Insurance industry is witnessing significant amount of transformation lately and post the pandemic period, once the pushed product has now become a demand driven one. Adding technological innovation in the segment, insurtechs are emerging as promising contenders. To understand how insurtechs are adding value to the industry, Rashi Aditi Ghosh of Elets News Network (ENN) interacted with Rakesh Goyal, Director of Probus Insurance Broker.
1. Describe how the firm transitioned from a typical insurance brokerage to a tech-enabled platform.
When it comes to implementing cutting-edge adjustments to the current procedures or embracing new technologies, Probus Insurance Broker has always been at the forefront. The company has incorporated new technology, such as Artificial Intelligence, due to its constructive attitude toward digital change. Additionally, it has concentrated on the growth of a process-oriented ethos, which has dramatically aided throughout the entire digital transition period. Some of our successful methods include a unified tech platform, a compelling methodology, the development of the necessary skill sets, and a comprehensive data strategy for the processes. Our transition from a traditional insurance brokerage to a well-known tech-enabled platform has been made possible by adopting the technological infrastructure and going the high-tech route.
2. Recently, Probus received over $6.7 million in investment from Blue Orchard Investment Managers; how do you plan to use that money?
Since day one, we have been the only Insurtech business in the nation to turn a profit. However, there comes a time when the backing and experience of the significant companies well-versed in the Insurtech sector are essentially more important than the cash. The money is unquestionably vital, but the most important thing we received from them is their know-how for growing the company and elevating everything at Probus. Thanks to their global expertise and understanding, their assistance would help us to elevate to new heights. We have not only acquired the funds but also a variety of unique crucial items that are very necessary for growth. Their investment significantly contributes to our ability to provide society with our services in a more reformed manner. Furthermore, their knowledge and strategies have aided in our growth within the sector as a whole. To learn and understand things from a more experienced perspective and to work together for the organization’s benefit has been incredibly gratifying and exciting. This investment guarantees the most efficient workflow and, along the way, a healthy balance between profit and contribution to society. As they say, wise investments are essential with good planning and strategy; thus, we are also looking forward to remaining profitable without burning the funds by just investing. Without careful preparation and development of the appropriate system, there are no prospects of accomplishing this aim. We will be able to reach many areas thanks to our strategic strategy by taking into account the interests of various groups of individuals who support Probus. Being profitable is important, but so are being competitive, reliable, and able to strike a balance. Our objective is the mutual development of all our stakeholders while maintaining proper business ethics and openness.
3. Tell us about your approach in Tier 2 and 3 markets?
We are focusing on covering all the cities and rural areas in the current pin codes by being present across the nation. As a result, we will be able to assist citizens from all around the country. We wish to connect with rural areas of the country over the next few years. With the appropriate expertise & awareness of the insurance coverage, our POSPs are accessible to assist everyone who comes into contact with us. This will help customers make more educated decisions about the insurance they need for themselves and their families, as well as in choosing and customizing those policies. We work to make insurance accessible to everyone more conveniently.
4. Describe your online platform’s technology stack and any new enhancements you’ve made to it.
These technologies could improve the concept of updating the current tech stack for distribution, claims, underwriting, and pricing. We look forward to identifying the necessary changes and new technology to support the new normal. In addition, we want to increase the efficiency of the policy management process for insurers by updating and investing in the appropriate digital solutions.
5. What has been the year-over-year growth for Probus in 2020 and 2021, and what are we aiming for?
The main factors that have led to the company’s consistent success over the past years include becoming more innovative through adopting technology, having an effective plan, carrying out a complete data strategy, and building the right talent and technological infrastructure.