Pazcare: Employee Benefits Partner Founded in 2020, the Bengaluru-based startup claims just not to be an insurtech and fintech company; it has grown to become a comprehensive employee benefits partner.
By Minakshi Sangwan •
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For HR teams, managing benefits can be a real headache. The old way of doing things meant a lot of manual work, and let's face it, mistakes happened. But with Pazcare, a lot of those tasks are automated. From adding new employees to changing benefit plans, it's all streamlined.
"Our dashboard gives HR a full view of everything in one place, making managing and updating benefits easy. And this isn't just great for HR. For employees, our app gives them the freedom to check and use their benefits anytime, anywhere. They can see their insurance details, schedule a health checkup, or even get Pazcard details – all from the app," says Sanchit Malik, Co-founder & CEO, Pazcare.
The Bengaluru-based startup, founded in 2020, claims just not to be an insurtech and fintech company; it has grown to become a comprehensive employee benefits partner. Its app is available for Android and iOS users.
"From health checkups to mental well-being, our services cater to every facet of employee wellness," Sanchit adds. "One of our standout features is the simplified claims process. We've taken what's traditionally been seen as a cumbersome task and made it straightforward and transparent for employees."
Speaking about the challenges faced, Sanchit highlighted that the regulatory framework of the Indian insurance sector presented significant challenges.
"Deciphering and ensuring compliance with these regulations was no easy task, given their intricacy. Navigating this regulatory environment while ensuring alignment with our tech-driven solutions proved to be a substantial challenge," he stated.
With over 1600 companies in India putting their trust in Pazcare, the startup claims to have insured over 300,000 lives to date. "From dynamic startups like Dunzo and Mamaearth to analytical giants like Tredence and Mindtickle, We're also partnered with renowned names like Eightfold and Treebo hotels. Each of these brands brings unique requirements to the table," Sanchit says.
Direct rivals of Pazcare in the group insurance market include Plum, Loop Health, Onsurity, Nova Benefits, and others. Regarding its tax benefits (Pazcard), Sodexo, Zaggle, and Happay are some of its competitors.
Sanchit emphasizes that our remarkable 98% retention ratio is one of the metrics in which we take great pride. Furthermore, with a 4.7 rating for overall customer satisfaction, it's clear that our users appreciate and value our platform and services.
Looking ahead, Sanchit highlighted that we're optimistic about the future. Our focus remains on innovation, customer-centric solutions, and expanding our reach even further.
Facts:
➢ Amount of funding received - Total USD 12 million
➢ Year of inception - 2020
➢ Number of employees - 174
➢ No of app downloads - 1,00,000
