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Published in IBEF on 18th December,2014, Written by Kapil Mehta
We founded SecureNow, an insurance broking firm, selling insurances to companies three years ago. In our first year we sold insurance worth Rs 1 crore, in the second year we touched Rs 5 crore and Rs 15 crore in the third year. This scorching growth is excellent but creates its challenges.
First, we need to find high calibre people to shoulder large responsibilities and grow with us. This is easier said than done. We meet 50 people before one person makes the cut. Such intensive screening is required for the first 30 employees because they form the bedrock of SecureNow.
Second, we have had to organise ourselves in a scalable manner. Early on everybody did everything. Now we have specialized. Separate teams are responsible for client engagement, underwriting and servicing.
Finally, importantly we have effectively used technology. This is not just about online presence but also how we transact and place business on a daily basis. SecureNow has developed an in-house portal for clients and insurers who do business with us. This provides an integrated view of insurances to clients and forces insurers to negotiate competitively.
We have a long way to go. The market size of corporate insurance is about US$ 15 billion. Less than US$ 2 billion is sold through brokers. I predict that over the next 5 years there will be at least 5 insurance brokerages with premiums over half a billion US dollars. We want to be leading that list. We need to also expand the market by getting many more SMEs insured. Our diversified client acquisition approach creates a steady client pipeline.
This is an excellent time to build a business in India. A sense of optimism and confidence hangs in the air. So many experienced executives are venturing out on their own. It’s exciting to be part of the transformation that is steadily and surely taking place.