Most Trusted Insurance Broking Companies Of India-2022

VOL 04

ISSUE 05

2022

NOVEL TRENDS

EMERGING TRENDS IN

INSURANCE BROKING IN INDIA

INDUSTRY SAGACITY

HOW INSURANCE

INDUSTRY IS COPING

IN THE NEW NORMAL

Editor’s Note

INSURANCE

BROKERS,

YOUR ONLY

TRUSTED

ADVISORS

n India as well as globally, insurance is amongst one of

Ithe fastest-growing industries. Primary insurance

products and services like Life, Health, Travel, etc.

have continuous upward growth and their recent industry

figures show their immense potential in the market.

The Indian Insurance industry saw a surged gross premium

earning in recent years, especially during and post the

pandemic. However, according to IRDA, the insurance

penetration across the country is a meagre 3.7% of the gross

domestic product (GDP) of the economy.

In India, the product distribution of insurance occurs

through various direct and intermediary channels.

Intermediary channels consist of agents, bancassurance,

brokers, retailers, and many more. Amongst these, all the

other channels except Insurance Broking represent the

insurance company or the insurance.

Abhishek Joshi

Deputy Editor

abhishek.joshi@insightssuccess.com

That means the only channel which represents the consumer

or customer is the insurance broker. They provide expert

guidance to the customer on the most suitable insurance

policies. In return, the insurance company whose policy is

chosen by the customer on the advice of the insurance

broker pays them brokerage. This channel is fast evolving

to meet the customers’ risk and protection cover

management requirements comprehensively.

As an insurance broker acts on behalf of a client by buying,

soliciting, and negotiating for compensation becoming an

intermediary. However, on behalf of the insurer, brokers

cannot bind coverage to the customer. Simply, unlike other

intermediaries, an insurance broker only works for the

customer’s benefit.

Insurance companies also know that insurance broking

companies have the expertise and experience in guiding

their clients to go for the better policies that give the best

rates and protection coverage.

To make you more aware of these ‘Most Trusted Insurance

Broking Companies of India -2022’, this exclusive edition

of Insights Success’ has brought their incredible stories for

you. Also included for your reference are two trendy

articles crafted by our in-house editorial team.

Read on, chose wisely and get protected precisely!

Insurance brokers can aid individual clients to get better

rates on insurance policies instead of them buying insurance

policies directly from the insurance company.

08

C o v e r S t o r y

8Elite General

Insurance

Brokers Pvt Ltd

Revolutionizing the Insurance Niche

P r o f i l e s

16

18

26

Alankit Insurance Brokers Ltd

Insurance Protection with

the Guaranteed Peace of Mind

Alert Insurance Brokers

Private Limited

Honesty is Our Best Policy

Anand Rathi Insurance Brokers Ltd

An Indigenous Exemplar in BFSI

P r o f i l e s

30

38

42

Bharat Re-Insurance

Brokers Private Limited

India’s Enterprise Risk Managers

Capvirgo Insurance

Broking & Services Pvt Ltd

Transparent Future Advisors

Instapolicy

Committed to the Principles Of Service,

Integrity And Professionalism

C

O

N

T

E

22

NOVEL TRENDS

EMERGING TRENDS IN

INSURANCE BROKING IN INDIA

A r t i c l e s

34

INDUSTRY SAGACITY

HOW INSURANCE

INDUSTRY IS COPING

IN THE NEW NORMAL

N

T

Editor-in-Chief Pooja M. Bansal

Deputy Editor Abhishek Joshi

Managing Editor Gaurav PR Wankhade

sales@insightssuccess.com

APRIL, 2022

Art and Design Head Sandeep Tikode

Associate Designer Rashmi Singh

Co-designer Revati Badkas

Sr. Vice President Megha Mishra

Sr. Sales Manager Tejaswini Whaval

Business Development Lead Neha Bhilare

Sr. Business Development Executive Pooja Patil

Technical Head Prachi Mokashi

Technical Specialist Amar Sawant

Digital Marketing Manager Renuka Kulkarni

SME-SMO Executive Nikita Khadalkar

Circulation Manager Tanaji

Corporate Offices:

Insights Success Media and Technology Pvt. Ltd.

Off. No. 22 and 510, Rainbow Plaza, Shivar Chowk,

Pimple Saudagar, Pune, Maharashtra 411017

Phone - India: +91 7410079881/ 82/ 83/ 84/ 85

Email: info@insightssuccess.in

For Subscription: www.insightssuccess.in

Insights Success Media Tech LLC

555 Metro Place North, Suite 100,

Dublin, OH 43017, United States

Phone - (614)-602-1754

Email: info@insightssuccess.com

For Subscription: www.insightssuccess.com

Cover Price : RS. 200/-

Follow us on : www.facebook.com/insightssuccess/ https://twitter.com/insightssuccess

We are also available on

Copyright © 2021 Insights Success Media and Technology Pvt. Ltd., All rights reserved. The content and images used in this magazine should not be reproduced or

transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from Insights Success Media and Technology Pvt. Ltd.

Reprint rights remain solely with Insights Success. Printed and Published by Insights Success Media and Technology Pvt. Ltd.

RNI NUMBER: MAHENG/2018/75953

Company Name

Alankit Insurance

Brokers Ltd

Management

Ashok Kumar Jain,

Director

Brief

Alankit Insurance Brokers Limited (AIBL) is one of the pioneer

Insurance Broking Houses offering wide range of insurance

products according to the specific needs of the clients.

Alert Insurance

Brokers Pvt Ltd

Akkshay M Nahar,

Managing Director and

Principal Officer

Alert Insurance Brokers Private Limited is the one-stop insurance

shop for all and every insurance seeker and claimer.

Anand Rathi

Insurance Brokers Ltd

Rajesh Sharrma,

CEO and

Principal Officer

ARIBL is one of the leading Insurance Brokers in India with a

focus on large corporate clients.

Bharat Re-Insurance

Brokers Private Limited

Capvirgo Insurance

Broking and Services

Pvt Ltd

EliteGeneral Insurance

Brokers Pvt. Ltd

Instapolicy Insurance

Broking Pvt Ltd

Rajiv Mathur,

Managing Director

Sanjay Nene,

Co-founder,

Director and

Principal Officer

Aditya Bhabhda,

Founder Director

and Principal Officer

Nitin Pandey,

Chairman and

Managing Director

Bharat Re-Insurance Brokers are a pioneer in insurance

consulting and claims management in India.

Capvirgo offers services in the three core areas of Life Insurance,

General Insurance and Health insurance respectively.and Health

insurance respectively.

EliteGeneral Insurance Brokers is one of the Leading Organizations in

central India in the Insurance sector.

Established in 2007, Instapolicy is an insurance Broking firm that

provides you the technology to do what would have taken you hours

in just a few minutes.

www.policyo ndia.com

ELITEGENERAL INSURANCE BROKERS PVT LTD

Revolutionizing the Insurance Niche

C o v e r S t o r y

Elite deals in all

the general

insurance

Products and

served clients

with a dedicated

team of experts

Aditya Bhabhda,

Founder Director

and Principal Officer

Mohd. Javed Kachchhi,

Founder and

Managing Director

Most Trusted Insurance Broking Companies Of India-2022

The needs of India's new-age consumers have

changed drastically over the last few years. Health

insurance was once predominantly perceived as a

necessary solution only for senior citizens and people

inching closer to retirement. But today, the consumer

includes more millennials.

As increased people understand the value of insurance,

companies need to start building customer-centric products.

Complicated policies are the primary reason people are

reluctant to buy insurance.

Customers rarely have complex needs. They just want to

opt from a broad selection of policies that provide clear,

transparent information, and smooth hassle-free interactions.

To fulfil the customer's ever-increasing demand, Elite

General Insurance Brokers Private Ltd has a team of

experts with decades of experience from the insurance

sector who access and analyze needs and advise accordingly.

Elite general Insurance Brokers Pvt Ltd is a leading

Broker's house in India with more than two thousand

POSP's (Point of Sale) partners in central and growing

100% growth year on year.

Elite is serving a large number of renowned clients both

from the retail and the corporate sector and has seen its

services benefiting its clients and protecting them in times

of need.

Elite General Insurance Broker's Pvt. Ltd. has embarked on

broad-based development of its business with a wide range

of services and vast product portfolio.

Amongst various honors and awards, EliteGeneral

Insurance Brokers Pvt Ltd has been awarded as the most

trusted partner - the CEO CLUB AWARD by the top

general insurance companies viz. TATA AIG, HDFC EGRO

& ICICI LOMBARD year on year.

Enabling Innovations

Technology: Policy Issuance with state-of-the-art mobile

app and web portal with zero typing policy issuance,

through which Elite's associate can issue the policy within

two minutes from anywhere and anytime.

Technology reduces cost, enhances productivity, and

comfortably motivates you to execute business transactions.

We are in the digital era, and the insurance market is taking

it very aggressively

Training: Continuous training to POSPs and team dedicate

one window service teams, resolute teams for working in

different geographical location.

Elite has an esteemed work culture with a 20% seasoned

staff with more than 15 years and extremely low attrition;

Elite believes in women empowerment, women can achieve

marvelous things in their lives, so as the elite success comes

from Nari Shakti, Elite is happy with 80% Female team.

Elite also organizes National and International contests for

reward and recognition to POSPs and teams.

Elite deals in all the General Insurance Products and serves

its clients with a resolute team of experts in assorted

products.

Motor Insurance

• Standard Fire and Special Perils Policy

• Cyber Security Insurance Policy

• Workmen Compensation/E. S. I

• Machinery Break Down (Electrical/Mechanical)

• Erection All Risk

• Contractor All Risk

• Money Insurance

• Transit Insurance

• Burglary Insurance

• Fidelity Guarantee

• Personal Accident

• Overseas Mediclaim Insurance

• House Holder Insurance

• Shopkeeper Insurance

• Electronic Equipment Policy

• Advance Loss and Profit Insurance

• Jewelry Block Insurance

• Public Liability Insurance

• Boiler Explosion

• Cash In Transit/Safe

• All Risk Insurance

• Contractor Plant and Machinery

A Dynamic Leadership

Mohd Javed Kachchhi: Founder and Managing Director

Many people hailing from small towns creates better

opportunities not only for themselves but also for thousands

of others and one such name is Mohd Javed Kachchhi.

The only thing that he had by him when he started out was

–talent and resilience.

Entrepreneurship in heart and giving attitude to society

were sown in Mr Javed Kachchhi during his formative

years by great familial upbringing and focused academic

nurturing.

This initial grooming has certainly reinforced his subliminal

energy to take risks. He went on for Masters in Business

Administration from Nagpur.

The company that started in 2002 with just one man, today

employs around 50 people and has a turnover of more than

50 crores.

His success story spanning over 20 years saw various

challenges, the most recent being Covid-19 but as earlier,

he along with his team through various initiatives not only

successfully overcame this but also ensured year on year

growth during this pandemic.

He strongly believes that training and development helps

companies increase job satisfaction and morale, improve

productivity, and earn more profits.

He went on to build a successful insurance business and

came to be known for his commitment, dedication,

futuristic vision, and entrepreneurial skills.

For his entrepreneurial spirit in later years, He now aspires

to hone it further with dedicated conditioning through the

Insurtech platform and take the Insurance to the next

generation to take Insurance to the masses with the selfemployed

help team in every corner of India.

Elite is probably the first broker house to have an app of

their own which again was the brainchild and vision of

Mohd Javed Kachchhi.

He believes that making the professionals will inculcate

business skills and increase the leadership capabilities of

young individuals of Elite General Insurance Brokers Pvt

ltd top leadership in their organizations.

With a hope to make it big in lives of people, he has a target

of training minimum 3000 persons by end of 2023.

Aditya Bhabhda: Founder Director and Principal Officer

Entrepreneurial nous is imminent in all, but only privileged

people can reach the pinnacle of success with subject to

strategic nurturing of skills vis-à-vis prevailing conditions.

Driven by the aspiration to eventually build his own

flourishing business, Aditya Bhabhda intends to calibrate

his capabilities optimally with an MCOM specializing in

marketing from G.S. College of Commerce and Economics.

Also, he is a certified Associate Member of the Insurance

Institute of India and aspiring Post Graduation Program in

digital marketing from a premium institute, i.e., Indian

Institute of Management Nagpur.

Spending more than 15 years in the corporate world has

undoubtedly helped to shape his perceptions. He has

understood the need for taking strategic decisions in life

from time to time. He was aware of the business

environment that is constantly changing, and marketing

would play an essential role for the industry, and the

upcoming future would seek and rely on Digital Era to

enter the Insurtech venture.

He wants to bring the same unyielding dedication to every

business associate and professional partner in his

educational standards. Intellect and well-nurtured

comprehensive work experience demonstrate this to every

Insurance professional. Aditya Bhabhda is dedicated to

customer satisfaction, strategic implementation, and taking

best-in-class Insurance to every person in need.

He focuses on educating people as insurance professionals

and encourages them to make this business their first-choice

career.

Expressing about the inspiration behind venturing into the

field of insurance broking, team Elite shared, "We ventured

to penetrate the insurance in Indian society through more

and more of individuals POS (Point of Sale) and to bring

more of new self-employed professional into the industry.”

Setbacks: A Part and Parcel towards success

Initial challenges were to overcome the manual transaction,

and it was challenging to deal with various insurance

companies in manual format. Thanks to digitalization, most

of the work is executed in digital mode, and it is now

convenient to transact with multiple companies in multiple

products.

General Insurance is a technical, financial subject wherein

the professionals must deal with all types of Industries or

trade occupancy, so they need to have an excellent market

understanding.

The current challenge is to get the non-insurance

background people into the industry with training and

understand the market potential/depth in multiple lines of

business in general Insurance, which requires an

astonishing amount of investment to scale the company to a

newer height.

Sharing a word on the USPs of Elite, making it stand out

as a trusted insurance broking company, team Elite

expressed,

"We are into the era of service industry tso as to service is

our USP to our customers, Associates, and all stakeholders,

excellent service, assured growth, smooth technology

platform support is our USP on which we are taking our

business forward. Making them understand the need for risk

investment.”

Elite has

embarked on

broad-based

development of its

business with a

wide range of

services and vast

product portfolio

And how important is it to invest as per their risks?

“We offer insurance risk management solutions which will

give our customers a future," added team Elite.

Surmounting the Adversities of the Pandemic

COVID-19 has increased awareness of insurance need for

and importance of life. Insurance was always important, but

during an uncertain pandemic, we learned that insurance

products play a significant and vital role when the situation

is uncertain.

People started taking showing interest in insurance and

started investing so that their families and close ones could

get benefits in future Insurance has become a need of the

hour. Earlier, some salesmen used to come to do the

documentation. These days it is hardly a steps process to

secure your investment. As the process is digitalized, no

one can misuse the documents concerning privacy.

People are now more aware of insurance product and their

usage.

Indian markets have understood the requirement of

insurance professionals and prudent advice, digital

documents and policies are accepted by people in extensive

and digital communication make business more productive.

Elite implemented crucial steps in its business; as a result,

taking it to the next level by launching

www.policyofindia.com and mobile app with integration of

the best five insurance companies, which helped its team

and associates to grow business by issuing real-time

policies online. Elite compares and analyses which

procedures would be best for an individual. Elite provides

its customers' total support to invest their money and

services.

This could be an essential part of the whole journey, and

Elite made it a point as "When people have the time, they

analyse and understand the other risk involved in their life

and business."

Expressing views on this scenario, team Elite said,

"We have stood behind all our customers, associates, and

employees in this tough time and provided them with the

best of industry solutions. We are extremely fortunate to

have the best industry team who supported us in providing

solutions in this difficult time. With this support and efforts,

we have experienced massive growth in the pandemic

period.”

Pearls of Wisdom

Sharing a word to the wise, team Elite shared, "Hard work

and dedication and budling trust with the customers is a

sole mantra for every business, In Broking Industry, 24/7

alertness and passion for standing behind the customer

takes you to any level.”

"Insurance broking business requires long-term

commitment and devotion for a successful insurance

broking company," added team Elite.

Embracing the Future Roadmap

Sharing opinions on the future roadmap, team Elite

expressed, "We are very much optimistic for 100 crore

business by FY 2022-23 and 250 Crore business by 2025.

We are very much aggressive for business based on our

solid foundation, which we have already built."

Subscribe Today

Stay in touch.

Subscribe to Insightssuccess Get Insightssuccess

Magazine in print, and digital on www.insightssuccess.in

www.insightssuccess.in

Cheque should be drawn in favour of : INSIGHTS SUCCESS MEDIA AND TECH PVT. LTD.

CORPORATE OFFICE

Insights Success Media and Technology Pvt. Ltd.

Off No. 22 and 510, Rainbow Plaza, Shivar Chowk,

Pimple Saudagar, Pune, Maharashtra 411017.

Phone - India: 020- 7410079881/ 82/ 83/ 84/ 85

USA: 302-319-9947

Email: info@insightssuccess.in

For Subscription : www.insightssuccess.in

Most Trusted Insurance Broking Companies- 2022

Alankit


Insurance Protection with the Guaranteed Peace of Mind

o you think that buying an insurance policy is a

Dpiece of cake? Then think again. The first step to

make a smart decision is to understand the value of

Insurance and why you need it. It may sound obvious, but

it's very important to understand the purpose of buying a

policy and then accordingly you move to the next step.

If you want to save money and get the best policy for you,

you need to go through all the options available relevant to

your particular needs. Also, you must make comparison

with product features along with specific benefits and then

opt for the best suitable option available for you!

However, you might be thinking of calling any insurance

agent or one who is saying that they are all in one brokering

agent, investment planner, and everything. Then again,

beware, people are running elaborate scams to steal from

you your hard earned money. So, you must think again.

You see how difficult it is to buy the right insurance policy

for your requisite need. Till now you might be thinking that

you must lose your peace of mind and good night's sleep

over this troubling question. Then again, please, don't.

Alankit Insurance Brokers Ltd, or AIBL a group

company of Alankit Limited, a global federation of

thirteen companies, is your perfect Insurance Protector with

the guaranteed peace of mind. And you might be wondering

how and why?

A Total Risk Solution Provider

AIBL is one of the pioneer Insurance Broking Houses

offering wide range of insurance products according to the

specific needs of the clients. Established in the year 2003

and licensed by Insurance Regulatory and Development

Authority (IRDA), AIBL has been able to mark its presence

as a leading broking house in the sector. Be it advising on

the right insurance product or identifying and managing the

risks involved, AIBL makes sure the investments are done

wisely as per the interests of its clients.

Currently, AIBL is spearheaded by Ashok Kumar Jain, as

the recently appointed (March 2021) Director, who had

been earlier handling the role of Assistant Manager. AIBL

offers all the major Life and Non-Life Insurance products of

all the leading Insurance Companies that AIBL has

empanelled itself with, covering almost the entire spectrum

of risks that an individual, a small local business or a major

corporate or multinational may face.

Ashok shares, "We help you compare various insurance

plans and narrow down on your choice of the policy that

best suits your needs." As a total risk solutions provider,

AIBL provides easy, hassle-free and transparent risk

management services in both life and non-life categories.

A Team of Protectors

Ashok adds, "Our role, in short, includes various activities

right from risk profiling to handling claims for the

customers.”

AIBL has got a dynamic team of professionals with

expertise and relevant industry experience in handling the

insurance needs of medium and large enterprises, as well as

individuals. The team is committed to provide the highest

level of service giving priority to client's needs.

Get the Best Policy

Ashok ensures, "We understand that every individual and

each situation is unique, so we work directly with you to

custom design solutions which meet your specific needs.

Our experience allows us to go beyond the traditional

packages and offer truly innovative alternatives.”

16 | April 2022 | www.insightssuccess.in

Our experience allows us

to go beyond the

traditional packages and

offer truly innovative

alternatives.

Health Insurance:

"We need health insurance to take care of future medical

expenditures. Medical requirements change with time as we

age and as our families grow," states Ashok. Medical

insurance takes care of emergency situations or even

planned treatments that cost a lot. One can retain their

family's well-being with affordable health insurance plans

advised by AIBL.

Life Insurance:

Life insurance offers death benefits to your dependants. If

you have Life Insurance and something happens to you

during that term, your family will have sufficient funds to

take care of your liabilities and remain self-sustaining for

long enough.

Term Insurance is the most basic form of insurance, the

most inexpensive of all life insurances and offers maximum

death benefits. It can be taken for a fixed duration generally

up to 30 years or up to the maximum age specified by the

insuring company. Term policy provides coverage till the

time you maintain the insurance and ceases if you outlive

the term.

While buying a term plan, it is most important to check the

credibility of the insuring company.

Accidental Insurance:

Despite all the possible precautions, accidents may occur

anytime sometimes even resulting in death of the person.

Personal Accident Insurance cover gives protection and

financial help against such unforeseen events. You may save

your medical expenses and get covered against accidental

death, serious injury or any disability.

Personal accident insurance is the way to safeguard your

financial interests in advance in the stressful situation of an

accident causing any serious injury and also, the cover is

extended to one's family as well in case of a fatal accident.

attack! But when they happen, they bring along financial

and emotional implications for you.

Travel insurance covers these losses. It does not guaranty a

safe trip but is a safeguard against the unexpected losses

due to mishaps and emergencies. Though travel insurance is

generally optional, it gives a sense of security away from

home. Nowadays, certain countries have even made it

mandatory for the visitors to have travel insurance.

Whether it is for leisure or business, frequent or occasional,

buying Travel Insurance is as important as any other

planning done for the trip, especially if you are travelling

abroad.

Motor Insurance:

Auto insurance policy covers loss of vehicle, damage to

automobile, damage which your vehicle causes, and

protection against liability if you will be sued after an

accident. The premium amount is based on the make and

value of the car, car registration state and manufacturing

year.

We Take Care of Your All Insurance Needs

AIBL's online portal is the answer to all of your insurance

need. Buying insurance online through AIBL's portal will

not only save your time, but also eliminates the time wasted

due to paperwork errors.

With AIBL, you can buy a policy of your choice with a

click of the mouse, no hassles involved. The assistance

from the well trained team will help you to make the

process even faster and quicker. With the simple product

specifications and comparisons, you will not go clueless

about your decision!

Finally, Ashok concludes, "Get in touch with us for the

following:

Ÿ Best Customized Insurance Deal Online

Ÿ 24 x 7 Support through wide PAN India Network

Ÿ Convenient Payment Options

Ÿ Advice from experienced and trained professionals

Ÿ Advanced Technical Assistance

You ask for the Affordable Care You need. We Take

Care of the Rest! Get the required Insurance Protection

along with the desired peace of mind."

Travel Insurance:

It is certainly not pleasant to think about situations like

falling ill on a trip, losing your baggage, or facing a terrorist


Honesty is Our Best Policy


Most Trusted Insurance Broking Companies 2022

Alertness, while buying an insurance policy is the

most essential prerequisite. Yet, alertness is the

quality lacking in most innocent insurance policy

buyers and policyholders. What is the reason? Because at

the end of every insurance advertisement, the disclaimer is

read out so quickly, that the listener will not even recognize

it as something sensible, forget recognizing it in actual

words.

The disclaimer goes like this: 'Insurance is a subject matter

of solicitation. The information provided in this brochure

cannot substitute for the advice of a licensed professional.

The information and data provided in this brochure and on

our website are of a general nature and strictly for

informational purposes. The Insurance selling company

accepts no responsibility or liability for decisions taken by

the policy buyer in regard to the information provided by

us.'

And so on and so forth. The entire instruction manual or

brochure goes on into some pages, which naïve policy

seekers could not read or understand at this complex level.

It used to be a case earlier. However, today, Alert

Insurance Brokers Private Limited has emerged in this

regard as the one-stop insurance shop for all and every

insurance seeker and claimer.

And as the disclaimer itself suggest that the information

cannot replace the advice of a licensed professional like

Akkshay M Nahar, Managing Director and Principal

Officer of Alert Insurance Brokers, insurance seekers' or

claimants' interest is entirely safeguarded, when they

approach Alert Insurance or Akkshay.

Akkshay too reveals, "We strongly believe in "Honesty is

the best policy". We have all the requisite Infrastructure,

Technology, Knowledge, Experience and Passionate team

for all your Insurance and Reinsurance requirements.”

Akkshay is a Qualified Insurance Professional with 18

years of experience in the Insurance Industry. He is

constantly innovating Alert Insurances' product and service

offerings with his adept professionalism and astute

leadership since Alert Insurance Broking's inception one

and a half-decade earlier.

In an interview with Insights Success India for its exclusive

edition of 'Most Trusted Insurance Broking Companies

2022', Akkshay spoke about their mission of providing all

insurance services under one roof with complete honesty,

Honesty is in our

DNA because the

age-old philosophy

of honesty is the

best policy is Alert

Insurance Brokers'

motto.

integrity, and a customer-centric approach through Alert

Insurance Brokers Pvt Ltd.

Please describe Alert Insurance in detail.

Alert Insurance Brokers Private Limited got its Insurance

Broking Licence from the Insurance Regulator (IRDAI) on

10.09.2007. Policy99.com is an E-Commerce initiative of

Alert Insurance Brokers Private Limited. Last financial year

we sold 1.42 Lakh Insurance policies across India.

As I already stated, our Mission is to provide all kinds of

insurance services with total integrity – Honesty is in our

DNA. Similarly, our vision is to make the customer

experience world-class in all aspects of Insurance and

Reinsurance services.

We deal with every Insurance Company on behalf of our

client. We deal in all Insurance products. The premium we

offer to our clients is equal to or lesser compared to a

customer buying the policy directly from an Insurance

company.

We do not charge any amount from our customers for our

services. We also undertake Risk Inspection, Gap Analysis

Reports and Claim Consultancy. We are always 100%

compliant in all aspects.

What was your inspiration behind venturing into the

field of insurance broking?

We get immense pleasure when a claim is paid to our


clients on a cashless basis. There are so many innocent

policyholders who require proper guidance while buying an

Insurance policy and assistance during a claim.

We offer them all kinds of products and every kind of

service through our e-commerce platform policy99.com.

So, every day it is inspiring to know that we are helping

people bullied by some sharp but cunning salesmen under

the guise of insurance selling.

Since our inception to date, customer satisfaction has been

our strongest motivation.

What were the initial challenges after venturing into the

insurance broking niche and what are the challenges

now?

Fifteen years back we were a startup. Eventually, because of

our quality of products and services, honesty, and integrity,

customers began trusting us. They believed in us, and we

came true to their faith in us. We grew because of our

customers.

So, whatever our initial challenges like Manpower,

Training, Technology, etc., we got over them because of the

appreciation and love of our customers. Today we are the

best in Technology with an almost NIL attrition rate.

What are your USPs that make you stand out as a

trusted insurance broking company?

Our Mission is our biggest USP. When we say that we are

an insurance service provider with total integrity we mean

it. Honesty is in our DNA because the age-old philosophy

of honesty is the best policy is our motto. Over the past one

and a half-decade, Lakhs of customers have trusted in our

services and were completely satisfied.

Our customers realized that we are service-oriented and not

money minded. We also derive inspiration from others'

success. We are a team with a positive mental attitude. We

have the best relationship with all insurance companies,

Surveyors, TPA, etc.

From a business perspective, what is your opinion on

the impact of the COVID-19 pandemic on insurance

broking?

We were fully prepared because of our website and App.

Policy99.com. Since our establishment, we had always been

a tech-oriented insurance broking firm. The insurance

broker represents the insurance buyer, and not the insurance

company (insurance seller), though the remuneration of an

insurance broker is paid and borne by the insurance

companies.

There is no additional cost to the insurance buyer for

placing business through an insurance broker. In such

scenarios, it is imperative for an Insurance broking firm to

always look after its customers and think ahead in the long

term.

That is why we already digitalized ourselves and launched

our e-portal and mobile app, which has been an immense

help to all of our customers throughout the pandemic.

What efforts were taken by Alert Insurance Brokers

during the pandemic to sustain your operations?

Each and every employee gave their best services even

during lockdowns through their laptop, WhatsApp and calls

to our clients especially in handling Health claims.

Our website Policy99.com helped our customers with

online renewals claim makings, and other informative

sessions all through their challenging times.

As an established industry leader, what would be your

advice to the budding entrepreneurs and enthusiasts

aspiring to venture into the insurance broking industry?

India has huge untapped potential when it comes to the

insurance broking sector. If you give your one hundred

percent, and quality service to the client you are going to

win.

I am reiterating myself, that if your honesty, integrity, and

compassion are reflected in your products, services,

organizational values, and brand name, then customers will

trust you in the long run. It is the only way to grow and

prosper in this business. Those looking for short term gains

should go for other things instead of insurance broking.

How do you envision further strengthening of Alert

Insurance Brokers' stronghold in 2022 and beyond?

We have recently upgraded our licence from Direct to

Composite Insurance Broker which means that we can also

do Reinsurance Broking business.

IRDAI approved our licence on 3rd Feb 2022. We are now

travelling extensively and meeting the Insurance companies

and Reinsurance companies all across the country so that

we can expand our reach and scope.


Novel Trends

Emerging

Trends

in Insurance

Broking

ne of the fastest-growing sectors in India and

Oacross the globe is the insurance industry. There

are insurance products like Life, Health, Motor,

and more. With these products, industry figures speak

volumes of the immense opportunities in the market.

in India

In recent years, the Indian insurance sector saw a surge in

the gross premium earned. Still, the penetration of insurance

in India is only 3.7% of the gross domestic product,

which indicates the need to address the challenges and

promote growth.

Adopting emerging trends in the industry is one of the ways

to increase the penetration of insurance.

Accepting the Digital landscape with Cloud Technology

Various sectors across the world are observing some

unexpected changes due to Covid-19. But Reliance on

technology and digital products is one of the trends that

remains common in all industries.

Machine Learning (ML), Artificial Intelligence (AI), the

Internet of Things (IoT), and Intelligent Automation (IA)

are the new-age technologies and emerging trends that will

pave the way to the future of insurance broking.



The use of Automations helps in minimizing manual work,

simplifying document collection, speeding up underwriting,

and streamlining communication. Clients, brokers, and

insurers can get extensive data and insights to design

holistic risk management tools and systems by using the

Internet of Things (IoT).

So, in this way, it boosts customer information repository

and enables them to offer timely, pertinent coverage based

on individual needs. Embracing cloud technology and

software as a service (SaaS) will assist in engaging with the

client online for all processes- from making the first contact

to selling renewals.

Connecting Insurance Products to Customer Needs

Over the last few years, the needs of India’s new-age

consumers have changed drastically.

Earlier, Health insurance was predominantly perceived as a

necessary solution only for senior citizens and people

inching closer to retirement, but today, the consumer

includes more millennials.

Companies need to start building customer-centric products

as more and more people understand the value of insurance.

Due to complex policies, people are reluctant to buy

insurance. They just want to be able to choose from a good

selection of policies that provide clear, transparent

information along with smooth, hassle-free interactions.

and renewals will support in assessing individual

performance and identifying glitches in the current process.

Building an Omni Channel Strategy for Customers

One of the business strategies, Omnichannel is not just

about providing multiple platforms for the customer to

interact with; it also includes maintaining regular and

personalized interaction with the end consumer across

various channels.

Brokers need to proactively communicate during the

information phase to put customers first every step of the

way. They should focus on personalizing interactions with

customers on diverse channels during the purchase phase

and create a blend between personal contact and digital

tools to elevate support and claims.

By using various channels- email, phone, SMS, WhatsApp,

and more, brokers need to provide consumers with

personalized services.

Concentrating on Risk Management and Compliance

Insurers need to pay attention to issues such as customer

and data protection and privacy as they are focusing on

leveraging technology. They need to concentrate on the

company’s code of conduct, risk culture, and customer

outcomes. This action will put an emphasis on customer

protection, including product design and transparency as

well as distribution.

As brokers interact with consumers directly, they can assist

insurers with data and intelligence to customize their

products for the target consumer group. They can also assist

customers to compare policies from several insurers (like

online brokerage platforms) to make the best decision. So,

they can bridge the gap between insurers and consumers in

this way.

Redescribing the Role of Insurance Brokers

2022 is the year of digital transformation. There is a need to

redefine the roles of advisors as the insurance industry

embraces technology across all distribution channels.

The way people sell and buy insurance has changed due to

technology. Now, there are more personalized products

focused on the needs of the customer. Therefore, in order to

increase sales efficiency, insurance brokers should leverage

the technology. So, in this way, their role can be redefined.

To train the insurance brokers regarding the product

offerings, Insurance companies should work with them

closely. Companies, by providing clear success metrics,

roles, and responsibilities to every broker, can keep them at

the top of the game. With the automated insights into

individual broker statistics – premium collected, new leads,

The usage of Digital sales models is resulting in new and

more complex concerns over financial crime and buyer

verification. The rising use of big data demands that privacy

and data protection requirements be addressed for an evergrowing

body of information.

Those insurers who solve these challenges and move

quickly to establish best practices in their organizations will

reap the rewards of customer trust.

In a Nutshell

The Indian insurance industry has a high potential for

significant growth. By taking proper actions, it can grow.

So, it is essential that Insurance companies spread

awareness amongst customers, create policies that are easy

to understand and make processes like renewal and claims

smooth and consistent.

As the future is customer-centric, only those insurers will

drive growth who understand customers’ current and

evolving risks and modify their products accordingly.

-Pooja Jaipal


Anand Rathi


An Indigenous Exemplar in BFSI

,,

At ARIBL, customer-centricity

is at the core of what we

do, backed up by service

excellence, and providing

end-to-end solutions

,,

Rajesh Sharrma,

Founder and CEO


n expert insurance broking firm thoroughly

Aunderstands its client’s business and risk

management philosophy. It mitigates the risk by

highlighting astute market knowledge and providing

accurate insights about the best financial services, including

insurance covers.

It also aids customers throughout the servicing to the

claiming stage. Thus, the perfect insurance broking

company not only intermediates, solicit and negotiates on

behalf of its client, but it fights for its customers’ rights.

Anand Rathi Insurance Brokers Ltd (ARIBL) has been

doing it since its inception in 2003. It is a part of the Anand

Rathi Group, a leading financial services company with a

pan-India presence.

ARIBL is one of India's major indigenous insurance brokers

focusing on large corporate clients, especially in the BFSI

space. In the recently concluded World BFSI Congress,

ARIBL received the following awards:

• Specialist Broker of the Year

• Broker Service New Category – Sarathi

• Commercial Recruiter of the Year

Rajesh Sharrma, CEO and Principal Officer of ARIBL,

states, “We have a strong team of insurance professionals

working across the country, including major metros in

India.

We provide customized insurance advisory across all

services and industrial sectors like Manufacturing,

Infrastructure and Banking on the entire gamut of

insurance products.

Our products include the standard property and

engineering insurances, bundled products such as banker’s

blanket bonds, crime insurance, error and omission covers,

marine covers, employee benefit plans, liability policies

such as directors and officers liability, product liability,

commercial general liability, etc.”

A Leader to reckon with

Recently, Rajesh also won the ‘CEO of the Year by Global

HR Excellence’ award. He has over 25 years of rich

experience. He worked with Mahindra Group for 20+ years,

of which 17+ years were at Mahindra Insurance Brokers

Ltd (MIBL). In 2003, he moved as a part of the founding

team to MIBL, where he worked for 17 years before joining

ARIBL.

During his long career, Rajesh was heading all the verticals,

including corporate sales, retail, and reinsurance. His last

assignment was as the Principal Officer of the firm, looking

after the P&L of the company.

After the opening of the insurance sector, the IRDAI issued

regulations for insurance brokers in the year 2002, thus also

paving the way for direct insurance brokers to enter the

market.

Rajesh adds, “We felt that the insurance sector presented a

great opportunity in a dynamic growth environment.”

The broking sector, especially the direct side, threw up

interesting challenges like risk management and highquality

intermediation were at a nascent stage in those

years. In those years, the insurance sector primarily

operated in a straight-jacketed environment with offerings

only from the PSUs.

However, the entry of direct brokers and the private sector

insurers presented opportunities to reach out to customers

with better insurance solutions and service excellence.

Exciting Challenges

Before 2003, insurance companies directly dealt with

corporate clients and their offerings were limited to

standardized terms and coverages.

Rajesh states, “When we entered into the insurance broking

business, we realized that insurance awareness was low

and market penetration was around 0.56% in non-Life and

about 2% overall.

The retail sector, especially for life insurance and health

insurance, appeared attractive, and we expanded our

network in this direction.

However, after a couple of years, we re-examined our

strategy, entered more aggressively into corporate sales,

and gradually developed niche expertise and dominance in

offering bespoke insurance solutions in the BFSI space.”

For example, some of the improved insurance policies in

the liability and employee benefits segment have been

adapted across multiple organizations.

However, like any other business environment, new

challenges keep emerging. In the current scenario, an

extremely competitive environment, dynamic technology

landscape and managing client expectations in a highly

price-sensitive market continue to provide exciting

challenges.


Excelling the Benchmarks

According to Rajesh, there are many USPs that make

ARIBL stand out as a trusted insurance broking company.

These USPs are, “At ARIBL, customer-centricity is at the

core of what we do, backed up by service excellence and

end-to-end solutions.

We have a 50+ strong claims team with rich domain

experience in claims management.

We systematically engage with our clients throughout the

year as per pre-agreed programs, which, inter alia, include

regular knowledge exchange, webinars, and bulletins to

keep our clients updated.

We also provide flexible technology solutions through our

portal and apps developed by our in-house development

team.”

Subjugating the Pandemic

Generally speaking, the pandemic years were somewhat

tough to acquire new clients, whereas renewals were

managed more easily. However, Rajesh says, “We at Anand

Rathi Insurance Brokers Ltd. (ARIBL) acquired significant

new clients with our innovative sales and marketing

approach and proactive offerings.

We created more virtual touchpoints through webinars and

proactively reached out to them to help them manage their

business through the pandemic without any interruptions.”

At ARIBL, the multiple challenges posed by the Covid-19

crisis were effectively managed by taking the following

steps:

• Effective communication: Customer and employee

engagement were really ARIBLs top priority.

Consistent and effective communication and interaction

have been vital in strengthening the company and its

culture. Regular online group meetings with its clients

and webinars were held.

For employees, training sessions, Conferences and

Townhall were organised on a monthly basis to encourage

transparency and a bottom-up communication strategy.

• Mental and physical well-being: Rajesh adds, “We

went the extra mile for our clients and employees

during these testing times and assisted in hospital

admissions, supply of critical equipment and

procurement of drugs, etc.”

Lockdown showed that social distancing and isolation made

employees more sedentary and dependent on digital

devices.

Thus, Rajesh states, “We introduced workshops that helped

employees deal with stressful situations.”

• Performance efficiency: Established a cross-functional

team to coordinate the activities of different business

units and monitor and provide necessary information to

the leadership. Developed an effective management

decision-making process under various scenarios

analysed the priority of ARIBL’s projects to focus the

team’s efforts on the most essential and critical tasks

and allow more flexibility with low-priority tasks.

• Digital adaptation: The COVID-19 crisis has

accelerated the digitisation of customer interaction by

several years. It was also the time to reset, pivot and

think big to transform ARIBLs business operations to

match new digital expectations.

Rajesh adds, “Customer experience and support, regulatory

compliance, process management and quality control are a

few aspects where we have built firm foundations on the

digital front.”

• Safety culture: shared perceptions of the importance

of safety and confidence in the efficacy of preventive

measures effectively created a safe work environment.

It demanded that employees strictly follow safety

standards to not only ensure their own safety but that of

others as well.

A Leader to reckon with

As an established industry leader, Rajesh’s advice to the

budding entrepreneurs and enthusiasts aspiring to venture

into the insurance broking industry is well thought out, “As

insurance brokers, we are the representatives of our

customers and always have their best interests.”

This industry is ever-growing, and one must be on their toes

with the latest news and trends in the business to stay ahead

of their competition.

Ideally, one must have a strong understanding of how

insurance products work to find the policies that best suit

their clients’ needs at a reasonable price.

Syncre-Tech Chariot of Future Synergy

Regarding his envisioning ARIBLs future stronghold,

Rajesh says, “Broadly speaking, we envision further

strengthening our organization by holding our sway in the

BFSI sector by offering innovative insurance products and

services and expanding our presence in the infrastructure

and manufacturing sectors.

As business paradigms shift, we have consciously adopted a

synergistic and syncretic approach within the organization

to improve the performance of our different verticals.”

This has helped ARIBL to achieve a better outcome of the

interdependent initiatives.

Rajesh adds, “To leverage the growing awareness and need

for life and health insurance, we launched a complete

seamless, paperless, assisted point of sale (PoS) business

model and branded it as Sarathi.”

API integration of the portal with ten insurance companies

for 16 products was completed in six months (the shortest

possible time) for personal lines of insurance products. This

portal is live and has already touched thousands of lives in a

short period.

Rajesh terms ARIBLs tech-adoptions efforts as innovative.

He says, “We have implemented robotic process automation

(RPA) and optical character recognition (OCR) for key

operational processes resulting in better efficiency, speed

and accuracy.”

Finally, Rajesh concludes faithfully, “We strongly believe in

our 250+ strong and growing team of young achievers, who

drive the agenda of our customer-centric philosophy

enshrined in our motto – persistent investment in acquiring

expertise, regular skill development of members and

acquisition of the latest and modern tools required for

“forging forward fearlessly” as our logo suggests.”

So, one must have a strong relationship with the Insurance

Company for seamless claim settlement. A well-networked

entrepreneur can go a long way in the insurance broking

business.



Private Limited

India's Enterprise Risk Managers

ow would you react, when after a damage you are

Htold that the insurance policy will not pay for the

loss since a particular cover which was available

for a few rupees of premium has not been taken? Or when

you realise, unfortunately after an accident, that the policy

document does not reflect your business requirements,

leaving you uninsured!

Or, when the insurance company offers a fraction of the

amount claimed as settlement, when you thought that you

are insured under an 'All Risk' policy? Or when the assets,

more susceptible to damage are the ones which the

insurance company says 'are not insured'?

Or when the warranties and conditions conspire to take

away a critical cover which had been taken with great care

and consideration? Or when a so-called seamless cover

reveals invisible cracks through which a catastrophic loss

situation slips through?

You would be angry, frustrated, enraged, helpless, and

dejected. However, Rajiv Mathur, the Managing Director

of Bharat Re-Insurance Brokers Private Limited

requests you not to panic, "As your Risk Manager, we will

do what it takes to keep you well insured – Across your

Property, Liability, and Financial Risks and protecting your

Human Capital.”

As one of India's leading enterprise risk management

companies, Bharat RE has been supporting clients and

global partners through expertise of its professional team

and world class claims management which has resulted in

servicing more than 2500+ corporates, for over two

decades.

At present, Bharat RE has 300 employees, successfully

assisted in over 1500 claim reimbursements, and has a Pan-

India presence with over 20 offices. Rajiv Mathur has been

the Leading as an MD of Bharat RE since last twelve years,

before which he was General Manager of IOGA Insurance,

Mauritius for four years. Rajiv has received his Law degree

from DAV College, his Insurance Fellowship from

Insurance Institute of India and his Associate-ship from

Chatered Insurance Institute, UK.


Rajiv spoke more about his over a decade old journey in

Enterprise Risk Management along with Bharat RE, his

present and future plans, in an exclusive interview with

Insights Success for its edition 'Most Trusted Insurance

Broking Companies- 2022.’

Sir, please tell us about Enterprise Risk Management

and Bharat RE's role in it.

At Bharat RE, we always approach risk and risk

management from two perspectives.

Ÿ Presentation of your risks to the underwriters to ensure

that information on the process, layout, safety,

housekeeping and other parameters to ensure risk-based

rating. We have developed our in-house engineering

team to undertake this exercise for our clients.

Ÿ

Risk identification and management requires a different

set of skills for which we have associated with Asia

pacific Risk Management Services Ltd, who specialize

in Risk and consequence Analysis, GAP Analysis,

Hazop Studies, Safety Audit, Emergency Preparedness

and Disaster Management, Accident Investigation, Fire

Protection Systems, Business Continuity Plan, using

specialized and globally recognized software for

identifying, Maximum Loss, Compliance and validation

with Indian Safety Regulations, Models to assess all

major hazards and associated risks, Validating the

effectiveness of the Fire Protection systems.

Now for example, take Property. It looks simple, however,

it is certainly not. Deciding how much to insure for requires

an in-depth understanding of commercial aspects of a

business – be it methods of accounting, taxes, duties,

subsidies and its bearing on the values to be insured and

consequently the certainty of getting compensation in full in

the event of an accident. Another factor is risks to ensure

for, where it is far easy to miss the woods for the tree.

I mean, the coverage and exclusions in a policy you have

require to be analysed and reviewed by a practiced eye as in

many cases, what you think and you are protected against is

quite likely to be very different from what is said to be

covered when a claim arises.

As we all are aware of, the term and conditions in a

property contract may look simple and straight forward.

Think again – as they say, the devil is in the details and

more so in the terms and conditions of an insurance

contract. Major hassles slipping through minor gaps in the

terms and conditions are surprisingly common.

This is where Bharat RE plays a significant role by

matching risk to cover, by forming policy schedule suited to

your needs, advice based on real claims experience, and

blending commercial requirements seamlessly into

insurance protection.

Sir, will you please elaborate on Bharat RE's USPs, and

how it is leading in Business Risk Management.

Let me tell you the difference between survival and

insolvency. Protecting Physical Assets against accidental

damages is well understood by the commercial world. On

the other hand, the effect of major losses on the financials of

the company is grossly underestimated. In many loss

situations, the Business Interruption losses far exceed the

Material Damage losses.

In today's business environment focused on cost reductions

and optimum utilization of capacities, any significant loss

situation affects the finances of the company immediately

and with drastic consequences.

Most Corporates do not grasp the importance of a welldesigned

Business Interruption cover which could mean the

difference between growth and continuity to insolvency!!

We are leading in business risk management because, we

thoroughly evaluate business interruption risks, we design

our cover based on that thorough research, we provide

holistic claim supports, and we have expertise of handling

over hundreds of business interruption claims.


What kind of challenges you face when successfully

delivering value to your clients?

Nowhere is 'Buyer Beware!!' more applicable than in an

insurance contract, especially when insuring a Project as

each project is unique in its risk exposure and unless one is

equipped to handle the challenges posed by the dynamic

and expanding complexities of the risk, and respond to

these challenges with appropriate risk management and

insurance solutions.

We will help you to:

Ÿ Technically evaluate the risk factors and exposures to

organise a comprehensive risk transfer program for your

project.

Ÿ Appreciate the Commercial parameters and intricacies

of the project / contract and its interpretations to

describe and clarify its implications in the insurance

contract.

Ÿ Review and analyse the contract terms and conditions

to ensure that contractual indemnities and insurance

provisions are in sync.

Ÿ Ensure that the insurance program is comprehensive

and is adequately and correctly worded to ensure desired

risk transfer.

Ÿ Harmoniously integrate the various risks being insured

including transit, project, business interruption, credit

etc.

Sir, what are your areas of expertise?

Our areas of expertise include projects in Bulk Drugs,

Chemicals and Petrochemicals, Ports, Storage Terminals

and Aviation Infrastructure, Power Generation including

Renewable Energy, Process and Metallurgy including Steel

Plants, Cement Plants, etc., Mining and Mineral Processing

Facilities, Roads and Civil Constructions, Water

infrastructure including Pipe Rehabilitation, Water

Treatment Plants, Underground Drainage System, Sewage

Treatment, etc.

What kind of Liability Programmes or Policies you offer

to your clients?

Designing a full-proof Liability program or policy requires

in-depth knowledge of various aspects of the clients'

business and operations. In addition, legal expertise is

essential as interpretations of the policy documents in a

claims situation would become crucial.

Ÿ

Ÿ

Would a Product Liability or a Commercial General

Liability policy be more appropriate for you?

Are the Product Recall wordings customized to take

care of scenarios unique to your business?

Ÿ Appreciate the relevance of multiple conditions and

warranties and the requirement for complicatedly

worded add on covers.

Ÿ

Do the Directors and Officers Liability policy have all

the add-on covers which are necessary to provide cover

for your operations?

Ÿ Evaluate the advantages and shortcomings of an owner

controlled insurance program to a principal controlled

program.

Ÿ Are you able to identify for each sector unique IT /

Crime risk exposures and ensure most of them are

covered in a tailor-made cyber insurance policy?


Ÿ

Ÿ

Are you in a position to decide the extent of coverage

required for taking Public Liability insurance?

Does the insurance cover give adequate comfort while

defending any claim in the US or Europe?

Bharat RE has acquired this expertise over the years,

both in terms of policy design and claims management.

Our access to technical experts in various fields and inhouse

legal expertise helps us in providing holistic

insurance solutions in the Liability space.

Insurances we advise on include,

Ÿ

Ÿ

Ÿ

Ÿ

Ÿ

Ÿ

Ÿ

Ÿ

Commercial General Liability

Cyber

Crime

Professional Indemnity

Product Liability

Clinical Trial Liability

Public Offering of Securities

Directors and Officers Liability

What other kinds of services you offer?

The property, liability, and project insurances may be

mainstream which still does not mean that you can take the

other risks and policies lightly.

Ÿ

Ÿ

Transit risks may be routine – a large claim may still

leave you unprepared vis-à-vis your insurance cover

A Fidelity Guarantee for a Money policy which is not

properly worded, may leave your organisation exposed

provide necessary and critical cover and at the same time,

not is a losing proposition to the risk carrier, will become a

necessity.

We have consciously limited our focus to corporates who

are looking at Employee Benefits on a long term sustainable

model, rather than trying to get the maximum benefits at

unviable premium rates.

Bharat RE is handling customers who are looking at the

Employee Benefits program on a long term budgeting

method rather than as a risk transfer. We, at Bharat RE, are

clear that the Employee Benefits business can be effectively

managed only when it is looked at from the point of view of

the insurance company managing the program.

Sir, what are your future plans when it comes to Credit

Risk Management?

Many Commercial enterprises take credit insurance as a

matter of routine based on obligations imposed by the bank.

Are we aware that

Ÿ

Ÿ

Ÿ

Ÿ

Credit limits fixed without analysis of product mix will

lead to inadequate cover.

Ineffective monitoring of credit limits and information

requirements from the insurance company could result

in the claim being denied.

Improper usage of discretionary limits with a result that

we think we have insurance protection, but in actual

fact, we do not.

Wasteful premium outgo on badly designed policies.

Ÿ

An All Risk cover for your assets may not be an all risk

when your claim is reported

Ÿ

Inadvertent violations of policy conditions especially in

areas of rescheduling payments

Ÿ

An internationally adapted insurance coverage for

expensive paintings and works of art.

Managing Employee Health and Benefits program is slowly

evolving from a placement based structure to a servicebased

structure. Most programs have become

comprehensive in nature, which does not require many

skills in designing policy.

The focus is slowly shifting to analyzing the insurance

program and ensuring that the arrangement will sustain over

a period of time. Moving between insurance companies in a

competitive market will be short term and the need to

design a sustainable employee benefits program that will

Designing a credit insurance policy is not just about

providing details to the insurer, obtaining quotes, and filing

the policy. Choosing the correct policy based on the buyer

profile, fulfilling policy requirements and complying with

procedural processes is the difference between getting a

claim settled or getting a repudiation letter from the insurer.

We, at Bharat RE, assures unmatched expertise in

understanding credit risks of the enterprise, designing a

comprehensive credit insurance program, handling the

documentation/information process with respect to policy

requirements, and handling complicated claims.

In simple words, we offer end-to-end solutions, backed by

domain and industry experts. At Bharat RE, protecting your

business is our business.


How

Insurance

Coping in

Industry is

The New Normal


Industry Sagacity

Today, no industry is immune from the impacts of

the global COVID-19 pandemic.

The disaster of health has turned into the financial one. The

insurance sector is no exception to it. But still, given the

importance of this industry, there is a considerable public

interest in how insurers are maintaining both internal

business continuity and seamless customer service

throughout the crisis.

The insurers are doing their best to adapt to the new normal

by adjusting to the new changes.

Safety and Health First- Protecting Customers and

Employees

With the coronavirus outbreak, insurers are now focused on

protecting the health and safety of all employees, adjusters,

underwriters, and agents. One of the biggest challenges is

enabling alternative work arrangements for insurance


company employees, also protecting staff and adapting to

possible office access restrictions, all while assuring

business continuity.

process for the insurer. After issuing, the preloaded payment

cards allow the end-user to immediately use the funds to

purchase goods or services online.

Insurance companies have put in place policies that address

the need for remote working and social distancing. When it

comes to claims adjusters, who typically must be onsite to

make proper assessments, the use of masks, gloves and

other safety measures is considered prudent. These kinds of

safety measures not only serve to protect employees but

also safeguard customers.

Using Digital Connections for Customers

Many insurance companies are going digital as Customers

shopping for insurance are increasingly looking at digital

and mobile channels to interact with agencies and brokers

rather than meeting face-to-face. By using digital platforms,

examining insurance offerings, and interacting remotely

with customer service representatives is possible.

According to a recent survey, 80 per cent of customers are

interested in utilizing digital and remote channel options for

various insurance functions and transactions. Even before

the current pandemic concerns, consumers were looking to

have a broader range of options when it comes to

completing transactions.

Knowledgeable insurers not only accept online payment

using credit and debit cards but also mobile options and

other Instalment Payments for their convenience and

universal appeal, especially to digitally native customers.

Making Safer Claims and Refund Payments

A recent trend in the industry is that some car insurance

companies are issuing refunds or discounts on policy

premiums because of the reduced use of vehicles due to

stay-at-home mandates in many states.

Also, due to pandemics, claims have increased around

travel and event cancellations, business interruptions, and

supply chain policies. When it comes to

personal claim payments, the industry is considering

alternatives to issuing paper checks in order to reduce

customer risks associated with visiting banks to make a

deposit.

Delivering payment via a digital disbursement which is

loaded instantly onto a prepaid card, or disbursed directly

into a debit account, offers the recipient instant access to

funds they may need immediate access to. It also removes

the need for handling/cashing a paper check and presents a

more cost-efficient means of managing the disbursement

Getting Ready for Virtual Future

The recent disaster has accelerated the trend toward

automation and digitisation, both of which were previously

fuelled by changing demographics, customer expectations

and competitive pressures. The existing situation has

compelled many insurers to rely on virtual conferences and

meetings, and many now realize that telework works quite

well in most circumstances.

Therefore, it is anticipated that remote work may remain

the norm at many firms. It is also possible that virtual

interactions open up new opportunities for servicing,

selling, and building customer relationships.

Insurance industries are also anticipating that conversations

with customers supported by technology will lead to greater

efficiency, more informed decisions, and better outcomes

for buyers and sellers.

Assisting The Workforce in Adopt

Everyone has an idea that returning to the office won’t

mean returning to work as it was before. There is a

possibility that some jobs will change, as not all employees

will feel comfortable with the new, more digital ways of

working.

Insurance companies are also helping their existing

workforce adapt by providing relevant technology training

for their teams. They are providing training to the

employees involved in delivery, as well as those who

handle service and operations.

Looking For the Future of Insurance

As a result of COVID-19, the insurance industry is facing

enormous challenges. Therefore, it is time for them to

develop new business strategies, prioritize investments,

rethink what industry verticals and customer segments to

target and develop products, services, and pricing strategies

for prioritized segments. Doing this can help drive revenue.

By adopting the right strategy for customers, if the

roadmaps are directionally correct, the future of insurance

seems to be bright. Insurance Companies that invest now in

their abilities and improve the bond with their customers

have the potential to emerge from the crisis ahead of their

competitors.

-Pooja Jaipal



Capvirgo Insurance

Transparent Future Advisors

Broking & Services Pvt Ltd

Have you ever thought of controlling your future?

Probably you might have wished to make it better

than today?

Having an appropriate and safe mode of financial protection

is the first step in that direction. An assured cover to

safeguard you and your family from any untoward incidents

becomes a very crucial decision. Insurance is one of the

answers.

Insurance has grown far beyond the traditional agents who

used to be in relentless pursuit of selling some policy

highlighting the benefits to the prospects. People in general,

are pretty aware of the need and the importance of

insurance due to the rapid rise in financial literacy.

However, there exists widespread ignorance or myths about

insurance among the masses. This is where the role of

professional insurance brokers comes as a lifesaver.

There have been thousands of cases where the tragedy

struck people who have been left in deep sorrow just

because of the indecision of not taking the right insurance

of the right amount at the right time.

The insurance broking professionals systematically identify

the need based on the family structure and customize the

insurance solutions. The best part of their role is that they

do not sell any insurance directly, but instead offer a

balanced solution based on the risk, age of the proposer and

the income bracket. Capvirgo Insurance Broking &

Services Pvt. Ltd. has been doing precisely excellent in

this regard.

Insurance remains an essential realm for customers who

seek advice from the most informed and knowledgeable in

the field. To fill this need, Sanjay Nene, Co-founder,

Director and Principal Officer, began this IRDAI

approved direct brokerage firm in September 2019.

Sanjay says, "At Capvirgo, our processes are tailored to

prioritize on customers and in fulfilling their needs. We aim

to offer a user-friendly and transparent experience by using

the right mix of tradition and new technologies."

The product range and prices reflect the customers' needs,

and the team strives to offer a variety of the best and most

economically priced products.

Insurance for All

Capvirgo offers services in the three core areas of Life

Insurance, General Insurance and Health insurance

respectively.

In the division of life insurance, the company develops the

client requirement by beginning with the key objectives of

Ÿ Sole protection

Ÿ Protection and savings

Ÿ Protection with savings and investments

Ÿ Tax benefit advantage in the premiums paid and the

premiums received.

Insurance basically is offered in different types based on the

customer priorities, which are namely

Ÿ Term Insurance: The insurance company enters into a

contract with the insured person for offering the

individual financial cover or protection, in case of

sudden death or permanent deformity. This cover is

effective for the term of one year which needs to be

renewed yearly. It changes with the age and term of the

policy.

Ÿ

Ÿ

Traditional insurance policies: These policies are a

combination of endowment and risk cover. These are

regarded as safe small savings investment options.

Market-linked insurance policies (ULIP) Policies in this

category are linked with the stock markets where the

insurance company invests the collected amount in the

stocks. The customer should have good risk-taking

potential to invest in these options. These are generally

fixed for a duration of one to three years. The customer


At Capvirgo,

we want to

assist people

in protecting

themselves

against future

risks

gets the returns based on the Net Asset Value (NAV) of

the policy.

Defining the Purpose

Every individual whether employed, self-employed or a

businessman, has a risk of life risk of death, temporary or

permanent disability, considering the fact, the Capvirgo

team very dutifully proposes the prospects with the need for

having insurance.

Then the next aspect is identifying the actual value of

insurance that individual needs considering various risk

factors in day-to-day life.

After understanding the client's need, the team offers the

prospect of right combination of insurance helping him

achieve his objectives of protection with savings and

investments as well.


Vision

To be the broker of choice, delivering innovative solutions,

tailored to the needs of a range of customers

An Assuring Leadership

Sanjay Nene, Co-founder and Director, Principal Officer

Sanjay brings more than 30 years of experience to

Capvirgo, having worked at LIC, IRDAI and leading IT

service providers in the insurance ver cal. With a deep

understanding of technology, he is responsible for building

a state-of-the-art digital pla orm for Capvirgo's business

ac vi es and he serves as the Principal Officer for daily

opera ons.

A.S. Jayasimha

Having spent more than 28 years in the Life Insurance

industry, Jay is as experienced as they come. Jay holds 11

years at LIC and 17 years at HDFC Life to his name, where

he headed the agency channel na onwide to op mally serve

his clients' needs. Alongside other responsibili es, Jay

looks forward to developing a vibrant, knowledgeable and

passionate distribu on network for Capvirgo.

Vikram Mehta, Co-founder and Director

An alumnus of IIT Delhi and IIM-Calcu a, Vikram brings a

wealth of experience and knowledge from the Financial

Services industry. Having served in senior posi ons at

Ci bank, HDFC Life and MasterCard, Vikram is uniquely

posi oned to understand the nexus of finance and

insurance. His responsibili es include mentoring and

guiding Capvirgo in building op mal insurance solu ons

for its range of customers

Mission

Ÿ Capvirgo, wants to assist people in protecting

themselves against future risks

Ÿ Therefore, it goes above and beyond by investing in

increasing awareness around the significance of

insurance across geographies

Ÿ The firm is providing need-based insurance solutions

and serves a range of customers in a transparent and

ethical manner, while promoting the benefits of

insurance, leaving no one behind.

Core Values

Ÿ Tailored Advice: Advice best suited to a customer's

needs

Ÿ Innovative Solutions: Solutions with a combination of

experience and innovative approaches

Ÿ Transparent and Accountable: Conducting transparent,

ethical and accountable processes to achieve desired

outcomes

Ÿ Premium Service from passionate people: Serving its

customers and partners with passion.

Rising Towards an Assured Future

With its simple and professional approach in providing the

best insurance services, Capvirgo excels by its USP of

customization. It has something for everyone. Making it

important, effective and promising in offering the insurance

advantages of risk mitigation, savings and growth.

The customer-centric approach in offering the right

coverage and ensuring the perfect balance in the customers

portfolio, has paved way for their steady growth. With a

solid experience and impeccable skills in portfolio

management, the team of Capvirgo has focused on bigger

business entities for empowering through insurance

services.


Committed to the Principles of Service,

Integrity And Professionalism

Technology is advancing everyday and is

significantly affecting industries from retail to

manufacturing, the insurance sector being no

exception. It has become increasingly apparent that

Artificial Intelligence (AI), blockchain and Machine

Learning have the power to transform the future of business

and the way people work and live.

As these new technologies are being used on a broader

scale, it has become easier for insurance companies to

automate certain parts of the claim handling process and

improve customer service with AI and ML. Blockchain is

playing a crucial role in securing transactions, detecting

insurance frauds, preventing potential risks and enabling

cost-efficient comprehensive insurance policies.

As these technologies become more widespread, the

insurance industry may potentially become more efficient,

accurate and secure and customers may enjoy a more

seamless user experience and more affordable rates.

Established in 2007, Instapolicy is an Insurance Broking

firm that provides you with the technology to do what would

have taken you hours in just a few minutes.

Under the proficient leadership of Nitin Pandey,

Chairman and Managing Director, Instapolicy plans to

develop a leading insurance broking firm by providing

innovative and customized insurance solutions to ensure

total customer satisfaction by combining excellence, quality

and prompt service delivery.

In an interview with Insights Success, Nitin shared valuable

facts highlighting the reliable services and USPs of

Instapolicy in the insurance broking industry.

Nitin, please enlighten our readers about Instapolicy, its

vision and mission in the insurance broking industry.

With extensive experience in the Indian insurance market,

deep-rooted relations with decision-makers of the industry

and highly experienced professionals we have introduced a

new level of service excellence in the Indian markets of

Delhi, Mumbai, Rest of Maharashtra, West Bengal, Uttar



What are the core values upon which Instapolicy is

built, and how it is currently positioned as a trusted

insurance broking company?

Our core values are:

We look for

customer-centric

growth by

understanding

customers'

current and

evolving risk

management

needs

Word of Mouth

We take pride in providing the best care to each customer.

Integrity

Our ultimate goal is to do the right thing and integrity

comes first.

Respect

Mutual respect is the foundation of all our endeavours.

Employee Growth

We give our employees a healthy environment to thrive.

Excellence

We strive for excellence in everything we do and compete

with ourselves.

Pradesh, Madhya Pradesh, Gujarat, Tamil Nadu, Karnataka

and Rajasthan.

Our mission at Instapolicy is to be recognized as a leading

provider of Life (Individual and Group) and General

insurance solutions, that is committed to the principles of

Service, Integrity and Professionalism.

Is the involvement of technology beneficial for

Instapolicy to expand its services in the insurance

broking industry?

Technology has made it easy to find the right car, house,

hotel, flight, or pretty much anything else in minutes. So

why does finding the right insurance have to be so hard? We

knew there had to be a better way and we went out and

made it happen.

Empathy

We act according to the needs of every single client.

Punctuality

We know how important insurance is, so we act at the right

time.

Commitment

We are committed to delivering our promises, 100% of the

time.

Therefore, we make sure that you have seamless

connectivity with us. While our website is designed to

facilitate easy access for you in the digital sphere, we also

ensure that you are connected with us offline through our

representatives, just a call away. You could meet them at

our office in your respective city. We are always at your

service 24x7. We look for customer-centric growth by

understanding customers' current and evolving risk

management needs.


Most Trusted Insurance Broking Companies Of India-2022

Create successful ePaper yourself

Delete template?

Save as template?