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Speaking to TechGraph, the Director of Probus Insurance, Rakesh Goyal said, “Customer expectations are largely driving insurance innovation.”
Read the complete interview:
Could you help give a sense of how far Probus Insurance has come since its existence? From when it began to where it is now?
Rakesh Goyal: Probus Insurance Broker Private Limited was licensed as an Insurance Broker in the year 2002 and later changed its hands in the year 2011. In the last 10 years, the company had its share of ups and downs. However, Probus kept pivoting the business model to target the right product mix and go-to-market strategy. The premium income in the previous year touched ₹585 Cr from a meager 1 Cr business at the time of acquisition of the company.
In FY21, we sold around 1.3 million policies using our online platform with the help of our huge Digital partners spread across 400 different cities. In addition to this, we sold policies in 14500 pin codes in FY21.
Our tech platform has been integrated with 24 Non-Life and Life Insurers and this has helped our digital partners to serve their customers in the most efficient ways. Our mobile app, policy issuance engine, and portal are considered the most advanced by a few of our ardent competitors and critics.
In the last months of the previous year we have also embarked on a new journey, where we are not just supported by capital, but importantly guided by one of the marquee companies and groups.
How is Probus Insurance utilizing its sectoral expertise and digitalization to solve the unsolved credit gap in the insurance industry?
Rakesh Goyal: Utilizing sectoral expertise and digitalization is not just propelling our company forward; it is also trying to transform the entire value chain (outcome). We highly believe that the companies which fail to commit to achieving a digital impact at the right scale at these times are gradually going to be at a higher risk of being left behind in the face of this seismic digital shift.
To solve the unsolved credit gap, it is must to combine all the key components that can drive customer engagement at multiple levels. This aids in prioritizing the penetration goal of insurance and creating enhanced digital platforms to ensure an uplifting customer experience.
How is Probus facilitating the entire insurance process digitally?
Rakesh Goyal: Customer expectations are largely driving insurance innovation and digital transformation. Today, digitizing and upgrading the insurance process is more important than ever. From resolving claim issues to insurance policies, everything can be done with a single click. Having said that, Probus is enriched with a digital presence through its online platform which enables the team and PoSPs to have easy access to all the details under a single login thereby ensuring a seamless solicitation process.
Both the mobile application and online portal are not only available to solicit the business but can also be used for pre and post-sales queries. The well-balanced AI & Human Resources further ensure a superior experience for the customers.
How is technology transforming the insurance industry? Do you think the trend had taken hold even before the pandemic-induced disruptions?
Rakesh Goyal: On the consumer side, insurers can now provide service anywhere and at any time through self-service dashboards and apps, and they can collect valuable data from customers through advanced technology innovations. It took a pandemic to force many insurers to accelerate their digital initiatives as before the pandemic many insurers/partners/insurance advisors were quite reluctant about taking the digital path and preferred in providing personal services. COVID-19 has been the digital catalyst to enforce the need for digitalization and to keep up with the ongoing market competition. The impact of this technology transformation has been nearly universal.
What are the new trends in the insurance industry?
Rakesh Goyal: Applied Artificial Intelligence (AI), distributed data collection, future connectivity, and next-level automation are a few latest trends in the insurance industry. The integration of these new trends would enable insurers to underwrite a broader range of risks using real-world, real-time data from a variety of sources, & also make the processes highly efficient and swift.
Probus Insurance has been collaborating with different industry experts, banks, and technology partners to boost its digital footprint. Going forward, do you see more such engagements?
Rakesh Goyal: Collaborative efforts have enabled simple, digital, on-demand policies that ensure flexible pricing, quick & hassle-free processes, enhanced customer experience, and so on. The benefits of collaborations with different industry experts, banks, or technology partners have enriched the different areas of insurance such as underwriting, claim management, policy issuance, etc, thereby allowing for better and more customized products, assistance, and solutions for customers.
What is the roadmap for Probus going forward?
Rakesh Goyal: Improving product offerings i.e. enhancing the product basket, strengthening the distribution channel (digital distribution), and improving operational efficiency would be our primary focus for the coming future.