Arka Insurance Broking: Changing the Face of Insurance with Technology

Shriramchandran K,CEO
Shriramchandran K,CEO

The idea that led to the inception of Arka Insurance Broking transpired as early as 2009 in one of the co-founders' mind. The founders were quick to sensed the nature of the complexity of the insurance industry and they began following the market trend closely after 2013-2014. Soon they found out the possibilities to set a foothold in the market by introducing technology-based solutions in the industry. “We thought it is appropriate for us to build technology platforms to empower the customers for a better insurance shopping experience making products and services easier to understand and compare, easily accessible and transparent. We feel our focus on these aspects of customer’s needs will reduce the gap between the Insurers and the customers which will eventually increase penetration and result in business growth for us and the Industry,” speaks Shriramchandran K,CEO.

Arka Insurance Broking has a parallel focus on two broad customer segments – Corporate and Retail. In the corporate segment, the company has enough competition from Industry peers and observes a maturing market. In the retail segment, it is
ready with its comparison portal with integrations with multiple insurers for two products and would soon be making its commercial launch in early 2019.“We are planning to reach our business goals by progressively adding more products and Insurers while we continuously promote our portal with two distribution models –POSP and B2C,”says Shriramchandran.

"Arka Insurance is fast maturing and most importantly expecting to grow multifold with high stake accounts with sizeable volumes to reach a premium turnover of over INR 250100 Crores in the next couple of years"

The company assists its corporate clients to deploy an efficient risk management program. The team at Arka Insurance evaluates risks, understands critical risk exposures and classifies them appropriately to suggest adequate insurance cover at optimum cost.” We have designed and developed multiple technology platforms to support the overall Insurance policy lifecycle for a customer, right from risk assessment through analytics/machine learning to after sales claim co-ordination using the web and mobile applications,”he mentions. In the retail segment, its primary target is the Gen Y customers and in the corporate segment, the company targets customers based on product lines.

What makes Arka Insurance stand out in the crowd are its business delivery model and the use of technology to deliver end to end and additional services. Technology acts as the key to the
business model. Shriramchandran asserts,“Right from risk assessment & quote comparison with analytics to claim co-ordination and services, we use applications and offer technology interface to customers. We have further plans for deploying more features for the use of customers which will continuously enhance the customer positive experience all through the insurance policy lifecycle.”

The Developments since Inception
Arka’s Insurance has obtained premium collections for the first half of FY 19 and has grown 250 per cent compared to FY 18. The company now is in the process of implementing POS distribution plans and is expecting multiplying growth from the last quarter of this year. Mentored by experienced industry people, Arka Insurance has its presence in Chennai and Bengaluru right now and plans to expand to Mumbai,Delhi,Hyderabad and other cities progressively.

In a nutshell, Arka Insurance is fast maturing and most importantly expecting to grow multifold with high stake accounts with sizeable volumes to reach a premium turnover of over INR 250 Crores in the next couple of years. “The retail segment is our real heartthrob which will give us the volume and value with exponential growth in the next couple of years. We are ready with the stack and roadmap and strategy for product and integrations. We are ready with our distribution,marketing and promotional strategies and will start implementation this January,”he concludes.