Square Insurance, launched in August 2017 and headquartered in Jaipur, Rajasthan, is a pioneering startup transforming insurance accessibility across India. Founded by Rakesh Kumar, Founder & MD, the company is on a mission to bridge the insurance gap, particularly in rural and semi-urban regions, through a blend of technology-driven solutions and on-ground presence.
In this exclusive interview, Rakesh Kumar shares insights into Square Insurance’s journey, the challenges they’re solving, and their vision for the future.
Q.1: What is the problem Square Insurance is trying to solve? What insights led you to believe this was a significant issue?
Square Insurance tackles the critical issue of low insurance penetration in rural and semi-urban areas of India. Despite a growing insurance sector, vast sections of the population remain uninsured due to lack of awareness, trust, and accessibility.
Our research revealed that while 70% of India’s population resides in rural areas, insurance penetration stands at just 3.7% of GDP, significantly lower than the global average of 7.23%. This gap exposes families to financial risks during emergencies.
We saw an opportunity to address this by:
- Simplifying insurance processes.
- Leveraging digital tools to enhance accessibility.
- Building a robust local advisor network to foster trust in underserved markets.
By addressing these barriers, Square Insurance empowers individuals with affordable and reliable financial protection, bridging a major societal gap while unlocking untapped market potential.
Q.2: Tell us about the founder and core team members of Square Insurance.
Rakesh Kumar, Founder & MD of Square Insurance, has over 15 years of experience in the insurance industry. Driven by his vision to make insurance inclusive and accessible, Rakesh has built a dynamic team that shares his mission:
- Akash Parwal (CEO & Co-Founder): Focuses on product penetration, technology-driven solutions, and market expansion.
Together, the team combines domain expertise and innovation to drive growth while solving insurance challenges in underserved regions.
Q.3: Can you describe the product offering and how Square Insurance achieved product-market fit?
Square Insurance offers a wide range of insurance products, including health, life, motor, and crop insurance, catering to the unique needs of underserved communities.
Our hybrid approach sets us apart:
- We use advanced digital platforms to simplify processes.
- Our trusted advisor network provides personalized, face-to-face interactions, crucial in rural markets to build trust.
We also run insurance literacy camps and workshops to raise awareness. By addressing both accessibility and trust issues, this hybrid model has helped us establish product-market fit and transform thousands of lives.
Q.4: Who is your ideal customer, and how has Square Insurance impacted lives so far?
Our ideal customers are families in rural and semi-urban India who lack financial safety nets. Through Square Insurance, we’ve insured 30,000+ individuals, providing financial security to vulnerable households.
Initially, we assumed awareness was the sole barrier to adoption. However, we quickly learned that trust and ease of access are equally critical. By focusing on affordability and simplifying insurance solutions, we’ve empowered families to secure their futures.
Q.5: What pricing model does Square Insurance follow?
We follow a premium pricing model that prioritizes affordability while delivering value. Key highlights include:
- Transparent, low premiums with no hidden fees.
- Plans designed to suit small farmers, daily wage earners, and small business owners.
- Flexibility for customers to choose only what they need.
Our goal is to ensure financial protection without straining limited incomes, making insurance a viable option for underserved communities.
Q.6: Tell us about your investors and recent milestones.
Square Insurance recently raised $3 million in equity funding led by BizDateUp and Negen Capital, alongside industry leaders like Prashant Kothari (Jaipur Color Stone) and Yogesh Chaudhary (Jaipur Rugs).
This investment is enabling us to scale operations, strengthen our digital infrastructure, and expand outreach to underserved communities, reaffirming the potential of our mission.
Q.7: How would you describe the work culture at Square Insurance?
Square Insurance fosters a supportive, growth-focused work culture, encouraging continuous learning and innovation. We take pride in empowering employees and nurturing a positive environment where every team member can excel.
Our commitment to excellence has earned us the Best Employers Award by the Employers Association of Rajasthan for six consecutive years. This recognition reflects the hard work and dedication of our team in delivering impactful results.
Final Words
Square Insurance is a shining example of innovation solving real-world challenges. By addressing barriers to insurance adoption through affordability, accessibility, and trust-building, the company is empowering underserved communities and transforming India’s insurance landscape. Under the leadership of Rakesh Kumar, Square Insurance continues to build financial resilience and create lasting impact, one policy at a time.
