Several doubts and questions about insurance now a days are common and everyone requires a one point solution for all general and life insurance related queries. To keep all your worries away Probus Insurance is one of the leading Tech Solution Provider that serves
as the one point solution for all your insurance related queries and needs.
It offers products online/Offline for Indian customers across categories in
General & Life Insurance (Health, Car, Life, Travel and Home
To head one of the leading Insurance firm with 230 + Crore premium in a year, customarily from the retail clients paired along with its pan-India presence and also balanced by an equal mix of Life and Non-Life Insurance, is both a coveted and challenging job. The job mix makes the person most sought after in the Insurance Industry – Rakesh Goyal, Director and the man behind the very
successful ‘Probus Insurance Brokers’ (Top 5 Insurance Brokers in India).
Speaking with Businessfortnight.com, Rakesh Goyal – Director, Probus Insurance Brokers Pvt. Ltd discussed on several aspects related with Probus and insurance sector.
- Brief us about the journey of Probus Insurance.
The foundation of Probus Brokerage Limited was laid in the year 2002. However, IRDA issued our License of operations in April 2003 for the commencement of business. Since then, we have grown from issuing policies offline to being a completely online portal with more than 2.6 lakh policies issued online in the first half of 2019 alone. Embracing digitization has helped us to grow tremendously in the last five years, and it has also led us to be awarded as the “Digital Broker of the Year” by the ABP News and ET Now BFSI awards 2018-19. Our operational excellence and superior customer service, which is backed by technology and risk management advisories have been a pivot for us to be recognized as one of the leading insurance solutions providers in India in a short span of time.
- We have multiple options like Policybazaar, Coverfox, etc. in the online insurance space. How is Probus Insurance really different from such players?
Bootstrapping the business right from a minimal viable online product to offering 1200+ Insurance plans which include Car, Two-wheeler, Health, Life, Travel, Goods Carrying, and Passenger Carrying vehicles from over 22 insurance companies, Probus Insurance has come a long way, and now heading to offer online insurance solutions for Home and Business Insurance.
We focus on making our product simple and seamless. I think, today, with recent changes in our product, it stands out. And the pillars on which our brand stands out today is our team of experts, speedy online support facility, handheld claim support, and customer-centric product development. We ensure that our customers get active support even after post-sales.
We help customers who earlier had ended up buying the wrong product or who may need expert’s advice on active policies to meet their ever-changing demands. To help such customers, Probus Insurance has implemented customized systems for auditing and analyzing existing Insurance portfolios of the clients.
- What is the company’s plan to grow? Are there any global benchmark companies that have achieved roaring success in providing contextualized mass market products?
The insurance penetration in India is quite low. It is just 3.69 per cent in India. So, there’s a huge gap, and a market is yet to be disrupted at its full potential. Insurance is still a long way to go to become a pull product, and we are focusing our efforts on making it a pull product. With digitization and embracing technology, we plan to make buying insurance a seamless process for individuals from every corner of India.
There are insurance companies like Lemonade, USA, providing solutions to renters and homeowners, and Trov, Australia, provides solutions for individual items, apart from renters and small business insurance.
Probus Insurance Broker Limited helps customers to choose General and Life insurance products from top insurers, which are tailored to their unique needs. And, soon we will be offering Home and Business insurance solutions on our portal to end customers.
- How are urban millennials as a customer segment different from others when it comes to buying insurance?
Most of the urban millennials have grown seeing either their relative or a close family friend asking their parents to buy insurance, which was more of a push sell. Push selling and the lack of context has made urban millennials in thinking that insurance is not necessary or can be purchased at a later stage in life. And more often you will find them idolizing “You only live once (YOLO)” as their lifestyle.
However, millennials could be reached out with the contextualized insurance products to fulfil specific risks and wealth-building products for financial planning.
- How big is the space for contextualized mass-market products in India?
On average, Indian mobile data users consume 8.3 gigabits (GB) of data each month as compared to 5.5 GB of data in China. An average Indian internet user spends 17 hours a week on social media platforms. Moreover, in India, internet users will grow by 40% to around 800 million by 2023. In this rapidly growing market, new-age consumers now seek customized products and pricing with superior services. And we are trying to provide solutions to the needs of this new-age consumers, the next millions of users in India. However, insurance and technology are still in the growing phase in India. Certainly, a complete paradigm shift in Insurance is likely to be seen yet.
- How is the Insurance broking firm Industry in India shaping up and how is Probus placed?
Till now, only 49% of FDI was allowed in the Insurance industry. However, with the Budget 2019, 100% FDI will be permitted for insurance intermediaries, which will boost the insurance sector in India. This boost will make Insurance industry at par with other financial services in India. Moreover, leveraging technology with innovative solutions will help us to reduce the buying cycle, deliver enhanced customer experience, and provide hassle-free claim process.
Probus Insurance has unlocked the doors of their platform to more than 25 lakh registered insurance agents after the relaxation by IRDA around the Point of Sale (POS) for insurance distribution as sub-brokers. Using our proprietary technology, they can compare and issue policies all from a single platform. With this Probus Insurance has increased the reach of insurance even in Tier 2 and Tier 3 cities of India.
The future of India’s insurance sector seems to be very promising for both customers and the entities that operate within the industry. Owing to the increased private participation, relaxation around the Point of Sale (POS) by IRDA and permission of allowance 100% FDI, we will see an increase in insurance penetration.
- In what way, you are using technology?
Probus Insurance is focusing on ML & AI based voice and text assistant chatbots to guide and enhance the overall customer experience. As of now, the chatbot helps a consumer in advisory guidance, buying insurance, and claims process.
Also, as observed, often customers are not sure about how much cover or which plan is right for them. So we are investing in product development that will be driven by both Data and Expert’s advice to recommend and guide customers in opting the right cover and plan for them.
- Introduce us to the latest services you are working on or in the pipeline?
- We are channelling our efforts to embrace the new technology and digitization to expand our product portfolio and bringing niche customized solutions directly in the hands of customers. Probus Insurance has launched online insurance solutions for Home and Business insurance, which as of now is available only to POS. But very soon will be available to the end customers. Moreover, very soon, we will launch products like Fire, Marine, WC Policy, and PA on our online platform. We have recently tied up exclusively with Acko General Insurance, Digit Insurance, and COCO by DHFL for their online presence and distribution.
We are also taking initiatives on one-click renewal process for motor insurance. With this service, instant policy renewal will be possible by simply uploading the previous year’s policy. Furthermore, our team is gearing up for new initiatives in institutional sales, digital marketing for B2C, and the introduction of new products in the web portal and the development of new Android App.
- How has technology and innovations helped the insurance industry to transform from the earlier years?
The insurance has seen the shift from traditional offline to online issuance. From cumbersome processes to paperless policy issuance process. With rapidly growing mobile consumers, insurance penetration has increased even to the places where it was difficult to reach out to the customers. We are seeing more private players entering the market, which are entirely technology-driven, with their unique insurance solutions to meet the new-age customers. The industry has transformed to deliver Data-driven products and pricing, superior customer services, and enhanced customer experience with complete product transparency.