Making insurance short and sweet for Millennials. Think Toffee!
Let’s be honest, when you think of insurance, images of tedious agent calls and vague applications filled with incomprehensible jargon are what come to mind. This is only to be followed up by complicated claim processes that make you jump through hoops. Shudder. We really want to cut that out. Especially for the generation that’s used to simple, sweet, to-the-point solutions. That’s why we created Toffee. Toffee aims to bring insurance to the unrepresented youth: the millennials.
Nishant and I, the founders of Toffee, are misfits in the insurance space. Our collective backgrounds span across user experience, product strategy and digital products. Over the last couple of years, we got the opportunity to work with a leading insurance partner and this helped us delve deeper into the complicated world of covering risks and the consumer mindset that comes with it. Nishant and I started to truly question the current state of affairs and that’s where the Toffee journey started.
We asked ourselves, what would it be if insurance were ‘simple’ and then we broke it down even further — what would insurance be if it were ‘ideal’. A strong product-market fit that doesn’t eat into the consumer’s precious time and comprehensively covers just what they need: ideal.
Perspective is important.
It’s no secret that India is both massively underinsured and also one of the world’s youngest countries with 45% of the population under the age of 24. We see an obvious need here. Insurance providers have yet to scratch the surface of this massive market that is both underrepresented and underserved.
We could see the problem from the outside and knew that we could create a made-to-measure solution better and faster than large-scale companies could innovate. So, we took out the time-suckers, the jargon and the headache, leaving us only with uncomplicated covers (we call them Toffees) that are easy to buy and easy to claim. Most importantly the Toffees we offer are relevant to each customer and the vulnerabilities they face in their lifestyle.
Power with the consumer
The power is again in the hands it belongs: the customers. Get exactly what you want — nothing more, nothing less. And get it quickly, so that you can get back to what you’re purchasing it for: your own life, your own safety.
With Toffee, customers get bite-sized insurance policies: a Globetrotter Toffee for those that love to travel, a Sports Toffee for those that love to push their limits, and a Commuter Toffee for those who share a disdain for traffic…to name a few.
Next steps
You get insurance for your lifestyle and your unique risks. Being a cyclist, I’ve met people on the ground, literally. ’Cause no one understands the risks of Delhi cyclists better than fellow cyclists themselves. Even though we cannot control the outrageous driving patterns of tempo drivers, we can cover the financial risks of being hit. So we did just that.
Authenticity and simplicity are at the core of our product and we want it to continue as the heart of our communication. While connecting with our audience, educating them on the importance of insurance, we also wish to be able to serve as something bigger — a bridge between communities that look out for each other. Think about insurance becoming accessible and affordable to young graduates moving to big cities in search of their new life, covering their vulnerabilities, allowing them to dream and live big.
Toffee takes a new approach: the audience’s. I’m a firm believer in the art of storytelling. And there are few with greater stories than those living boldly, taking risks and seizing each day to the fullest. We created Toffee to be something larger than insurance. It’s a perfect-fit product that sees you, really identifies you and accompanies you on your journey. Nothing more, nothing less.
By Rohan Kumar, CEO & Co-founder at Toffee
