26-08-2020
We are a tech savvy company. so, we anticipate more opportunity. We are preparing ourselves for that, Ms. Kalyani Narayanan, Principal Officer, ICM Insurance Brokers Private Limited in conversation with our editor in Chief Mr. Vivek JAIN
Insurance AlertssMs. Kalyani Narayanan, brings more than 30 years of experience in IT and management of which she had worked 6 years in the U.S. Prior to this, she served as the CEO of www.easyinsuranceindia.com, a Fintech firm in insurance industry. The company is serving prestigious clients such as Indian Overseas Bank, Chennai Port Trust, Indian Port Association and Lucas India, some of these are Government of India owned entities, providing software services handling some very complex applications.
Q. Insurance companies are into stress how you think this will affect your business?
Insurance companies will try to reach out to the clients directly and cut the commission expenses paid to intermediaries.
Technology will help them to do that.
Q. There is a lot of redemption pressure on life insurance companies, what is your experience?
We don’t concentrate much on investment based life insurance products. We are more into term life only.
Q. What kind of challenges have you faced in the last 5 months?
We found ourselves helpless to help the customers who are NOT tech savvy. Those customers who could not send documents by Whatsapp or email
And customers who could not pay online – we could not service these customers.
Q. What are the challenges you anticipate for the next 7 months?
We are a tech savvy company. So, we anticipate more opportunity. We are preparing ourselves for that.
Q. Do you think online sales will take over traditional sales in the next 3 years? 1) If Yes, Why? If No, Why?
Online sales taking over traditional sales is NOT likely to happen in the next 3 years.
(1) The % of online sales compared to traditional is still very less.
(2) Only urban population is accustomed to purchasing online.
(3) Most Business insurance products are largely handled using traditional because they are not standardized to be offered online.
Q. Are you into Retail marketing, if yes what are your future plans?
We are into retail marketing. Through Digital marketing
Q. Do you have a POS network, if yes how it’s doing and what are your future plans?
We are not into POS network as of now.
Q. Where will the growth come from in your company?
Digital Marketing, online purchase, etc.
Q. How many Covid-related claims your company has received so far and how many have been paid?
We do not have any data on this.
Q. Which product do you think will do well in the next 2 years and why?
My guess is health insurance due to Covid pandemic.
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