Nova Benefits, seeks to build happier and healthier workplaces

The young generation of You Only Live Once (YOLO) has witnessed the pandemic era. Concern across the globe, irrespective of age and gender, has awakened the consciousness of every working individual.

As they say, a healthy mind lives in a healthy body. Hence, physical and mental health are taking up the front seat in India. The Indian government has also updated the schemes and sponsorships on mental health in budget 2022. At CIOL, we talked to the CEO and Co-founder of Nova Benefits, Saransh Garg, on his innovative startup for employee insurance schemes.

What inspired you to introduce this startup? Why did you choose the Corporate-centric Health Insurance sector?

In 2019, following several experiments in lending, investing, payments, it was B2B health insurance that struck me. Health insurance is under-penetrated in India, with only about ~10% of people covered under private health insurance. This was indicative of a rising trend that in the future, Indians will be insured majorly by employers like in established markets, such as the USA. 

On the other hand: Low market penetration of insurance, high rates of medical inflation, and a legacy industry with a questionable reputation for customer experience required an innovative solution to fill the gap. 

At Nova Benefits, our game plan is to take on older, larger, deep-pocketed rivals with a potent mix of integrated wellness offerings and an innovative technology platform. However, Nova’s biggest asset is its high-performing team, which forms the core of its competitive advantage. And safeguarding this team’s wellbeing is a stated priority for the company. 

Is the current pandemic situation influencing your services? If yes, then how will you describe it?

Interestingly, when my co-founder Yash Gupta and I were brainstorming ideas around starting a company, there was no Covid-19 on the horizon. As the pandemic struck, we started deliberating on solutions for new needs that would arise. The pandemic nudged more Indians to get health insurance. Moreover, there was enough data indicating that after every pandemic (like MERS and SARS) the uptake of health insurance significantly increases.

We began to explore solutions aimed at ensuring that employees were covered for their health costs and unforeseen medical expenses. Health insurance is a basic financial instrument that every Indian company should invest in. A majority of Indians are already covered by their employers, and this is only going to increase.

How will you describe the role of your partners, like Snapdeal or Dream 11, on this startup journey?

We see ourselves in the business of improving employee NPS (Net Promoter Score) and retention for our clients, rather than selling health insurance. Companies give health benefits to their team to build a bond with them and take care of them at their time of need. To enable this for our clients, we’re making health benefits simple to use and personalised for each individual in the company. When employees express gratitude to their companies for the benefits they’re providing them, that's when we know we’re accomplishing our mission.

What are your thoughts on the Health & Wellness Insurance industry in India?

There is a large market potential. However, the reputation of the health insurance space marred by questionable customer experience practices plays a crucial role in adoption. Also, the aspect of Wellness in the Health Insurance space has been largely missing in India. 

However, scores of employers are keen to provide wellness benefits to their employees ––but finding the right vendor at the right price is the biggest challenge. This gap forms the core of our blueprint, which includes finding the most ideal wellness packages for clients, which is not just limited to health insurance but also includes doctor consultations, mental health counselling and fitness subscriptions. 

Do Nova Benefits provide any mental health counselling to its employees? Do you have any tie-ups with medical hospitals or fitness/wellness centres for the same?

At Nova, we take immense efforts in fostering a compassionate work culture. We have policies in place that let employees take control of their health, holistically, with our support at every step. We have partnered with Manah Wellness to ensure that employees and their family members have access to mental health care and counselling. Moreover, at Nova, we have a no-questions-asked unlimited leaves policy to ensure that employees take time off work whenever they need to. To address physical health, we have tied up with Practo and offer no-holds-barred access to doctors and health experts to our employees and their families.At Nova, we take immense efforts in fostering a compassionate work culture. We have policies in place that let employees take control of their health, holistically, with our support at every step. We have partnered with Manah Wellness to ensure that employees and their family members have access to mental health care and counselling. Moreover, at Nova, we have a no-questions-asked unlimited leaves policy to ensure that employees take time off work whenever they need to. To address physical health, we have tied up with Practo and offer no-holds-barred access to doctors and health experts to our employees and their families.

Highlights from Nova’s Mental Wellness Plan

● The Mental Wellness Plan by Nova Benefits provides unlimited leave, counselling through a partnership with Manah Wellness for employees and their family members (2 dependents), emotional check-ins and regular peer circles.

● Nova offers key WFH-focused reimbursements to boost the mental well-being of employees.

● Additionally, employees are provided with child and pet care leaves, period leaves, and a free subscription to Practo, catering to their overall wellbeing.

● In line with the Government’s focus on mental health, Nova Benefits wishes to help employees in their mental wellness journey in every way possible.

● Team Nova’s employee NPS score is at a whopping 70 due to constant updating of their wellness plan.

How do you think technology plays a role in the Indian ecosphere of wellness?

The perilous pitfalls of Health Insurance and the growing need for personalised care demand the nuanced approach that technology brings. The critical member-facing functions, such as enrollment, endorsements and claims can be improved by technology to eliminate arduous situations arising due to communication gaps and a much larger impersonal experience.

Nova’s wellness platform is built on the same principle; employees can easily access their health insurance, track claims, and view employer benefits on a single platform. Nova enables companies with a superior claims experience, HR workflow, self-serve employee portal, health benefits, and add-ons.

Any message for young budding entrepreneurs out there?

Starting up is hard! Look at failures as learning and move on. You need to 'learn' many times before you win. And you only need to win once, so don’t be afraid of losing, just increase your shots on goal.