Employee wellness platform Nova Benefits aims to cover 10 mn lives by 2025

Nova Benefits, which specialises in corporate health insurance, has said it aims to cover 10 million lives in India by 2025. Focused on helping companies with employees' health, Nova aims to improve health insurance by fostering well-being in the workplace. It works with over 250 companies and covers employers with teams as compact as 10 employees.

 

Nova Benefits began operations in 2020, addressing the need of employers to find the right health insurance vendor at the right price. The company offers a tech-based platform to help companies find the most ideal employee wellness packages including health insurance, wellbeing sessions, doctor consultations, mental health counselling and fitness subscriptions. The firm is backed by investors such as Bessemer Venture Partners, SIG and AngelList Early-Stage Quant Fund.

 

The company has revealed the target at a time when the pandemic has outlined various healthcare necessities including those at the workplace and highlighted the need for well-being environments.

 

“The aim to cover 10 million lives by 2025 is tantamount to our mission of building healthier and happier workplaces,” said Saransh Garg, CEO and co-founder of Nova Benefits. “A comprehensive health cover coupled with empathetic policies benefits not only employees but companies too in the long run.”

 

In line with the global need for quality health and wellness initiatives in the workplace, Nova Benefits works with SMBs, mid-market and enterprise companies by partnering with multiple distribution partners and recruiting platforms, to provide seamless and high-quality employee benefits. The company has grown to on-board 200 companies including leading names like Relevel, AngelList and Razorpay. Further, to better the employee health insurance claims processes, Nova Benefits is constantly working on strategies that will ease bottlenecks in the insurance space; the 24x7 helpline is a step in the same direction.

 

Along with offering a superior claims experience, Nova Benefit provides companies with tools and a self-serve employee portal to ensure smooth HR workflow. Additionally, employees get access to bespoke wellness webinars, community sessions hosted by industry experts and special delight packages for maternity and child care. OPD or Out Patient Department cover is a new feature offered as part of health insurance policies by Nova Benefits.

 

As of now, over 250 companies have been insured with Nova Benefits, with over 100,000 members covered, and 3000 claims processed. Some of the other companies that have insured with Nova include Snapdeal, Pharmeasy, Mygate, CoinDCX, Chumbak, HomeLane, and Zenoti.