Sravani Vakkalagadad,Co-Founder, Paisa Nurture

According to market reports, the financial health check services market in India is going to experience a CAGR of 13- 15 percent over the next five years. Exponential growth in a diverse range of investment products in terms of insurance, mutual funds, stock market investments, and others has given a boost to the advisory sector. Innovation of technology has also played a vital role in organizing this sector where the usage of AI is being carried out for customer profiling and providing suggestions on the best insurance options.

However, there are a few challenges faced by consumers while availing an insurance or any other financial product from a provider. It can be observed that there is not much awareness among the agent or the consumer which can drive a healthy portfolio formation and deciding on the correct investment options. To eliminate this issue, Pasia Nurture believes in providing complete awareness to the consumer about their financial standings and accordingly suggests suitable investment options based on their specific requirements.

The company observed that it is only due to a lack of awareness that consumers are failing to understand the correct options which is often leading to incorrect investment decisions. This scenario mostly occurs as the business is carried out through agents. Many a time they do not have the correct knowledge or information about products which affects the consumer portfolio. “We want to create a value-based ecosystem that takes care of client’s individual needs.

People coming from diverse financial backgrounds have different future plans, which means that investment options also require customization. Through our financial health check services, we not only try to sell a product but a complete solution that secures their future”, mentioned Sravani Vakkalagadda, Co-founder, Pasia Nurture.

Standing Out

Paisa Nurture believes in creating an investment plan for clients that automatically takes care of the tax benefits. Across the investing population, the major aspect of worry is regarding the tax benefits that can be availed from investing in financial products. Tax exemption in India is calculated on the amount of capital the individual has spent on insurance products. In this regard, it is worth mentioning that there is no proper clarity in the industry for this kind of information which leads to misinformation in consumers.

“We create an investment plan for our clients that automatically takes care of their tax benefits. Most importantly, if they are dealing with us, tax benefits are the least of their worries. They can secure their investments and their future without having to think about the Income Tax Department”, said Sravani.

The usage of advanced technology is another aspect that Paisa Nurture takes pride in. Financial products are being sold to consumers across the country mostly through agents and these are the people who are to take care of the regular investment needs once a product has been sold. This system has created major confusion among the consumer population which has led to delayed payments and other processing discrepancies. Here, the company has been able to stand out as one of the founding members has served the IT industry for 24 years and is aware of everything associated with it.

Domain knowledge has provided the company with the required expertise to create an in-house CRM system that automates the processing of all kinds of financial products that are being sold through the platform. “We make more use of technology and less use of manpower for processing our projects. Our in-house CRM sends out the required information to consumers at regular time intervals, which enables consumers to make timely payments and avoid any other issues in terms of communication,”highlights Sravani.

Expansion Plans

Since its inception in 2019, Paisa Nurture has gained considerable recognition in the market because of domain knowledge and technology expertise. The vision to create a value-based investment ecosystem has added to the growth of the company and also added value to the financial health check services sector as a whole. The company wants to expand its service portfolio and provide further financial architecture services in the segments of retirement planning, tax planning, financial risk management, investment management, and others. It has all the required IRDAI, AMFI, and FPSB certifications for providing these services.

Until now, the company has been able to grow only through referrals and required no marketing to expand its business. It plans to continue with the hard work and grow organically. “We plan on increasing our financial architecture services for working women in the coming years. We see a lot of demand being generated in the market in this aspect. We would also like to increase our customer base globally and cater to the demands generated in other countries,” concludes+ Sravani.