Please tell us a little bit about your role in the company and how you got an idea to start SaveIN?
I am the Founder and CEO of SaveIN. Having spent almost 15 years across banking, insurance and fintech industry, the large void in healthcare finance and gaps arising out of very low insurance penetration in India were significant motivators for me and my co-founders to start building SaveIN. Especially during COVID-19, people across the world further realized the acute importance of personal health and wellness, this has provided tremendous tail winds to the need for people to access quality private healthcare and hence the demand for a platform like SaveIN.
You are revolutionizing the private healthcare services in India with your fintech solution. What do you think is the biggest hurdle as of now in this area?
Over 75% of Indians prefer to avail private healthcare for self and their families but lack of affordability is one of the biggest impediments in this regard. Given the abysmally low penetration of health insurance and large set of exclusions, limits in traditional insurance covers, people find it extremely hard to manage planned and unplanned expenditure on personal health. Therefore, access to quality healthcare providers with affordable payment structures is a key hurdle for people. We at SaveIN are addressing Access, Quality and Affordability in private healthcare.
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Regarding CNPL (Care now, Pay later), which market segment are you targeting? What does your ideal customer profile look like?
With Care now, Pay later we are enabling customers in the age group of 21-60 years to access a host of treatments like Dermatology, Day care surgeries, Dental, Ophthalmology, Wellness, alternative therapies etc. We cover both salaried and self-employed customer segments and back ourselves to approve 3X more applicants as compared to traditional lenders, riding on the unique insights we gather about our healthcare partners and customers and basis the risk assessment methodologies that we have built for this domain. We intend to continue strengthening our customer assessment and risk management capabilities to cover as many customers as possible.
A responsible and transparent credit program is required for the vision that you have. If given a chance, what advices/ recommendations do you have for the governing bodies and regulators in Fintech space specifically catering to personalized finance and payments services?
We believe in facilitating fair, transparent and affordable financing options for our customers and our healthcare partners. The Reserve Bank of India has done a great job by creating a very clear regulatory landscape for responsible lending in the country and even recently has come up with guidelines specifically with regards to digital lending. So I believe the country and the regime has necessary enablers in place for responsible businesses to grow and serve millions of Indians.
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Recently SaveIN has raised over $7 Million Seed Funding, what are your plans for growth and innovations?
We are humbled by the backing of world class institutional investors and intend to use the funds to further strengthen our product portfolio, expand distribution reach, grow in-house teams in product, technology, data sciences, customer service and sales.
In a crowded fintech market, we see a lot of scope of technology partnerships and collaborations. How do you see yourself growing in this competitive space?
SaveIN is uniquely positioned to solve the problems that we see in healthcare domain and we are using the best of technologies to disrupt how financial products can be built for this vertical. Our unwavering focus on healthcare domain, experience of building and growing large and sustainable financial businesses in the past and keen intent to improve upon every single metric when it comes to our healthcare partners and customers will likely be out moat in the medium to long term.
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Your predictions for the future of Fintech services specifically for healthcare and insurance
I believe if our country has to become a $5 trillion economy and then become a developed country by 2047 as is the vision laid down by India’s Hon’ble PM Shri Narendra Modi, we need to ensure that Indians remain healthy and continue to be at their productive best across age segments. Therefore, there is a big role that I see for healthtech-fintech companies like us who can help further the penetration of quality healthcare by enhancing access and affordability.
Today, SaveIN is fast-positioning itself as a platform to drive this change and we are super thrilled to be making a contribution and expect to grow manifold over the next few years.
An event that you would like to attend/ speak at:
Depends on the opportunity but certainly something that focuses on unique fintech products in India esp in healthtech domain.
Thank you, Jitin! That was fun and we hope to see you back on globalfintechseries.com soon.
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Jitin Bhasin is the Founder & CEO of SaveIN, a healthcare fintech company backed by silicon valley’s leading technology investor, Y Combinator, and has launched India’s first embedded finance product for healthcare. The Gurugram-based startup, has secured over $7 million in seed funding from top US and European investors including Y-Combinator, Bayhouse Capital, 10X Group and others.
An engineering graduate and MBA from the prestigious Indian Institute of Foreign Trade, Jitin has rich experience in Banking, Insurance, Consulting and Fintech. He has grown rapidly in his career through consistent and excellent performances across domains. In the year 2014, he was adjudged as The Economic Times Young Leader across India.