Whenever you are stuck with a flat tyre or you might test the limits of the “E” on your fuel gauge and run out of petrol, the first thing you can do is to make a call to a roadside assistance company that can help you get back on the road with such unexpected problems. Entrepreneurs Today in conversation with Sonendra Verma, Founder, AegisCovenant shared how AegisCovenant is providing ONE STOP SOLUTION that caters to all that you need for your vehicle.
- Give a brief introduction of yourself and the company.
I’m Sonendra Verma, Founder & CEO of AegisCovenant, driven by grit and ambition. From a chakki operator to earning an MBA from KSOU, Mysore, I founded AegisCovenant. With diverse experience in auto insurance and bike design, I lead with kindness and empathy. Our mission: empowering marginalized communities through innovative financial solutions. My mantra, “If you think you can, you can. If you think you can’t, you’re right,” guides our culture of possibility, driving financial inclusivity and resilience in our industry.
We are a B2B2C company facilitating transactions between customers and dealerships for two-wheelers across India. While currently focused on two-wheelers, we are expanding to include private cars, commercial vehicles, and Miscellaneous D. Our services also encompass Roadside Assistance benefits alongside insurance. Additionally, we are soon launching a BPO to enhance customer retention efforts.
- What inspired you to start your business, and how did you get started?
The inspiration behind launching AegisCovenant stemmed from a pivotal moment during the COVID-19 pandemic. I was working for a company that had to implement salary cuts, eventually leading to my job loss. However, I refrained from sharing this with my family to prevent any additional financial strain on them. With a substantial background in the insurance industry and a long-held aspiration to venture into entrepreneurship, I seized the opportunity to start my own company.
Three years ago, I took a leap of faith and established AegisCovenant. Beginning from a small cabin in a co-working space, I initiated comprehensive industry research. As the groundwork progressed, I recruited our initial two team members, setting the foundation for our growth. From those humble beginnings, our company has burgeoned into a team of over 80 employees, establishing a strong presence across India and catering to a clientele of over a million customers.
- What makes your business unique, and how do you differentiate yourself from competitors?
Our brand distinguishes itself in the RSA & Insurance industry through a customer-centric ethos, innovative solutions, robust industry expertise, financial stability, and unwavering commitment to transparency and integrity. We prioritize our customers’ needs, crafting bespoke solutions and ensuring exceptional experiences. Leveraging state-of-the-art technology and data analytics, we offer cutting-edge integrated insurance products.
Our dedicated team guarantees adept guidance and swift claims handling, underlining our commitment to transparency, financial stability, and personalized support throughout. These qualities set us apart, providing unmatched value and peace of mind to our clientele.
Choose us over competitors for compelling reasons: we deliver unparalleled customer experiences with personalized, proactive support. Our solutions cater precisely to individual and business needs, backed by strong industry expertise and tailored recommendations. Our innovative approach keeps us ahead in managing emerging risks, supported by our financial reliability. Trust and transparency define our brand, fostering robust relationships with our audience. Overall, we offer an unparalleled blend of exceptional customer service, customized solutions, industry expertise, innovation, financial stability, and trustworthiness.
- What challenges have you faced while building your business, and how did you overcome them?
Building a business is a journey filled with challenges. One significant hurdle was the initial struggle for financial resources. To overcome this, I embraced a lean approach, carefully managing expenses. It was very difficult for us being a bootstrapped company. Another challenge was navigating market uncertainties, which required continuous adaptation and staying ahead of industry trends. Additionally, fostering a skilled and motivated team proved essential. Through transparent communication and a strong company culture, we were able to overcome these challenges and achieve sustainable growth.
- How do you measure the success of your business, and what are some of your major achievements till now?
The success of our business is measured through a combination of key performance indicators (KPIs) and the impact we create. Financial metrics, customer satisfaction, and employee engagement are pivotal indicators. Major achievements include consistent revenue growth, expansion into new markets, and industry recognition. Moreover, our commitment to sustainability and community impact stands out as a significant accomplishment. Ultimately, success is not just about numbers; it’s about the positive influence we exert on the world around us.
- What are your future plans and goals for your business?
Within 3 to 5 years, our brand will have undergone significant evolution, positioning itself as a pioneer and trailblazer within the industry. Our range of products and services will expand substantially, finely attuned to meet the ever-evolving needs of our customers. A robust digital presence will characterize our brand, offering user-friendly online platforms and personalized communication channels for enhanced accessibility and convenience.
Our commitment to personalization and customization will undergo further refinement, ensuring that our coverage aligns perfectly with the unique requirements of each individual. Notably, our brand will be renowned for its industry leadership, marked by the cultivation of enduring and meaningful relationships with our customers while actively spearheading positive changes within the industry.
Additionally, our brand will extend its influence beyond business realms to make meaningful contributions to social impact initiatives, solidifying our identity as a responsible corporate citizen. This multifaceted evolution will collectively shape our brand into a trusted leader, placing an unwavering focus on the customer, perpetually innovating, and consistently delivering exceptional value within the insurance landscape.
- How do you manage risk in your business, and what steps do you take to mitigate it?
Managing risk is integral to our business strategy. We conduct thorough risk assessments, identifying potential challenges and uncertainties. Diversification is a key element, spreading risks across different areas of the business. Additionally, we invest in robust insurance coverage to mitigate unforeseen events for ourselves. Proactive monitoring of market trends and staying agile in our approach enables us to adapt swiftly to changing circumstances. Regular reviews of risk management policies, coupled with open communication within the team, contribute to a comprehensive and effective risk mitigation strategy.
- How do you stay up-to-date with industry trends and advancements, and how do you apply them to your business?
Staying at the forefront of industry trends is crucial for our business. I prioritize continuous learning through industry publications, attending conferences, and actively participating in professional networks. Leveraging technology, I subscribe to relevant newsletters and utilize curated content platforms. Integrating these insights into our business strategy involves regular team discussions, training programs, and fostering a culture that values innovation. This approach ensures that we not only stay informed but also proactively apply the latest advancements to enhance our products/services and maintain a competitive edge in the market.
- Message for budding entrepreneurs?
Embrace challenges as opportunities and failures as lessons. Persistence and adaptability are your greatest allies on this journey. Surround yourself with a supportive network, seek mentorship, and never underestimate the power of continuous learning. Stay true to your vision but be flexible in your approach. Success is often a result of resilience, passion, and the willingness to learn from every experience. Remember, every setback is a setup for a comeback. Keep pushing boundaries, and believe in the unique value you bring to the world. Your journey is just as important as your destination. Best of luck!