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ProtectMeWell, in collaboration with 1 Finance, launched a hyper-personalised health insurance rule engine, originally a B2B offering for financial institutions, advisors, and insurers, now extended to end consumers.
The platform addresses India’s staggering 73% health insurance protection gap, which leaves nearly 40 crore individuals uninsured.
“This rule engine simplifies the evaluation process, helping advisors guide customers through informed decisions that protect their financial well-being,” said Manju Dhake, Senior Vice President at 1 Finance.
By making this tool accessible to individuals, the collaboration aims to democratize access to informed, transparent insurance solutions. The initiative was born from a personal struggle faced by Sumit Ramani, Co-founder and Actuary at ProtectMeWell. In 2017, after leaving his corporate job, Ramani found himself overwhelmed while trying to secure medical insurance for his family. Despite his deep expertise as an actuary in the insurance industry, he was bogged down by complex options, jargon, and fine print—a challenge that remains prevalent for many in India today.
Recognizing the widespread difficulty in navigating health insurance, ProtectMeWell initially developed this engine as a B2B solution to empower financial institutions, brokers, wealth advisors, and insurers. It enabled these partners to deliver precise, data-driven recommendations to their clients for comprehensive needs analysis across all financial needs, streamlining the advisory process and enhancing customer outcomes.
Now, ProtectMeWell and 1 Finance aim to expand this tool to end customers, ensuring that individuals can directly benefit from the same level of personalization and clarity previously available only through institutional channels.
The platform, as depicted in the accompanying diagram, leverages a comprehensive financial needs analysis framework with hyper-personalization, ensuring recommendations are tailored to each user’s unique circumstances. It focuses on delivering transparent, customer-centric health protection solutions, eliminating the guesswork often associated with insurance selection.
“This isn’t guesswork or sales-driven advice,” Ramani emphasized, underscoring the platform’s commitment to a customer-first approach. Initially designed to enhance the operational efficiency of financial institutions, the engine’s extension to the public marks a significant shift in how health insurance advice is accessed.
Keval Bhanushali, CEO and Co-founder at 1 Finance, added, “Our health insurance scoring and ranking model, backed by in-depth research, evaluates complex parameters to empower advisors and ensure clarity for customers.”
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