Manappuram Insurance Brokers: An Innovative, Technologically Driven Digital Insurance Platform

V. P. Nandakumar ,ChairmanInsurance, in general, is a long-lasting and deeply embedded industry that has historically weathered financial storms and economic upheavals over decades. However, today's insurance purchasers anticipate more tailor-made and flexible insurance solutions, as well as faster and timely service and support. Also, it is critical for insurance brokerage firms to have every standard in place to maintain stringent quality standards. Furthermore, in today's world, where internet sales are vital, the portal allows clients to log in from anywhere in the world, evaluate different plans, and choose the best policy with only a few clicks.

Masuraksha is an innovative e-commerce portal operated by Manappuram Insurance Brokers, a wholly owned subsidiary of NBFC Manappuram Finance. The company’s chairman is V P Nandakumar, who heads the Manappuram group of companies. He is a pioneer in the NBFC sector and his achievements in business have earned him recognition at the national level. In May 2018, the Business World magazine profiled him as one among 40 of India’s most valuable CEOs. In December 2019, the Economic Times published the ET500 list of Top Wealth Creators of 2019 with Manappuram as the chart-topper among companies with a market capitalization of over Rs 5000 crore.

As an IRDA-licensed direct insurance broker, the company primarily deals with Life and
General Insurance products in the retail segment. Two-wheeler, automobile, health, term, investment plans, shopkeeper policy, homeowners policy, personal accident insurance, critical sickness policy, trip and hospital cash policy are among the product segments provided. The company's success mantra has been its intelligent after-sales support, which guides consumers through the insurance process.

“In this portal, we grant access to our agents (POSP), who can then sell different policies to clients via a separate POSP login module. Our customer service team is available 24 hours a day, seven days a week. Our smooth customer purchase journey, prompt claim support, prompt renewal, and other service support has been significantly aiding the company’s growth,” says V.P. Nandakumar, Chairman at Manappuram Insurance Brokers.

“We have extensive knowledge of changing consumer requirements and the numerous insurance options available in the market. We have had our finger on the customer pulse since the beginning. Customers can choose the best product after comparing it to other options. We supplied contact centers or chat support whenever customers needed it. We also help out with our field crew as and when needed. We have a large network of customer contact points throughout the country, including sales people, field support teams, and branches of our partner organizations,” he adds.

Manappuram Insurance Brokers is supported by a team of seasoned people who are continuously on the lookout for ways to provide timely service delivery. A full-service claims support team is also available to help with claim settlement. Furthermore, customers have access to help 24 hours a day, seven days a week where they will receive a response within a few hours.

Since the portal is still in its early stages, the company is constantly working towards introducing new features and services. To generate the required innovation, cuttingedge technologies like AI and block chain technology are being combined. The company also intends to install insurance kiosks in many places with high client traffic. Because cyber security is critical, Manappuram has already adopted precautions similar to those of an insurance firm. More personnel and salespeople will be added in new geographies.

“We are planning a big marketing campaign after all the products get launched. In the coming years, we expect at least 30-40 percent growth in our business. Our vision is to become one of the top 5 Insurance Broking companies in the next three years,” concludes V.P. Nandakumar, Chairman of Manappuram Insurance Brokers.