How Probus Insurance Broker ransitioned from a typical insurance brokerage to a well-known tech-enabled platform
CXOToday has engaged in an exclusive interview with Mr. Rakesh Goyal Director, Probus Insurance Broker
- Describe how the firm transitioned from a typical insurance brokerage to a well-known tech-enabled platform.
Probus has always been in the forefront in implementing state-of-the-art modifications to its current procedures and adopting new technologies. The company’s positive attitude towards digital transformation has enabled it to integrate innovative technologies like Artificial Intelligence. Moreover, Probus has prioritized the development of a process-oriented culture, which has been immensely beneficial during the digital transformation period. We have successfully implemented various techniques such as a unified technology platform, a robust methodology, upskilling the workforce, and a comprehensive data strategy to streamline the processes. By embracing the latest technological infrastructure, Probus has transitioned from a traditional insurance broker to a renowned tech-enabled platform.
- How does the company empower insurance companies & distributors?
At the core of our business lies our partner-centric approach, which has always been our unique value proposition. We firmly believe that our partners are fundamental to our success, and we prioritize their needs. Our enduring relationships with our end customers are a testament to the trust they place in our partners to provide them with the best possible insurance solutions. Our marketing campaigns embody this philosophy, as evidenced by our message “Aapka Saathi. Aapka Saarthi,” which highlights the multifaceted role of our partners as friends and guides in the lives of our clients. We are committed to digital innovation and continually seek ways to improve our offerings, providing our clients with new and innovative digital solutions that cater to their ever-evolving needs. By focusing on enhancing the operational ease for our end customers through our partners, we have managed to stay ahead of the curve and maintain our position as an industry leader.
- Which market sectors are you targeting as a company in the post-pandemic world?
Since the outbreak of the pandemic, customer preferences in the insurance industry have undergone a significant transformation. Customers are now more discerning when selecting insurance plans and have higher expectations. Probus is committed to addressing this shift by offering our partners the ability to compare multiple quotes and select the most suitable option for their clients. To improve the end-customer experience, we have invested heavily in enhancing our online presence and providing a seamless digital experience. We have also partnered with Praxis, a globally renowned consulting firm, to leverage our domain expertise and implement effective improvements to our partner and customer experience. Additionally, we provide customized insurance solutions that cater to the unique requirements and preferences of our clients. Lastly, we have taken a proactive approach to risk management, assisting our clients in navigating the uncertainties brought about by the new normal. We offer advice on mitigating risks associated with the pandemic, including cyber threats and business continuity planning. Our strategy for remaining competitive in the post-pandemic era revolves around digital transformation, customization, and risk management. Our goal is to offer our clients the best possible service and support in the new normal environment.
- How effective is insurance planning in financial planning and wealth creation?
Insurance planning is a critical component of financial planning and wealth creation. It provides individuals and businesses with protection against unforeseen risks and helps them achieve their long-term financial goals. By investing in insurance, individuals can protect their assets, mitigate financial losses, and secure their future. As insurance planning is a complex and specialized field, it is important to work with a trusted advisor who can provide expert guidance and support.
- Which segment is driving growth in the insurance sector?
The health insurance segment is driving growth in the insurance sector, as the pandemic has raised awareness of the importance of healthcare and health protection. The demand for health insurance has increased significantly, with consumers seeking more comprehensive coverage and benefits. Other segments that are seeing growth include life insurance, cyber insurance, and travel insurance, as consumers and businesses become more aware of the risks and need for protection.
- How is Probus accelerating insurance growth? How do you envision this industry in the next 5 years?
Probus has set a target to achieve 100% coverage of Bharat by 2030, with current coverage at around 85%. The company is making long-term brand investments to grow its partner and geographic footprint. As part of this strategy, Probus is taking its Aapka Saathi, Aapka Saarthi campaign to small towns and locations where there is potential to increase partner strength and create a strong channel of outreach to the underserved. The company also plans to focus on providing SME business solutions, given the importance of SME growth in India, with over 6.5 crore officially registered SMEs in the country. To expand its reach, Probus intends to leverage various digital marketing channels, such as social media, to create informative content that educates potential customers about the benefits of insurance and offers personalized recommendations and tailored solutions. The company can also explore partnerships with complementary businesses or associations to tap into new markets and generate new leads. By continuously innovating and adapting to changing customer needs, offering exceptional customer service, and investing in digital transformation, Probus aims to accelerate growth and expand its reach to a larger target audience.
