Exclusive Interview with Mr. Rakesh Goyal, Director, Probus Insurance

-Editorial Team SWS

We at Shreyas WebMedia Solutions (SWS) thank Mr. Rakesh Goyal, Director, Probus Insurance for the exclusive interview opportunity. Mr. Rakesh Goyal (RG) discussed various aspects such as the company’s expansion plans,  tech stack upgrading with contemporary AI and ML technologies, the local distribution network, and many more.

Let’s know more about his success story and his vision. 

SWS: Could you explain how the company evolved from a regular insurance brokerage to a well-known tech-enabled platform?

RG: Integration of new technologies while enabling Artificial Intelligence and the development of process-oriented ethos have been the key area. Our cohesive approach with unified tech, while developing required skill sets and creating a thorough data strategy for the processes have been our hit approaches. Technological infrastructure has helped us evolve from a regular insurance brokerage to a well-known tech-enabled platform, taking the high-tech road with the wellspring of technology innovation. 

SWS: How do you want to establish a name for yourself?

RG: Insurance not only benefits policyholders, insurers and aggregators but also supports society as a whole. Policyholders buy insurance to avoid financial hardship in the case of unprecedented situations or to build up a monetary reserve for a specific purpose while attempting to reduce mortality, deprivation, and endurance risks. Probus Insurance Broker’s fundamental goal is to serve society as a whole and to provide a financially equipped & safer community for both rural and urban populations. Not only do we want to provide the optimum insurance plan to our customers, but we also want to provide a haven for all of our insured’s family/dependents. We aim to provide the finest insurance plans for all families, as well as ensure to be a huge helping hand in any crisis for our customers and support them at every step of preventative care. We wish not just to generate profits or revenue, but also to give back to society by supporting all kinds of families by insuring them.

SWS: Yours is the only broking firm in India that has successfully balanced its online and offline presence. Can you shed some light on this?

RG: As customers across the different domains are considerably migrating and looking for online options, Probus too wanted to be a part of this ever-increasing evolution by embracing digitization. Our online platforms (website & applications) have been at the forefront along with the social media/digital media presence that has balanced the online presence. Talking about the offline presence, our quick step-in services, as well as POSP, have majorly contributed to the offline area. In addition to this, our user-friendly online platform is designed with the self-service concept along with inclusion of new technology which enables the users to browse through the various products and find the optimum suit for themselves, thereby ensuring enhanced and satisfying customer satisfaction.

SWS: Probus Insurance is the country’s second FDI beneficiary, and you recently raised $6.7 million from BlueOrchard Investment Managers in Switzerland. Would you like to expand on this? 

RG: We have been the only InsurTech company in the country who have been profitable since day 1. But at a certain point in time, the support factor and the expertise of the big players who are well versed in the InsurTech industry stand essentially more significant than the money. Having said that, with the expertise of BlueOrchard which has invested in more than 91 countries in this space. The funds are undeniably necessary but the most critical thing that we will be receiving from them is their expertise in expanding business and taking everything at Probus to the next level. With their knowledge and learnings of different countries, their support would take us to new statures. Through this funding, we have not just received the capital, but have received an array of distinct critical things which are highly essential for growth. Their investment is indeed a big support to help us serve society with our services in a more reformed way. Moreover, it would also help us expand in the industry as a whole with their expertise and tactics. It has been extremely rewarding and exciting to learn and comprehend from a more seasoned perspective, and to collaborate for the good of the organization. This investment definitely ensures the smoothest flow of work possible, as well as a healthy balance of profit and service to society along the way. 

SWS: What do you think the variables are that contribute to the company’s constant growth over the last four years?

RG: Getting smarter through technology adoption, implementing a coherent strategy, executing a comprehensive data strategy and creating the right talent & technology infrastructure have been the key variables that have contributed to the company’s constant growth over the last four years. 

SWS: Why did you decide to upgrade your existing tech stack with contemporary AI and ML technologies?

RG: The idea of upgrading the existing tech stack for distribution, claims, underwriting & pricing could be enhanced using these technologies. We are looking forward to identifying the required modifications and new technologies to support the next normal. By upgrading and investing in the right digital tools, we are aiming to further enhance the efficiencies in the policy management process for insurers.

SWS: Can you inform us about your local distribution network and footprint? 

RG: We have been radically evolving by incorporating several improvements through the implementation of various processes so as to meet the expectations of the customers. So far, we have offices in 20 different cities and with around a team of 375 spread across 40 cities. In addition to this, we have sold policies in 14500 pin codes in the previous year and we are aiming to expand further. 

SWS: In the following four years, how many cities you intend to cover and how many insurance beneficiaries you plan to reach?

RG: We are expecting to have our presence all over the country, thereby covering all the cities & rural areas in the existing pin codes. This will enable us to serve people from every corner of the nation. We are also looking forward to stay profitable without burning the capital by just investing, as they say shrewd investments are necessary with proper planning and strategy. Without planning and building the right strategy there are no chances of achieving this goal. Our strategic plan will help us penetrate different localities thus considering the interest of different people who lay their interest in Probus. It’s not only about profitability but being competitive, consistent and balancing. Our goal is the collective growth of all our stakeholders with the right business ethics and transparency. Over five years, we want to reach out to rural parts of the nation. Our POSPs are available to assist all whosoever come in contact with us, with the right knowledge & awareness of the insurance coverage. This will help customers to not only choose and customize their requirements of policies requirements in a more informed manner but also help them understand the importance of having a policy for them and their families. We attempt to make insurance available to everyone in a more quick and hassle-free manner.