Prudent Insurance Brokers: A FORMIDABLE FORCE IN INSURANCE BROKing and risk management in the country
“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.”~Albert Schweitzer
Words by Albert Schweitzer exude the essence of true success. Your energies quadruple when you do the work which you love the most that bring you closer to success and prosperity. Walking on the same Mantra, Gurpal Singh Dhingra, an ace Entrepreneur, has rendered a behemoth contribution in the entrepreneurial space with his exceptional work in the Insurance Broking and Risk Management sector. He is the Director of Prudent Insurance Brokers Pvt. Ltd, one of the most respected and successful Insurance Brokers in the nation.
ESSENTIALS OF PRUDENT INSURANCE BROKERS
Prudent Insurance is one of India’s largest international and commercial lines insurance broker that places over INR 1,500 crores of premium into the direct insurance market in India. Prudent employs a team of 700 professionals that serves more than 3,000 corporate clients, including over 550 multinational companies based in India. The company’s head office is in Mumbai, and its branch offices are in Gurgaon, Noida, Bangalore, Chennai, Hyderabad and Pune. Additionally, they offer services in Ahmedabad and Kolkata as well.
“Prudent is a market leader in the corporate commercial insurance sector and places insurance policies for some of India’s largest companies.”
Prudent Insurance has one of India’s largest P&C and Employee Benefits Claims’ teams in the country and an inhouse team of lawyers that manages liability claims. These dedicated resources have the experience, capability, and tools, which are unmatched in the industry. Prudent’s experienced claims personnel advise clients on risk mitigation and loss prevention and consider them a key function as a client’s risk advisor.
Prudent Insurance believes in steering their clients through the entire claim process from reporting to final settlement. Prudent Insurance Brokers are best known for the systematic and proactive client advocacy and for standing behind their clients at their time of need and support. They invest time in partnering with clients across their organizations with a view of developing a long-term trusted advisor relationship that evolves along with clients’ business and risk profile. Clients who work with Prudent have found that their premiums have right-sized over time while there has been a tremendous value enhancement in policy coverage and terms and conditions, administrative ease and claim management.
Prudent’s Proprietary Employee Benefits Management Platform- PrudentPlus enables both HR and insured members to access all their insurance benefits information on their laptops or smartphones 24/7/365.
The Prudent 360 portal provides client decision-makers with unmatched data and transparency with real-time access to policies, endorsements and claims status.
POTENTIAL CLIENTS
Prudent Insurance Brokersspends time focusing on clients and prospects who value advice and service. The spectrum of their services covers sectors like IT/ITES, global centers of excellence, internet companies, Textiles and Garment Export, Power including renewable energy, chemicals, plastics, fertilizers, alcoholic beverages, hospitality, automotive components, banks, NBFCs, financial consulting, white goods and consumer durables, electronics and mobile phones, building materials, construction equipment, engineering, contractors and many more.
Consciously focussing on intense client engagement as entrepreneurs and business leaders, they render paramount time in understanding their clients’ business challenges and then customize feasible solutions for every single client. This ensures that from technical consultancy to program and service design and from delivery to claim management, they are connecting the dots to solve the clients’ problems.
Gurpal Singh Dhingra, a virtuoso, says, “Once a client has witnessed this and got the first-hand experience of our commitment, it leads to a long-term faith in the relationship.”
CARVED A DISTINCT SPACE IN THE BUSINESS WORLD
Prudent Insurance is a service-driven and client-centric insurance broker and consultant that prioritizes clients’ objectives in everything that they do. They have invested in claims servicing, which includes hiring some of the best claims professionals in the country and developing a comprehensive ERP system coupled with a customer portal that is one and only system in India. Prudent Insurance has invested an enormous amount in honing technical skills and expertise, and Prudent Insurance Brokers are proud to have some of the best insurance professionals in the country at leadership positions. They are in a continual process to create systems, which facilitate clients to attaining their goals and ensure efficiency and effectiveness in engagement with their clients and prospects.
Giving heed to clients’ complex problems, Gurpal Singh Dhingra, states, “In any consulting and services business, it is critical that we focus on solving clients’ problems and build depth in claims and account management capabilities to ensure that the clients’ end goals are met keeping in mind Total Cost of Risk. We have built the company to solve complex client problems across all facets of their insurance interactions with us.”
THE BREAKERS
“ Challenge is the pathway to engagement and progress in our lives. But not all challenges are created equal. Some challenges make us feel alive, engaged, connected, and fulfilled. Others simply overwhelm us. Knowing the difference as you set bigger and bolder challenges for yourself is critical to your sanity, success, and satisfaction.”~Brendon Burchard
During the incorporation of the business, they gave their initial years evangelizing to the corporate sector on the need for an insurance broker. That was a roadblock in a market dominated by Government Owned Insurers and a Tariff Pricing Regime. The market was mainly agent-driven who represented the seller of the insurance company.
The initial struggle was to convince the client about the need for a professional insurance and risk management advisor/broker who represented their interests rather than that of the seller. Today, as the market has evolved in many major business sectors. Over 80% of corporate clients use a broker so they obviously see the value of a consultative broker.
Over the years, there have been many ups and downs in this business, starting from the de-tariffing of premium pricing to the reduction of brokerage remuneration by regulation. Their business has constantly been redefined; Prudent Insurance Brokers have transformed their operations by using technology, hiring technical superstars and building one of the most capable P&C and EB claims departments in India because ultimately, that’s where the rubber meets the road.
Illuminating the morale of team members, the ace director, says, “Our constant message to our team members is to keep learning, remain creative, be eager to change and recreate yourself constantly. We have transformed and continue to transform successfully while remaining client- and service-focused and true to our values.”
Insurance intermediation continues to be a highly competitive business where there is renewed every year and at that point, clients have an option to change their insurance broker. In the Indian market, clients expect the risk, no matter how small, to be marketed every year. However, according to their experience, once clients see value in their service offering, they tend to remain with them for years because Prudent Insurance Brokers make their lives easier and resolve their largest problems.
CREATING A SYMPHONY WITH THE MARKET TRENDS
In the world of today, it is ultra-essential to follow the latest trends if you want to go far. On the same notion, Prudent Insurance Brokers constantly communicate with their clients to understand their problems and issues. After a thorough analysis and understanding, they organize business, solutions, and investments in areas that benefit them. They strenuously work with leading insurance brokers globally and through these interactions, they get to know about trends across the world. It’s interesting to note that there are a number of innovations globally, which are taking place in the Indian market place.
Paying conscious attention to the process of Research and Development, Prudent Insurance Brokers are constantly developing their technology platform, value proposition and technical team to ensure that they are one step ahead of the rest of the market. R&D in their business is about anticipating the future needs of clients before clients are even aware of the need.
CONSTRUCTIVE AND SUPPORTIVE ENVIRONMENT FOR THE WORKFORCE
Prudent Insurance Brokers consider their team members as the members of their own family. Their faith in the brand, leadership, and company is critical for everyone’s success. They believe that the most talented people don’t work only for financial rewards, but for an environment where they are treated with respect, have professional freedom and responsibility and a clear sense of mission. As leaders, they are personally and professionally involved in the career progression of their team members and are extremely focused on team members’ personal and professional needs for self-fulfillment. They are their team members’ biggest well-wishers in attaining their goals. With their progression and growth, Prudent Insurance Brokers try to ensure that the company structure is flat and uncomplicated where the`ir people continue to work as teams who respect and support each other. Everyone has direct access to senior management and everyone has a sense of purpose. They possess a high retention rate, which speaks volumes for alignment between their team members, the management, and the company.
ENTREPRENEUR’S VIEWS ON THE INITIATIVES TAKEN BY OUR PRESENT GOVERNMENT
Our Prime Minister, Mr. Narendra Modi is the biggest brand ambassador of the insurance industry as our government has provided some flagship programs, which are unique in the world including Personal Accident and Life insurance to all bank account holders (for a certain section of society). India is also rolling out the largest government-funded health insurance program globally, which will cover hundreds of millions of citizens. Once this is fully implemented, the scheme will create value not only for those in need but also across the entire supply chain of health providers in India.
Their regulator is doing a fantastic job at ensuring policyholder protection that is always paramount and constantly re-defining business standards both at provider and distributor ends to ensure that policyholder is always protected.
SOME INTERESTING INTERESTS OF THE MAGNATE
Maintaining a balance between the personal and professional realms, Gurpal Singh Dhingrahas indulged himself in a multitude of refreshing activities. He loves traveling to exotic places and exploring new cultures and cuisines. Besides traveling, he is an avid music lover and loves all genres of music. Apart from everything else, he really enjoys and cherishes the moments with his family and loved ones.
Following the footsteps of legends, Gurpalhas learnt a lot from his role models or stupors of inspiration. From Azim Premji, Warren Buffet and Ratan Tata, he learnt integrity& personal frugality and he admires Elon Musk, Larry Page and Jeff Bezos for their vision in reshaping our world.
Prudent Insurance Brokers believe that growing their business and ensuring that clients protect their businesses and employees and receive fair claim settlement in a reasonable time frame is the best way of giving back to society.
ACCOLADES FOR THE GREAT WORK
Prudent Insurance Brokers Pvt. Ltd. is considered to be amongst the top players in the corporate insurance broking sector, which has grown from a small team of 15 members in 2005 to over 700 professionals in 2019. They have brought several innovations in the industry including one of the first Employee Benefits platforms, numerous coverage innovations with the support of insurers, investment in the largest P&C claims team in India, ERP system providing online access to client policies and claims real-time, and many more.
FUTURE PROSPECTS
The business has been growing at a compounded rate of over 20% over the last 15 years and if they keep growing at this rate then they expect to become a formidable force and the first independent commercial lines broker to achieve scale. They aim to remain close to their team members as they grow and nurture their culture.
ENLIGHTENING THE YOUNG MINDS WITH HIS PROVOKING THOUGHTS GURPAL SINGH DHINGRA STATES
“No dream is too small or audacious. Stay true to your values, stay focused on your business, work hard, invest in what you are passionate about, and keep your clients’ objectives at the heart of everything you do. Success is a byproduct of doing a lot of small things right.”
