Basket Option Insurance Broking Pvt. Ltd: An Insurance & Risk Management Specialist.
Why do we need insurance? The simplest answer could be to waive or minimize the risk. Insurance and mankind share the same history. Life insurance has become an integral part of the Indian population. For some, it is an investment avenue while others see it as a safety net to provide for their family’s future in case of untimely bitter incidents. The year 1956 saw the mushrooming of many insurance companies. According to ASSOCHAM’s latest paper, India’s life insurance sector is the biggest in the world with about 360 million policies which are expected to increase at a Compounded Annual Growth Rate (CAGR) of 12-15 per cent over the next five years. The insurance industry plans to hike penetration levels to five per cent by 2020. The country’s insurance market is expected to quadruple in size over the next 10 years from its current size of US$ 60 billion. During this period, the life insurance market is slated to cross US$ 160 billion. But the insurance industry still stands alienated and doubtful for many. With the objective of bringing transparency and accountability to quality services in the business of Insurance and with a view to reaching all insurable persons in the country, Mr. Abdul G Sait flagged the inception of Basket Option Insurance Brokers Pvt. Ltd. in 2015 as an innovative insurance services start up from Bangalore.
At First Sight: Basket Option Insurance Brokers Pvt. Ltd.
BOIB Pvt. Ltd is known for disruptive thinking and action, the management at Basket Option Insurance Brokers Pvt Ltd believes that every industry, area or vertical can be unique in its requirement and thereby customizing solutions is the key. The Philosophy of excellence, innovation and commitment is what driving BOIB Pvt. Ltd. “The focus clearly is on innovation with a vision to create history, to create an organization which will be trusted and relied on for generations to come. We are on the path to creating a tech savvy, customer friendly and innovative Organization” Quotes Mr. Abdul G Sait, CEO, BOIB Pvt Ltd.
BOIB Pvt. Ltd. has built its reputation as an insurance services company that consists of a blend of young, experienced and dynamic people eager to learn and implement ideas, as well as industry experienced people who are well aware of the pulse of insurance services industry. BOIB Pvt Ltd. provides knowledge based advisory insurance services and is known for being, transparent, trustworthy and committed towards clients, giving them unbiased advice and best claims settlements. Company’s determination is simple; ie., to ensure that every single customer is happy with the services provided and that’s the reason why the CEO himself holds the crucial post of Customer Care Executive! Every transaction is viewed and monitored by him and the CEO- desk team, who exclusively work on this.
CLAIMS EXPRESS- the blue diamond of BOIB
It was an idea that emerged from Abdul G Sait’s personal experience of bottle necks and hurdles in the claims settlement process. In many cases, the hospitalized person’s family members may not be able to deal with the hospital administrators and the insurance administrators and their complicated interactions. They may not be able to understand the insurance terms used, and in the process may lose out on potential insurance claims. This open space gave BOIB Pvt Ltd the opportunity to assist many of their clients, process their insurance claims and this helped BOIB Pvt Ltd officers gain valuable field experience. BOIB Pvt Ltd revolutionized the insurance claims process for their clients as well as the General Insurance Industry. It has helped more than a thousand clients get their insurance claims. Abdul G Sait believes that this activity has better scalability than any other business in their portfolio as it is a socio-commercial product that is people dependent and does not require much of infrastructure. Moreover, Claims Express has effectively become a positive signal to potential clients and thereby more clients are buying insurance through Basket Option Insurance Brokers Pvt Ltd as they offer Claims Express.
Claims Express bridges the gap between the client, the TPA and/or the insurance company, to help facilitate easy processing of the insurance claim. Claims Express assists its clients to make the exhaustive insurance claims documentation simpler and make the claim settlement faster. The Claims Express team has the requisite knowledge and experience in the insurance industry and provides the best customer care, bringing it many accolades and appreciation from its clients. Claims Express helps in assisting and taking up the responsibility of registering a claim and collecting the claim documents. It then follows up with the insurance company and the TPA on behalf of the client, to help process the claim. It also provides claims advisory updates to clients as and when a need arises, besides providing the status of the claim.
BOIB’s expertise lies in insurance legalities, formalities, and documentation. From the soft launch period of Claims Express till date, the firm has settled more than 1500 claims. The strike rate has been a very healthy 98%. The claims services that Claims Express offers include Life Insurance, Health Insurance, Accident Insurance, Theft & Burglary insurance, Vehicle insurance, Transit insurance, Travel insurance, Asset insurance, Marine insurance, Workmen compensation, Contractors All Risk policy and much more.
The BOIB’S Product Portfolio
With the increase in health related issues and the escalating medical treatment costs, it has become imperative to have oneself covered under an appropriate medical insurance policy. Mr. Abdul G Sait is very clear in this regard and urges the team to focus and bring in a much larger network of individuals and their family members covered under individual policy covers. Since a large percentage of our population is not covered under insurance the market is a very large one. Insurance penetration in India rises marginally to 3.49%. Life insurance penetration stood at 2.72% while general insurance penetration stood at 0.77%, of GDP as per a report by global reinsurer Swiss Re. The total insurance premium volume in India stood at USD 79311 compared to the global average of USD4 732188 (As per population density per state). The world average for insurance penetration is 6.28 percent. With today’s youngsters living a lifestyle that is not very healthy, they are vulnerable to health risks of all kinds. be it from Life Insurance or a General Insurance one. The team understands the clients’ background, his needs, and the correct requirement and then help them with sourcing and finalizing the same. BOIB Pvt Ltd., caters to the Corporate / Institutions / Organization sectors and the Individual (Retail sector) too. A whole wide range of insurance products are offered to the clients namely:
- For Corporates: Group Health insurance cover, Accident insurance covers.
- Under statutory requirement: Gratuity insurance cover and Employees Deposit Linked insurance
- For Manufacturing Industries, Real Estate Developers & Builders, and IT companies: Asset insurance, Liability covers, Workmen compensation etc.
- For Educational institutions: Student insurance and Employee insurance.
BOIB Pvt Ltd. and student insurance in India
It was a concept that Mr. Abdul G Sait wanted to implement since the time he was pursuing his MBA. Abdul G Sait realized that student medical insurance could be a good product. Insuring every student through the institutions could be a good business idea. So, BOIB Pvt Ltd. promoted student medical insurance, and have so far insured 45000 students. BOIB Pvt. Ltd. also clubbed health and accidental insurance into one product and after their entry, the price of medical insurance cover for students has drastically dropped, making it even more attractive to students and institutions. Typically health insurance premiums are high as all persons across occupations in the same age group are clubbed together to estimate the insurance risk. However, students studying in college typically have a lower health and accident risk compared to those in their age, who work. Thus the insurance premium can effectively be reduced for college students as a special group within their age group as their claims will be lower – yet the product will be viable and profitable for insurance companies. Some institutions had tailor made insurance covers for their own students but again their costs were high. Basket Option Insurance Brokers built the student medical insurance market rapidly by contacting educational institutions and getting them to ensure every student joining was enrolled.
- BOIB Pvt Ltd has developed quality applications and is looking for approval of the same from the authorities concerned.
- Photoquote, a new application by BOIB, revolutionizes the very work of giving quotes instantly. A picture of the old policy is taken and sent to the server through the phone, and within a few minutes, you have a fresh quote in hand for renewal.
- A personal dashboard is also in the making and will unfold soon. This will help the client store all his important information in one place, which can be retrieved any time when required. This dashboard will have connectivity to various blood banks, hospitals, diagnostic centers etc…
- A client could go online and have all his work done instantly. Be it a quote, or making a premium payment, getting the policy, clearing a doubt (FAQ’s), updates on new products, follow up on claims, updates on claims status etc….
- These applications can be used on the website and on the mobile phones, to help its current customer base and prospective new customers, who would be looking for various insurance products. New requirement or a matter related to claims. These applications will make the life of the client that much more comfortable as they can communicate with us while they are on the move.
The brain behind Basket Option Insurance Brokers Pvt. Ltd.
Mr. Abdul G Sait is a seasoned expert in the field of financial services and an MBA degree holder in Marketing and Finance, spearheading Basket Option Insurance Brokers Pvt. Ltd. Carrying with him an experience of more than a decade, he has been an inspiration throughout his professional career and has been an active member of networking forums like TIE, NHRD, and BNI. He prides himself in representing India as the Cultural Ambassador to Canada as a part of the Rotary Club’s Cultural Exchange Program. He is an active Rotarian. An achiever and an outstanding orator, he has been a speaker in top B-schools of India. He has held the agency license with Reliance General Insurance Co Ltd and agency license with LIC of India, before getting the Basket Option Insurance Brokers license.
Looking into the future
Headquartered in Bangalore, Basket Option Insurance Brokers Pvt Ltd., manages over 150 corporate clients from various industries, ranging from hospitality, real estate, software, educational institutions, telecommunication and manufacturing industry besides many multinationals and a 10000 strong retail customer base. The company continues to add clients consistently, and by enhancing the quality of partners, maintains a certain degree of exclusivity for clients. With a team of 55 energetic brains and holding a vision to be the largest retail broker in India, BOIB wants to have three branch offices by 2018, and spread its wings over every major city in India within the next five years and wants to be the largest Retail Broker in India.