Probus: The insurtech championing seamless insurance with WhatsApp, AI-powered Pi-Bot

In today's digital age, trust is currency, especially in the complex world of insurance. Yet, many Indians remain hesitant to embrace insurance due to opacity and cumbersome processes. This is where Probus Insurance Broker steps in, wielding technology and transparency as its weapons to bridge the trust gap and make insurance accessible and attractive for all. The company focuses on expanding its network of Point of Sales Persons (PoSP) and employs innovative digital tools such as WhatsApp-based Chatbots, Robotic Process Automation, and AI-based Pi-Bot to streamline processes and provide a seamless experience for both customers and PoSP.

In an interview with Bizz Buzz, Rakesh Goyal, Director, Probus Insurance Broker, delves into Probus's role in advancing insurance penetration in India, exploring their cutting-edge solutions, approach to data security, and strategies for staying ahead in a competitive market.

What role do you believe Insurtechs play in advancing insurance penetration in India?

Insurtechs are playing a pivotal role in advancing insurance penetration in India by reshaping and modernizing the traditional insurance landscape. India, with its vast population and diverse needs, presents both unique opportunities and challenges for the insurance industry, and insurtech companies are stepping in to address these effectively.

Firstly, insurtechs are fostering financial inclusion by leveraging technology to reach underserved and remote areas of the country. They are breaking down geographical barriers through digital distribution channels, making insurance accessible to a broader segment of the population that previously had limited or no access to insurance services.

Secondly, insurtechs are enhancing the customer experience by introducing user-friendly mobile apps and online platforms that simplify the insurance buying process. Customers can now compare policies, get instant quotes, and purchase coverage with ease, eliminating the complexities associated with traditional insurance transactions.

Furthermore, insurtechs are leveraging data analytics and artificial intelligence to create customized insurance solutions. By analyzing customer data, they can tailor policies to individual needs and offer more competitive pricing, making insurance more attractive to price-sensitive consumers.

Additionally, insurtechs are addressing the issue of trust in the insurance sector. Through transparent pricing, clear policy terms, and efficient claims processing facilitated by technology, they are building trust among customers, which is essential for increasing insurance adoption.

Overall, insurtechs are pushing the boundaries of innovation, affordability, and accessibility in the Indian insurance market. Their role in simplifying insurance, expanding distribution, and enhancing customer engagement is critical in driving insurance penetration and ensuring that more Indians have access to the financial protection they need.

Within the realm of InsurTech, innovation plays a pivotal role. Can you share some of the cutting-edge solutions or digital tools that Probus has created to meet the evolving demands of both clients and the insurance sector?

Our company is committed to expanding its network of Point of Sales Persons (PoSP) and enhancing the consumer experience through technological innovation. We provide comprehensive training for PoSP and offer digital tools to help them reach potential customers. This includes the use of WhatsApp-based Chatbots for quick query resolution and Robotic Process Automation for efficient renewal notices. Voice-based messages and Chatbots streamline customer support, while our multilingual web portal and online training programs ensure accessibility and knowledge enhancement. Our AI-based Pi-Bot guides customers in choosing the right insurance policies, and we maintain data security through ISO-certified data centers. Overall, we strive to provide a seamless and tech-savvy experience to customers and PoSP alike.

Given the digital age's emphasis on data security, how does Probus prioritize safeguarding sensitive client information while providing technology-driven insurance services?

In today's digital age, Probus recognizes the critical importance of safeguarding sensitive customer information. We have implemented a comprehensive data security strategy that prioritizes the protection of personal and financial data. Cutting-edge encryption and data protection measures are integral to our technology-driven insurance services. Regular security audits and updates ensure that we remain compliant with industry standards and regulations to maintain the utmost confidentiality and trust for our customers. Our commitment to data security not only allows us to harness the benefits of technology but also assures our customers that their information is handled with the highest level of care and security.

Probus competes in a challenging marketplace. What strategies and methods does the company utilize to maintain a competitive edge and continuously attract new clients?

Probus intends to cover 100 per cent Bharat by 2030, we are currently at 85 per cent coverage. The current brand investments being done by Probus for partner and geographic footprint growth are for the long term. As part of the next level of growth, the Aapka Saathi, Aapka Saarthi campaign is now being taken to every small town and location where there is an opportunity to increase partners' strength and create a strong channel of outreach to the underserved.

We aim to focus a lot on SME business solutions as well given that India thrives on SME growth. We also intend to strongly leverage various digital marketing channels, such as social media to reach a wider audience. We are also focused on creating informative content that educates potential customers about the benefits of insurance, and we can help them make informed decisions, thereby establishing the company as a trusted source of information in the industry.

Additionally, we offer personalized recommendations and tailored insurance solutions to meet the specific needs of customers, thereby increasing customer loyalty and retention. Finally, it is crucial to continuously innovate and adapt to changing customer needs and preferences to remain competitive in the market. By providing exceptional customer service, investing in digital transformation, and offering customized solutions, we can accelerate growth and expand our reach to a larger target audience.

Are there any initiatives at Probus related to environmental sustainability or social responsibility?

At Probus, we are deeply committed to environmental sustainability and social responsibility. We believe that businesses have a responsibility to contribute positively to society and reduce their environmental impact. Here are some of our key initiatives: Environmental Sustainability

Green Operations: At Probus, we've made our operations more eco-friendly by going digital from start to finish. We've minimized our use of paper by storing documents electronically, and we've embraced energy-efficient technologies in our offices. This not only helps us work in a more organized manner but also significantly reduces our paper consumption, which is good for the environment.

Social Responsibility

We encourage our employees to volunteer their time and skills for social causes. Promoting ethical business practices and transparency in all dealings with customers, partners, and employees is a fundamental aspect of social responsibility. These initiatives align with our values and demonstrate our commitment to being a responsible company. Probus understands that our success is interconnected with the well-being of the environment and society, and we continuously strive to make a positive impact in these areas.

Probus has formed partnerships with various insurance companies. How do these collaborations benefit both Probus and the insurers, and how do they enhance the overall customer experience?

The collaborations between Probus and various insurance companies offer mutual benefits and enhance the overall customer experience. For Probus, these partnerships expand its product portfolio, allowing it to offer a wider range of insurance options to their customers. This not only diversifies their offerings but also enables them to cater to a broader customer base with different needs and preferences.On the other hand, insurance companies benefit from these collaborations by gaining access to a broader distribution network through Probus. This extended reach helps insurers tap into new customer segments and increase their market presence.

Furthermore, insurers can leverage Probus's expertise in digital customer interactions, quick claims processing, and personalized support, which enhances the overall customer experience. The combination of Probus's customer-centric approach and insurers' product offerings results in a seamless and comprehensive insurance solution for customers, ultimately providing them with more choices and a better overall experience.