The only way to survive today’s brutal competition is innovation. New startups and well-defined companies alike need to keep on innovating if they want to thrive and flourish. That’s exactly what insurance startup McXtra has done.
In essence, McXtra is an insurtech platform which helps the user create a policy vault of all his insurance policies. Paving the path in the digital insurance space, McXtra allows users to collect and store all their insurance policies in a secured ‘vault’. It further tries to give the users most out of these policies by letting them know about a feature they missed out on or other details and benefits they can get from their existing policies. McXtra has also connected with organizations and allows their employees to use these benefits. They cover a wide variety of insurances such as life, health, travel and motor. It also consists of a personalized and fool-proof that summarizes key documents, emergency contacts and personal details.
McXtra was created as a solution to the current tedious and complicated insurance process. McExtra’s app provides a digital platform with seamless support and simple user interface to make organizing insurance claims and policies far easier. McXtra also uses Geo-Tracking technology to allow the users to locate nearby hospitals, garages and other important locations in an emergency.
Based out of Mumbai, McXtra was founded by A. S. Narayanan and Nimish Airon, and expanded its operations to key metro cities in India. Just recently it raised $1.3 million in pre-Series A round by a group of 12 undisclosed investors. McXtra has already partnered with 30 corporate entities and is planning to use the money to scale up their product to target more users. What this startup is looking to do, is to tap dap and risk assessment combined with the power to deliver the right solution by leveraging artificial Intelligence and data analysis to predict behavior of the consumer and risk assessment in real-time.
A report by the India Brand Equity Foundation expects the overall insurance industry to reach a staggering $280 billion USD by 2020.
The increasing popularity of McXtra shows that business and social welfare go hand in hand; as new technologies and innovations disrupt the insurance industry, traditional providers will no longer be able to exploit misinformed users.