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Managing benefits can be a huge headache for HR teams. The old method required a lot of manual labor and, let's be honest, mistakes were made. But with Pazcare, many of those tasks are automated. Everything from adding new employees to changing benefits plans is streamlined.
“Our dashboard makes it easy for HR to manage and update benefits by giving them a complete view of everything in one place. This isn’t just great for HR; it’s great for employees. , our app gives you the freedom to check and use your benefits anytime, anywhere. Check your insurance details, book a health check, even get your Pazcard details. , all from the app,” said Sanchit Malik, co-founder and CEO, Pazcare.
The Bangalore-based startup, founded in 2020, only claims to be not an insurtech or fintech company. The company has grown into a comprehensive employee benefits partner. The app is available for Android and iOS users.
“From medical check-ups to mental health, our services address all aspects of employee health,” adds Sanchit. “One of our best features is our simplified billing process. We've made what was previously considered a chore easy and transparent for our employees.”
Mr. Sanchit spoke about the challenges faced and highlighted that the regulatory framework for the insurance sector in India presents significant challenges.
“Deciphering and ensuring compliance with these regulations has not been an easy task given their complexity. Navigating this regulatory environment while ensuring alignment with our technology-driven solutions has turned out to be a major challenge,” he said.
Over 1,600 companies in India trust Pazcare and the startup claims to have insured over 300,000 lives so far. “From dynamic startups like Dunzo and Mamaearth to analytics giants like Tredence and Mindtickle, we also partner with big names like Eightfold Hotels and Treebo Hotels. requirements to the table,” says Sanchit.
Pazcare's direct competitors in the group insurance market include Plum, Loop Health, Onsurity, and Nova Benefits. When it comes to tax benefits (Pazcard), Sodexo, Zaggle, and Happay are some of the competitors.
Sanchit highlights that our impressive retention rate of 98% is one of the metrics we are proud of. Additionally, with an overall customer satisfaction rating of 4.7, it's clear that our users value our platform and services.
Looking to the future, Sanchit stressed that we are optimistic about the future. Our focus remains on innovation, customer-centric solutions and further expanding our reach.
fact:
➢ Amount of funds received – total USD 12 million
➢ Starting year – 2020
➢ Number of employees – 174 people
➢ Number of app downloads – 1,00,000
