Would you choose a high-paying or lower-paying job with better health benefits? Surveys show that about 88% of respondents would choose the latter, especially those with families. Analyzing these findings, the CEO of Aman, Steve Tannason, commented, “Managing employee health benefits is tedious work. The companies we’ve spoken with have said they spend about two to three days every month to sort through and keep track of insurance benefits.”
Recognizing these challenges, Aman aims to simplify the process of managing employee benefits and make it easier for HR and employees. Thus, the company has built a powerful employee benefits platform. With modern technology, Aman helps companies set up and manage their employee benefits, simplify the administration process, and deliver a world-class experience. Thereby enabling companies to cut costs while providing better benefits so they can competitively recruit, engage, and retain top talent.
Understanding the Aman platform
Aman’s platform has two sides to it. The first is the one used by the employers and HR, where they can design benefit strategies and other aspects such as employee enrollment, claim management, and more. With Aman, the entire process is streamlined into one easily manageable system and reduces administration errors. The second side is the mobile app for the employees. They can quickly check their coverage, submit claims, and chat with Aman’s team to better understand their benefits through the app.
“We simplify the process from end to end. First, we help connect the employer with the right plan. Then we help HR manage the benefits so they can focus on more important tasks like analyzing and understanding how they can improve the benefits for the next renewal cycle. Then we help the employees understand their benefits and, most importantly, submit claims,” explained Steven. With how they help employers compare and select the best plan for their team, Aman also caters to insurance service providers. As a result, Aman helps insurance companies digitize their business, grow sales, retain customers, and streamline operations.
With a powerful combination of features, Aman helps companies save up to 20% on health insurance costs. But this is only the beginning. The company recently launched a new line of products for medical check-ups, mental health counseling, and virtual outpatient. As the company continues to grow, it remains committed to being a one-stop hub for managing employee benefits seamlessly.
Aman’s origin story
The idea for Aman was planted when Steven noticed how complicated the HR process concerning insurance is despite technological advancements. Keeping track of insurance involves manual paper-based processes prone to human error. Submitting a claim was even worse, with how obscure and impossible to track it can be. Despite technology improving many aspects of our lives, this was one area that still had room for improvement. Thus, the idea for Aman was born.
Founded amidst the COVID-19 pandemic, they had to adjust to the new norm alongside the hurdles of starting a business. According to Steven, a big challenge they faced was how all aspects of business, from B2B meetings to marketing, had to be shifted online. “It was a bit of a challenge, but it was also an opportunity to be more creative and find new methods to prospect and follow up with clients, especially regarding marketing. For example, webinars were highly sought after during lockdowns. So during this time, we held quite a few pretty successful webinars,” said Steven.
Since its inception in 2020, the company has steadily grown and has a client base of 50+ companies. With how it unravels the complexity of benefits management Aman’s platform is helpful for companies of all sizes. This flexibility can be seen in the variety of their customers, ranging from small organizations with 10-15 employees to large organizations with a few thousand employees. They’ve also been successful in achieving funding for their operations. Recently, Aman raised USD 1.2 million in a pre-seed funding round co-led by Trihill Capital and Global Founders Capital, with participation from 1982 Ventures, Alto Partners, and Atlas Global Kapital.
The growth of insurtech
HR is no longer about keeping track of employee performance or tracking leaves. Instead, HR is now about using available resources to provide and care for company employees. Following the pandemic, individuals have become more cautious, leading many employees to prioritize the health benefits offered by their employers. This phenomenon has driven companies to strengthen such offerings to employees, which in turn is resulting in the rapid growth of the health insurance sector.
“Employees are now more aware of the importance of health benefits. Few new companies are moving to provide employees with better compensation to hire and retain top talent. So insurance is becoming the central part of job offers. We saw that insurance is a growing space and wanted to use our product to make it simpler for companies to manage the benefits,” said Steven.
As employers prioritize insurance, it presents a fast-growing opportunity for insuretech providers – particularly in markets like Indonesia. According to the Global Innovation Index 2021, Indonesia is within the top 100 countries regarding innovation. Looking at the previous generation of fintech, insurtech, and others, Steven predicts that the insurtech landscape in Indonesia will follow the same pattern seen in other emerging markets and become heavily verticalized. This verticalization will help provide a world-class end-to-end experience for customers.
The future of Aman
Recognizing the trends merging insurance and technology, Aman is poised to capitalize on them. It is currently investing its efforts towards growing its team with talented individuals and improving its product. In doing so, the company aims to provide a more comprehensive experience for organizations and their employees. Looking toward the future, Steven shared that they have plans to expand into other avenues for Aman to become the one-stop solution for employee benefits.