In today’s date, almost all organizations use enterprise software. The tools of the software support the businesses in various ways, making them even more efficient. Now the use of this software and its tools can be categorized according to business fiction.
As for the insurance companies, since they work with several clients daily, they need to have flexible and efficient systems for information processing. Providing the best quality services in this niche is Insuradar.
In this interview with The Enterprise World, Rajeev S Nair, Co-Founder & CEO tells us more about the journey of Insuradar.
Tell us about Insuradar.
Insuradar is an Enterprise Software Product company that innovates solutions focused on improving processes in various industries. We make it easier for institutions to run more efficiently and effectively saving time and cost. Insurance, manufacturing, healthcare, banking, and legal we cover industries that are brought together by artificial intelligence. We offer tools that can help understand customer needs to improve sales, drive efficiency and deliver superior customer service.
What were the initial challenges you faced?
Enterprise-class software products acceptance has been an area of ever-evolving challenges considering the changes in technology requirements to be highly dynamic.
Being the first to adopt AI in product development the challenges were numerous, right from talent identification, creating product and customer acceptance. We are excited about having found the right direction and right product to synergize with customers.
Which was that point that triggered the growth of Insuradar?
Early adoption of artificial intelligence and associating with highly skilled engineers who could deliver industry flavored algorithms creating high-impact IP, gave us the edge over our competitors. Hence allowing us to leverage unanticipated growth in terms of customer engagement.
How have Insuradar graphs changed since the foundation? Can you share a few statistics?
- Product Launched in March 2020
- High potential customer traction by April 2020
- Asia’s Largest Bank signed in as first customer for ICE-Ai Suite Banking.
- Partnered with world’s top five system integration companies leveraging their customer base across Banking, Insurance, Supply Chain and Legal Industries.
- Over 20 resellers / distributors across the globe.
- Anticipated 250+ customers signed by end of 2020
What is the reason behind your company’s long-standing success?
Our Go to Market strategy is largely through a combination of resellers and system integrators. World’s top 5 System Integrator’s association simply means that ICE-Ai Suite’s capabilities are extremely ably orchestrated and echoed with every customer. Product capability conversations and fitment achievement by our SI’s have given us almost no rejections to date. This we would like to attribute to Insuradar’s long-standing success.
The Products/Services-What are the products/services Insuradar focuses on? How are your products different from those in the market?
Our products differ from other solutions in the market largely because we have developed, trained, and tuned our algorithms for various industries making them more efficient and accurate.
- Early Adoption of AI in all modules.
- Proprietary algorithms.
- Industry focused machine learning and deep learning implementations.
- Thoughtful data integration cycles.
How do you decide to take Insuradar a step further in terms of your products?
Our products should help customers in uncovering data that were inaccessible previously, providing them insights and efficiency in their business operations. We look at the product to evolve cohesively with the changing business environments by
- Applying technology from experimental phase
- Low-code AI platform with automation and analytics
Is there any new addition to the list of products/services? Anything exciting you would like to share?
Insuradar would like to focus on the current product suite to enhance its capabilities. Product strategy is to build vertical capabilities as supposed to horizontal solutions.
What do you think are the responsibilities of an entrepreneur?
Ideation and decision are the two main pillars of entrepreneurial responsibility according to me. Collating data points and the decision to create a product around customer challenges is the most vital component of entrepreneurial responsibility. In this process striking the right balance between team motivation, talent, finance decisions, and customer success is the straight load of responsibility on the entrepreneur.
Insuradar is an Enterprise Software Product company that innovates solutions focused on improving processes in various industries.
Can you please brief us about your professional experience?
Post relocation, 16 years of APAC market experience in IT services & Products, the journey has been phenomenal. My latest exit was in 2014, Stone Apple Solutions was acquired by Hitachi Consulting. We grew in this business from a team of 3 to 5000 plus employees in 14 countries over 5 years.
What are the key achievements of your entrepreneurial journey?
- Started Insuradar in 2018. Conceptualised and designed code for ICE-Ai Suite.
- Motivated and assembled a talent pool to execute the product creation.
- Partnered with World’s top System Integrator Companies, resellers and technology advisory firms.
- Visibility of order book at USD 6 Million for this fiscal.
How do you look after your employees? What makes your team unique?
At Insuradar, it’s a high-pressure environment. We are trying to solve some of the crazy challenges of our customers. Constant motivation and rejuvenation of minds to constantly deliver, we have adapted a home culture-making everybody satisfied.
Every talent that Insuradar hires is extremely competent in their professional practice and also unique in their behavior in contributing to team success. This makes the team unique at Insuradar.
Is there any special experience with your clients you would like to highlight?
In the early days of product development, the feeling to get associated with a large Insurance firm in APAC is quite amazing. In addition to this, you solve the customer challenges and get compared with market behemoths the feeling is ecstatic. We have had the privilege of being part of this journey at one of our clients.
Can you tell us which your favorite book is? And your favorite part of the book?
“Stay Hungry Stay Foolish “by Rashmi Bansal, My Favorite part of the book is “Believers” where I love the fact how entrepreneurs don’t give up on their dreams even after going through a lot of financial crunches.
One person, who you admire the most?
There is no one person in specific, but right now I admire my team who are giving their best to ensure our journey to be successful.
Whose business story do you find the most inspiring?
I have been using Apple products for a long time now and I always wondered how somebody could get it so right with customer needs. It’s always inspiring to read Steve Jobs’s commitment to building Apple. I only hope and wish I could practice a good percentage of his discipline and commitment.
Which is the most inspiring quote you have read?
“If things go wrong, don’t go with them.”Roger Babson
Constant vigilance- a need or a strategy? Please share your views.
Constant Vigilance in my opinion should always be the strategy. Product competitors, the market opportunity should be governed by a strategy. Little overlap of constant vigilance as a need will step into micro-management, which in my view every start-up or matured company should refrain.
It’s a rat race out there. How do you cope with that?
The practice of basics such as being in line with customer requirements, offering fair prices for our products, and constant innovation and adoption of new technologies should give us the edge in a highly competitive market.