Online insurance is a relatively new concept in Nepal and many people are still unaware of it. However, it is a growing business in South-Asian countries, and it is catching up in Nepal as well.
Ebeema, an online insurance portal, is a first of its kind in Nepal that allows its users to compare and buy insurance from different insurance providers. Founded by Yurop Man Shrestha and Tenzing Doleck, and developed by Yakamoz Technology, Ebeema was launched on April 29, 2016.
In the eight months of operation, this startup reached its first milestone on the fourth month providing the service to the 100 customers. After that, it has been chasing new milestone eager to experience newer and more exciting firsts.
How does Ebeema works?
Sticking to its tagline, “Say hi to easy”, Ebeema aims at making the process of insurance accessible, simple, and seamless. The users compare the prices of insurances, buy their choice of insurance and take an offline survey. Ebeema’s features include tracking of the customers’ policies, receiving reminders for expiration and payments, scheduling physical surveys and medical checkups, making claims, and others.
The founders realized the need for online insurance in Nepal shortly after the earthquake back in 2015. Talking about the idea behind this website, Shrestha remarks, “The situation back then was crazy. We couldn’t get back what we had lost and there was nothing we could do about it. We realized that insurance could be a small solution to this problem but the whole process of getting and claiming insurance was difficult. So, we recognized the need for a website such as ours and started Ebeema with the aim to make it super easy for people to compare, buy, and claim insurance through technology.”
From then on, the executive team came together quite easily. Finding the idea interesting and the business proposition intriguing, the two co-founders began working on their project. Currently, there are a total eight people in the team.
Challenges and Future Plans
The challenge of Ebeema arises from its relatively new status. People are still unaware of online portal of insurance companies such as licnepal.com.np, siddharthainsurance.com, and even less of a site that allows them to compare and buy insurance from different companies. Its challenges are: educating the potential market for insurance, building trust in the online facilitation of insurance, and marketing to the target audience. Besides that, integrating required administrative paperwork and procedures offline is difficult as well.
Despite these challenges in the industry, the team believes that their journey has been exhilarating. The team is giving its best and looking forward to the future. The company’s future plans include expanding to other financial services and also providing other insurance services such as reinsurance brokerage, risk management, and surveying services. It expects many unforeseen challenges and plans on taking them as they come.
“While we are adaptive and fluid, we have a vision and we are hell-bent on achieving it.” says, Yurop Shrestha.
Online insurance provides an easy solution to many problems in the insurance industry. And with the option of comparing prices, Ebeema takes the solution to a new level. Ebeema has the advantage of being a first of its kind. We hope they make good use of this advantage. The team at TechLekh gives its’ best wishes to Ebeema.