4 min read

Why Jeena, Capillary Technologies and Kfin made the switch to Nova Benefits

People-first HR teams are saving time by automating the administration of employee benefits through Nova’s tech-first platform

As technology continues to improve the quality of life for people across the globe, insurtech companies are also moving from just being service providers to acting as strategic partners with their digital solutions.

As reported by IMARC, ‘The global insurtech market reached a value of US$ 3.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2027, exhibiting a CAGR of 41.8% during 2022-2027

This growing trend in the insurtech industry will be seen through the innovation of new and improved tech-first solutions for administering employee benefits seamlessly, providing 24*7 customer support and reducing dependency on manual processes performed by HRs.

The problem

Administering employee benefits, including health insurance to employees should be a hassle-free process. Yet, HRs find themselves spending hours of their time cross-checking employee information, manually adding and removing employees to the policy, coordinating with insurers for unresolved claims, answering employee queries on wellness benefits and communicating with multiple brokers for employee wellness benefits.

Traditional insurers provide support through multiple points of contact and manual processes. Additionally, insurers do not provide benefits apart from health insurance, so employers have to reach out to other brokers to provide additional wellness benefits.

The major drawbacks faced by companies administering their employee benefits through traditional insurers include:

  1. Manual addition and deletion of employees to the insurance plan
  2. Multiple follow-ups with the insurer for employee claims or any insurance-related information
  3. Multiple POCs for insurance and wellness benefits
  4. Lack of instant support in case employees face any medical emergencies
  5. The hassle of onboarding new employees to the employee benefits
  6. Continuous queries from employees on policy details, coverage, and how to raise claims
  7. No single platform to access all employee benefits
  8. No access to additional wellness benefits

The solution

To provide tech-first solutions for employers, enabling both employees and HRs to enjoy their #peoplefirst benefits seamlessly. Here’s how Nova is ensuring this:

Easy-to-use portal and app and instant access to policy details:

“The experience has been delightful, the team is very supportive, and endorsements are smooth. People are appreciating the fact that there is a portal and an app to check their policy details. With the previous GMC policy we had, there were e-cards but no such portal.”

- Sai Kiran Bandlamudi, Finwater

Seamless claims support and hassle-free endorsements:

Claim management has been great, I do not have to get involved, and the team helps proactively. The new feature for endorsements on the portal is great, much better than handling the excel files.”

- Apeksha, Leap Club

Additional wellness benefits:

The wellness programs are a great way to increase employee engagement, a differentiator for Nova.”

- Savitha Patil, MyGate

Here’s a comparison of partnering with a traditional insurer v/s partnering with Nova:

But don’t just take our word for it!

Jeena partners with Nova to provide world-class insurance benefits to employees after 20 years of partnership with a traditional insurer

Breathing supply chain & logistics since 1900, Jeena is the largest Indian Freight Forwarder in the global market. They currently service various industries, including Chemical, Pharmaceutical, Automobile, Engineering, Retail & Fashion.

As Jeena continues serving as the one-stop solution for all import, export and logistic needs, they decided to partner with Nova Benefits as their one-stop solution for all employee benefits for the following reasons:

Powerful Pricing: Nova could provide pricing that met the team's expectations without compromising on the coverage offered to Jeena’s employees. This was done by coordinating with multiple insurers to give Jeena a wide range of prices and policy types to choose from.

Extensive Coverage: Nova was able to increase coverage on policy terms such as beneficiaries covered, room rent and ambulance charges, enabling Jeena employees to access the coverage without any pre-existing limits

OPD Benefits: Since health insurance doesn't cover OPD costs, employees were also provided 20% off on OPD expenses as an additional benefit over their insurance coverage

Tech-First Solutions: Providing access to time-saving benefits such as automated endorsements, raising claims in 5 minutes, seamless claims tracking, HRMS integration and 24*7 support through Nova’s self-serve employee portal and app

Jeena also insures its employees with –

  1. Access to a larger network of hospitals
  2. Faster claims processing
  3. Dedicated servicing on claims and other insurance requests

Here’s a summary of Jeena’s new and improved health and wellness coverage policy:

Capillary Technologies enables tech-first health and wellness solutions for employees with Nova

Founded in 2012, Capillary Technologies powers a diversified product suite of end-to-end loyalty programs across 30+ countries, working with 250+ brands including Asics, Puma, Tata, Shell, Fossil, Sephora, Jotun, Domino's Pizza and many more.

After four years of continued partnership with their previous insurer, Capillary decided to partner with Nova Benefits for their employee benefits program for the following reasons:

Tech-First Platform: With our platform and app, we were able to provide Capillary with benefits such as HRMS integration, automated endorsements, 24*7 claims tracking and easy-to-access policy details and documents, ensuring a hassle-free experience for both employers and employees

Proactive Support: The claims team at Nova provides round-the-clock support with its 24*7 helpline that is available to answer all employee queries concerning claims, policy details and all things insurance

Seamless Orientation: All employees insured through Nova are provided with an extensive orientation explaining the portal and app end-to-end, including how to raise and track claims, view policy details and access e-cards. This helps save time for both HRs and employees

Powerful Pricing: Nova was able to provide pricing that was suitable for the team without compromising on the flexi benefit plan offered to Capillary’s employees. This was done by coordinating with multiple insurers to give Capillary a wide range of prices and policy types to choose from

Wellness Add-Ons: Capillary’s employees can also use the portal and app to access wellness benefits such as Nova’s AI fitness bot - Finny, and weekly employee engagement programs on a variety of topics, including mental wellness, financial wellness, physical wellness and social wellness

Capillary’s employees also enjoy:

  1. Access to a larger network of hospitals
  2. All-in-one portal for all employee benefits
  3. Dedicated servicing on claims and other insurance requests

Here’s a summary of how Capillary is providing improved insurance and wellness coverage to its employees:

KFin Technologies chooses Nova to provide best-in-class health and wellness benefits to its employees

KFintech serves the global mission-critical needs of asset managers by providing SaaS-based end-to-end transaction management, channel management, compliance solutions, data analytics, outsourcing services and various other digital services across segments.

As KFintech continues to be the trusted technology partner to all financial service providers, they have trusted Nova Benefits to be their employee wellness partner for the following reasons:

Practical Pricing: Nova not only negotiated the best price for Kfintech but also managed to provide additional coverage to all employees. Our extensive cost-benefit analysis and policy benchmarking helped Kifintech finalise a plan that met its budget and insurance needs

Improved Coverage: Nova was able to provide improved coverage to Kfintech’s employees by  increasing the maternity benefit from 35,0000 to 50,000, providing room rent with single private AC room without any limits, providing zero sub-limit on consumables, including of 3rd and 4th child to the coverage without impacting premium, allowing voluntary parent opt-in to get parents insured on payment of premium and voluntary top-ups opt-ins for all employees

OPD Coverage: Since health insurance doesn't cover OPD costs, employees were also provided 20% off on OPD expenses as an additional benefit over their insurance coverage

Tech-First Automations: Providing access to time-saving benefits such as automated endorsements to help save time from manual processes. Additionally, the Nova portal also provides advantages such as raising claims in 5 minutes, seamless claims tracking, HRMS integration and 24*7 customer support

Wellness Benefits: Kfintech’s employees can also enjoy wellness benefits through the Nova app and portal in the form of an AI fitness bot named Finny and weekly employee engagement programs on a variety of topics, including mental wellness, financial wellness, physical wellness and social wellness

Kfintech’s employees are also insured with –

  1. Easy-to-understand policy details accessible through the Nova app and portal
  2. All-in-one portal for all employee benefits
  3. 24*7 customer support for all insurance and wellness queries

Here’s Kfintech’s new and improved #peopelfirst insurance policy:

Rupeek onboards Nova as its employee wellness partner to provide top-notch insurance and wellness benefits to its team

Driven by the mission to make credit accessible to Indians in a fair and convenient way, Rupeek is pioneering innovative financial products to help monetize India’s $2 trillion gold. Powered by state-of-the-art technology and an automated asset-light supply chain, it is transforming the way gold loans are disbursed in India.

As Rupeek continues to serve as India’s leading asset-backed, digital lending fintech platform, here’s why it has partnered with Nova Benefits to provide leading benefits to its employees:

Seamless Automations: Nova was able to provide tech-first solutions such as instant access to e-cards and automated endorsements through the Nova portal and app which helps employers and employees save time

OPD Benefits: Since health insurance doesn't cover OPD costs, Nova provided 20% off on OPD expenses to all employees as an additional way of saving up on medical expenses

Extensive Coverage: Nova was able to increase coverage on policy terms such as  room rent and ambulance charges, enabling Rupeek employees to enjoy improved coverage

Premium Deals: We were able to negotiate the best deal for the Rupeek team, allowing them to finalise a plan with the best price and coverage. This was possible since the Nova team coordinated with multiple brokers to find a policy that fits all the requirements of the employers and employees

Rupeek also secures their employees with –

  1. Easy-to-understand policy details accessible through the Nova app and portal
  2. All-in-one portal for all employee benefits
  3. Seamless onboarding for employees to understand how the Nova platform works

Here’s a summary of the #peoplefirst benefits Rupeek is offering to its employees with Nova’s help:

How can you build a tech-first employee benefit program with us?

Nova allows organisations to administer world-class insurance and wellness employee benefits seamlessly through tech-first integrations and automation, allowing employers and employees to access all benefits in just a few clicks.

Tech-first solutions for the employee:

Nova’s iOS and Android app allow employees to access their policy details, raise claims, contact support and download their e-cards easily from their phones.

Tech-first solutions for the HR:

The automated endorsements feature allows HRs to add and remove employees seamlessly without worrying about errors and data discrepancies due to data checks across 16 error types.  This helps reduce time spent on endorsements by 80% for HRs. Additionally, HRMS integrations help HRs fetch data directly from their database.

With it’s mission to build happier and healthier workplaces for everyone, Nova has joined hands with 300+ companies, including Khatabook, Pharmeasy, MyGate, Snapdeal, CoinDCX, HomeLane, and Rupeek, to improve their employee wellness journey.

Why? Because we go beyond traditional practices to safeguard your team.

Discover the power of putting people first by partnering with Nova for the best group health insurance and employee wellness benefits out there.

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