{"id":4851,"date":"2013-04-21T05:18:13","date_gmt":"2013-04-21T05:18:13","guid":{"rendered":"https:\/\/securenow.in\/blog\/?p=4851"},"modified":"2023-07-11T04:34:01","modified_gmt":"2023-07-11T04:34:01","slug":"full-service-insurance-broking-firm-securenow","status":"publish","type":"post","link":"https:\/\/securenow.in\/insuropedia\/full-service-insurance-broking-firm-securenow\/","title":{"rendered":"Full-Service Insurance Broking Firm, SecureNow"},"content":{"rendered":"
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Published in Yourstory on 19th April 2012
\nSecureNow<\/strong>, established in February 2011, by Abhisek Bondia, Kapil Mehta <\/strong>and Amit Sinha <\/strong>is a full-service insurance broking firm based out of Delhi. Abhishek is a CA and CFA with experience of having worked with Mckinsey. Kapil and Amit are both IIM-A alumni with a luminary record. Kapil was previously the MD of DLF Pramerica Life Insurance while Amit was the president of Indicus Analytics. The three together form a very competent and sound core team.
\nSecureNow was set-up as a result of the resentment the founders underwent when they saw disgruntled insurance customers who had been mis-sold insurances. The founders also had a deep conviction that the quality of insurance selling in India needs to be dramatically improved. Over the past few months, SecureNow has notched up over a 100 clients and is growing fast.
\nAnnual insurance sales in India are USD 22 billion and growing at 15% each year<\/strong>. \u201cDespite this large size, penetration levels are poor. Brokers as a distribution channel in India are less than 15% of the market and very small.\u201d says Kapil. \u201cIt has been only 12 years since insurance got privatized in India. We have a long way to go before people are well insured with the right insurances.\u201d he adds. The largest insurance broker in India may have revenues of about USD 20 million.
\nSecureNow works with corporates and individuals. On the corporate side they leverage their in-house proprietary benchmarks and risk knowledge to speed-up the price discovery with insurers, thus enabling companies save lakhs of rupees. On the individual business they focus on term and health insurance which are the fastest growing segments in the country and have been increasing at 40% per annum<\/strong>. Term and health insurance are highly underserved segments.
\nRevenue Generation and Marketing Model<\/strong>
\nSecureNow earns a commission from the insurance products that it sells. It is also open to working for a fixed fee in lieu of commission. Talking about marketing, Abhishek says, \u201cInsurance is largely a push based product. Customers realize the value of Insurance once they have seen the adversity very closely.\u201d Giving an illustration for this he mentions, \u201cAfter the Satyam scam got exposed, the sales of Directors and Officers liability insurance suddenly spiked\u201d.
\nValue Proposition<\/strong>
\n\u201cFor corporate customers our value proposition is quite straightforward \u2013 we reduce their costs by atleast 20%. In most cases we do this with an increase in benefits.\u201d says Abhishek. While for individuals, Amit says, \u201cwe provide them with low-cost ways of insuring themselves through term and health insurance.\u201d He mentions. Other distributors shy away from these products because of the low margins involved and this works in favor of SecureNow.
\nChallenges<\/strong>
\nSecureNow has an extremely competent core team and to find new talent matching the levels they expect is turning out to be a challenge. The scope for this sector is humongous but increasing the reach is cost intensive. \u201cAlso, since the products they deal with are low-margin, it is necessary to keep acquisition costs low.\u201d concludes Abhishek.<\/p>\n","protected":false},"excerpt":{"rendered":"

Published in Yourstory on 19th April 2012 SecureNow, established in February 2011, by Abhisek Bondia, Kapil Mehta and Amit Sinha is a full-service insurance broking firm based out of Delhi. Abhishek is a CA and CFA with experience of having worked with Mckinsey. Kapil and Amit are both IIM-A alumni with a luminary record. Kapil […]<\/p>\n","protected":false},"author":4,"featured_media":2539,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_lmt_disableupdate":"","_lmt_disable":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[319,325],"tags":[],"class_list":["post-4851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media","category-press-about-securenow"],"acf":[],"modified_by":"Aishwary Mishra","_links":{"self":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts\/4851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/comments?post=4851"}],"version-history":[{"count":3,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts\/4851\/revisions"}],"predecessor-version":[{"id":27068,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts\/4851\/revisions\/27068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/media?parent=4851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/categories?post=4851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/tags?post=4851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}