Insurance company

From a traditional insurance company to an insurtech platform

Probus Insurance is one of the leading Insurtech players in the Fintech space. Probus serves as a one-stop solution for all your insurance related queries and needs and offers online/offline products for Indian customers in all categories of general and life insurance (health, car, life, travel and home insurance ). Impeccable research and a simple, intuitive technique for underwriting insurance, backed by strong R&D and technology, defines the brand’s philosophy. Mr. Rakesh Goyal, Director of Probus Insurance Broker share more ideas on the same topic.

  1. Describe how the company evolved from a typical insurance brokerage to a well-known technology platform.

When it comes to implementing cutting-edge adjustments to current procedures or adopting new technologies, Probus Insurance Broker has always been at the forefront. The company has integrated new technologies, such as artificial intelligence, due to its constructive attitude towards digital change. Additionally, he focused on growing a process-driven philosophy, which helped tremendously throughout the digital transition period. Some of our effective methods include unified technology platform, compelling methodology, development of necessary skills, and comprehensive data strategy for processes. Our transition from a traditional insurance brokerage to a well-known technology platform was made possible by embracing the technology infrastructure and going the high-tech route.

  1. Recently, Probus received over $6.7 million in investment from BlueOrchard Investment Managers; how do you intend to use this money?

Since day one, we have been the only Insurtech company in the country to make a profit. However, there comes a time when the support and experience of big companies familiar with the Insurtech industry is essentially more important than money. Money is definitely vital, but the most important thing we have received from them is their know-how to grow the business and elevate everything at Probus. With their global expertise and understanding, their help would help us reach new heights. We have not only acquired the funds but also a variety of unique crucial items which are very necessary for growth. Their investment contributes significantly to our ability to provide our services to society in a more reformed way. In addition, their knowledge and strategies have contributed to our growth within the industry as a whole. Learning and understanding things from a more experienced perspective and working together for the benefit of the organization has been incredibly rewarding and exciting. This investment ensures the most efficient workflow and, along the way, a healthy balance between profit and contribution to society. As they say, wise investments are essential with good planning and strategy; thus, we are also eager to remain profitable without burning funds by simply investing. Without careful preparation and development of the appropriate system, there is no prospect of achieving this goal. We will be able to reach many areas through our strategic strategy taking into account the interests of the different groups of individuals who support Probus. Being profitable is important, but so is being competitive, reliable and able to find a balance. Our goal is the mutual development of all our stakeholders while maintaining good business ethics and openness.

  1. Tell us about your approach to Tier 2 and 3 markets?

We focus on covering all cities and rural areas in current PINs by being present nationwide. Thus, we will be able to help citizens across the country. We want to connect with rural parts of the country over the next few years. With the appropriate expertise and knowledge of insurance coverage, our POSPs are available to help anyone who comes in contact with us. This will help customers make more informed decisions about the insurance they need for themselves and their family, as well as choosing and customizing those policies. We are working to make insurance more easily accessible to everyone.

  1. Describe the technology stack of your online platform and any new enhancements you have made to it.

These technologies could enhance the concept of updating the current technology stack for distribution, claims, underwriting and underwriting. We look forward to identifying necessary changes and new technologies to support the new normal. Furthermore, we want to increase the efficiency of the policy management process for insurers by updating and investing in the appropriate digital solutions.

  1. What was Probus’ year-over-year growth in 2020 and 2021, and what is our target?

Key factors that have led to the company’s continued success over the past few years include becoming more innovative by embracing technology, having an effective plan, implementing a comprehensive data strategy, and creating the right talent and technology infrastructure.