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Bus i nes s f or al l J une 2014


BY A CORRESPONDENT
D
id you know only 3 per
cent of Indias popu-
lation has any kind of
health insurance? A
1000 sq ft house in a posh locality
will cost only Re 1 per day for fre
insurance and still very few buy a
home insurance which is the most
precious possession of an individ-
ual. All these are glaring examples
of an extreme lack of awareness
about the benefts of insurance in
our country. And most insurance is
taken, either because it is mandatory
or for the tax benefts. Looking vast
opportunity of the segment, Rahul
Agarwal a young lad from Kolkata
decided to enter the insurance brok-
ing in 2005.
Rahul is a scion of a Marwari fam-
ily in Kolkata whose father is into
real estate investments and stock
broking business. While he was pur-
Peace
ENSURED
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Bus i nes s f or al l J une 2014
Education
suing his graduation in 2001, the
insurance segment was privatised in
the country. In the same year, Ra-
hul took up a job in Max New York
Life as an insurance agent. He was
sent to annual MDRT (Million Dol-
lar Round Table) conference, 2002
at New York to represent India.
MDRT a Premier Association of
Financial Professionals, is an inter-
national, independent association
of more than 38,000 of the worlds
leading life insurance and fnancial
services professionals from more
than 450 companies in 74 countries.
He later completed his MBA from
S. P. Jain Institute of Management.
After the privatisation of the insur-
ance segment, I saw the huge po-
tential. When I informed my father
about my idea to enter the insurance
segment, my father objected. He
insisted that I join his business,
recalls, Rahul. But to see my deter-
mination, he gave me Rs.5 lakh and
a small space at his offce on rent
to start my venture and Ideal In-
surance Brokers Pvt Ltd was born
in 2005 adds Rahul 32 the founder
director. Today he has large 15000
square feet offce in a posh central
Kolkata with branch across fve cit-
ies including Mumbai, Delhi, Ban-
galore and Pune, having a working
strength of 135 people. He sensed
the business opportunity in the in-
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Bus i nes s f or al l J une 2014
surance segment and achieved success. I am very happy that he proved me
wrong, says, proud father Rajkumar Agarwal.
Ideal is an insurance management company providing insurance based risk
solutions to both individuals and corporates. As an IRDA (Insurance
Regulatory and Development Authority of India) licensed consultant the
company has tie ups with all the insurance companies of India Public
or Private, life or general insurance. Ideal offers entire range of insurance
products - heath, life, fre, motor, marine, infrastructure, credit, etc. Motor
insurance 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 opportunities
and negotiating with multiple insurance companies
for 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, GR
Infrastructure, Tata Telcon, Avani, South City
Group, Sharachi, JKM Infrastructure, Kev-
enter, Bazaar Kolkata, 123 Greetings, Golden
Park are among some important clients.
The insurance service sector is still not very
organised in the country. The small agents
turned brokers and working on pricing than
the services and quality. People are still more
price-conscious than service-conscious
and they prefer taking insurance from
relatives, 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 brother
of Rahul. The guesstimated size of the
insurance segment is Rs. 69100 crore and
growing at 12.5 per cen. Ideal has been
growing steadily over the years. Last year
it has grown 40 per cent. As on March
2014, the company insured assets
worth 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 consulting
website that deals all the verticals
and age group of health insurance
and guide to choose the right poli-
cy. In India only 3 per cent of the
total population is covered under
health insurance as compared to
Insurance
Priyanka
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Bus i nes s f or al l J une 2014
the 75 per cent in the developed
nations. Health insurance so far re-
mained highly unexplored and is less
signifcant segment of the insurance
product portfolios, now gradually
opening up. Our effort through 121
policy is to educate people about
the beneft of the health insurance
and bridge the gap between them
and the insurers by providing cus-
tomised and expert services. Says
Rahul The portal has received the
coveted FIPS (Financial Inclusion
of Payment Systems) award from
Jesudasu Seelam, minister of State
for Finance, Government of India,
in October 2013 for health aware-
ness drive promoted through off-
cial health portal has captured good
attention of people looking for best
health insurance policy in India.
Understanding insurance is not
easy. Above 60 per cent of Indian
population do not have suffcient
knowledge about insurance policies,
benefts covered by insurance and
claims. At ideal insurance we are
committed to bring more order and
transparency to the insurance sec-
tor. says Rahul.
Salil Agarwal, director, Modern
India Concast says, I was of the
opinion that insurance companies
never intend to pay claims. But Ideal
Insurance broke the myth for us by
settling our entire marine and other
claims. Now it manages our entire
insurance portfolios. Not only they
are good in claim settlement, but
have a strong technical knowledge
of corporate insurance.
Rahul is now spreading its foot-
prints in the large untapped rural
market. Recently it has tied up with
AISECT, a pan India education pro-
vider to market insurance through
their strong 13000 franchisees,
which are all primarily located in ru-
ral areas. We are working on some
customised insurance products to
be offer at the unbanked rural areas
through the AISECT network. This
will also ensure better insurance
penetration in rural india, says, Ra-
hul
Rahul and his wife are inclined to
major social activities. They are in-
volved in various organisation for
tree plantation drives, blood do-
nation camps, regular visit to or-
phanages and old age homes. In
an unique initiative, the company
organise workshops on Women En-
trepreneurs and Women Empow-
erment. Women today are breaking
free from the traditional gender
specifc roles and venturing into the
business. They are not only holding
high corporate positions but are also
successful entrepreneurs. Priyanka
says, To encourage more women to
join business, we host the workshop
called Women Entrepreneurs-The
Game Changer. The objective is
to guide the women to overcome
business stress and challenges train
them how to consolidate and scale-
up a business and acquire multitask-
ing skills for a balanced lifestyle.
A group of speakers including
eminent professor and successful
women entrepreneurs share their
views, thoughts and experiences at
the workshop. More than100 wom-
en participate in the workshop. we
are very proud to be hosting such
a workshop. We believe this work-
shop will help many women entre-
preneurs to get the correct exposure
and experience required for the cut-
throat competitive world today,
adds Priyanka who is also an inte-
rior designer planning to set up her
frm soon.
Insurance broking is still in a na-
scent stage is poised for exciting
growth in the country. With Rahuls
dynamic approach, companys fu-
ture looks very bright.
Rajkumar Agarwal with his sons Rahul and Amit