An Interview With Kumar Patel, CEO and Founder of Omnidya AI
On the Best Advice He’s Received and How Hip Hop Keeps it Going
What is Omnidya? We leverage artificial intelligence to provide consumers with the best deals on home insurance…in under 60 seconds. Pretty awesome, right?
We’re launching to the public soon. So get to know our CEO and Founder, Kumar Patel.
How did you come up with the idea for Omnidya?
KP: The rough idea came to me when I bought my new car and had to shop around for the best insurance. I wanted something that was rated high in terms of customer satisfaction — but also wanted to pay the bare minimum.
The process took up an entire weekend before I decided to pull the trigger with Geico. This got me thinking about how much time I’m spending in other areas as well.
Travel planning is another thing where everyone I know spends countless hours before making a purchase. Thinking about that led me to wonder, “What if a there was a bot version of me to take care of me?” Specifically, in terms of the service industry where prices vary based on an individual’s background and demographic.
What differentiates Omnidya from companies currently making waves in insurtech such as Hippo and Lemonade?
KP: Hippo and Lemonade provide their own insurance, whereas we’re in the business of helping consumers compare products with other products in the marketplace.
With that said - we don’t mean cheaper is always better. Everyone has different needs based on their assets and liabilities, basic coverage needs, and the protection they want. There’s certainly a piece of mind that comes with having a great policy and knowing you paid fair market value for it.
What were you up to before Omnidya?
KP: I started swing trading and day trading at the age of 18 to pay for my college bills. This exposed me to many different ways that each business functions. As a result, I got involved in business and growth strategy, business analytics, change management, and more while helping enterprises grow.
As President of KNVP Ventures, I diversified the company with equities in several commercial properties, tech start-ups, and stock holdings in publicly traded enterprises. Prior to that, I was Chief Strategic Officer at CJT Communications.
Editor’s note: Kumar also holds a Juris Doctorate (JD) from California Southern Law School and received his BA in Political Science from UC Riverside.
What music is on your work playlist?
KP: It is almost always hip hop. Hustling every moment to get to the next level. There are few phrases that get me going as much as:
“Started from the bottom now we here”
“Blessings on blessings on blessings”
“One man can change the world”
“Still here”
There are more…
Who are your role models?
KP: I have a few, and they vary depending on subject matter:
Warren Buffett — Financial literacy.
Elon Musk — Work habit and pushing through despite naysayers.
The late Paul Allen & Bill Gates — Humble while having it all.
Satya Nadella — As an immigrant, I can relate to some of the hardships while never giving up on family.
Any books you’re currently reading?
KP: Bad Blood. It’s about everything that happened with Elizabeth Holmes and Theranos.
The best advice you’ve been given as an entrepreneur?
KP: Make sacrifices and give up on the short term so that you can enjoy the fruits down the road. Create a winning culture — which starts with proving to the people around you that you are willing to get your own hands dirty with them.
Any advice for aspiring entrepreneurs?
KP: Learn time management and basic accounting. Those two skills will help you overcome a lot of issues. Time management is really important for entrepreneurs when they’re juggling 10 different things at the same time. It’s hard to keep track of it all.
About accounting — every entrepreneur should know exactly where every penny from their bank account is going. In addition to leading to better financial management, this will help you control your burn rate.
What’s next for Omnidya?
KP: We’re securing our late seed funding and preparing to go into the marketplace. Then, the Omnidya platform will be available to the masses.
