Most Trusted Insurance Broking Companies Of India-2022

Editor’s Note

INSURANCE BROKERS, YOUR ONLY TRUSTED ADVISORS

Ithefastest-growingindustries.Primaryinsurance productsandserviceslikeLife,Health,Travel,etc. havecontinuousupwardgrowthandtheirrecentindustry figuresshowtheirimmensepotentialinthemarket.

nIndiaaswellasglobally,insuranceisamongstoneof

TheIndianInsuranceindustrysawasurgedgrosspremium earninginrecentyears,especiallyduringandpostthe pandemic.However,accordingtoIRDA,theinsurance penetrationacrossthecountryisameagre3.7%ofthegross domesticproduct(GDP)oftheeconomy.

InIndia,theproductdistributionofinsuranceoccurs throughvariousdirectandintermediarychannels.

Intermediarychannelsconsistofagents,bancassurance, brokers,retailers,andmanymore.Amongstthese,allthe otherchannelsexceptInsuranceBrokingrepresentthe insurancecompanyortheinsurance.

Abhishek Joshi Deputy Editor abhishek.joshi@insightssuccess com

Thatmeanstheonlychannelwhichrepresentstheconsumer orcustomeristheinsurancebroker.Theyprovideexpert guidancetothecustomeronthemostsuitableinsurance policies.Inreturn,theinsurancecompanywhosepolicyis chosenbythecustomerontheadviceoftheinsurance brokerpaysthembrokerage.Thischannelisfastevolving tomeetthecustomers’riskandprotectioncover managementrequirementscomprehensively

Asaninsurancebrokeractsonbehalfofaclientbybuying, soliciting,andnegotiatingforcompensationbecomingan intermediary.However,onbehalfoftheinsurer,brokers cannotbindcoveragetothecustomer.Simply,unlikeother intermediaries,aninsurancebrokeronlyworksforthe customer’sbenefit.

Insurancebrokerscanaidindividualclientstogetbetter ratesoninsurancepoliciesinsteadofthembuyinginsurance policiesdirectlyfromtheinsurancecompany.

Insurancecompaniesalsoknowthatinsurancebroking companieshavetheexpertiseandexperienceinguiding theirclientstogoforthebetterpoliciesthatgivethebest ratesandprotectioncoverage.

Tomakeyoumoreawareofthese‘Most Trusted Insurance Broking Companies of India -2022’,thisexclusiveedition ofInsightsSuccess’hasbroughttheirincrediblestoriesfor you.Alsoincludedforyourreferencearetwotrendy articlescraftedbyourin-houseeditorialteam.

Readon,chosewiselyandgetprotectedprecisely!

Management BriefCompanyName

AshokKumarJain, Director

AkkshayMNahar, ManagingDirectorand PrincipalOfficer

AlankitInsuranceBrokersLimited(AIBL)isoneofthepioneer InsuranceBrokingHousesofferingwiderangeofinsurance productsaccordingtothespecificneedsoftheclients.

AlertInsuranceBrokersPrivateLimitedistheone-stopinsurance shopforallandeveryinsuranceseekerandclaimer.

AnandRathi InsuranceBrokersLtd

RajeshSharrma, CEOand PrincipalOfficer

RajivMathur, ManagingDirector

ARIBLisoneoftheleadingInsuranceBrokersinIndiawitha focusonlargecorporateclients.

BharatRe-InsuranceBrokersareapioneerininsurance consultingandclaimsmanagementinIndia.

CapvirgoInsurance BrokingandServices PvtLtd

EliteGeneralInsurance BrokersPvt.Ltd

InstapolicyInsurance BrokingPvtLtd

SanjayNene, Co-founder, Directorand PrincipalOfficer

AdityaBhabhda, FounderDirector andPrincipalOfficer

NitinPandey, Chairmanand ManagingDirector

CapvirgooffersservicesinthethreecoreareasofLifeInsurance, GeneralInsuranceandHealthinsurancerespectively.andHealth insurancerespectively

EliteGeneralInsuranceBrokersisoneoftheLeadingOrganizationsin centralIndiaintheInsurancesector

Establishedin2007,InstapolicyisaninsuranceBrokingfirmthat providesyouthetechnologytodowhatwouldhavetakenyouhours injustafewminutes.

BharatRe-Insurance BrokersPrivateLimited

AlankitInsurance BrokersLtd

AlertInsurance BrokersPvtLtd

Aditya Bhabhda, Founder Director and Principal Officer

Mohd. Javed Kachchhi, Founder and Managing Director

TheneedsofIndia'snew-ageconsumershave changeddrasticallyoverthelastfewyears.Health insurancewasoncepredominantlyperceivedasa necessarysolutiononlyforseniorcitizensandpeople inchingclosertoretirement.Buttoday,theconsumer includesmoremillennials.

Asincreasedpeopleunderstandthevalueofinsurance, companiesneedtostartbuildingcustomer-centricproducts. Complicatedpoliciesaretheprimaryreasonpeopleare reluctanttobuyinsurance.

Customersrarelyhavecomplexneeds.Theyjustwantto optfromabroadselectionofpoliciesthatprovideclear, transparentinformation,andsmoothhassle-freeinteractions.

Tofulfilthecustomer'sever-increasingdemand,Elite GeneralInsuranceBrokersPrivateLtdhasateamof expertswithdecadesofexperiencefromtheinsurance sectorwhoaccessandanalyzeneedsandadviseaccordingly

ElitegeneralInsuranceBrokersPvtLtdisaleading Broker'shouseinIndiawithmorethantwothousand POSP's(Point of Sale)partnersincentralandgrowing 100%growthyearonyear.

Eliteisservingalargenumberofrenownedclientsboth fromtheretailandthecorporatesectorandhasseenits servicesbenefitingitsclientsandprotectingthemintimes ofneed.

EliteGeneralInsuranceBroker'sPvt.Ltd.hasembarkedon broad-baseddevelopmentofitsbusinesswithawiderange ofservicesandvastproductportfolio.

Amongstvarioushonorsandawards,EliteGeneral InsuranceBrokersPvtLtdhasbeenawardedasthemost trustedpartner-theCEOCLUBAWARDbythetop generalinsurancecompaniesviz.TATAAIG,HDFCEGRO &ICICILOMBARDyearonyear.

EnablingInnovations

Technology:PolicyIssuancewithstate-of-the-artmobile appandwebportalwithzerotypingpolicyissuance, throughwhichElite'sassociatecanissuethepolicywithin twominutesfromanywhereandanytime.

Technologyreducescost,enhancesproductivity,and comfortablymotivatesyoutoexecutebusinesstransactions. Weareinthedigitalera,andtheinsurancemarketistaking itveryaggressively

Training:ContinuoustrainingtoPOSPsandteamdedicate onewindowserviceteams,resoluteteamsforworkingin differentgeographicallocation.

Elitehasanesteemedworkculturewitha20%seasoned staffwithmorethan15yearsandextremelylowattrition; Elitebelievesinwomenempowerment,womencanachieve marvelousthingsintheirlives,soastheelitesuccesscomes fromNariShakti,Eliteishappywith80%Femaleteam.

ElitealsoorganizesNationalandInternationalcontestsfor rewardandrecognitiontoPOSPsandteams.

Elitedealsinallthe General Insurance Products andserves itsclientswitharesoluteteamofexpertsinassorted products.

MotorInsurance

• StandardFireandSpecialPerilsPolicy

• CyberSecurityInsurancePolicy

• WorkmenCompensation/E.S.I

• MachineryBreakDown(Electrical/Mechanical)

• ErectionAllRisk

• ContractorAllRisk

• MoneyInsurance

• TransitInsurance

• BurglaryInsurance

• FidelityGuarantee

• PersonalAccident

• OverseasMediclaimInsurance

• HouseHolderInsurance

• ShopkeeperInsurance

• ElectronicEquipmentPolicy

• AdvanceLossandProfitInsurance

• JewelryBlockInsurance

• PublicLiabilityInsurance

• BoilerExplosion

• CashInTransit/Safe

• AllRiskInsurance

• ContractorPlantandMachinery

ADynamicLeadership

Mohd Javed Kachchhi: Founder and Managing Director

Manypeoplehailingfromsmalltownscreatesbetter opportunitiesnotonlyforthemselvesbutalsoforthousands ofothersandonesuchnameisMohdJavedKachchhi. Theonlythingthathehadbyhimwhenhestartedoutwas –talentandresilience.

Entrepreneurshipinheartandgivingattitudetosociety weresowninMrJavedKachchhiduringhisformative yearsbygreatfamilialupbringingandfocusedacademic nurturing.

Thisinitialgroominghascertainlyreinforcedhissubliminal energytotakerisks.HewentonforMastersinBusiness Administrationfrom Nagpur.

Thecompanythatstartedin2002withjustoneman,today employsaround50peopleandhasaturnoverofmorethan 50crores.

Hissuccessstoryspanningover20yearssawvarious challenges,themostrecentbeingCovid-19butasearlier, healongwithhisteamthroughvariousinitiativesnotonly

successfullyovercamethisbutalsoensuredyearonyear growthduringthispandemic.

Hestronglybelievesthattraininganddevelopmenthelps companiesincreasejobsatisfactionandmorale,improve productivity,andearnmoreprofits.

Hewentontobuildasuccessfulinsurancebusinessand cametobeknownforhiscommitment,dedication, futuristicvision,andentrepreneurialskills.

Forhisentrepreneurialspiritinlateryears,Henowaspires tohoneitfurtherwithdedicatedconditioningthroughthe InsurtechplatformandtaketheInsurancetothenext generationtotakeInsurancetothemasseswiththeselfemployedhelpteamineverycornerofIndia.

Eliteisprobablythefirstbrokerhousetohaveanappof theirownwhichagainwasthebrainchildandvisionof MohdJavedKachchhi.

Hebelievesthatmakingtheprofessionalswillinculcate businessskillsandincreasetheleadershipcapabilitiesof youngindividualsofEliteGeneralInsuranceBrokersPvt ltdtopleadershipintheirorganizations.

Withahopetomakeitbiginlivesofpeople,hehasatarget oftrainingminimum3000personsbyendof2023.

Aditya Bhabhda: Founder Director and Principal Officer Entrepreneurialnousisimminentinall,butonlyprivileged peoplecanreachthepinnacleofsuccesswithsubjectto strategicnurturingofskillsvis-à-visprevailingconditions. Drivenbytheaspirationtoeventuallybuildhisown flourishingbusiness,AdityaBhabhdaintendstocalibrate hiscapabilitiesoptimallywithanMCOMspecializingin marketingfrom G.S. College of Commerce and Economics.

Also,heisacertifiedAssociateMemberoftheInsurance InstituteofIndiaandaspiring Post Graduation Program in digitalmarketingfromapremiuminstitute,i.e.,Indian InstituteofManagementNagpur.

Spendingmorethan15yearsinthecorporateworldhas undoubtedlyhelpedtoshapehisperceptions.Hehas understoodtheneedfortakingstrategicdecisionsinlife fromtimetotime.Hewasawareofthebusiness environmentthatisconstantlychanging,andmarketing wouldplayanessentialrolefortheindustry,andthe upcomingfuturewouldseekandrelyon Digital Era to entertheInsurtechventure.

Hewantstobringthesameunyieldingdedicationtoevery businessassociateandprofessionalpartnerinhis educationalstandards.Intellectandwell-nurtured comprehensiveworkexperiencedemonstratethistoevery Insurance professional AdityaBhabhdaisdedicatedto customersatisfaction,strategicimplementation,andtaking best-in-classInsurancetoeverypersoninneed.

Hefocusesoneducatingpeopleasinsuranceprofessionals andencouragesthemtomakethisbusinesstheirfirst-choice career.

Expressingabouttheinspirationbehindventuringintothe fieldofinsurancebroking,teamEliteshared,"Weventured topenetratetheinsuranceinIndiansocietythroughmore andmoreofindividualsPOS(Point of Sale)andtobring moreofnewself-employedprofessionalintotheindustry.”

Setbacks:APartandParceltowardssuccess

Initialchallengesweretoovercomethemanualtransaction, anditwaschallengingtodealwithvariousinsurance companiesinmanualformat.Thankstodigitalization,most

oftheworkisexecutedindigitalmode,anditisnow convenienttotransactwithmultiplecompaniesinmultiple products.

GeneralInsuranceisatechnical,financialsubjectwherein theprofessionalsmustdealwithalltypesofIndustriesor tradeoccupancy,sotheyneedtohaveanexcellentmarket understanding.

Thecurrentchallengeistogetthenon-insurance backgroundpeopleintotheindustrywithtrainingand understandthemarketpotential/depthinmultiplelinesof businessingeneralInsurance,whichrequiresan astonishingamountofinvestmenttoscalethecompanytoa newerheight.

SharingawordontheUSPsofElite,makingitstandout asatrustedinsurancebrokingcompany,teamElite expressed,

"Weareintotheeraofserviceindustrytsoastoserviceis ourUSPtoourcustomers,Associates,andallstakeholders, excellentservice,assuredgrowth,smoothtechnology platformsupportisourUSPonwhichwearetakingour businessforward.Makingthemunderstandtheneedforrisk investment.”

Elite has embarked on broad-based development of its business with a wide range of services and vast product portfolio

Andhowimportantisittoinvestaspertheirrisks?

“Weofferinsuranceriskmanagementsolutionswhichwill giveourcustomersafuture,"addedteamElite.

SurmountingtheAdversitiesofthePandemic COVID-19hasincreasedawarenessofinsuranceneedfor andimportanceoflife.Insurancewasalwaysimportant,but duringanuncertainpandemic,welearnedthatinsurance productsplayasignificantandvitalrolewhenthesituation isuncertain.

Peoplestartedtakingshowinginterestininsuranceand startedinvestingsothattheirfamiliesandcloseonescould getbenefitsinfutureInsurancehasbecomeaneedofthe hour.Earlier,somesalesmenusedtocometodothe documentation.Thesedaysitishardlyastepsprocessto secureyourinvestment.Astheprocessisdigitalized,no onecanmisusethedocumentsconcerningprivacy

Peoplearenowmoreawareofinsuranceproductandtheir usage.

Indianmarketshaveunderstoodtherequirementof insuranceprofessionalsandprudentadvice,digital documentsandpoliciesareacceptedbypeopleinextensive anddigitalcommunicationmakebusinessmoreproductive.

Eliteimplementedcrucialstepsinitsbusiness;asaresult, takingittothenextlevelbylaunching www.policyofindia.comandmobileappwithintegrationof thebestfiveinsurancecompanies,whichhelpeditsteam andassociatestogrowbusinessbyissuingreal-time policiesonline.Elitecomparesandanalyseswhich procedureswouldbebestforanindividual.Eliteprovides

itscustomers'totalsupporttoinvesttheirmoneyand services.

Thiscouldbeanessentialpartofthewholejourney,and Elitemadeitapointas"Whenpeoplehavethetime,they analyseandunderstandtheotherriskinvolvedintheirlife andbusiness."

Expressingviewsonthisscenario,teamElitesaid,

"Wehavestoodbehindallourcustomers,associates,and employeesinthistoughtimeandprovidedthemwiththe bestofindustrysolutions.Weareextremelyfortunateto havethebestindustryteamwhosupportedusinproviding solutionsinthisdifficulttime.Withthissupportandefforts, wehaveexperiencedmassivegrowthinthepandemic period.”

PearlsofWisdom

Sharingawordtothewise,teamEliteshared,"Hardwork anddedicationandbudlingtrustwiththecustomersisa solemantraforeverybusiness,InBrokingIndustry,24/7 alertnessandpassionforstandingbehindthecustomer takesyoutoanylevel.”

"Insurancebrokingbusinessrequireslong-term commitmentanddevotionforasuccessfulinsurance brokingcompany,"addedteamElite.

EmbracingtheFutureRoadmap Sharingopinionsonthefutureroadmap,teamElite expressed,"Weareverymuchoptimisticfor100crore businessbyFY2022-23and250Crorebusinessby2025. Weareverymuchaggressiveforbusinessbasedonour solidfoundation,whichwehavealreadybuilt."

Alankit

Alankit Insurance Brokers Ltd

Insurance Protection with the Guaranteed Peace of Mind

o you think that buying an insurance policy is a

Dpiece of cake? Thenthinkagain.Thefirststepto makeasmartdecisionistounderstandthevalueof Insuranceandwhyyouneedit.Itmaysoundobvious,but it'sveryimportanttounderstandthepurposeofbuyinga policyandthenaccordinglyyoumovetothenextstep.

Ifyouwanttosavemoneyandgetthebestpolicyforyou, youneedtogothroughalltheoptionsavailablerelevantto yourparticularneeds.Also,youmustmakecomparison withproductfeaturesalongwithspecificbenefitsandthen optforthebestsuitableoptionavailableforyou!

However,youmightbethinkingofcallinganyinsurance agentoronewhoissayingthattheyareallinonebrokering agent,investmentplanner,andeverything.Thenagain, beware,peoplearerunningelaboratescamstostealfrom youyourhardearnedmoney.So,youmustthinkagain.

Youseehowdifficultitistobuytherightinsurancepolicy foryourrequisiteneed.Tillnowyoumightbethinkingthat youmustloseyourpeaceofmindandgoodnight'ssleep overthistroublingquestion.Thenagain,please,don't.

AlankitInsuranceBrokersLtd,orAIBLagroup companyofAlankitLimited,aglobalfederationof thirteencompanies,isyourperfectInsuranceProtectorwith theguaranteedpeaceofmind. And you might be wondering how and why?

ATotalRiskSolutionProvider

AIBLisoneofthepioneerInsuranceBrokingHouses offeringwiderangeofinsuranceproductsaccordingtothe specificneedsoftheclients.Establishedintheyear2003 andlicensedbyInsuranceRegulatoryandDevelopment Authority(IRDA),AIBLhasbeenabletomarkitspresence asaleadingbrokinghouseinthesector.Beitadvisingon

therightinsuranceproductoridentifyingandmanagingthe risksinvolved,AIBLmakessuretheinvestmentsaredone wiselyaspertheinterestsofitsclients.

Currently,AIBLisspearheadedbyAshokKumarJain,as therecentlyappointed(March2021)Director,whohad beenearlierhandlingtheroleofAssistantManager AIBL offersallthemajorLifeandNon-LifeInsuranceproductsof alltheleadingInsuranceCompaniesthatAIBLhas empanelleditselfwith,coveringalmosttheentirespectrum ofrisksthatanindividual,asmalllocalbusinessoramajor corporateormultinationalmayface.

Ashok shares,"Wehelpyoucomparevariousinsurance plansandnarrowdownonyourchoiceofthepolicythat bestsuitsyourneeds."Asatotalrisksolutionsprovider, AIBLprovideseasy,hassle-freeandtransparentrisk managementservicesinbothlifeandnon-lifecategories.

ATeamofProtectors

Ashok adds,"Ourrole,inshort,includesvariousactivities rightfromriskprofilingtohandlingclaimsforthe customers.”

AIBLhasgotadynamicteamofprofessionalswith expertiseandrelevantindustryexperienceinhandlingthe insuranceneedsofmediumandlargeenterprises,aswellas individuals.Theteamiscommittedtoprovidethehighest levelofservicegivingprioritytoclient'sneeds.

GettheBestPolicy

Ashok ensures,"Weunderstandthateveryindividualand eachsituationisunique,soweworkdirectlywithyouto customdesignsolutionswhichmeetyourspecificneeds. Ourexperienceallowsustogobeyondthetraditional packagesandoffertrulyinnovativealternatives.”

HealthInsurance:

"Weneedhealthinsurancetotakecareoffuturemedical expenditures.Medicalrequirementschangewithtimeaswe ageandasourfamiliesgrow,"statesAshok.Medical insurancetakescareofemergencysituationsoreven plannedtreatmentsthatcostalot.Onecanretaintheir family'swell-beingwithaffordablehealthinsuranceplans advisedbyAIBL.

LifeInsurance:

Lifeinsuranceoffersdeathbenefitstoyourdependants.If youhaveLifeInsuranceandsomethinghappenstoyou duringthatterm,yourfamilywillhavesufficientfundsto takecareofyourliabilitiesandremainself-sustainingfor longenough.

TermInsuranceisthemostbasicformofinsurance,the mostinexpensiveofalllifeinsurancesandoffersmaximum deathbenefits.Itcanbetakenforafixeddurationgenerally upto30yearsoruptothemaximumagespecifiedbythe insuringcompany.Termpolicyprovidescoveragetillthe timeyoumaintaintheinsuranceandceasesifyououtlive theterm.

Whilebuyingatermplan,itismostimportanttocheckthe credibilityoftheinsuringcompany

AccidentalInsurance:

Despiteallthepossibleprecautions,accidentsmayoccur anytimesometimesevenresultingindeathoftheperson.

PersonalAccidentInsurancecovergivesprotectionand financialhelpagainstsuchunforeseenevents.Youmaysave yourmedicalexpensesandgetcoveredagainstaccidental death,seriousinjuryoranydisability

Personalaccidentinsuranceisthewaytosafeguardyour financialinterestsinadvanceinthestressfulsituationofan accidentcausinganyseriousinjuryandalso,thecoveris extendedtoone'sfamilyaswellincaseofafatalaccident.

TravelInsurance:

Itiscertainlynotpleasanttothinkaboutsituationslike fallingillonatrip,losingyourbaggage,orfacingaterrorist

attack!Butwhentheyhappen,theybringalongfinancial andemotionalimplicationsforyou.

Travelinsurancecoverstheselosses.Itdoesnotguarantya safetripbutisasafeguardagainsttheunexpectedlosses duetomishapsandemergencies.Thoughtravelinsuranceis generallyoptional,itgivesasenseofsecurityawayfrom home.Nowadays,certaincountrieshaveevenmadeit mandatoryforthevisitorstohavetravelinsurance.

Whetheritisforleisureorbusiness,frequentoroccasional, buyingTravelInsuranceisasimportantasanyother planningdoneforthetrip,especiallyifyouaretravelling abroad.

MotorInsurance:

Autoinsurancepolicycoverslossofvehicle,damageto automobile,damagewhichyourvehiclecauses,and protectionagainstliabilityifyouwillbesuedafteran accident.Thepremiumamountisbasedonthemakeand valueofthecar,carregistrationstateandmanufacturing year

WeTakeCareofYourAllInsuranceNeeds

AIBL'sonlineportalistheanswertoallofyourinsurance need.BuyinginsuranceonlinethroughAIBL'sportalwill notonlysaveyourtime,butalsoeliminatesthetimewasted duetopaperworkerrors.

WithAIBL,youcanbuyapolicyofyourchoicewitha clickofthemouse,nohasslesinvolved.Theassistance fromthewelltrainedteamwillhelpyoutomakethe processevenfasterandquicker Withthesimpleproduct specificationsandcomparisons,youwillnotgoclueless aboutyourdecision!

Finally, Ashok concludes,"Getintouchwithusfor

to go beyond

Alertness,whilebuyinganinsurancepolicyisthe mostessentialprerequisite.Yet,alertnessisthe qualitylackinginmostinnocentinsurancepolicy buyersandpolicyholders.Whatisthereason?Becauseat theendofeveryinsuranceadvertisement,thedisclaimeris readoutsoquickly,thatthelistenerwillnotevenrecognize itassomethingsensible,forgetrecognizingitinactual words.

Thedisclaimergoeslikethis:'Insuranceisasubjectmatter ofsolicitation.Theinformationprovidedinthisbrochure cannot substitute for the advice of a licensed professional Theinformationanddataprovidedinthisbrochureandon ourwebsiteareofageneralnatureandstrictlyfor informationalpurposes.TheInsurancesellingcompany acceptsnoresponsibilityorliabilityfordecisionstakenby thepolicybuyerinregardtotheinformationprovidedby us.'

Andsoonandsoforth.Theentireinstructionmanualor brochuregoesonintosomepages,whichnaïvepolicy seekerscouldnotreadorunderstandatthiscomplexlevel. It used to be a case earlier.However,today,Alert InsuranceBrokersPrivateLimitedhasemergedinthis regardastheone-stopinsuranceshopforallandevery insuranceseekerandclaimer.

Andasthedisclaimeritselfsuggestthattheinformation cannotreplacetheadviceofalicensedprofessionallike AkkshayMNahar,ManagingDirectorandPrincipal OfficerofAlertInsuranceBrokers,insuranceseekers'or claimants'interestisentirelysafeguarded,whenthey approachAlertInsuranceorAkkshay.

Akkshaytooreveals,"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.”

Akkshayisa Qualified Insurance Professional with18 yearsofexperienceinthe Insurance Industry.Heis constantlyinnovatingAlertInsurances'productandservice offeringswithhisadeptprofessionalismandastute leadershipsinceAlertInsuranceBroking'sinceptionone andahalf-decadeearlier

InaninterviewwithInsightsSuccessIndiaforitsexclusive editionof'Most Trusted Insurance Broking Companies 2022',Akkshayspokeabouttheirmissionofprovidingall insuranceservicesunderoneroofwithcompletehonesty,

integrity,andacustomer-centricapproachthroughAlert InsuranceBrokersPvtLtd.

PleasedescribeAlertInsuranceindetail. AlertInsuranceBrokersPrivateLimitedgotitsInsurance BrokingLicencefromtheInsuranceRegulator(IRDAI)on 10.09.2007. Policy99.com is an E-Commerce initiative of AlertInsuranceBrokersPrivateLimited.Lastfinancialyear wesold1.42LakhInsurancepoliciesacrossIndia.

AsIalreadystated,ourMissionistoprovideallkindsof insuranceserviceswithtotalintegrity– Honesty is in our DNA.Similarly,ourvisionis to make the customer experience world-class in all aspects of Insurance and Reinsurance services.

WedealwitheveryInsuranceCompanyonbehalfofour client.WedealinallInsuranceproducts.Thepremiumwe offertoourclientsisequaltoorlessercomparedtoa customerbuyingthepolicydirectlyfromanInsurance company.

We do not charge any amount from our customers for our services WealsoundertakeRiskInspection,GapAnalysis ReportsandClaimConsultancy Wearealways100% compliantinallaspects.

Whatwasyourinspirationbehindventuringintothe fieldofinsurancebroking? Wegetimmensepleasurewhenaclaimispaidtoour

Honesty is in our DNA because the age old philosophy of honesty is the best policy is Alert Insurance Brokers' motto.

clientsonacashlessbasis.Therearesomanyinnocent policyholderswhorequireproperguidancewhilebuyingan Insurancepolicyandassistanceduringaclaim.

Weofferthemallkindsofproductsandeverykindof servicethroughoure-commerceplatformpolicy99.com. So,everydayitisinspiringtoknowthatwearehelping peoplebulliedbysomesharpbutcunningsalesmenunder theguiseofinsuranceselling.

Sinceourinceptiontodate,customersatisfactionhasbeen ourstrongestmotivation.

Whatweretheinitialchallengesafterventuringintothe insurancebrokingnicheandwhatarethechallenges now?

Fifteenyearsbackwewereastartup.Eventually,becauseof ourqualityofproductsandservices,honesty,andintegrity, customersbegantrustingus.Theybelievedinus,andwe cametruetotheirfaithinus. We grew because of our customers

So,whateverourinitialchallengeslikeManpower, Training,Technology,etc.,wegotoverthembecauseofthe appreciationandloveofourcustomers.Todaywearethe bestinTechnologywithanalmost NIL attrition rate.

WhatareyourUSPsthatmakeyoustandoutasa trustedinsurancebrokingcompany?

OurMissionisourbiggestUSP Whenwesaythatweare aninsuranceserviceproviderwithtotalintegritywemean it.HonestyisinourDNAbecausetheage-oldphilosophy of honesty is the best policy is our motto.Overthepastone andahalf-decade,Lakhsofcustomershavetrustedinour servicesandwerecompletelysatisfied.

Ourcustomersrealizedthatweareservice-orientedandnot moneyminded.Wealsoderiveinspirationfromothers' success.Weareateamwithapositivementalattitude.We havethebestrelationshipwithallinsurancecompanies, Surveyors,TPA,etc.

Fromabusinessperspective,whatisyouropinionon theimpactoftheCOVID-19pandemiconinsurance broking?

WewerefullypreparedbecauseofourwebsiteandApp. Policy99.com.Sinceourestablishment,wehadalwaysbeen atech-orientedinsurancebrokingfirm.Theinsurance brokerrepresentstheinsurancebuyer,andnottheinsurance company(insuranceseller),thoughtheremunerationofan

insurancebrokerispaidandbornebytheinsurance companies.

Thereisnoadditionalcosttotheinsurancebuyerfor placingbusinessthroughaninsurancebroker. Insuch scenarios,itisimperativeforanInsurancebrokingfirmto alwayslookafteritscustomersandthinkaheadinthelong term.

Thatiswhywealreadydigitalizedourselvesandlaunched oure-portalandmobileapp,whichhasbeenanimmense helptoallofourcustomersthroughoutthepandemic.

WhateffortsweretakenbyAlertInsuranceBrokers duringthepandemictosustainyouroperations? Eachandeveryemployeegavetheirbestserviceseven duringlockdownsthroughtheirlaptop,WhatsAppandcalls toourclientsespeciallyinhandlingHealthclaims.

OurwebsitePolicy99.comhelpedourcustomerswith onlinerenewalsclaimmakings,andotherinformative sessionsallthroughtheirchallengingtimes.

Asanestablishedindustryleader,whatwouldbeyour advicetothebuddingentrepreneursandenthusiasts aspiringtoventureintotheinsurancebrokingindustry? Indiahashugeuntappedpotentialwhenitcomestothe insurancebrokingsector.Ifyougiveyouronehundred percent,andqualityservicetotheclientyouaregoingto win.

Iamreiteratingmyself,thatifyourhonesty,integrity,and compassionarereflectedinyourproducts,services, organizationalvalues,andbrandname,thencustomerswill trustyouinthelongrun.Itistheonlywaytogrowand prosperinthisbusiness.Thoselookingforshorttermgains shouldgoforotherthingsinsteadofinsurancebroking.

HowdoyouenvisionfurtherstrengtheningofAlert InsuranceBrokers'strongholdin2022andbeyond? WehaverecentlyupgradedourlicencefromDirectto Composite Insurance Broker whichmeansthatwecanalso do Reinsurance Broking business

IRDAIapprovedourlicenceon3rdFeb2022.Wearenow travellingextensivelyandmeetingtheInsurancecompanies andReinsurancecompaniesallacrossthecountrysothat wecanexpandourreachandscope.

Emerging in Insurance Broking inIndia

Trends

neofthefastest-growingsectorsinIndiaand

Oacrosstheglobeistheinsuranceindustry There areinsuranceproductslikeLife,Health,Motor, andmore.Withtheseproducts,industryfiguresspeak volumesoftheimmenseopportunitiesinthemarket.

Inrecentyears,theIndianinsurancesectorsawasurgein thegrosspremiumearned.Still,thepenetrationofinsuranceinIndiaisonly3.7%ofthegrossdomesticproduct, whichindicatestheneedtoaddressthechallengesand promotegrowth.

Adoptingemergingtrendsintheindustryisoneoftheways toincreasethepenetrationofinsurance.

AcceptingtheDigitallandscapewithCloudTechnology

Varioussectorsacrosstheworldareobservingsome unexpectedchangesduetoCovid-19.ButRelianceon technologyanddigitalproductsisoneofthetrendsthat remainscommoninallindustries.

MachineLearning(ML),ArtificialIntelligence(AI),the InternetofThings(IoT),andIntelligentAutomation(IA) arethenew-agetechnologiesandemergingtrendsthatwill pavethewaytothefutureofinsurancebroking.

TheuseofAutomationshelpsinminimizingmanualwork, simplifyingdocumentcollection,speedingupunderwriting, andstreamliningcommunication.Clients,brokers,and insurerscangetextensivedataandinsightstodesign holisticriskmanagementtoolsandsystemsbyusingthe InternetofThings(IoT).

So,inthisway,itboostscustomerinformationrepository andenablesthemtooffertimely,pertinentcoveragebased onindividualneeds.Embracingcloudtechnologyand softwareasaservice(SaaS)willassistinengagingwiththe clientonlineforallprocesses-frommakingthefirstcontact tosellingrenewals.

ConnectingInsuranceProductstoCustomerNeeds

Overthelastfewyears,theneedsofIndia’snew-age consumershavechangeddrastically

Earlier,Healthinsurancewaspredominantlyperceivedasa necessarysolutiononlyforseniorcitizensandpeople inchingclosertoretirement,buttoday,theconsumer includesmoremillennials.

Companiesneedtostartbuildingcustomer-centricproducts asmoreandmorepeopleunderstandthevalueofinsurance. Duetocomplexpolicies,peoplearereluctanttobuy insurance.Theyjustwanttobeabletochoosefromagood selectionofpoliciesthatprovideclear,transparent informationalongwithsmooth,hassle-freeinteractions.

Asbrokersinteractwithconsumersdirectly,theycanassist insurerswithdataandintelligencetocustomizetheir productsforthetargetconsumergroup.Theycanalsoassist customerstocomparepoliciesfromseveralinsurers(like onlinebrokerageplatforms)tomakethebestdecision.So, theycanbridgethegapbetweeninsurersandconsumersin thisway.

RedescribingtheRoleofInsuranceBrokers

2022istheyearofdigitaltransformation.Thereisaneedto redefinetherolesofadvisorsastheinsuranceindustry embracestechnologyacrossalldistributionchannels.

Thewaypeoplesellandbuyinsurancehaschangeddueto technology.Now,therearemorepersonalizedproducts focusedontheneedsofthecustomer.Therefore,inorderto increasesalesefficiency,insurancebrokersshouldleverage thetechnology.So,inthisway,theirrolecanberedefined.

Totraintheinsurancebrokersregardingtheproduct offerings,Insurancecompaniesshouldworkwiththem closely.Companies,byprovidingclearsuccessmetrics, roles,andresponsibilitiestoeverybroker,cankeepthemat thetopofthegame.Withtheautomatedinsightsinto individualbrokerstatistics–premiumcollected,newleads,

andrenewalswillsupportinassessingindividual performanceandidentifyingglitchesinthecurrentprocess.

BuildinganOmniChannelStrategyforCustomers

Oneofthebusinessstrategies,Omnichannelisnotjust aboutprovidingmultipleplatformsforthecustomerto interactwith;italsoincludesmaintainingregularand personalizedinteractionwiththeendconsumeracross variouschannels.

Brokersneedtoproactivelycommunicateduringthe informationphasetoputcustomersfirsteverystepofthe way.Theyshouldfocusonpersonalizinginteractionswith customersondiversechannelsduringthepurchasephase andcreateablendbetweenpersonalcontactanddigital toolstoelevatesupportandclaims.

Byusingvariouschannels-email,phone,SMS,WhatsApp, andmore,brokersneedtoprovideconsumerswith personalizedservices.

ConcentratingonRiskManagementandCompliance

Insurersneedtopayattentiontoissuessuchascustomer anddataprotectionandprivacyastheyarefocusingon leveragingtechnology Theyneedtoconcentrateonthe company’scodeofconduct,riskculture,andcustomer outcomes.Thisactionwillputanemphasisoncustomer protection,includingproductdesignandtransparencyas wellasdistribution.

TheusageofDigitalsalesmodelsisresultinginnewand morecomplexconcernsoverfinancialcrimeandbuyer verification.Therisinguseofbigdatademandsthatprivacy anddataprotectionrequirementsbeaddressedforanever growingbodyofinformation.

Thoseinsurerswhosolvethesechallengesandmove quicklytoestablishbestpracticesintheirorganizationswill reaptherewardsofcustomertrust.

InaNutshell

TheIndianinsuranceindustryhasahighpotentialfor significantgrowth.Bytakingproperactions,itcangrow So,itisessentialthatInsurancecompaniesspread awarenessamongstcustomers,createpoliciesthatareeasy tounderstandandmakeprocesseslikerenewalandclaims smoothandconsistent.

Asthefutureiscustomer-centric,onlythoseinsurerswill drivegrowthwhounderstandcustomers’currentand evolvingrisksandmodifytheirproductsaccordingly

-PoojaJaipal

Anand Rathi Insurance Brokers Ltd

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

Most Trusted Insurance Broking Companies-

nexpertinsurancebrokingfirmthoroughly

Aunderstandsitsclient’sbusinessandrisk managementphilosophy.Itmitigatestheriskby highlightingastutemarketknowledgeandproviding accurateinsightsaboutthebestfinancialservices,including insurancecovers.

Italsoaidscustomersthroughouttheservicingtothe claimingstage.Thus,theperfectinsurancebroking companynotonlyintermediates,solicitandnegotiateson behalfofitsclient,butitfightsforitscustomers’rights.

AnandRathiInsuranceBrokersLtd(ARIBL)hasbeen doingitsinceitsinceptionin2003.ItisapartoftheAnand RathiGroup,aleadingfinancialservicescompanywitha pan-Indiapresence.

ARIBLisoneofIndia'smajorindigenousinsurancebrokers focusingonlargecorporateclients,especiallyintheBFSI space.IntherecentlyconcludedWorldBFSICongress, ARIBLreceivedthefollowingawards:

• SpecialistBrokeroftheYear

• BrokerServiceNewCategory–Sarathi

• CommercialRecruiteroftheYear

RajeshSharrma,CEOandPrincipalOfficerofARIBL, 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.”

ALeadertoreckonwith Recently,Rajeshalsowonthe‘CEOoftheYearbyGlobal HRExcellence’award.Hehasover25yearsofrich experience.HeworkedwithMahindraGroupfor20+years, ofwhich17+yearswereatMahindraInsuranceBrokers Ltd(MIBL).In2003,hemovedasapartofthefounding teamtoMIBL,whereheworkedfor17yearsbeforejoining ARIBL.

Duringhislongcareer,Rajeshwasheadingalltheverticals, includingcorporatesales,retail,andreinsurance.Hislast assignmentwasasthe Principal Officer ofthefirm,looking aftertheP&Lofthecompany

Aftertheopeningoftheinsurancesector,theIRDAIissued regulationsforinsurancebrokersintheyear2002,thusalso pavingthewayfordirectinsurancebrokerstoenterthe market.

Rajeshadds,“We felt that the insurance sector presented a great opportunity in a dynamic growth environment.” Thebrokingsector,especiallythedirectside,threwup interestingchallengeslikeriskmanagementandhighqualityintermediationwereatanascentstageinthose years.Inthoseyears,theinsurancesectorprimarily operatedinastraight-jacketedenvironmentwithofferings onlyfromthePSUs.

However,theentryofdirectbrokersandtheprivatesector insurerspresentedopportunitiestoreachouttocustomers withbetterinsurancesolutionsandserviceexcellence.

ExcitingChallenges

Before2003,insurancecompaniesdirectlydealtwith corporateclientsandtheirofferingswerelimitedto standardizedtermsandcoverages. Rajeshstates,“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.”

Forexample,someoftheimprovedinsurancepoliciesin theliabilityandemployeebenefitssegmenthavebeen adaptedacrossmultipleorganizations.

However,likeanyotherbusinessenvironment,new challengeskeepemerging.Inthecurrentscenario,an extremelycompetitiveenvironment,dynamictechnology landscapeandmanagingclientexpectationsinahighly price-sensitivemarketcontinuetoprovideexciting challenges.

ExcellingtheBenchmarks

AccordingtoRajesh,therearemanyUSPsthatmake ARIBLstandoutasatrustedinsurancebrokingcompany TheseUSPsare,“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.”

SubjugatingthePandemic

Generallyspeaking,thepandemicyearsweresomewhat toughtoacquirenewclients,whereasrenewalswere managedmoreeasily.However,Rajeshsays,“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.”

AtARIBL,themultiplechallengesposedbytheCovid-19 crisiswereeffectivelymanagedbytakingthefollowing steps:

• Effectivecommunication:Customerandemployee engagementwerereallyARIBLstoppriority

Consistentandeffectivecommunicationandinteraction havebeenvitalinstrengtheningthecompanyandits culture.Regularonlinegroupmeetingswithitsclients andwebinarswereheld.

Foremployees,trainingsessions,Conferencesand Townhallwereorganisedonamonthlybasistoencourage transparencyandabottom-upcommunicationstrategy

• Mentalandphysicalwell-being:Rajeshadds,“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.”

Lockdownshowedthatsocialdistancingandisolationmade employeesmoresedentaryanddependentondigital devices.

Thus,Rajeshstates,“We introduced workshops that helped employees deal with stressful situations.”

• Performanceefficiency:Establishedacross-functional teamtocoordinatetheactivitiesofdifferentbusiness unitsandmonitorandprovidenecessaryinformationto theleadership.Developedaneffectivemanagement decision-makingprocessundervariousscenarios analysedthepriorityofARIBL’sprojectstofocusthe team’seffortsonthemostessentialandcriticaltasks andallowmoreflexibilitywithlow-prioritytasks.

• Digitaladaptation:TheCOVID-19crisishas acceleratedthedigitisationofcustomerinteractionby severalyears.Itwasalsothetimetoreset,pivotand thinkbigtotransformARIBLsbusinessoperationsto matchnewdigitalexpectations.

Rajeshadds,“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.”

• Safetyculture:sharedperceptionsoftheimportance ofsafetyandconfidenceintheefficacyofpreventive measureseffectivelycreatedasafeworkenvironment. Itdemandedthatemployeesstrictlyfollowsafety standardstonotonlyensuretheirownsafetybutthatof othersaswell.

ALeadertoreckonwith

Asanestablishedindustryleader,Rajesh’sadvicetothe buddingentrepreneursandenthusiastsaspiringtoventure intotheinsurancebrokingindustryiswellthoughtout,“As insurance brokers, we are the representatives of our customers and always have their best interests.”

So,onemusthaveastrongrelationshipwiththeInsurance Companyforseamlessclaimsettlement.Awell-networked entrepreneurcangoalongwayintheinsurancebroking business.

Thisindustryisever-growing,andonemustbeontheirtoes withthelatestnewsandtrendsinthebusinesstostayahead oftheircompetition.

Ideally,onemusthaveastrongunderstandingofhow insuranceproductsworktofindthepoliciesthatbestsuit theirclients’needsatareasonableprice.

Syncre-TechChariotofFutureSynergy

RegardinghisenvisioningARIBLsfuturestronghold, Rajeshsays,“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.”

ThishashelpedARIBLtoachieveabetteroutcomeofthe interdependentinitiatives. Rajeshadds,“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.”

APIintegrationoftheportalwithteninsurancecompanies for16productswascompletedinsixmonths(the shortest possible time)forpersonallinesofinsuranceproducts.This portalisliveandhasalreadytouchedthousandsoflivesina shortperiod.

RajeshtermsARIBLstech-adoptionseffortsasinnovative. Hesays,“We have implemented robotic process automation (RPA) and optical character recognition (OCR) for key operational processes resulting in better efficiency, speed and accuracy.”

Finally,Rajeshconcludesfaithfully,“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.”

Private Limited

India's Enterprise Risk Managers

Htoldthattheinsurancepolicywillnotpayforthe losssinceaparticularcoverwhichwasavailable forafewrupeesofpremiumhasnotbeentaken?Orwhen yourealise,unfortunatelyafteranaccident,thatthepolicy documentdoesnotreflectyourbusinessrequirements, leavingyouuninsured!

ow would you react,whenafteradamageyouare

ofBharatRe-InsuranceBrokersPrivateLimited requests you not to panic,"AsyourRiskManager,wewill dowhatittakestokeepyouwellinsured–Acrossyour Property,Liability,andFinancialRisksandprotectingyour HumanCapital.”

Or,whentheinsurancecompanyoffersafractionofthe amountclaimedassettlement,whenyouthoughtthatyou areinsuredunderan'AllRisk'policy?Orwhentheassets, moresusceptibletodamagearetheoneswhichthe insurancecompanysays'are not insured'?

Orwhenthewarrantiesandconditionsconspiretotake awayacriticalcoverwhichhadbeentakenwithgreatcare andconsideration?Orwhenaso-calledseamlesscover revealsinvisiblecracksthroughwhichacatastrophicloss situationslipsthrough?

Youwouldbeangry,frustrated,enraged,helpless,and dejected. However,RajivMathur,theManagingDirector

AsoneofIndia'sleadingenterpriseriskmanagement companies,BharatREhasbeensupportingclientsand globalpartnersthroughexpertiseofitsprofessionalteam andworldclassclaimsmanagementwhichhasresultedin servicingmorethan2500+corporates,forovertwo decades.

Atpresent,BharatREhas300employees,successfully assistedinover1500claimreimbursements,andhasaPanIndiapresencewithover20offices. RajivMathurhasbeen theLeadingasanMDofBharatREsincelasttwelveyears, beforewhichhewasGeneralManagerofIOGAInsurance, Mauritiusforfouryears.RajivhasreceivedhisLawdegree fromDAVCollege,hisInsuranceFellowshipfrom InsuranceInstituteofIndiaandhisAssociate-shipfrom ChateredInsuranceInstitute,UK.

Rajivspokemoreabouthisoveradecadeoldjourneyin EnterpriseRiskManagementalongwithBharatRE,his presentandfutureplans,inanexclusiveinterviewwith InsightsSuccessforitsedition'MostTrustedInsurance BrokingCompanies-2022.’

Sir,pleasetellusaboutEnterpriseRiskManagement andBharatRE'sroleinit. AtBharatRE,wealwaysapproachriskandrisk managementfromtwoperspectives.

Ÿ Presentationofyourriskstotheunderwriterstoensure thatinformationontheprocess,layout,safety, housekeepingandotherparameterstoensurerisk-based rating. We have developed our in-house engineering team to undertake this exercise for our clients.

Ÿ Riskidentificationandmanagementrequiresadifferent setofskillsforwhichwehaveassociatedwithAsia pacificRiskManagementServicesLtd,whospecialize inRiskandconsequenceAnalysis,GAPAnalysis, HazopStudies,SafetyAudit,EmergencyPreparedness andDisasterManagement,AccidentInvestigation,Fire ProtectionSystems,BusinessContinuityPlan,using specializedandgloballyrecognizedsoftwarefor identifying,MaximumLoss,Complianceandvalidation withIndianSafetyRegulations,Modelstoassessall majorhazardsandassociatedrisks,Validatingthe effectivenessoftheFireProtectionsystems.

Nowforexample,takeProperty.Itlookssimple,however, itiscertainlynot.Decidinghowmuchtoinsureforrequires anin-depthunderstandingofcommercialaspectsofa business–beitmethodsofaccounting,taxes,duties, subsidiesanditsbearingonthevaluestobeinsuredand consequentlythecertaintyofgettingcompensationinfullin theeventofanaccident.Anotherfactorisriskstoensure for,whereitisfareasytomissthewoodsforthetree.

Imean,thecoverageandexclusionsinapolicyyouhave requiretobeanalysedandreviewedbyapracticedeyeasin manycases,whatyouthinkandyouareprotectedagainstis quitelikelytobeverydifferentfromwhatissaidtobe coveredwhenaclaimarises.

Asweallareawareof,thetermandconditionsina propertycontractmaylooksimpleandstraightforward. Thinkagain–astheysay,thedevilisinthedetailsand moresointhetermsandconditionsofaninsurance contract.Majorhasslesslippingthroughminorgapsinthe termsandconditionsaresurprisinglycommon.

ThisiswhereBharatREplaysasignificantroleby matchingrisktocover,byformingpolicyschedulesuitedto yourneeds,advicebasedonrealclaimsexperience,and blendingcommercialrequirementsseamlesslyinto insuranceprotection.

Sir,willyoupleaseelaborateonBharatRE'sUSPs,and howitisleadinginBusinessRiskManagement. Letmetellyouthedifferencebetweensurvivaland insolvency.ProtectingPhysicalAssetsagainstaccidental damagesiswellunderstoodbythecommercialworld.On theotherhand,theeffectofmajorlossesonthefinancialsof thecompanyisgrosslyunderestimated.Inmanyloss situations,theBusinessInterruptionlossesfarexceedthe MaterialDamagelosses.

Intoday'sbusinessenvironmentfocusedoncostreductions andoptimumutilizationofcapacities,anysignificantloss situationaffectsthefinancesofthecompanyimmediately andwithdrasticconsequences.

MostCorporatesdonotgrasptheimportanceofawelldesignedBusinessInterruptioncoverwhichcouldmeanthe differencebetweengrowthandcontinuitytoinsolvency!! 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

Whatkindofchallengesyoufacewhensuccessfully deliveringvaluetoyourclients?

Nowhereis'Buyer Beware!!'moreapplicablethaninan insurancecontract,especiallywheninsuringaProjectas eachprojectisuniqueinitsriskexposureandunlessoneis equippedtohandlethechallengesposedbythedynamic andexpandingcomplexitiesoftherisk,andrespondto thesechallengeswithappropriateriskmanagementand insurancesolutions.

We will help you to:

Ÿ

Technicallyevaluatetheriskfactorsandexposuresto organiseacomprehensiverisktransferprogramforyour project.

Ÿ

Harmoniouslyintegratethevariousrisksbeinginsured includingtransit,project,businessinterruption,credit etc.

Sir,whatareyourareasofexpertise?

OurareasofexpertiseincludeprojectsinBulkDrugs, ChemicalsandPetrochemicals,Ports,StorageTerminals andAviationInfrastructure,PowerGenerationincluding RenewableEnergy,ProcessandMetallurgyincludingSteel Plants,CementPlants,etc.,MiningandMineralProcessing Facilities,RoadsandCivilConstructions,Water infrastructureincludingPipeRehabilitation,Water TreatmentPlants,UndergroundDrainageSystem,Sewage Treatment,etc.

Ÿ

AppreciatetheCommercialparametersandintricacies oftheproject/contractanditsinterpretationsto describeandclarifyitsimplicationsintheinsurance contract.

WhatkindofLiabilityProgrammesorPoliciesyouoffer toyourclients?

Ÿ

Reviewandanalysethecontracttermsandconditions toensurethatcontractualindemnitiesandinsurance provisionsareinsync.

Designingafull-proofLiabilityprogramorpolicyrequires in-depthknowledgeofvariousaspectsoftheclients' businessandoperations.Inaddition,legalexpertiseis essentialasinterpretationsofthepolicydocumentsina claimssituationwouldbecomecrucial.

Ÿ

WouldaProductLiabilityoraCommercialGeneral Liabilitypolicybemoreappropriateforyou?

Ÿ

Ensurethattheinsuranceprogramiscomprehensive andisadequatelyandcorrectlywordedtoensuredesired risktransfer

Ÿ

Appreciatetherelevanceofmultipleconditionsand warrantiesandtherequirementforcomplicatedly wordedaddoncovers.

Ÿ

AretheProductRecallwordingscustomizedtotake careofscenariosuniquetoyourbusiness?

Ÿ

DotheDirectorsandOfficersLiabilitypolicyhaveall theadd-oncoverswhicharenecessarytoprovidecover foryouroperations?

Ÿ

Evaluatetheadvantagesandshortcomingsofanowner controlledinsuranceprogramtoaprincipalcontrolled program.

Ÿ

AreyouabletoidentifyforeachsectoruniqueIT/ Crimeriskexposuresandensuremostofthemare coveredinatailor-madecyberinsurancepolicy?

Areyouinapositiontodecidetheextentofcoverage requiredfortakingPublicLiabilityinsurance?

theinsurancecovergiveadequatecomfortwhile defendinganyclaimintheUSorEurope?

BharatREhasacquiredthisexpertiseovertheyears, bothintermsofpolicydesignandclaimsmanagement. Ouraccesstotechnicalexpertsinvariousfieldsandinhouselegalexpertisehelpsusinprovidingholistic insurancesolutionsintheLiabilityspace.

we advise on include

GeneralLiability

Indemnity

Trial

OfferingofSecurities

andOfficers

otherkindsofservicesyouoffer?

Theproperty,liability,andprojectinsurancesmaybe mainstreamwhichstilldoesnotmeanthatyoucantakethe otherrisksandpolicieslightly

risksmayberoutine–alargeclaimmaystill leaveyouunpreparedvis-à-visyourinsurancecover

FidelityGuaranteeforaMoneypolicywhichisnot properlyworded,mayleaveyourorganisationexposed

AllRiskcoverforyourassetsmaynotbeanallrisk whenyourclaimisreported

internationallyadaptedinsurancecoveragefor expensivepaintingsandworksofart.

ManagingEmployeeHealthandBenefitsprogramisslowly evolvingfromaplacementbasedstructuretoaservicebasedstructure.Mostprogramshavebecome comprehensiveinnature,whichdoesnotrequiremany skillsindesigningpolicy

Thefocusisslowlyshiftingtoanalyzingtheinsurance programandensuringthatthearrangementwillsustainover aperiodoftime.Movingbetweeninsurancecompaniesina competitivemarketwillbeshorttermandtheneedto designasustainableemployeebenefitsprogramthatwill

providenecessaryandcriticalcoverandatthesametime, notisalosingpropositiontotheriskcarrier,willbecomea necessity

Wehaveconsciouslylimitedourfocustocorporateswho arelookingatEmployeeBenefitsonalongtermsustainable model,ratherthantryingtogetthemaximumbenefitsat unviablepremiumrates.

BharatREishandlingcustomerswhoarelookingatthe EmployeeBenefitsprogramonalongtermbudgeting methodratherthanasarisktransfer We,atBharatRE,are clearthattheEmployeeBenefitsbusinesscanbeeffectively managedonlywhenitislookedatfromthepointofviewof theinsurancecompanymanagingtheprogram.

Sir,whatareyourfutureplanswhenitcomestoCredit RiskManagement?

ManyCommercialenterprisestakecreditinsuranceasa matterofroutinebasedonobligationsimposedbythebank. Areweawarethat

Ÿ Creditlimitsfixedwithoutanalysisofproductmixwill leadtoinadequatecover.

Ÿ Ineffectivemonitoringofcreditlimitsandinformation requirementsfromtheinsurancecompanycouldresult intheclaimbeingdenied.

Ÿ Improperusageofdiscretionarylimitswitharesultthat wethinkwehaveinsuranceprotection,butinactual fact,wedonot.

Ÿ

Ÿ

Wastefulpremiumoutgoonbadlydesignedpolicies.

Inadvertentviolationsofpolicyconditionsespeciallyin areasofreschedulingpayments

Designingacreditinsurancepolicyisnotjustabout providingdetailstotheinsurer,obtainingquotes,andfiling thepolicy.Choosingthecorrectpolicybasedonthebuyer profile,fulfillingpolicyrequirementsandcomplyingwith proceduralprocessesisthedifferencebetweengettinga claimsettledorgettingarepudiationletterfromtheinsurer We,atBharatRE,assuresunmatchedexpertisein understandingcreditrisksoftheenterprise,designinga comprehensivecreditinsuranceprogram,handlingthe documentation/informationprocesswithrespecttopolicy requirements,andhandlingcomplicatedclaims.

Insimplewords,weofferend-to-endsolutions,backedby domainandindustryexperts.AtBharatRE,protectingyour businessisourbusiness.

Insurance

Coping in

How Industry is The New Normal

Industry Sagacity

Today,noindustryisimmunefromtheimpactsof theglobalCOVID-19pandemic.

Thedisasterofhealthhasturnedintothefinancialone.The insurancesectorisnoexceptiontoit.Butstill,giventhe importanceofthisindustry,thereisaconsiderablepublic interestinhowinsurersaremaintainingbothinternal businesscontinuityandseamlesscustomerservice throughoutthecrisis.

Theinsurersaredoingtheirbesttoadapttothenewnormal byadjustingtothenewchanges.

SafetyandHealthFirst-ProtectingCustomersand Employees

Withthecoronavirusoutbreak,insurersarenowfocusedon protectingthehealthandsafetyofallemployees,adjusters, underwriters,andagents.Oneofthebiggestchallengesis enablingalternativeworkarrangementsforinsurance

companyemployees,alsoprotectingstaffandadaptingto possibleofficeaccessrestrictions,allwhileassuring businesscontinuity

Insurancecompanieshaveputinplacepoliciesthataddress theneedforremoteworkingandsocialdistancing.Whenit comestoclaimsadjusters,whotypicallymustbeonsiteto makeproperassessments,theuseofmasks,glovesand othersafetymeasuresisconsideredprudent.Thesekindsof safetymeasuresnotonlyservetoprotectemployeesbut alsosafeguardcustomers.

UsingDigitalConnectionsforCustomers

ManyinsurancecompaniesaregoingdigitalasCustomers shoppingforinsuranceareincreasinglylookingatdigital andmobilechannelstointeractwithagenciesandbrokers ratherthanmeetingface-to-face.Byusingdigitalplatforms, examininginsuranceofferings,andinteractingremotely withcustomerservicerepresentativesispossible.

Accordingtoarecentsurvey,80percentofcustomersare interestedinutilizingdigitalandremotechanneloptionsfor variousinsurancefunctionsandtransactions.Evenbefore thecurrentpandemicconcerns,consumerswerelookingto haveabroaderrangeofoptionswhenitcomesto completingtransactions.

Knowledgeableinsurersnotonlyacceptonlinepayment usingcreditanddebitcardsbutalsomobileoptionsand otherInstalmentPaymentsfortheirconvenienceand universalappeal,especiallytodigitallynativecustomers.

MakingSaferClaimsandRefundPayments

Arecenttrendintheindustryisthatsomecarinsurance companiesareissuingrefundsordiscountsonpolicy premiumsbecauseofthereduceduseofvehiclesdueto stay-at-homemandatesinmanystates.

Also,duetopandemics,claimshaveincreasedaround travelandeventcancellations,businessinterruptions,and supplychainpolicies.Whenitcomesto personalclaimpayments,theindustryisconsidering alternativestoissuingpaperchecksinordertoreduce customerrisksassociatedwithvisitingbankstomakea deposit.

Deliveringpaymentviaadigitaldisbursementwhichis loadedinstantlyontoaprepaidcard,ordisburseddirectly intoadebitaccount,offerstherecipientinstantaccessto fundstheymayneedimmediateaccessto.Italsoremoves theneedforhandling/cashingapapercheckandpresentsa morecost-efficientmeansofmanagingthedisbursement

processfortheinsurer.Afterissuing,thepreloadedpayment cardsallowtheend-usertoimmediatelyusethefundsto purchasegoodsorservicesonline.

GettingReadyforVirtualFuture

Therecentdisasterhasacceleratedthetrendtoward automationanddigitisation,bothofwhichwerepreviously fuelledbychangingdemographics,customerexpectations andcompetitivepressures.Theexistingsituationhas compelledmanyinsurerstorelyonvirtualconferencesand meetings,andmanynowrealizethatteleworkworksquite wellinmostcircumstances.

Therefore,itisanticipatedthatremoteworkmayremain thenormatmanyfirms.Itisalsopossiblethatvirtual interactionsopenupnewopportunitiesforservicing, selling,andbuildingcustomerrelationships.

Insuranceindustriesarealsoanticipatingthatconversations withcustomerssupportedbytechnologywillleadtogreater efficiency,moreinformeddecisions,andbetteroutcomes forbuyersandsellers.

AssistingTheWorkforceinAdopt

Everyonehasanideathatreturningtotheofficewon’t meanreturningtoworkasitwasbefore.Thereisa possibilitythatsomejobswillchange,asnotallemployees willfeelcomfortablewiththenew,moredigitalwaysof working.

Insurancecompaniesarealsohelpingtheirexisting workforceadaptbyprovidingrelevanttechnologytraining fortheirteams.Theyareprovidingtrainingtothe employeesinvolvedindelivery,aswellasthosewho handleserviceandoperations.

LookingFortheFutureofInsurance

AsaresultofCOVID-19,theinsuranceindustryisfacing enormouschallenges.Therefore,itistimeforthemto developnewbusinessstrategies,prioritizeinvestments, rethinkwhatindustryverticalsandcustomersegmentsto targetanddevelopproducts,services,andpricingstrategies forprioritizedsegments.Doingthiscanhelpdriverevenue.

Byadoptingtherightstrategyforcustomers,ifthe roadmapsaredirectionallycorrect,thefutureofinsurance seemstobebright.InsuranceCompaniesthatinvestnowin theirabilitiesandimprovethebondwiththeircustomers havethepotentialtoemergefromthecrisisaheadoftheir competitors.

-PoojaJaipal

Transparent Future Advisors

Capvirgo Insurance Broking & Services Pvt Ltd

Haveyoueverthoughtofcontrollingyourfuture? Probablyyoumighthavewishedtomakeitbetter thantoday?

Havinganappropriateandsafemodeoffinancialprotection isthefirststepinthatdirection.Anassuredcoverto safeguardyouandyourfamilyfromanyuntowardincidents becomesaverycrucialdecision. Insurance is one of the

answers.

Insurancehasgrownfarbeyondthetraditionalagentswho usedtobeinrelentlesspursuitofsellingsomepolicy highlightingthebenefitstotheprospects.Peopleingeneral, areprettyawareoftheneedandtheimportanceof insuranceduetotherapidriseinfinancialliteracy

However,thereexistswidespreadignoranceormythsabout insuranceamongthemasses. This is where the role of professional insurance brokers comes as a lifesaver. Therehavebeenthousandsofcaseswherethetragedy struckpeoplewhohavebeenleftindeepsorrowjust becauseoftheindecisionofnottakingtherightinsurance oftherightamountattherighttime.

Theinsurancebrokingprofessionalssystematicallyidentify theneedbasedonthefamilystructureandcustomizethe insurancesolutions.Thebestpartoftheirroleisthatthey donotsellanyinsurancedirectly,butinsteadoffera balancedsolutionbasedontherisk,ageoftheproposerand theincomebracket.CapvirgoInsuranceBroking& ServicesPvt.Ltd.hasbeendoingpreciselyexcellentin thisregard.

Insuranceremainsanessentialrealmforcustomerswho seekadvicefromthemostinformedandknowledgeablein thefield.Tofillthisneed,SanjayNene,Co-founder, DirectorandPrincipalOfficer,beganthisIRDAI approveddirectbrokeragefirminSeptember2019.

Sanjay says,"AtCapvirgo,ourprocessesaretailoredto prioritizeoncustomersandinfulfillingtheirneeds.Weaim toofferauser-friendlyandtransparentexperiencebyusing

therightmixoftraditionandnewtechnologies."

Theproductrangeandpricesreflectthecustomers'needs, andtheteamstrivestoofferavarietyofthebestandmost economicallypricedproducts.

InsuranceforAll Capvirgooffersservicesinthethreecoreareasof Life Insurance, General Insurance and Health insurance respectively.

Inthedivisionoflifeinsurance,thecompanydevelopsthe clientrequirementbybeginningwiththekeyobjectivesof

Ÿ Soleprotection

Ÿ Protectionandsavings

Ÿ Protectionwithsavingsandinvestments

Ÿ Taxbenefitadvantageinthepremiumspaidandthe premiumsreceived.

Insurancebasicallyisofferedindifferenttypesbasedonthe customerpriorities,whicharenamely

Ÿ Term Insurance:Theinsurancecompanyentersintoa contractwiththeinsuredpersonforofferingthe individualfinancialcoverorprotection,incaseof suddendeathorpermanentdeformity Thiscoveris effectiveforthetermofoneyearwhichneedstobe renewedyearly.Itchangeswiththeageandtermofthe policy

Ÿ Traditional insurance policies: Thesepoliciesarea combinationofendowmentandriskcover.Theseare regardedassafesmallsavingsinvestmentoptions.

Ÿ Market-linked insurance policies (ULIP)Policiesinthis categoryarelinkedwiththestockmarketswherethe insurancecompanyinveststhecollectedamountinthe stocks.Thecustomershouldhavegoodrisk-taking potentialtoinvestintheseoptions.Thesearegenerally fixedforadurationofonetothreeyears.Thecustomer

getsthereturnsbasedontheNetAssetValue(NAV)of thepolicy.

DefiningthePurpose

Everyindividualwhetheremployed,self-employedora businessman,hasariskofliferiskofdeath,temporaryor permanentdisability,consideringthefact,theCapvirgo teamverydutifullyproposestheprospectswiththeneedfor havinginsurance.

Thenthenextaspectisidentifyingtheactualvalueof insurancethatindividualneedsconsideringvariousrisk factorsinday-to-daylife.

Afterunderstandingtheclient'sneed,theteamoffersthe prospectofrightcombinationofinsurancehelpinghim achievehisobjectivesofprotectionwithsavingsand investmentsaswell.

At Capvirgo, we want to assist people in protecting themselves against future risks

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 vercal. With a deep understanding of technology, he is responsible for building a state-of-the-art digital plaorm for Capvirgo's business acvies and he serves as the Principal Officer for daily operaons.

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 naonwide to opmally serve his clients' needs. Alongside other responsibilies, Jay looks forward to developing a vibrant, knowledgeable and passionate distribuon network for Capvirgo.

Vikram Mehta, Co-founder and Director

An alumnus of IIT Delhi and IIM-Calcua, Vikram brings a wealth of experience and knowledge from the Financial Services industry. Having served in senior posions at Cibank, HDFC Life and MasterCard, Vikram is uniquely posioned to understand the nexus of finance and insurance. His responsibilies include mentoring and guiding Capvirgo in building opmal insurance soluons for its range of customers

Vision

Tobethebrokerofchoice,deliveringinnovativesolutions, tailoredtotheneedsofarangeofcustomers

Mission

Ÿ Capvirgo,wantstoassistpeopleinprotecting themselvesagainstfuturerisks

Ÿ Therefore,itgoesaboveandbeyondbyinvestingin increasingawarenessaroundthesignificanceof insuranceacrossgeographies

Ÿ Thefirmisprovidingneed-basedinsurancesolutions andservesarangeofcustomersinatransparentand ethicalmanner,whilepromotingthebenefitsof insurance,leavingnoonebehind.

Core Values

Ÿ Tailored Advice:Advicebestsuitedtoacustomer's needs

Ÿ Innovative Solutions:Solutionswithacombinationof experienceandinnovativeapproaches

Ÿ Transparent and Accountable:Conductingtransparent, ethicalandaccountableprocessestoachievedesired outcomes

Ÿ

Premium Service from passionate people:Servingits customersandpartnerswithpassion.

RisingTowardsanAssuredFuture

Withitssimpleandprofessionalapproachinprovidingthe bestinsuranceservices,CapvirgoexcelsbyitsUSPof customization.Ithassomethingforeveryone.Makingit important,effectiveandpromisinginofferingtheinsurance advantagesofriskmitigation,savingsandgrowth.

Thecustomer-centricapproachinofferingtheright coverageandensuringtheperfectbalanceinthecustomers portfolio,haspavedwayfortheirsteadygrowth.Witha solidexperienceandimpeccableskillsinportfolio management,theteamofCapvirgohasfocusedonbigger businessentitiesforempoweringthroughinsurance services.

Committed to the Principles of Service, Integrity And Professionalism

Technologyisadvancingeverydayandis significantlyaffectingindustriesfromretailto manufacturing,theinsurancesectorbeingno exception.Ithasbecomeincreasinglyapparentthat ArtificialIntelligence(AI),blockchainandMachine Learninghavethepowertotransformthefutureofbusiness andthewaypeopleworkandlive.

Asthesenewtechnologiesarebeingusedonabroader scale,ithasbecomeeasierforinsurancecompaniesto automatecertainpartsoftheclaimhandlingprocessand improvecustomerservicewithAIandML.Blockchainis playingacrucialroleinsecuringtransactions,detecting insurancefrauds,preventingpotentialrisksandenabling cost-efficientcomprehensiveinsurancepolicies.

Asthesetechnologiesbecomemorewidespread,the insuranceindustrymaypotentiallybecomemoreefficient, accurateandsecureandcustomersmayenjoyamore seamlessuserexperienceandmoreaffordablerates. Establishedin2007,Instapolicyis an Insurance Broking

firm that provides you with the technology to do what would have taken you hours in just a few minutes

UndertheproficientleadershipofNitinPandey, ChairmanandManagingDirector,Instapolicyplansto developaleadinginsurancebrokingfirmbyproviding innovativeandcustomizedinsurancesolutionstoensure totalcustomersatisfactionbycombiningexcellence,quality andpromptservicedelivery

InaninterviewwithInsightsSuccess,Nitinsharedvaluable factshighlightingthereliableservicesandUSPsof Instapolicyintheinsurancebrokingindustry.

Nitin,pleaseenlightenourreadersaboutInstapolicy,its visionandmissionintheinsurancebrokingindustry. WithextensiveexperienceintheIndianinsurancemarket, deep-rootedrelationswithdecision-makersoftheindustry andhighlyexperiencedprofessionalswehaveintroduceda newlevelofserviceexcellenceintheIndianmarketsof Delhi,Mumbai,RestofMaharashtra,WestBengal,Uttar

Pradesh,MadhyaPradesh,Gujarat,TamilNadu,Karnataka andRajasthan.

OurmissionatInstapolicyistoberecognizedasaleading providerofLife(IndividualandGroup)andGeneral insurancesolutions,thatiscommittedtotheprinciplesof Service,IntegrityandProfessionalism.

Istheinvolvementoftechnologybeneficialfor Instapolicytoexpanditsservicesintheinsurance brokingindustry?

Technologyhasmadeiteasytofindtherightcar,house, hotel,flight,orprettymuchanythingelseinminutes.So whydoesfindingtherightinsurancehavetobesohard?We knewtherehadtobeabetterwayandwewentoutand madeithappen.

Therefore,wemakesurethatyouhaveseamless connectivitywithus.Whileourwebsiteisdesignedto facilitateeasyaccessforyouinthedigitalsphere,wealso ensurethatyouareconnectedwithusofflinethroughour representatives,justacallaway Youcouldmeetthemat ourofficeinyourrespectivecity.Wearealwaysatyour service24x7.Welookforcustomer-centricgrowthby understandingcustomers'currentandevolvingrisk managementneeds.

WhatarethecorevaluesuponwhichInstapolicyis built,andhowitiscurrentlypositionedasatrusted insurancebrokingcompany?

Ourcorevaluesare:

Word of Mouth

Wetakeprideinprovidingthebestcaretoeachcustomer.

Integrity

Ourultimategoalistodotherightthingandintegrity comesfirst.

Respect

Mutualrespectisthefoundationofallourendeavours.

Employee Growth

Wegiveouremployeesahealthyenvironmenttothrive.

Excellence

Westriveforexcellenceineverythingwedoandcompete withourselves.

Empathy

Weactaccordingtotheneedsofeverysingleclient.

Punctuality

Weknowhowimportantinsuranceis,soweactattheright time.

Commitment

Wearecommittedtodeliveringourpromises,100%ofthe time.

We look for customer-centric growth by understanding customers' current and evolving risk management needs