Alright! Continuing with our series of blogs where we cover the AMAs we hold over on our Slack channel. In case you missed it we regularly host Product Managers and talk about everything #product.
We are excited to have hosted Rahul Mathur, Founder & CEO, BimaPe as our guest. He shared his Learnings from Building in Public, How to build great products for India, Mistakes to avoid as a first-time founder, InsureTech, His journey with BhimPe and His entrepreneurial life. He loves sharing his journey as he progresses as a first time founder on his Twitter and LinkedIn account.
Here are some key takeaways:
I think you'll see a lot more work being done on the underwriting side of the business
Navi, Acko and Digit are good examples. Navi is also buying a life insurance license.
A key problem (including what BimaPe wants to address) is that the policies are really complicated - to curtail the price of the product.
Companies like Acko and Navi are very heavy on technology which saves them on operating cost - they can pass on that saving by creating simpler products (wider coverage means higher cost to them which is offset by their better margins).
Focus in India is on Awareness, whereas Focus in West is on "better" products (wearable linked health insurance & telematics based motor insurance)
Oh man - I start work at 7:30 AM - take a break at 1:00 PM; back on at 3:00 PM until ~9ish PM
The Top 3 challenges are:
I do treat the founding team as Co-Founders; so make them part of my problems - not just the solutions
Fairly transparent with the ~5 folks who were there pre-company; I farm for dissent amongst them by sharing ideas & responses to investor questions on Notion - they have full visibility over the process!
Currently at ~5,400 members in 105 days (0 CAC - product led growth); team of ~11 and # of claims still very low < 100 since we've only just started.
Yup - the bounce rate for sign-up is very low - we don't ask for their card number :)
Very low in T2 and T3 - mostly it is migrant workers working in T1 who account for the T2 and T3 CC population (due to Aadhaar registrations)
I think of what Gmail did with "beta". The tag was on for quite a while - we'll likely remain in beta for the next ~3 to 5 months because a lot of our backend infrastructure is not geared towards high volume web traffic.
Biggest 0 to 1 challenge is running run micro-experiments especially when we are pre-product.
Pivots - we've as yet remained obstinate with the vision but flexible with the details!
If you compare the Product Vision in Figma to the actual product - the latter is far more fleshed out with details.
Will let you know if we pivot - so far, the product vision does see market pull
We have done 2 rounds - closing a 3rd one soon - I don't like to discuss funding since it attracts the wrong attention in the early days!
Regarding fundraising -
The Biggest insurance pain points are:
I like to use the PHD criterion for an early stage company -
We use a 3 step process -
Very good point regarding Signal : Noise ratio
We do look for past or personal project work -
We have an emphasis on documentation
You might need to ask the guys themselves
We use Stack Ranking practice:
I use the cross functional team (shared by Marty Cagan in his book "Inspired") approach together with written memos
The latter will require you, to chase people sometimes (as the PM) but it is worth the effort.
BIP (Building in Public) doesn't take as long as you would think - each LinkedIn post doesn't take more than ~ 10 minutes to write!
Effectively, if you are reflecting on your progress building a company - you have enough ideas/topics to populate a "content calendar" (I don't maintain one!)
I use Nir Eyal's timeboxing technique (from his book "Indistractable")
Want to join the next conversation? We’ll be having another Product Chat soon, get your invite to our Slack community to get all the details. See you inside.
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