of inshotec on the larger insurance industry. So today, we have put together this very diverse panel with some of the leading inshotec startups that are bringing about major disruption in the insurance industry. So before I begin, I have to say that disruption has become a key catch phrase everywhere. So we have business, politics, and even public thought for that matter. So while this disruption may manifest as new business models or a pending of old ones, what is enabling all of this change is really technology. And this is exactly what we will be discussing today, that how these six startups founders presented us today are bringing about some interesting and very different kind of tech innovations. So whether it is creating new insurance products or digitizing distribution or even digitizing the otherwise very complicated process of payment settlement. So let me begin with introducing our speakers. So we have Rohan Kumar, who is CEO and co-founder of Tophi Insurance. We zoo co-founder, sorry, founder and CEO of Agu. Agu is a Singapore-based inshotec startup. We have Veerindra Maya Wanshi, who is the co-founder of Trotlmin. Vijay Kumar is CEO and Principal Officer of Digital General Insurance, who will be joining us shortly. Anil Joshi is the Managing Partner of Unicorn India Venture. And Tarun Mathur, who is the co-founder and Chief Business Officer of PolicyBazaar. I'm delighted to welcome all the speakers. Thank you very much for joining us today. And so we will start with all of you, please take turns to run us through the technology or innovation that you're using in your respective companies. So should we start with you, Rohan? Sure. Okay, so hi. Like Kripal said, I'm Rohan. I'm the CEO and co-founder of Tophi Insurance. And if I can go out on the limb to say one thing is that across the panel and across the inshotec ecosystem right now, I think the single goal for most of us has been to simplify the complex sort of nature of insurance at large. And what sort of that means is that, various ecosystems are being evolved and sold for whether that's from a product point of view, whether that's from the underwriting principles, whether that is from the using technology to create a simplified user flow all the way to sort of claims in processing. So Tophi sort of originated about three years ago with a view that if you wanna make insurance products accessible, affordable and relevant we're not a distribution business. We are set out as a product tech business. So our first approach was how do we simplify products so that more people can actually understand what is it that they're buying into? So traditionally, if you look at it, the complicated nature of insurance and the jargons that come along with it made it very sort of almost impossible for consumers to understand insurance, comprehensive insurance products unless there was a face attached to it. So somebody had to sort of walk you through the entire or the components of insurance at large before they actively decided to buy a policy or buy a product into it. So our first foray was to really sort of deconstruct products into what we call as bite size sachet style sort of products. So think products like dengue insurance, malaria insurance, bicycle insurance and where to sort of come from is really sort of working backwards with underwriting and insurance partners across the board. So we work with about nine different insurance partners at the back. And what we do is we look at these comprehensive products, we pull out features, build out mass market use cases and deconstruct these features into standalone products. So a dengue insurance comes out of a comprehensive health insurance policy. What it does is a couple of different things. It narrows the product into a single use case. So if you have dengue, you get coverage. If you don't have dengue, you don't get coverage. So sort of build a portfolio of products which will be slightly more easily understood by consumers. And sort of that was our starting point for going out there and creating a change in the way consumers think about insurance. We're a completely digital first business. So we don't sort of run around and selling these products physically. We integrate our products directly, embed them into platforms. Now whether these are point of sale ecosystems. So let's take the example. We have a product like a bicycle insurance. We simplify the entire user flow. So what that means is we not only sort of support the consumers from buying the policy but also all the way to making claims and servicing on that policy. We embed our APIs. Most businesses today run on APIs. It's sort of saying if you have to be digital, that's a bare minimum at the moment. So we have APIs which can be injected whether it's a digital ecosystem or a point of sale ecosystem. And essentially the idea is to natively embed these products into where a conversation is already happening with the consumer. So what does that mean? That essentially means that let's say you walk into a bicycle store. You're looking to buy a bicycle. The consumer today is looking at accessories. The merchant then suggests why don't you buy an insurance which would cover theft and damage for your bicycle as well. He uses our toffee seller app. He puts a few fields of information and the policy is issued instantly to that end consumer. So sort of a very simplified end-to-end user flow which allows consumer, a first-time consumer who has not probably been outside of the insurance ecosystem to have an experience which makes it seem almost like a commoditized version of buying insurance. So think when you're buying something off Amazon could we sort of recreate that experience for a consumer buying insurance. Now it gets harder when the insurance products are a little bit more complicated or a little bit more traditional. So it works very well for sort of single narrow use case products all the way through. But that allows for users to sort of reduce the hurdles of people wanting to buy insurance. Could we sort of end on one simple note? I think with sort of the current ecosystem and the epidemic that has sort of disrupted the sort of entire economy. This is the first time in the last two or three decades that we're finding a product like insurances almost sort of become a full product. So people are actively sort of reassessing their sort of protection needs as well as sort of assessing what should they sort of look out for and not look out for. So this is a great opportunities for businesses across the board to sort of simplify that process when there is a consumer who's wanting to relate to insurance right now. So that's what Toffee does in a nutshell. We try and simplify, create affordable, accessible and relevant insurance products across a wide spectrum of demographic as early as a 20 year old all the way up to 40, 45 year old. And we've been, I would say fairly successful across a wide range of category of products. So thank you, Shifra. That's all from my side. All right, that's very great. You know, I have, I am a personal finance journalist and I even wrote on Toffee Insurance a year back when I was with another publication. And it's really wonderful, you know, what stash of financial product, what kind of niche segment stash of financial products can serve to, you know where the mainstream guys cannot reach. So that way is I think Toffee's doing a really wonderful job. Okay, so let me come to you, Vizu if you could please tell us about Igloo. Yes. Hi guys, Gage, can you guys see me? So yeah, so Igloo, we are a new short tech player based in Singapore, but our focus is actually in the whole Southeast Asia. So today we have a presence in Indonesia, Philippines, Thailand, Malaysia and in Vietnam just recently. So we are, you know, processed 150 million insurance policies and covered 10 to millions of customers. So yeah, it's, the company has been there for about six years, four years since 2016. So I think from the audience, you know it's, most of our panels are currently in India. So we are, you know, looking at Southeast Asia and just so people get a perspective Southeast Asia have about 660 million people. So it is in application, it's a very large market and also the GDP are capped in Southeast Asia. Various, it could be as long as, you know 4,600 in Indonesia to as high as 68,000 in Singapore. So it's a wide spectrum and also the, I think one of the disadvantage of working in Southeast Asia is that it's clever people different jurisdictions, right? So each country have their own independent and separate recognitions for insurance. So therefore it does take more effort for us to establish presence through multiple countries. But I think on the other hand is that once you spend the efforts and you build up that expertise to operate each countries that in itself becomes a competitive advantage. So, and I think we've put a bunch of effort and now we have that regional coverage which is something that pretty works very well with our partners. So we've been very focusing a lot on the e-commerce ecosystem where we partner with most of the top e-commerce players in the region. So the guys like Bukalapak in Indonesia, Lazada, Shopee, across Southeast Asia, Benekani, Indonesia. So we work with those partners to provide a bunch of micro-insurance products that service the need of customers and those ecosystems. So we started off with the more traditional shipping insurance for logistics of e-commerce. So covering things like lots of damage to shipment and also extend that to things like returns. So we made the return off part as an insurance as well so that if people buy something and they're happy then they want to request returns. The cost of such those returns is actually covered by the insurance company instead of by say the seller or the buyer. And that really helps smooth the frictions during the e-commerce transactions and that makes like a win-win situation for everyone. And since then we've also expanded our coverage product to things like device protections. So we, for example, developed a patented technology for detecting if a screen is cracked before we issue policy. So for that we use things like computer vision and machinery to be able to quickly and simply verify the condition and that significantly can reduce the possibility of fraud and therefore bring on a cost for all consumers. And so our product device production has gone pretty well with our partners. We expand that from e-commerce to mobile carriers as well, telcos. So in the, another area so we've got into is travel insurance and personal asset insurance. So that's also have been going very well. So our travel insurance course got affected by the COVID-19 situation. And so experience pretty dramatic drop. But I think that's starting to recover. So we're hopeful that this is also going to be also meaningful business for us for the rest of 2020. And then, so we, so one of the things I think differentiated us with some of the other players, but also but similar to Otafi, is that we are very much a full stack player. So we built the entire tech stack all the way from distribution to risk assessment to fraud detections to digital, pure digital claims management by ourselves. And we provide all the embedded API SDKs that allows our partners to be able to easily integrate into their particular scenario and into their website and applications. And on the other end of the spectrum we work with multiple insurance partners across Southeast Asia, where we provide both API access as well as the ability to basically run the entire system, including achieve policies on their behalf from our system and provide them data access and analysis dashboard, et cetera. So by doing this way, we I think helped our insurance partners to be more minimal and to bring product market faster. Because if you think about it, traditional players oftentimes their back-end system is pretty arcane and hard to use. So utilizing the system that we have, we can work together with our insurance partners to bring product to the market at a very fast pace and to provide a much smoother, simpler claims to use for their customers. So that's basically what Eagle is about. Thanks. Oh, I forgot to switch on my microphone. Sorry. Yeah, Devan, we'll come to you quickly. Yeah, sure. So we are a five-year-old company in the business of using technology to distribute insurance or insure tech. We started around 2015 with the primary thesis that insurance is a complex product. And consumers need support and advisory to make a decision on the product. And usually, the decision-making is validated by a consumer to any person, network, who has an expertise in the product, and he has a trust relationship with that person. And hence, we felt strongly that that person who is in his network can help him and support him very well at the time of making a decision but also at the time of claim. So when we started building, we keeping that in mind, we built a platform that these experts or advisors can use to distribute insurance to their in-person network and hence are able to bridge the gap that exists between consumers' understanding of the product and the decision-making. The technology that we have built has different layers as a part of the offering. One primary activity that is needed on the platform is customer relationship management, where an advisor is able to use the platform to send renewal reminders, issue quotes, track their customers, and carry out the business of insurance armed with a phone or a laptop. The platform also has skill enhancement and training as an offering. The primary idea is that we've created microbiot-sized training modules within the platform that allow this advisor to upkill themselves and keep themselves updated with the latest offerings that come up in the market and that they are able to offer to their customers. The platform also has a smart algorithm that allows the advisor to choose the right product or help the customer choose the right product. That suits the needs of that customer in his profile and the customer is also able to buy a product or the advisor can help him buy the product online and the policies issued on a real-time basis. We have about 78,000 such advisors who are spread throughout the country who have successfully been on the platform. To these advisors, we issue close to about 150,000 policies every month. Last year, we did about a million policies on the platform. What we also offer is we offer marketing and awareness services as a digitized offering, where the advisor can use this material and use that material to generate leads for himself. And a case in point, an example is when the road traffic fines were increased around September last year. Two-wheeler as a category was under-insured. In fact, most 70% of the two-wheelers on the road did not have an insurance policy. And the fine at that time that was implemented was about 2,000 rupees. Through this marketing platform, the advisors were able to reach out to their in-network customers via social media and generate leads for themselves. And we saw about in that time frame, in about 20 days time frame, more than 200,000 two-wheeler policies getting issued in states that had implemented the fines. And this is an example of how the platform not only allows them to generate new leads, but also create awareness about the insurance products within his in-network customers. We mostly deal in health insurance, life insurance, and motor insurance. We work very closely with the insurance companies. We have created API integration with insurance companies that allow for real-time issuance. And we have also launched custom products based on the data insights that we get from the market. Our product is available in eight languages. And hence, the usage is very high. In fact, 80% of our policy issuance happens in beyond 30 cities, in cities beyond the top 30. And this is probably the market where the consumer, the insured, is probably new to insurance. And hence, it serves the purpose of increasing penetration. And also, the platform becomes like an employment generation opportunity, because this is a performance-based payment platform. And hence, a person who wants to get into a microentropinorship or get into a role of financial advisor, he's able to use that platform to generate business for himself and generate extra income for himself. And we've seen that many such advisors, they entered insurance through the platform, through us. And but have now full-time switch to insurance as an industry for their career. I'll pause here. This is a quick introduction on that. All right. Thank you, Direndra. So Tarun, why don't you take it up from here? So Pulse Bazaar is now about 12 years old. In fact, this month, we had a web work day at the company. And we've been here a long time. But I think we still operate like a startup. And when I say that, I mean that we're still trying to solve the problem that we set out to do. I think we've made progress, but I think it's a long way to go to understand and build for consumers and be there for only for consumers. And what I mean by that is, when we started out, the only way to purchase insurance was to have your neighborhood uncle or somebody in your family who was very happy to sell you insurance. These products that were sold at that time, in my humble view, were not really customer-centric. The products were very distribution-led. But that means that they were very good for the seller's pocket. And we wanted to change that. We wanted it to be about the customer. We wanted to have an offering which is centered around the principles of what we call 3D, which is death, disease, and disability. So while we started off with motor insurance, because it was what all our peers across the world were doing, motor insurance online, made a lot of sense, simple product. It's a mandatory product in India. But our heart always was around protection of customers. And we started off by selling a lot of the term insurance products that are there in the country today. And that became our thing, if you would. We wanted to basically go out there and tell customers that, listen, all the savings, et cetera, there are a lot of instruments. But if you want to protect yourself, then insurance is the only product that kind of works for you. And we started there. We worked with multiple insurance companies, and insurance companies were very, very good to us. They gave us a lot of space and a lot of, in fact, the ability to innovate around products with them. And we soon built a market around it. Today, I think we might be a fair part of the life insurance market, but probably about whatever, 2% to 3% of premiums. We look at the whole life insurance industry. But what we're proud about is that we probably cover 17% of the country's insured value. What I mean by is, if you took it all the summer short of life and took out the summer short that policy bizarre sold ever, we'd be 17%. And that's our way of going out and saying that protection is everything. Today, health insurance is large for us. We're trying to go for product, which kind of break the norm. Typically, we've been seeing that a customer would buy a $5,000 cover. And you seem very happy about it. But come COVID, we realize that if one family does unfortunately face this whole problem, then for one person, if he goes to a ventilator or goes to, in fact, hospitalization, the cost is about 1 and 1 half lakhs. Now, if you had a $5,000 plan and all four family members are hospitalized, then that cost exceeds what you would actually cover for. So discover that we thought was adequate is not adequate. And we went about just communicating that. See, at heart policy bizarre is a marketing and product company. That's all we are. That's all we ever wanted to be. And we basically want to use this whole technology piece to communicate better and better products. And when we say innovation, the innovation is very real world. It's not very cool, I understand that. But we don't want to be cool. We want to be out there for the customer and setting in the exact product that he needs every single day. The one that he's talking about, the one that we're talking about are probably the same. And the kind of place where these two meet is if it's in the interest of the customer and then I'm just too. Because we found that term insurance was not being sold to the country. Nobody really wanted to sell it. The life insurance industry at that time was selling traditional products or power products, which for us, the returns weren't really there because if you compared a mutual fund with a traditional product, the returns were not there. And if the returns aren't higher, at least me as an investor could not understand why I would ever kind of buy that plan. Whereas term plan is pretty right there. So in terms of health insurance, what we've done is we've worked with insurance partners and now we have products from the insurance companies where you could buy a one-crore cover. Remember I said that the benchmark was five lakhs, a one-crore cover at the cost of about six lakhs a piece. Now what I'm trying to say is that this whole bridging has been taken a long time because the only way that insurance company can do it is to kind of curtail their losses, right? And the only way to curtail losses is to ensure that the customers who are coming in are declaring to the best of their ability. And our platform centers around that. The way we monitor and the way we track and the fact that we do not have any layer in between and we do not have anybody who's not monitored at the point of buying purchase, which means there are no agents out there who are not monitored. So all our staff is monitored, is on recorded calls, you know, everything on the site is tracked closely. So the customer is declaring properly and based on that declaration, the loss ratios of insurance companies are lower. So we're trying to, you know, stitch through two systems. One is where the customer gains because he gets a very, very good aggressive product and the insurance company gains because the losses are limited. So all in all, I think what policy is trying to do is kind of solve the real world problem and try and kind of, you know, build faith in insurance for the customer and kind of say that, you know, if you buy from policy bizarre, you are going to get a claim, you are going to get better products and that's who we are about. All right, thank you Tarun. Let me come to you, Mr. Anil. So, you know, as an investor, I want to understand how, I mean, India is definitely an under penetrated market. We all know that. So in that sense, what kind of opportunity do you see in the insurance space, you know, with all these new age insurance companies and shoddy companies coming up? Thanks. See, India is quite a large, you know, domestic market and the study says, while you have rightly said it's, you know, under, you know, insured, but I also would like to add that, you know, we are also an insured kind of stage, right? If you look at the world average, you know, we are, we are, you know, not even probably half mark of, you know, a world average, you know, insurance for countries. So, with that gap, India offers, you know, huge opportunity for, you know, insurance companies to capture. But considering the, you know, country size, diversity and, you know, it's not possible to, you know, do what LIC did or life insurance did over so many years. So you have to take help of, you know, technology and technology is the only way it can actually help correcting these two anomalies. One, you know, uninsured because, you know, people are not able to have access to insurance products. So at least by providing access to insurance product, they will, you know, start getting insured so that way one problem will get solved. Then come the problem of underinsured because, you know, you don't have access to write information, you land up, you know, you know, being underinsured and, you know, technology offers, you know, an opportunity to correct that anomaly, right? So with these two objectives, the fund, you know, is very much focused on tech, you know, based opportunities. And that even, you know, made us, you know, invest in one insured company from fund one. And we are in process of investing another company which basically leverage both AI, ML to underwrite products, right? Today with so many offerings, you know, one also need to, you know, offer products at, you know, blink of eye, but then that can only happen if you have a very strong backend, right? So I personally believe or be at a fund level, you know, believe that, you know, insurance, which is being, you know, highly underpenetrated, have a huge scope to offer. And if, you know, we have right hand of, you know, tech-based solutions like, you know, has been, you know, shared by Rohan, right? A very, very specific, you know, a product for a very specific issue. I think India offers a huge opportunity to come with a customized product. And that's what, you know, you know, we believe that insurance will offer not only, you know, a big market, but also will offer opportunity to explore mix of products. And that's what, you know, makes it a quite exciting space. Thank you. Okay, so, you know, it's when we have to talk about insurance, I have to start with distribution, because distribution really is the most, it's not more than definitely one of the most critical elements in the insurance value chain. So let me come to you, Sarun, as you know, policy was, you just said that there's been a digital distribution for 12 years now. So how has technology really simplified distribution? And not just simplified, you know, how has it also helped with insurance penetration or solving some of the customer-facing problems? So I can assure you that our existence doesn't guarantee that, you know, the, the penetration will increase. I think what requires to be done is that technology has to take the forefront and become simpler for customers. See, you know, I'll give you an example here. We, you know, when your car insurance expires and you want to buy another one, then the insurance company requests you to kind of take inspection of your car. So they will send somebody who will kind of inspect your car and see it's in good condition and then we do a policy. Now, a policy bizarre, when, as soon as you come to us, we used to then go back to the insurance company, get the, you know, the survey to go and, you know, get the inspection done. And we realized that there were a lot of drop-offs because sometimes it's a way I wouldn't go. If you would go, you would try and divert the customer to some other company or he wouldn't turn up on time. And it was causing a very bad experience. So what we did was we built a very simple app. Like very, very simple, right? All it does is takes a video, please see the video of your car, you know, faces that, you know, we were able to kind of see if the car was in good condition. And based on that video, the insurance companies would, you know, go ahead and grant the policy or dismiss the policy. But if you look at it, the technology here was simple. I think the use case was more important. I think the fact that you need to stop thinking that only AI and MLR technology is very important because our solutions may be very different. As long as we're using tech for the right reasons and not just to talk about it, sitting in a webinar like this one. I think for us, it was very important to identify what was more important to the customer. And I think just simple video inspection app. Most people told us that, you know, people are sitting at the comfort of their home. Somebody is coming home and, you know, doing the inspection. Why would they ever use your app, go outside in the car and take a video? But we realized that 100% of our customers today actually like using the app. And I'm saying 100% because we don't do any more physical inspections. They were happier with it. And the RRR and PS scores improve, our conversions improve, which basically goes to say that, you know, you have to give the customer a chance, but the technology has to be simple enough. You can't have a stage where it opens the app and it's downloading and it's, you know, or it doesn't work. It just has to work properly. It doesn't have to look cool. It just has to work very cool. And, you know, we have similar use cases everywhere. So, you know, we have this huge assistance unit which, you know, helps customers buy policies. All these calls I recorded, I told you in my last, you know, monologue, so to speak. And what we started doing was we started putting our listening technology in there and we started transcribing all these calls and we started hunting for what the customer wants. We realized a lot of things. We realized that the customers actually already telling you what he wants if you were just ready to listen. So we use our voice bots only to understand what the customer's saying, taking down the keywords, working on products with that. For us, that is big data. For us, that is exactly what we want to hear. And I think as long as we keep using technology in the favor of the customer, it will work for us. Yeah, that's very insightful. Anything you would like to add here, Dira Indrasanth, you're also, you know, into digital distribution. So, I mean, how has, how have you been able to kind of disrupt distribution, insurance distribution with the help of technology? Anything you would like to add? Right. So we have focused on democratizing technology and bringing it to micro-entrepreneurs who could use, who otherwise did not have access to this kind of a technology to use this tech and create employment and create income for themselves and also distribute insurance. While it is getting used, it is there in the market, one key thing that we solved for very recently was to create something that we call in, within the company as TIE, Tourism and Insurance Expert. Because we understood that while the advisor is sitting in front of the customer and there are questions that the customer is asking, he needs some support that allows him to get the expertise that he may need, which is beyond what he would have understood. So we launched this window concept where there is a Tourism and Insurance Expert, there's a customer who's connected on that video call and then our partner is connected on the video call. That helps him answer all the questions so that the customer is fully aware about the product that he is buying and what are the terms and conditions, et cetera. And use these expertise to create the right kind of offering for the customer, which is more specific to his needs. And then close that sale and then get the policy issued. What we have seen is that we are seeing very high traction in that because there are so many insurance companies, so many products and it gets a little complex. But with this expertise, which is over and about, what the digital platform is able to solve for has helped us distribute products, especially now wherein we received a lot of COVID specific requests and queries and we were able to fulfill this health product requirements. In fact, it was 300% up compared to our same time last year. The second example I will give you where we have actually digit on the call here. We discussed about a COVID specific product in the month of February. When in India it was, I mean not yet there and somewhere around end of Feb is when we said that is there an insurance company that has a product right now and under the sandbox architecture that already had COVID specific product. The time for us that it took to integrate, create marketing material, create that content that was needed and launch it on the platform was only two days. In two days we were out there with that specific product that would be distributed instantly, real time could be issued and people could get a coverage. Probably it was the first that was launched by digit that time on our platform. That was like an experience that all of our partners and are internally within the product team, tech team, all of us got together to make that happen. This is an example of how you can pick up how fast you can move and how our agility helps in distributing insurance products and specifically in this kind of a use case. Yeah, definitely. We don't have a bit here. Otherwise, you would have liked to add on it. What you just said about democratization of insurance. We also have a very interesting question from one of our viewers. This is Prashant from Indore who says that when will democratization of insurance truly happen because it still is a highly urban product. So what are you doing about tier two, tier three cities? Most of our focus is on tier two, tier three cities. Yeah, 85% of our business comes from smaller cities. So one thing that we've done is we've launched regional language content. We are focusing on creating awareness using extensive marketing so that they reach out to their in network, tournament expert or a tournament advisor to be able to buy a product. And we're using the right media, the media that is relevant there for them to be able to access this kind of a product. And hence, also the one key focus for us is to identify gaps that exist because maybe some of the products don't work there. While we believe that creating a product is an insurance company has a right expertise to it, but we are looking at that data working very closely with insurance companies to create maybe customized products that work for that market probably at a certain semi-short with a certain coverage but which are more simple, easy to buy, straight through and solve the need of a person buying a product which is affordable to him and doesn't keep delaying the decision-making on the product, especially products like health insurance. And we are seeing, if we are only in that journey but we are seeing some success there. All right. Okay, so let me come to you, Vy. You know, let's go beyond India and let's talk about other Southeast Asian countries. So, you know, I was reading a report by Bain that said that, you know, while Singapore is a relatively mature market, other Southeast Asian countries like Indonesia, Thailand, even India for that matter, are still underserved. But these are also some of the fast-going markets. So I want to understand from you, you know, in these fast-going markets, can these new age inshorting companies, you know, can they leverage technology, tech-enabled processes to their advantage to kind of leap frog incubants and gain market share? Yes. So, yeah, I think so. What we've seen that in our experience in Southeast Asia, whether it's in, you know, a step-to-step market, more developed market like in Singapore or in, you know, more fast-growing, but less developed market like in Indonesia, the, you know, the partners that we deal with, the insurance companies that we deal with, they are all eager to use the digital transformation. And we are basically, I think we're seeing almost similar level of interactions with our customers, with our, you know, distribution partners as well as insurance partners. So I believe that in markets in Southeast Asia, there is definitely a great need as well as a desire from all over the corners to adopt the digital insurance strategies. For us, the approach we use to start this micro-insurance because, you know, for a large portion of the industry in Southeast Asia, they've never used insurance before. So instead of asking them to start, you know, setting them to a higher value at the insurance part, we found it easier for us to start with the central micro-insurance product that is just one click or two click for consumers. And that works well for us. All right. Okay, so we're really short of time. So I really want to, you know, discuss the regulatory bit in insurance. So Rohan, coming back to you, if you could, you know, quickly give us your views on, you know, what I just asked that how interventions from ISDAI can, you know, benefit or hurt the larger the portion between insurance. Yeah, I mean, look, I think we are sort of progressing. You know, it's taken a while for the regulatory bodies to open up to sort of new innovations across the ecosystem, whether they be from an underwriting perspective or from a distribution perspective. I think sort of how RBI was when Pintek opened up in 2010, 2011. And so what we're starting to see is that 2016-17, IID has sort of become a lot more progressive. Like I said, you know, a few big partners, including policy desires that others have been sort of pushing for a lot of change in the regulatory sort of ecosystem. This year alone, you've sort of seen the output of the sandbox environment, which has given scope to a lot of new products, which I think at the top level, creates an ecosystem where new players, outside thinking starts to come in. So I think, you know, one of the things that was mentioned earlier in sort of the call was the market is so big and the market is so vastly under penetrated that you can pick up one corner of the market for one particular sort of sort of innovation and have a complete business around it. So I think there is enough space, enough room for multiple things, whether you're looking at, you know, customizing interesting new products, trying new distribution models, new underwriting principles and underwriting models. You know, we've seen Digit, Acco and a few other players sort of leapfrogging sort of that approach. So I think overall we're in a good place. I think it only gets better from here on in. But I think the, you know, what Tarun sort of said sort of hit the nail on the head, which was as long as you sort of look at it from a customer-centric perspective, what does the customer actually want, right? I think that's the big question, right? There are going to be assisted models, but as long as you're able to latch on to the and contextualize products, whether traditional, whether customized, I think the ecosystem can grow collectively and improve sort of the status quo of not having enough under insurance or lack of insurance awareness across the ecosystem. So what you just said about what the customer wants, we also have a similar question, where actually it's more of a comment, where one of our viewers, Sanjeev, is saying that if we have to talk about settling the claims digitally, it is a big problem compared to the other methods. So who would like to comment on this? You know how, I mean, digital claim settlement definitely helps companies cut costs and all that. But if I have to talk from the customer's point of view, we have a customer here who's saying that his personal experience has been that it is fast to buy a policy digitally when it comes to claim settlement, it might not be a very good experience. So what are your comments in that? Yeah, I mean, look, I think extremely important. See, there's probably two sort of intervention points for a customer, right? So one is at the time of policy issuance and the other is claims. And one of the biggest mistrust in the industry at large happens because of sort of the complicated nature of getting the claims processing done. Now, the more complicated the products, the more sort of complicated the processes around it. Now, simple products make it easier, but that doesn't cover sort of the vast majority of insurance sort of consumers out there. But I think if you look at technology today, a lot of the paperwork can be avoided. You know, your EKYCs can be done, your Aadhaar, Pankard, Sible, et cetera. Pretty much a vast majority of the requirements for making reimbursements or claims processing done. I don't just spoke about the application with which they used to have the assessment of the car done. So a lot of that can be improvised. I think what you have to realize is you're still working with on the background legacy ecosystems that have been existing for the last 20, 30 years. So how do you sort of, you can put a facade in the front to say, look, this is what we'll capture, but you have an insurer which has been working in the last three decades, which still requires manual flow of information, which needs to be sent across to him before he makes sort of the assessment. So that claim process, you may have sort of cut down from a week to two days, but on the back end it still requires a week, 10 days or 14 days. So I think as long as the underwriters can be made comfortable in the way that the data collection that's happening digitally is as kosher as what they were getting before, you can start to see a lot of improvement from where they were. I sort of made a personal claim on one of my health policies the other day, and I was actually pleasantly surprised that the process, the perception that claims takes a lot longer is actually not very true. You will actually find the processes for mainstream underwriters themselves also have really been revamped. So they're fairly quick, but there are again, nagging issues which will continue to happen and that perception needs to change. We'll also... Yeah, please, go ahead. That was all I mentioned. So for us, we're in the general insurance part, so one of the things that we spend a lot of effort on is to build our full digital claims processing, and that works out pretty well for us. So both for our device protection, as well as for our e-commerce, if you will, of course, thanks. Essentially, we are able to get to earn the trust of our underwriters so that they delegate the 99% of the claims experience to us, so that we're able to, for example, in our logistic insurance, where a traditional insurance company takes about a week or month to handle a claim, we have a guaranteed SLA of 24 hours, and we're able to process most of the claims within one day. And then for our device protections, where we have our apps and the systems, through our front detection technology, we can verify the claims very fast, and then, typically, almost instantly, the consumer gets to take their phone, for example, if it's broken to one of our authorized repair shops, and they're getting repaired on the same day. And because we have all the integration with the repair shops, the claims get processed very fast, please. All right, well, I'll have to wrap up, because we've already crossed the time limit. So thank you very much to all the panelists for taking up the time to join us and give some really insightful commentary on how INSHARPEC is kind of revamping the whole insurance space in India and beyond India. So thank you very much, everyone. Hope to collaborate again for such interesting sessions. I would also like to thank all our attendees, and I also request you to please go join other sessions that we'll shortly be starting with on machine learning, data science, and artificial intelligence. And thank you very much, guys. Thank you very much again.