Ideal Insurance on Business For All Magazine - June Issue

8/12/2019 Ideal Insurance on Business For All Magazine - June Issue

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72Business for a l l June 2014

BY A CORRESPONDENT

Did you know only 3 per

cent of Indias popu-lation has any kind ofhealth insurance? A

1000 sq ft house in a posh localitywill cost only Re 1 per day for reinsurance and still very few buy ahome insurance which is the mostprecious possession of an individ-ual. All these are glaring examplesof an extreme lack of awareness

about the benets of insurance inour country. And most insurance is

taken, either because it is mandatoryor for the tax benets. Looking vastopportunity of the segment, Rahul

Agarwal a young lad from Kolkatadecided to enter the insurance brok-ing in 2005.Rahul is a scion of a Marwari fam-ily in Kolkata whose father is intoreal estate investments and stockbroking business. While he was pur-

Peace

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Education

suing his graduation in 2001, theinsurance segment was privatised in

the country. In the same year, Ra-hul took up a job in Max New YorkLife as an insurance agent. He wassent to annual MDRT (Million Dol-lar Round Table) conference, 2002at New York to represent India.MDRT a Premier Association ofFinancial Professionals, is an inter-national, independent associationof more than 38,000 of the worlds

leading life insurance and nancialservices professionals from more

than 450 companies in 74 countries.He later completed his MBA fromS. P. Jain Institute of Management.After the privatisation of the insur-ance segment, I saw the huge po-tential. When I informed my fatherabout my idea to enter the insurancesegment, my father objected. Heinsisted that I join his business,recalls, Rahul. But to see my deter-

mination, he gave me Rs.5 lakh anda small space at his ofce on rent

to start my venture and Ideal In-surance Brokers Pvt Ltd was bornin 2005 adds Rahul 32 the founderdirector. Today he has large 15000square feet ofce in a posh centralKolkata with branch across ve cit-ies including Mumbai, Delhi, Ban-galore and Pune, having a workingstrength of 135 people. He sensedthe business opportunity in the in-


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surance segment and achieved success. I am very happy that he proved mewrong, says, proud father Rajkumar Agarwal.Ideal is an insurance management company providing insurance based risksolutions to both individuals and corporates. As an IRDA (InsuranceRegulatory and Development Authority of India) licensed consultant thecompany has tie ups with all the insurance companies of India Publicor Private, life or general insurance. Ideal offers entire range of insuranceproducts - heath, life, re, motor, marine, infrastructure, credit, etc. Motorinsurance constitute 30 per cent of the companys insurance portfolios.

The company delivers niche and customised insurance services and solu-tions to its 20000 customers. It manages the clients insurance portfolio by

giving them expert guidance, customisation, cost effective prod-ucts and help with easy and speedy claims settlement. It

also evaluates risks, exploring the best opportunitiesand negotiating with multiple insurance companiesfor the best rate and coverage to all their prospec-tive clients. Their clients include businesses, public

entities, associations, professional services orga-

nizations, and private clients from various sec-tors. Mercedes Dealership Pune, Kotak Bank,Wadhwa Builders Mumbai, Meru Cabs, GRInfrastructure, Tata Telcon, Avani, South CityGroup, Sharachi, JKM Infrastructure, Kev-enter, Bazaar Kolkata, 123 Greetings, GoldenPark are among some important clients.The insurance service sector is still not veryorganised in the country. The small agentsturned brokers and working on pricing thanthe services and quality. People are still more

price-conscious than service-conscious

and they prefer taking insurance fromrelatives, rather than professionals.Our major focus to educate the cus-

tomers and create awareness, says di-rector Amit Gupta who is responsible

for Infrastructure insurance and brotherof Rahul. The guesstimated size of the

insurance segment is Rs. 69100 crore andgrowing at 12.5 per cen. Ideal has beengrowing steadily over the years. Last yearit has grown 40 per cent. As on March

2014, the company insured assetsworth of one lakh crore and premium

of Rs.65 crore.Ideal has launched 121 policy exclu-sively for health insurance. 121policy.com is a health insurance consultingwebsite that deals all the verticalsand age group of health insuranceand guide to choose the right poli-cy. In India only 3 per cent of thetotal population is covered underhealth insurance as compared to

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the 75 per cent in the developednations. Health insurance so far re-mained highly unexplored and is lesssignicant segment of the insuranceproduct portfolios, now graduallyopening up. Our effort through 121policy is to educate people aboutthe benet of the health insuranceand bridge the gap between themand the insurers by providing cus-tomised and expert services. Says

Rahul The portal has received thecoveted FIPS (Financial Inclusionof Payment Systems) award from

Jesudasu Seelam, minister of Statefor Finance, Government of India,in October 2013 for health aware-ness drive promoted through of-cial health portal has captured goodattention of people looking for besthealth insurance policy in India.Understanding insurance is noteasy. Above 60 per cent of Indianpopulation do not have sufcient

knowledge about insurance policies,benets covered by insurance andclaims. At ideal insurance we arecommitted to bring more order andtransparency to the insurance sec-tor. says Rahul.Salil Agarwal, director, ModernIndia Concast says, I was of theopinion that insurance companiesnever intend to pay claims. But Ideal

Insurance broke the myth for us bysettling our entire marine and otherclaims. Now it manages our entireinsurance portfolios. Not only theyare good in claim settlement, buthave a strong technical knowledgeof corporate insurance.

Rahul is now spreading its foot-prints in the large untapped ruralmarket. Recently it has tied up with

AISECT, a pan India education pro-vider to market insurance throughtheir strong 13000 franchisees,

which are all primarily located in ru-ral areas. We are working on somecustomised insurance products tobe offer at the unbanked rural areasthrough the AISECT network. This

will also ensure better insurancepenetration in rural india, says, Ra-hulRahul and his wife are inclined tomajor social activities. They are in-

volved in various organisation fortree plantation drives, blood do-nation camps, regular visit to or-phanages and old age homes. Inan unique initiative, the companyorganise workshops on Women En-trepreneurs and Women Empow-erment. Women today are breakingfree from the traditional genderspecic roles and venturing into the

business. They are not only holdinghigh corporate positions but are alsosuccessful entrepreneurs. Priyankasays, To encourage more women tojoin business, we host the workshopcalled Women Entrepreneurs-TheGame Changer. The objective isto guide the women to overcomebusiness stress and challenges trainthem how to consolidate and scale-up a business and acquire multitask-

ing skills for a balanced lifestyle.A group of speakers includingeminent professor and successful

women entrepreneurs share theirviews, thoughts and experiences atthe workshop. More than100 wom-en participate in the workshop. weare very proud to be hosting sucha workshop. We believe this work-shop will help many women entre-preneurs to get the correct exposureand experience required for the cut-throat competitive world today,

adds Priyanka who is also an inte-rior designer planning to set up herrm soon.

Insurance broking is still in a na-scent stage is poised for excitinggrowth in the country. With Rahulsdynamic approach, companys fu-ture looks very bright.

Rajkumar Agarwal with his sons Rahul and Amit

Ideal Insurance on Business For All Magazine - June Issue

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