Anish Sinha: Insuring Small Businesses
Insurance industries globally have been disrupted in recent years. But we see emerging optimism largely driven by a focus on innovation that has been driving industry growth and consumer interest. The Australian insurance industry offers a broad range of property and casualty, life, and health insurance coverage to both individuals and businesses. It acts as an important buffer that softens the financial impact of events on the public finances.
Australia's insurance market structure comprises general insurance, life insurance, non-life insurance, health insurance, motor vehicle insurance, property insurance, general liability insurance, and legal insurance. Most large insurers have been focusing on only one type, though in recent times several of these companies have broadened their insurance cover into more general financial services having faced competition from banks and subsidiaries of foreign financial conglomerates. These provide disability insurance, income protection and even funeral insurance, thus stepping in to fill the gap where people may have otherwise been in need of a personal or signature loan from their financial institution.
Despite the resurgence of the insurance industry, it faces uncertainty in the face of a widening trust gap in an increasingly digital and AI-driven world, climate risk and a focus on sustainability. Today, it is facing notions of trust and societal purpose more than ever before. Hence, insurers are reassessing the future and reimagining their place in the market.
However, Australia's insurance industry is projected to reach a market size (gross written premiums) of $85.10 billion in 2024. Among the different segments, non-life insurances segment dominates the market, with a projected market volume of $62.07 billion in 2024. On average, each person in the country is expected to spend $3190 on insurance in 2024. Australia's insurance market is experiencing a rise in demand for cyber insurance, due mainly to the increasing frequency of cyber attacks.
Enter Upcover
Founded by Anish Sinha and Skye Theodorou, Upcover offers solutions for products liability insurance, professional indemnity insurance, and property damage insurance, among others. The company offers solutions for small businesses, startups, freelancers, and online businesses and associations. Also, it offers claims assistance solutions.
Anish Sinha is Co-Founder and COO of Sydney-based Australian InsurTech UpCover. The insurer bridges the protection gap for the fastest-growing workforce in the country by offering the self-employed and independent contractors insurance protection and benefits. Anish and his Co-Founder and CEO of UpCover, Skye Theodorou, built a tech platform that creates personalized insurance cover. Being Australia’s fastest-growing insurance for small business owners, Upcover has expanded its footprint across the continent.
Anish is an alumnus of BITS Pilani, India’s prestigious engineering institution and the oldest business school XLRI (Xavier School of Management), Jamshedpur. He was associated with the equities division of Goldman Sachs for three years. For most immigrants the logical first step would be to join an organisation that would help them to not only learn the ropes but also earn a living. However, Anish's enterprising spirit drove him instead to be entrepreneur. Within a year after migrating to Australia he co-founded a startup.
Upcover’s mission is to simplify and democratise the heavily regulated but stagnant insurance industry in Australia. Its quick, jargon-free insurance is designed to be affordable and accessible, and also specifically tailored for Australian small businesses. Apart from its Optus and Medibank, it also has launched Cyber and Privacy Liability Insurance to protect small businesses from cybercrime.
Anish looks up to Upcover's co-founder Skye Theodorou who, according to him, has immense knowledge about the Australian insurance space while he brings to the table his experience in building and scaling a business. In India, he was part of the leadership team of Nearbuy, which had offices in eight Indian cities and had grown to 10 million users. At Nearbuy he had led product development, analytics, and operations to onboard more than 80,000 partners.
Upcover's Insurance Products
Being on a mission to transform Australia's small business insurance landscape, Upcover has been providing tailormade insurance products to small businesses, startups and independent contractors working with enterprises. Besides, the company enables any online business, brand or marketplace to become distributors of insurance products by offering market-leading cover.
Upcover offers insurance cover to fitness trainers and coaches, beauty professionals and services, therapist and healing professionals, e-health, general practitioners and private clinics, nursing, aged care and residence care, healthcare support, construction firms and traders, cleaning services and landscaping services, retailers, accountants and tax agents, real estate agents, and consultans and engineers, among others.
Upcover has raised a total funding of $2.8 million over three rounds. Its first fund raising round was in August 2019. It has revolutionized insurance for gig economy workers by offering flexible, comprehensive coverage tailored to their specific needs. The company’s customer-centric approach and innovative products have given it a significant position in a market that is often underserved by traditional insurers. By focusing on a niche market and offering tailored solutions, Upcover differentiates itself from traditional insurers while it appeals directly to the needs of gig economy workers.
Social Activities
During the global pandemic, an Upcover volunteer group of 25 people across India, Australia and the UK raised $2 million through friends and networks. The company made commendable efforts by delivering oxygen concentrators and BiPaP ventilators to about 80 districts in India, including many parts of the northeast, which were facing logistical issues in getting supplies.
Anish Sinha has been inspired by Mahatma Gandhi, while In the field of business, he looks up to industrial icons, such as J. R. D Tata and Steve Jobs. According to him, there is no quick recipe for success, but it is important to always seek out people who are dissimilar to you, from whom you can draw inspirations and gain perspectives.
(Photo: Courtesy Upcover)
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