Velocity Insurance: Providing Transparent & Reliable Insurance Broking Services

In recent times, the Insurance industry has been considered as a major growth engine with an introduction to a large variety of advanced products. This has led to strong competition with a healthy and positive result. The Indian Insurance sector is a hugely under penetrated market with penetration meagre 3.69 percent of GDP. Of this number, 90 percent is contributed by the urban and metro markets. Also, the millennials who are well exposed, open to buy things online are coming up as customers, therefore making a huge task to increase the penetration level across the customer segment. Spotting this potential, several companies took birth to claim a portion of the pie in the insurance market. While these companies lacked the understanding of the industry and dived into things without a cohesive plan, Velocity Insurance Broking Services Pvt. Ltd. entered the realm in 2012 to offer customers in all segments with its ‘Phygital’ approach.

Velocity is a B2B2C platform that enables the advisors to do need analysis, provides product knowledge, and increase their sales by offering online access to issue policies, cross sell, upsell, and more. The company’s journey began as a standalone company in 2016-17 under the new name, which was challenging, but it came out with flying colors. Started in one state with a team of just 10 people, today Velocity has a presence in 10 states with 150+ people and 10000+ channel partners and has services more than a million customers. The company has successfully delivered 1200+ crores of premium in the last six years. There is no single formula to success, therefore, Velocity always sticks to a few basics that have helped it corner the market. With a recently launched online portal with a tagline hamefikrhaiaapki, it continues to execute the right things most efficiently.

Insurance is a business of utmost trust and faith. Velocity believes that technology brings trust and transparency. The insurance companies and the regulator are aware that
technology is going to change the way we do business and customer experience in times to come, therefore, a lot of work is being done on Insuretech globally. To reach out to its end customers and provide them a better experience, Velocity sells a promise to pay, and the moment of truth is experienced at the time of the claim. As a subsidiary of renowned NBFC, the company got an opportunity to work in Tier-II and III locations of North, West and Central India. With the experience of working in these markets for
Abhishek Tiwari,  Director, CEO & Principal Officer
five years, the company is not just selling insurance rather creating a complete ecosystem including automation of pre and post sales transactions. Abhishek Tiwari, Director, CEO & Principal Officer says, “Rural and semi urban markets are completely under served. While interacting with customers we figured out that this territory is largely dominated by PSUs as service providers, and there exists a huge gap in distribution and service levels. The moment IRDA released guidelines around the point of sale, we started gearing up to scale this business nationally and make insurance sales easy.” When it comes to insurance, Velocity wants to be the most preferred service platform for customers nationwide and, therefore, it’s working in that direction on a technology platform.

Velocity is a B2B2C platform that enables the advisors to do need analysis, provides product knowledge, and increase their sales by offering online access to issue policies, cross-sell, upsell and more

Velocity is the most capital efficient company so far. It’s a people oriented and revenue driven business, P&L ownership at every level is imbibed in the team. People are empowered through decision making and have ownership rather than a plain KRA-driven approach. With such a well woven workplace culture, the majority of the team has been with the company since inception and has seen their career building up.