Hyderabad: Alliance Insurance Brokers has recently focused on expert domain services, providing retail insurance to corporate employees and a phygital retail product to meet the insurance needs of small businesses.
The company provides customized insurance solutions, claims management, insurance audit and renewal reviews, which provide for life and non-life insurance. Aatur Thakkar, co-founder of Alliance Insurance Brokers, shares with YV Phani Raj the niche possibilities that the company sees in the insurance space. Extract
Wider offers
We covered a wide range of sectors, including aviation, manufacturing, power, oil and gas, infrastructure, sports, media, banking, financial institutions, seafood and agriculture, and began offering employee insurance because there was a huge gap. We have served 3,500 companies over the past 18 months via our ‘Elephant Insurance’ platform where 10 employees benefited. The country is full of small and medium enterprises and the company has developed a phygital interface ‘SME Insure’ to address all their challenges through end-to-end services. The B2B sector today generates approximately 1100 million in premium under management.
Closing Impact
We have grown by 33 percent in the past financial year in terms of financial performance despite the pandemic. We can adapt to the new normal by using new technology and advanced communication platforms. Sectors such as jewelery and jewelery, infrastructure, construction, sports, media, exports, restaurants, leisure, travel and aviation have declined as they have reduced insurance purchases. Car insurance has fallen due to the decline in car insurance. Covid-related insurance, pharmaceutical and specialty chemicals have experienced significant growth. Level 2 and level 3 penetration has increased over the past 12-15 months.
Aviation and aviation
There are opportunities in four broad areas: commercial airlines (passenger segment), general aviation (private charters and choppers), drones (monitor geography, farming, supply chain) and aviation (satellites). The company provides insurance that covers pilots, aircraft, loss of revenue, accidents and balance sheet protection. We are also actively in talks with drone manufacturers to ensure that we provide solutions to the original equipment manufacturer (OEM). We are also in the international travel insurance space, although this segment has taken a hit since the pandemic.
Sports and events
Alliance has been one of the partners of IPL for more than ten years. The need for insurance has developed and increased, from player injuries to exposure to weather conditions and covid bubble insurance. Requirements amount to thousands of kroner. There are many stakeholders involved in one type of IPL event, and one trigger can affect all stakeholders.
Aquaculture sector
We have recently descended into this segment and grown shrimp. We focus on Telangana and Andhra Pradesh. Our teams will also operate in Gujarat and West Bengal to cater to the needs of this segment and thus serve the coastal belt.
Cyber security
Whether it is stock exchanges, commodity exchanges, large IT or media houses, cyber security is a key segment. The company sees opportunities to work with companies in pharmaceuticals, communications, aerospace and media where data plays a key role, to ensure employee-level protection. We believe that data is the new oil. Cybercrime and professional negligence can destroy a startup. And new businesses need to be insured for such risks. We would like to help them.
Source: Telangana Today