What do we stand for?
It’s important to be clear about what Purple Ant stands for and why? First, I have been asked a few times about our name. For those wondering how we got it, there are not one or two but three stories behind it:
1. Moment of Inspiration – In my 22+ years of corporate life, I have had the privilege of working with many leaders. However, none are as inspirational or dynamic as Vineet Nayar, the CEO of HCL Tech. He narrated a story--available as video on youtube-- that describes how two ants are discussing their lives and the realization that they need to be independent as a butterfly rather than be fast or slow, rich or poor. That was a moment of inspiration for me to collaborate with my co-founder – Manoj, about how we need to take the plunge now and not wait a second longer.
2. Admirable Qualities – While ‘Ant’ in our name is reminder of the story above, it's also very interesting to know and understand the qualities of an ant. They do the impossible--lifting weight that’s 3 times their body--, are organized, believe in teamwork, are frugal, and most importantly, get the job done. We at Purple Ant thrive by these 5 qualities.
3. Finally, on a personal note, it’s derived from my wife (Purnima), daughter (Dimple) and son (Sidhant) first names.
So why are we so passionate about IoT and home insurance?
Its because I truly believe that IoT can move the needle and change the perception of insurance for a homeowner. Today, most homeowners either do not care or have not had a great experience with their insurance companies. That’s simply because this is a product that is rarely used and when its used (as in for addressing a claim) both insurance company and homeowner are at a lose-lose situation at the end. Homeowner is unhappy as they had to pay a deductible, lost their time and now have a ‘claim’ against them. Insurance company has had to pay the claim which usually amounts to $10K for water damage which impacts them financially. What if we could avoid the claim or reduce the extent of the damage ? We believe that this single outcome - shared alignment of avoiding a claim is the biggest reason for Purple Ant to help move the needle for both insurers and homeowners.