There are multiple players in the Indian insurance sector and due to this steep rise in the level of competition; the need for sophisticated and personalized services has augmented. The Insurance companies have to focus on the clients’ need and imply personalized strategies to different customer segments. With a strong desire to change people’s lives and revolutionize the way people buy insurance the prominent insurance company, Aarvi Insurance Broking Pvt. Ltd was incepted in 2006. The company emphasizes more on innovation and invests more in the latest technologies to serve its clients in better way. The company always believes that innovation is the key factor to sustain in the market. “If you have the love and passion for the work you do, then the sky is the limit.” says the founder of the company. This quote clearly defines company’s work culture and potentiality.
Passionate Leaders of the Company
Mr. Pradeep K Shah is the Founder of Aarvi Insurance Broking Private Ltd. He is an expert in the field of insurance and has more than 44 years of robust experience. He started his career as an administrative assistant at New India Assurance, India’s largest General Insurance Company, in 1971. He started working as General Manager Marketing in Reliance General Insurance in 2000. Apart from this, he also has a tremendous experience as an entrepreneur; he is founder and director of a data analytics company called “Pentation Analytics”. He has also started private reinsurance company “ITI Reinsurance Company” as well as a health insurance company called “OCARE Health Insurance Company”. His hard work, innovative ideas, and creativity have differentiated the company from their competitors.
Radhika Shah is CEO, Director and Principal Officer of Aarvi Insurance. She has abundant experience of 12 years in the insurance sector. She started her career as a business development head at IFFCO TOKIO General Insurance Company Ltd. where she was responsible for business development and retail as well as corporate relationship management. In the year 2006, she joined as a corporate agent at Aarvi along with her father Pradeep Shah. She was responsible for client relationship management. According to her, Aarvi Insurance has made her learn new ways of client building and improved her knowledge about brokerage and insurance industry.
Friendly Working Environment to Motivate the Employees
Aarvi Insurance Broking Private Ltd has an employee-friendly culture and accentuates more on innovation and creativity. Their team is always ready to serve its clients by working 24 hours a day round the clock. As total work is done online, the company provides work from home facility to their employees for delivering better customer services. They also arrange brainstorming sessions among their employees to make their product and services better and to reach to the customers effectively. The company focuses more on employees’ needs and provides support to their employees. The company provides various forms of training to their employees to make them expert in the respective fields and inculcate related skills. The dedication, hard work, and team support are the important factors for the company’s success.
Innovative Products and Services
Aarvi Insurance Broking Private Ltd. offers a range of auto, travel, health, property insurance and many general insurance services. They provide advising services for purchasing the best insurance policy and also help clients during the claim issues. They also offer online products like Online Third-Party Insurance product in Motor Insurance. For online third-party insurance, the company has developed more than 500 franchises.
The company is about to launch home insurance and dental insurance which would be customer friendly, economical and easy access to get the policies and claims. To maintain positive and long-term client relationship, the company focuses more on the client needs and provides quality and timely service to them. The company has its own toll free number through which company provides guidance and timely assistance to their clients.
Opportunities and Challenges in Insurance Industry
The brokers of the industry are facing lots of challenges; there is a fear of losing the business to someone every single day. There are lots of options available in the market for the customers with lots of varieties. The competition among the brokers is also rising day-by-day in the industry. Technology can play a big role in such competition; with the adoption of the smart and latest technology any company can do wonders by reaching grass root level customers.
The insurance industry has many opportunities to grow and expand; the rural market of India is still not covered by the insurance companies. Insurance companies are also adopting e-marketing and institutional marketing to get deeper into the rural market. Underwriters should find a new range of pricing for insurance products of the rural market. The insurance products with a specific coverage for a specific need at a lower cost to customers are also a future of the insurance industry.
Footsteps for the Future
According to Aarvi Insurance Brokers Private Ltd., though there are several players in the Indian market still it is under penetration. The penetration level is just about 1 %, which is contributed by the urban area. The rural parts are not yet penetrated at all. The insurance sector has a greater penetration potential to rural market and Aarvi Insurance Brokers Private Ltd.’s next step is to capture rural segment with innovative distribution channels and products.
Source :-The 10 Most Valuable Insurance Solution Providers in 2018
