Today we’d like to introduce you to Kumar Patel.
Hi Kumar, thanks for joining us today. We’d love for you to start by introducing yourself.
My journey started in 2003 as an Indian immigrant who moved to the United States of America in search of the American dream. Moving from a third-world country to a first-world nation was challenging. Those challenges have shaped me into who I am today—learning not to take no for an answer and having to do extra to compete while being focused on the ultimate goal. Omnidya is a result of those lessons and challenges.
We all face challenges, but looking back would you describe it as a relatively smooth road?
There is no such thing as a smooth road. Everything in the insurance industry is a struggle. You are trying to move as quickly as possible with limited resources as a startup; along the way, it gets challenging to execute a critical partnership with a legacy company that tends to move slower than turtles or create your proprietary IP without a standardized blueprint. You encounter more “noes” in the early days and start questioning if your vision can ever become a reality. Turning those noes into yeses takes tremendous effort as you’re working with limited resources again. It’s frustrating, but it’s an essential step to building a winning culture – people around you need to see you thrive in tough times and create something unique even though it all started with a “no”.
Appreciate you sharing that. What should we know about Omnidya?
Omnidya is a B2C auto insurtech company that uses proprietary data and industry-first vision tech to analyze risk. Through gamification and data transparency, we’ve created a proper pay-how-you-drive model for the next generation of drivers. We have created a platform that provides rates based on your driving, not your occupation, not your race, or your credit score. Using modern technology, we automated various business operational processes (one being – not having insurance agents), which cuts our overhead and provides a better experience for your customers. This allows us to be more profitable and pass on those savings to our customers.
We’d love to hear about what you think about risk-taking.
We are in the risk-taking business and see risk as an opportunity. Betting on myself along with our executive and starting an insurtech company in a sector with slim margins, a high barrier of entry, and believing in the power of technology to create a more efficient operation. Every single element from the previous sentence carries a massive risk. As a founder, you must acknowledge the risk, analyze it, and find a creative way to mitigate it, but you can’t let it stop you from achieving the end goal.
Contact Info:
- Website: https://omnidya.com/
- Instagram: https://www.instagram.com/omnidya.insurance/
- Facebook: https://www.facebook.com/Omnidya/
- Twitter: https://twitter.com/omnidya
