16-09-2020

Our growth is coming from acquisition of new clients due to us developing a differentiated, value added service proposition,Mr. Vijay Rampal, Principal Officer & CEO, Prudent Insurance Brokers Pvt. Ltd in conversation with our Editor in Chief Mr. Vivek JAIN

Insurance Alertss
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16-09-2020
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Mr. Vijay Rampal is a Stalwart in the Insurance industry with over 35 years of experience in the Insurance Industry which varies from serving in a PSU General Insurance Company to working with two renowned Insurance Broking companies as a Principal Officer and CEO.

Vijay Rampal is a commerce graduate from Pune University. He joined Prudent Insurance Brokers Pvt. Ltd in March 2013 and is currently the Principal Officer & CEO. Prior to joining Prudent, he was the Director & CEO at Mata Insurance Advisory & Broking Services Pvt. Ltd, Mumbai and was responsible for setting up their insurance broking unit. He has over 35 years of Insurance experience and worked with PSU, prior to joining Broking Industry.

Having developed and serviced businesses of various corporate clients, he has vast experience in all spheres of insurance. He likes to network and learn constantly. He holds special interest in sports.

BROKERS

Q. Insurance companies are into stress how you think this will affect your business?

Insurance companies are in some stress – but not all insurance companies.

Different companies have different strategies and some companies can handle the challenges better than others. While most companies have de-grown, others continue to enjoy profitable growth. Difficult times like these make the difference in management style evident.

Q. There is a lot of redemption pressure on life insurance companies, what is your experience?

We are not a significant player in retail life insurance.

Q. What kind of challenges have you faced in the last 5 months?

The main challenges that we have faced is ensuring that our people feel safe and secure, that they remain engaged.

Q. What are the challenges you anticipate for the next 7 months?

We do not forecast that the Covid challenges will be resolved in the next 7 months.
We will have to ensure that OUR people continues to follow best practices and remain safe, that our people continue to work and grow, and we continue to win in the marketplace.

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 for retail insurance will certainly increase. However, we do not see  it over  taking offline sales. Insurance, as a product, is still sold and not bought. While online sales will boom, we feel there is still time for it to become the predominant channel. More than brokers, it is banks and other channels that need to worry about their relevance. Our business is in the corporate commercial lines space where we don’t see online playing any role.

Q. Are you into Retail marketing, if yes what are your future plans?
No Retail currently and no future plans

Q. Do you have POS network, if yes how it is doing and what are your future plans?
No POS network and no plans

Q. Where will the growth come from in your company?
Our growth is coming from acquisition of new clients due to us developing a differentiated, value added service proposition. We have highly experienced specialists in every line of business that help our clients and prospects get the best possible coverage in the market. We also have the largest claim servicing team in the market.

Q. How many Covid-related claims your company has received so far and how many have been paid?
We have received thousands of Covid claims in the last several months. All claims are paid  as per the terms and conditions of the polices in which they fall.
Q. Which product do you think will do well in the next 2 years and why?
We believe that cyber insurance will do very well. This is primarily because the nature of the world has made cyber liability a risk that everyone is exposed to as a corporate or as an individual. Buying cyber insurance will become as common as buying motor insurance.


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