How often does a customer patronise an insurance company, specifically because of its over-the-top service? Chances are it may not be many times.

Sajan Jacob, a veteran with 15 years of experience in the industry, knows this only too well.

The entrepreneurial bug bit him, and it made immense business sense to quit service and explore options.

The result: acquisition of space in the Kerala Startup Mission incubator here and launch of Steve Technologies, a fin-tech start-up. The product: i-app, a complete insurance Android app free for download.

“As an individual, I would like to keep track of my finances and remain updated on insurance and investments as they play a vital role in my life,” Jacob explained his case to BusinessLine.

“In this era when technology redefines lives, we wish to use the app to rephrase the adage ‘insurance is never bought but sold’ as ‘insurance is bought, sold and serviced by i-app.”

Another mission is to prove that ‘insurance pays’ since i-app helps customise one’s portfolio and keep track of investments at any given point in time.

The app has generated good response in the few weeks since the soft launch. It has been downloaded 1,000-plus times and enjoys a 4.9 rating. Steve Technologies plans to roll out an iOS version soon.

It is keen on support from angels/VCs that match its expectations in terms of reliability and credibility.

It has only scratched the surface of the digital insurance industry; its best is yet to come, Jacob says.

i-app is not just an insurance planning tool but features servicing forms, insurance and financial calculators, daily NAV updates, latest industry news, a customised insurance portfolio and IRDAI updates.

The killer feature, according to Jacob, is the Insurance Pal, a personal insurance advisor which helps exclusively manage the user’s entire portfolio assuring maximum benefits.

Insurance companies make profits primarily when a policy lapses, he pointed out. Given the current complex and challenging demands, they also tend to overlook the need for continued service to policyholders.

It is here that the i-app hopes to intervene effectively. It allows the customer to have better control of insurance which could be diversified across different companies and types.

“My expertise and exposure working with the industry, both at the national and international levels, have been a key factor in the design and development of the app,” Jacob says.

“I have tried to do it from a customer’s perspective. I hope the app makes companies realise the need to interact and provide better services to their customers.”