Nova Benefits, an employee wellness platform centred on corporate health insurance, today announced that it aims to cover 10 million lives in India by 2025. Focused on helping companies prioritize health and well-being, Nova aims to take action towards health insurance by fostering a well-being focused approach in the workplace. With the mission to provide affordable healthcare solutions for companies of all sizes, Nova currently 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 pandemic has outlined various healthcare necessities including those at the workplace and highlighted the need for well-being environments. Speaking on the company’s aim, Saransh Garg, CEO & co-founder of Nova Benefits says, “The aim to cover 10 million lives by 2025 is tantamount to our mission of building healthier and happier workplaces. 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, 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 24×7 helpline is a step in the same direction.
Saransh further adds, “Establishing a culture that encourages health and wellness among employees begins with the simple need of having a good Group Health Insurance Policy. We go one step further with an easy claims process, wellness packages and other fitness, wellbeing subscriptions. With our aim to cover as many lives as possible, we look forward to redefining employee wellness in Indian workplaces!”
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.
In September 2021, Nova Benefits raised $10 million in its Series A funding round backed by Bessemer Venture Partners and SIG. Nova Benefits also became the first investment of AngelList Early-Stage Quant Fund in India. The fund counts AngelList founder Naval Ravikant as a Limited Partner (LP). As of now, 250+ companies have been insured with Nova Benefits, with 100,000+ members covered, and 3000+ claims processed. Some of the companies that have insured with Nova include Snapdeal, Pharmeasy, Mygate, CoinDCX, Chumbak, HomeLane, and Zenoti, among others.