Most Influential Leaders in Health Insurance to Follow in 2024 April.pdf

Beyond Coverage
The Evolu on of Influen al
Leaders Redefining Health
Insurance in a Changing World
VOL-04 | ISSUE-04 | 2024
www.ciolookindia.com
LOOK
I N D I A
H
Most Influential
Leaders in
I surance
to Follow in 2024
ealth
n
Healthcare Heroes
How the Most Influen al
Leaders are Shaping
Health Insurance's Future?

H
Most Inﬂuential
Leaders in
I surance
to Follow in 2024
ealth
n

HEALTHCARE REVOLUTIONARIES:
THE VISIONARIES SHAPING A
HEALTHIER TOMORROW
he healthcare insurance landscape is a churning sea
Tof change. Yet, amidst the waves, a select few stand
as beacons – the influential leaders who pilot us
towards a healthier future. As we navigate 2024, it's
paramount to recognize these pioneers. Their expertise,
vision, and commitment to excellence serve as guiding
lights for the industry as a whole.
These influential leaders bring a wealth of experience and
insight to the table, leveraging their expertise to address the
challenges and opportunities facing the healthcare insurance
sector. Through their leadership, they inspire innovation,
foster collaboration, and advocate for policies that prioritize
the well-being of individuals and communities.
These leaders aren't merely equipped with experience and
insight. They're architects, wielding their expertise to forge
solutions for the industry's pressing challenges and
capitalize on untapped potential. They ignite the spark of
innovation, fostering a collaborative spirit that transcends
companies and silos. Their unwavering advocacy
champions policies with a singular focus: the well-being of
individuals and communities.
The future of healthcare insurance hinges on learning from
these trailblazers. By staying attuned to their perspectives,
initiatives, and contributions, we gain invaluable insights
into the trends, advancements, and best practices shaping
the industry.
These CIOLook India’s ‘Most Influential Leaders in
Health Insurance to Follow in 2024,’ aren’t alone. They
inspire a movement, and we all have a role to play. By
learning from their leadership, advocating for positive
change, and embracing innovation, we can collectively
shape a future where healthcare insurance serves as a pillar
of health and well-being, not a barrier to it.
As we look to the future of health insurance, it's crucial to
follow the lead of these influential figures. By staying
informed about their perspectives, initiatives, and
contributions to the field, we can gain valuable insights into
the trends, developments, and best practices shaping the
industry. Together, we can work towards a future where
healthcare insurance is more accessible, affordable, and
equitable for all.
- Gaurav PR Wankhade
Managing Editor

Honesty is Our Best Policy
Charting the Future of Health
Reinsurance in India
Pro les
Alert Insurance Brokers
Private Limited
Neerav Agrawal
Anand Rathi
Insurance Brokers Ltd
08
16
24
An Indigenous Exemplar in BFSI

Articles
Beyond Coverage
The Evolution of In luential Leaders
Rede ining HealthInsurance
in a Changing World
How the Most In luential Leaders
are Shaping Health Insurance's
Future?
Healthcare Heroes
12
20

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TECHNICAL
April, 2024
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I N D I A

Alert Insurance
Brokers Private Limited
Akkshay M Nahar,
Managing Director and
Principal Officer
Akkshay M Nahar is the Managing Director and Principal
Officer of Alert Insurance Brokers Private Limited, has been
with the company since its inception and has 17 years of
experience.
Gallagher Re,
India
Anand Rathi
Bharat Re-Insurance
Brokers Private Limited
Capvirgo Insurance
Broking & Services Pvt Ltd
Neerav Agrawal,
Head- Reinsurance
(Life & Health)
Rajesh Sharrma,
CEO and Principal Officer
Rajiv Mathur,
Managing Director
Sanjay Nene,
Co-founder, Director &
Principal Officer
With over 20 years of experience in the (re)insurance
industry, Neerav Agrawal leads the business development
and risk management functions for the Health, Life, and
personal accident reinsurance segments.
With 25 years of varied work experience, Rajesh Sharrma
became a part of the Anand Rathi Insurance Broking team
since March 2021.
Rajiv Mathur is the Managing Director of Bharat Re
Insurance Brokers Pvt. Ltd., and a mentor of Business
Process Protection and Insurance Landscape
Management.
Sanjay Nene is a result-oriented leader with over 30 years
of rich experience in the insurance vertical covering
direct insurance, insurance regulators, IT service provider
and insurance product company.
Brief
Featuring Company
H
Most Influential
Leaders in
I surance
to Follow in 2024
ealth
n

Honesty is Our Best Policy
8 | www.ciolookindia.com April, 2024

Alertness, while buying an insurance policy is the
most essential prerequisite. Yet, alertness is the
quality lacking in most innocent insurance policy
buyers and policyholders. What is the reason? Because at
the end of every insurance advertisement, the disclaimer is
read out so quickly, that the listener will not even recognize
it as something sensible, forget recognizing it in actual
words.
The disclaimer goes like this: 'Insurance is a subject matter
of solicitation. The information provided in this brochure
cannot substitute for the advice of a licensed professional.
The information and data provided in this brochure and on
our website are of a general nature and strictly for
informational purposes. The Insurance selling company
accepts no responsibility or liability for decisions taken by
the policy buyer in regard to the information provided by
us.'
And so on and so forth. The entire instruction manual or
brochure goes on into some pages, which naïve policy
seekers could not read or understand at this complex level.
It used to be a case earlier. However, today, Alert
Insurance Brokers Private Limited has emerged in this
regard as the one-stop insurance shop for all and every
insurance seeker and claimer.
And as the disclaimer itself suggest that the information
cannot replace the advice of a licensed professional like
Akkshay M Nahar, Managing Director and Principal
Officer of Alert Insurance Brokers, insurance seekers' or
claimants' interest is entirely safeguarded, when they
approach Alert Insurance or Akkshay.
Akkshay too reveals, "We strongly believe in "Honesty is
the best policy." We have all the requisite Infrastructure,
Technology, Knowledge, Experience and Passionate team
for all your Insurance and Reinsurance requirements.”
Akkshay is a Qualified Insurance Professional with 18
years of experience in the Insurance Industry. He is
constantly innovating Alert Insurances' product and service
offerings with his adept professionalism and astute
leadership since Alert Insurance Broking's inception one
and a half-decade earlier.
In an interview with CIOLook India for its exclusive
edition of ‘Most Influential Leaders in Health Insurance to
Follow in 2024,’ Akkshay spoke about their mission of
providing all insurance services under one roof with
complete honesty, integrity, and a customer-centric
approach through Alert Insurance Brokers Pvt Ltd.
Please describe Alert Insurance in detail.
Alert Insurance Brokers Private Limited got its Insurance
Broking Licence from the Insurance Regulator (IRDAI) on
10.09.2007. Policy99.com is an E-Commerce initiative of
Alert Insurance Brokers Private Limited. Last financial year
we sold 1.42 Lakh Insurance policies across India.
As I already stated, our Mission is to provide all kinds of
insurance services with total integrity – Honesty is in our
DNA. Similarly, our vision is to make the customer
experience world-class in all aspects of Insurance and
Reinsurance services.
We deal with every Insurance Company on behalf of our
client. We deal in all Insurance products. The premium we
offer to our clients is equal to or lesser compared to a
customer buying the policy directly from an Insurance
company.
We do not charge any amount from our customers for our
services. We also undertake Risk Inspection, Gap Analysis
Reports and Claim Consultancy. We are always 100%
compliant in all aspects.
What was your inspiration behind venturing into the
field of insurance broking?
We get immense pleasure when a claim is paid to our
Honesty is in our
DNA because the
age-old philosophy
of honesty is the
best policy is Alert
Insurance Brokers'
motto.
Most Influential Leaders in Health Insurance to Follow in 2024

insurance broker is paid and borne by the insurance
companies.
There is no additional cost to the insurance buyer for
placing business through an insurance broker. In such
scenarios, it is imperative for an Insurance broking firm to
always look after its customers and think ahead in the long
term.
That is why we already digitalized ourselves and launched
our e-portal and mobile app, which has been an immense
help to all of our customers throughout the pandemic.
What efforts were taken by Alert Insurance Brokers
during the pandemic to sustain your operations?
Each and every employee gave their best services even
during lockdowns through their laptop, WhatsApp and calls
to our clients especially in handling Health claims.
Our website Policy99.com helped our customers with
online renewals claim makings, and other informative
sessions all through their challenging times.
As an established industry leader, what would be your
advice to the budding entrepreneurs and enthusiasts
aspiring to venture into the insurance broking industry?
India has huge untapped potential when it comes to the
insurance broking sector. If you give your one hundred
percent, and quality service to the client you are going to
win.
I am reiterating myself, that if your honesty, integrity, and
compassion are reflected in your products, services,
organizational values, and brand name, then customers will
trust you in the long run. It is the only way to grow and
prosper in this business. Those looking for short term gains
should go for other things instead of insurance broking.
How do you envision further strengthening of Alert
Insurance Brokers' stronghold in 2024 and beyond?
We have recently upgraded our licence from Direct to
Composite Insurance Broker which means that we can also
do Reinsurance Broking business.
IRDAI approved our licence on 3rd Feb 2022. We are now
travelling extensively and meeting the Insurance companies
and Reinsurance companies all across the country so that
we can expand our reach and scope.
clients on a cashless basis. There are so many innocent
policyholders who require proper guidance while buying an
Insurance policy and assistance during a claim.
We offer them all kinds of products and every kind of
service through our e-commerce platform policy99.com.
So, every day it is inspiring to know that we are helping
people bullied by some sharp but cunning salesmen under
the guise of insurance selling.
Since our inception to date, customer satisfaction has been
our strongest motivation.
What were the initial challenges after venturing into the
insurance broking niche and what are the challenges
now?
Fifteen years back we were a startup. Eventually, because of
our quality of products and services, honesty, and integrity,
customers began trusting us. They believed in us, and we
came true to their faith in us. We grew because of our
customers.
So, whatever our initial challenges like Manpower,
Training, Technology, etc., we got over them because of the
appreciation and love of our customers. Today we are the
best in Technology with an almost NIL attrition rate.
What are your USPs that make you stand out as a
trusted insurance broking company?
Our Mission is our biggest USP. When we say that we are
an insurance service provider with total integrity we mean
it. Honesty is in our DNA because the age-old philosophy
of honesty is the best policy is our motto. Over the past one
and a half-decade, Lakhs of customers have trusted in our
services and were completely satisfied.
Our customers realized that we are service-oriented and not
money minded. We also derive inspiration from others'
success. We are a team with a positive mental attitude. We
have the best relationship with all insurance companies,
Surveyors, TPA, etc.
From a business perspective, what is your opinion on
the impact of the COVID-19 pandemic on insurance
broking?
We were fully prepared because of our website and App.
Policy99.com. Since our establishment, we had always been
a tech-oriented insurance broking firm. The insurance
broker represents the insurance buyer, and not the insurance
company (insurance seller), though the remuneration of an

Beyond
Coverage
The Evolution of
Inuential Leaders
Health Insurance
Changing World
Redefining
in a

he landscape of health insurance is undergoing a
Tdramatic transformation. Rising healthcare costs,
evolving patient needs, and the emergence of
disruptive technologies are forcing a rethink of the
traditional model. The role of health insurance leaders
extends far beyond merely providing coverage. At the
forefront of this change are a new breed of influential
leaders who are redefining what health insurance means.
As the healthcare industry undergoes transformative
changes driven by technological advancements, shifting
demographics, and evolving consumer expectations, these
influential leaders in the health insurance sector are
spearheading initiatives to redefine the paradigm of
healthcare delivery. From fostering innovation to promoting
accessibility and affordability, they are at the forefront of
shaping the future of health insurance.
Beyond the Policy: A Focus on Wellness
These leaders understand that health insurance needs to go
beyond simply covering medical bills. They are
championing a shift towards a more holistic approach, one
that emphasizes preventative care, wellness programs, and
patient engagement. By investing in programs that keep
people healthy, they aim to reduce healthcare costs in the
long run and empower individuals to take charge of their
well-being.
One of the key areas where influential leaders are making
strides is in embracing digital transformation. As
technology continues to disrupt traditional healthcare
models, innovative leaders are leveraging digital tools and
platforms to enhance the customer experience, streamline
operations, and improve health outcomes. By investing in
telehealth services, mobile apps, and data analytics, health
insurance companies are empowering consumers with
greater control over their healthcare journey while driving
efficiencies in service delivery.
Embracing Innovation: Technology as a Catalyst
Technology is playing a pivotal role in this evolution.
Influential leaders are harnessing the power of data
analytics, artificial intelligence, and telehealth to deliver
more efficient and personalized healthcare experiences.

Imagine AI-powered chatbots providing health guidance,
wearable devices monitoring vitals, and telemedicine
consultations eliminating geographical barriers to care.
These advancements are not just futuristic dreams; they are
rapidly changing the way healthcare is delivered and
managed.
Furthermore, influential leaders are championing initiatives
to promote preventive care and wellness programs,
recognizing the importance of proactive health management
in reducing healthcare costs and improving population
health. By incentivizing healthy behaviours, offering
wellness incentives, and partnering with healthcare
providers, insurers are fostering a culture of prevention and
well-being that extends beyond the traditional scope of
coverage.
Advocates for Transparency and Affordability
Transparency and affordability are key concerns for patients
navigating the complexities of health insurance. These
leaders are pushing for greater transparency in pricing and
benefits, ensuring patients understand what their plans
cover. They are also advocating for policy changes that
make health insurance more affordable and accessible to
everyone.
Moreover, influential leaders are driving efforts to address
healthcare disparities and promote health equity. By
focusing on underserved communities, implementing
culturally sensitive care initiatives, and advocating for
policy changes, health insurance leaders are striving to
ensure that all individuals have access to quality healthcare
services regardless of their socioeconomic status or
geographic location. Through targeted interventions and
community partnerships, they are working to eliminate
barriers to care and improve health outcomes for vulnerable
populations.
The Power of Collaboration: Building a Sustainable
Future
The future of health insurance requires collaboration across
the healthcare ecosystem. Influential leaders are fostering
partnerships between insurers, healthcare providers, and
technology companies to create a more integrated and
efficient system. Through collaboration, they are working
towards a future where health insurance seamlessly
supports the well-being of individuals and communities.
In addition to these initiatives, influential leaders are also
reimagining the role of health insurance in the broader
context of healthcare delivery. By embracing value-based
care models, fostering collaboration among stakeholders,
and promoting transparency in pricing and outcomes, they
are driving a shift towards a more patient-centered and
value-driven healthcare system. This holistic approach
prioritizes quality of care, cost-effectiveness, and patient
satisfaction, ultimately leading to better health outcomes
and greater overall value for consumers.
The Road Ahead
These influential leaders are not just changing the health
insurance industry; they are changing the conversation
about health itself. They are paving the way for a future
where prevention is prioritized, technology empowers
patients, and healthcare is accessible and affordable for all.
They are the architects of a new era in health insurance, one
that goes beyond coverage to deliver true well-being.
The evolution of health insurance leadership is
characterized by a commitment to innovation, accessibility,
and equity in healthcare delivery. By embracing digital
transformation, promoting preventive care, addressing
healthcare disparities, and reimagining the role of health
insurance, influential leaders are driving positive change
and shaping a healthier future for individuals and
communities around the world.
As the healthcare landscape continues to evolve, these
leaders will play a crucial role in navigating the challenges
and opportunities that lie ahead, ultimately driving
meaningful progress towards a more equitable and
sustainable healthcare system.

hile India's health insurance industry has grown
Wexponentially, a crucial segment often goes
unnoticed: Health Reinsurance. This sector,
responsible for sharing and managing risk for primary
insurers, acts as the backbone of financial stability and
innovation in the health insurance landscape. And at the
forefront of this often-underrated field stands Neerav
Agrawal, Head- Reinsurance (Life & Health) at
Gallagher Re, India.
Beyond mere knowledge, Neerav brings an influential
presence to the table. He deeply understands the Indian
health (re)insurance ecosystem, having witnessed its
evolution firsthand throughout his career. His expertise
extends beyond borders, encompassing global reinsurance
trends and best practices. This holistic perspective allows
him to identify opportunities and challenges with insightful
foresight.
As a trailblazer in the health insurance industry, Neerav's
journey goes back two decades. Sharing his motivation to
enter this field, Neerav says he has always been fascinated
by working in the healthcare industry. “My diverse
experience in the healthcare industry has provided me with
a comprehensive understanding of health insurance from
multiple perspectives. I've held positions in various sectors,
including pharmaceuticals, hospitals, insurance,
reinsurance, and reinsurance broking. This journey,
combined with my personal experience as a customer, has
equipped me with a deep understanding of both the benefits
and challenges associated with health insurance.”
A Niche Journey Begins
Neerav joined the largest private company in 2005 to take
advantage of this opportunity to provide the best healthcare
Char ng the Future of Health Reinsurance in India
services via insurance at an affordable premium. This social
welfare health insurance scheme concept fascinated him; he
worked across different States while implementing such
schemes. Neerav says India is diverse, as every state has its
own story. The disease pattern, frequency and average
claim size are different across states. This passion for
understanding diversification has helped him to be
motivated throughout this period. It's often challenging to
explain to a foreign reinsurer how their experience differs
so much in different states of the same country.
Neerav developed a new line of business as a health
reinsurance broker in two organizations and started from
the ground up. It was challenging, but resilience,
experience, relationships, and ethical practice helped him
be in the field for so many years. By the end, he built a
significant portfolio with many firsts in the industry in both
organizations and rising to the largest. Health reinsurance
broking is highly niche area requiring high end expert
domain knowledge and he is one of the most successful
reinsurance broker in this segment.
Reinsurance in the health segment has not been so popular
in India, but Neerav has made a mark in this segment. As a
market leader in reinsurance broking in this segment, when
asked how he has been able to break glass ceilings and be
successful amid such a competitive environment, Neerav
shares that the Health Insurance market can be broadly
classified into Retail, Group and Government Health
Schemes like Ayushman Bharat-PMJAY. “The reinsurance
market for retail health insurance is generally profitable,
while group policies often have highly competitive rates. As
a result, reinsurance opportunities in the group segment are
less attractive.” Government schemes are tender-based and
offer reinsurance opportunities because of the very high
volatility of claims due to multiple factors. It is a niche
Neerav
Agrawal

If the mindset of taking
insurance just to get
more than what is
given as premium is
ra onalized, the
healthcare industry is
expected to grow more
conﬁdently as this will
also lead to the growth
of hospitals in small
towns.
Neerav Agrawal,
Head- Reinsurance
(Life & Health)
Gallagher Re, India

says that the way forward is optimistic. Truly understanding
India’s complex, diverse, and unique healthcare needs and
developing solutions that work within that context will go a
long way in finding tech solutions and market success.
Ethical practices and social responsibility are crucial
aspects of the modern Health insurance niche. Neerav
accepts, “Completely agree, and unfortunately, this is yet to
be imbibed fully by the industry.” That is why Neerav’s
integration of these principles into his organization’s
operations, contributes to a healthier future.
He adds, “My commitment to integrity and creating
mutually beneficial outcomes has been the foundation of my
success in the niche health reinsurance broking market. I
believe in conducting business ethically and ensuring win-
win scenarios for all stakeholders involved.”
The Crucial Aspects
In the realm of health insurance, technology plays a pivotal
role in enhancing efficiency. When asked how technology
can be leveraged to optimize the health insurance sector’s
services and stay ahead in a digital age, Neerav believes
that in India, the landscape is rapidly reshaping as the
country emerges as the fastest-growing insurance market
globally and as InsurTechs gains market share. The industry
is at a crossroads, and traditional carriers have upped their
digitalization game with the modernization of legacy and
the adoption of new-age tech, such as AI for more precise
risk analysis, underwriting, and claims, IoT for real-time
incident analysis, and cloud and data integration for
seamless analytics. Incumbent carriers and InsurTechs are
collaborating for better distribution and reach, core
digitalization, and product innovation, above and beyond
simply improving customer experience frontends.
Health insurers must seize the unified payment interface
(UPI) moment in Indian healthcare by reimagining
traditional health interactions. India is charting its path to
advancement in healthcare, as in other sectors. This
concerns the unique challenges facing Indian healthcare,
from disease burden patterns to access challenges and the
digital-first approach it hopes to take to leapfrog to
maturity.
Triumphing Adversities
The health insurance industry has faced its share of
challenges. Sharing an instance where resilience and
ingenuity triumphed over adversity, Neerav says the most
area, and Neerav is a successful reinsurance broker due to
his deep understanding of business with 20 years of rich
experience in this segment and having worked with all the
stakeholders and ensuring client transparency and
commitment. “Passion for my line of business has always
driven me ahead,” says Neerav.
An Ever-Driving Passion and Persistence
According to him, reinsurers prefer having good data
quality and trust is key for them, considering they are not
based out of India; “It becomes more important to be
transparent with stakeholders we are working with and
share all possible risks of associated business.” This may
sometimes make reinsurers avoid writing a business, but in
the long run, it is crucial as the market values transparency
and goodwill in the industry.
The Health insurance landscape is continually evolving.
Yet, Neerav believes that one can be adaptable and ahead of
industry trends, providing innovative solutions to their
clients. “To accelerate progress and achieve a healthier
population, we require prioritizing innovation and
technology to build an innovative, resilient, and effective
health ecosystem.” By doing so, India could leapfrog a
generation in its healthcare ecosystem by the end of the
decade, improving lives and livelihoods in the country
while positively contributing to global healthcare resilience.
Realizing this vision would require substantive work across
various areas, from building capacities to innovating on
care models.
Neerav states, “The business model we operate organizes
around underlying motivation and thematic opportunity
faced by our clients.” One major challenge is a scarcity of
capital. “Our success comes from a disciplined focus on
underlying client motivation, and this approach has been
validated repeatedly in the market.”
The Tranquil Leadership of a Thought Leader
Neerav's leadership qualities aren't just theoretical. He's a
trusted advisor and thought leader, recognized for his clear
communication and ability to build strong relationships
across the industry. He actively participates in industry
forums, advocating for transparency and ethical practices in
health reinsurance. His voice carries weight, guiding the
sector towards a sustainable future.
According to him, the essence of Health insurance lies in
seamless operations and long-term end-user coverage. He

recent example is COVID-19. It is a case of adversity
where the industry suffered losses due to the pandemic.
Honoring claims was the need of the hour in such difficult
times, irrespective of high losses. Resilience during such
times helped the industry help customers in difficult times.
Later, it emerged from the crisis as people started buying
health coverage as they understood its importance in
difficult times. The number of buyers increased along with
the increased sum assured for existing buyers. Neerav cites,
“Thus, health premium increased from ₹51,600 Crores in
FY20 to ₹73,600 Crores in Fy22.”
“India has one of Asia's highest medical inflation rates,
reaching 14 per cent. This has resulted in increasing
awareness of health insurance and its importance. The
Indian health insurance industry reported a growth of
26.3% in FY22, making it the largest non-life insurance
sub-segment with a market share of about 36%.”
Fostering Social Health Transformation
When asked why Social Health schemes need
transformation to be more effective, Neerav says there is a
need to initiate a journey towards a more effective,
innovative, and equitable healthcare system. “I believe
social health insurance schemes are the best solution for
challenges faced by India.” Currently, many States are on
the Trust model rather than the Insurance model.
Converting them into insurance model will help better
administration by experts who understand claims and
effectively implement fraud control mechanisms.
The model should be a win-win for all the stakeholders.
Neerav states, “My observations suggest that some
policymakers in certain states believe that an insurance
model is only beneficial if the payout exceeds 100% of the
collected premiums.” That is the incorrect way of looking at
insurance and is detrimental to the insurance and healthcare
industries and overall benefit of recipients. This is leading
to increased insurance premiums in all such States. In terms
of economics, insurance means a collection of funds that
can be used to compensate people who suffered losses. If
this mindset of taking insurance to get more than what is
given as a premium is rationalized, the healthcare industry
is expected to grow more confidently, as this will also lead
to the growth of hospitals in small towns.
Fraud control measures and their effective implementation
in social health insurance schemes is crucial for their
success. However, it will need time to happen because of
the hurdles at different levels.
Ethically Reinsuring India’s Healthiest Future
However, Neerav sees a hopeful way forward for India's
health insurance market to grow. India’s health insurance
sector has seen remarkable growth over the past decade.
“Global insurance penetration is 7-7.5%, whereas in India it
is only 4.2%. According to a report, India is currently the
14th-largest insurance market globally and is projected to
become the sixth-largest market by 2032. Health, being a
major part of the industry with high growth, will play a
major role in developing the insurance landscape in India.”
A growing middle class, the country’s experience with
COVID-19, and increases in individual, employer-
sponsored healthcare and public safety-net schemes have
each been important factors. While this growth has better
positioned the population to seek care when needed and to
withstand shocks from unexpected illness, there is still a
large, underserved population. Addressing this gap while
improving the health of those already covered will form the
key agenda for the health insurance sector in the coming
decade. With private health insurance accounting for only
about 12 per cent of today’s national health expenditure,
payers have substantial scope to deepen the financial
protections available to people.
The healthcare landscape in India has undergone a
substantial change. However, there are critical unresolved
challenges, such as ensuring equitable access to affordable,
high-quality care for the entire population, with a focus on
holistic well-being.
Thus, Neerav doesn't shy away from breaking the mould.
He embraces innovation and actively explores new
solutions for emerging risks. His forward-thinking approach
positions him at the forefront of developing tailor-made
reinsurance solutions for the unique needs of the Indian
market.
So, why is Neerav Agrawal a leader to follow in the
dynamic world of health reinsurance?
He's not just a repository of knowledge; he's a catalyst for
change. His influential voice, strategic vision, and
unwavering commitment to ethical practices make him a
driving force in shaping a robust and innovative health
reinsurance landscape for India. Neerav proves that
leadership extends beyond titles and accolades; it's about
your impact on the industry and the lives it touches.

How the
Most Inﬂuential
Leaders are Shaping
Health Insurance's
Future?

he realm of health insurance is no longer confined
Tto sterile policy documents and claim forms. In this
dynamic realm, the role of health insurance leaders
is more critical than ever before. It's a battleground where a
new wave of influential leaders are evolving as healthcare
heroes.
As the industry navigates through unprecedented challenges
and opportunities, influential leaders emerging as true
healthcare heroes are driving innovation, promoting access,
and shaping the future of health insurance.
These individuals are not wielding stethoscopes or scalpels,
but their impact on our well-being is just as profound. They
are redefining health insurance for a changing world, one
where rising costs, evolving patient needs, and disruptive
technologies demand a new approach.
Healthcare
Heroes
Meet the Architects of Change
These healthcare heroes don't subscribe to the outdated
model of health insurance as a mere financial safety net.
They champion a holistic approach, recognizing the
importance of preventative care and patient well-being.
Imagine a future where health insurance goes beyond
covering a broken bone; it incentivizes healthy habits and
proactively manages chronic conditions through wellness
programs and personalized guidance. This shift in focus,
spearheaded by these leaders, aims to empower individuals
to be active participants in their own health journey,
ultimately leading to lower healthcare costs for everyone.
Tech-Savvy Champions: Innovation as the Weapon
The battlefield these leaders navigate is fuelled by
innovation. They understand the power of technology to
April, 2024

revolutionize healthcare delivery. Data analytics are being
harnessed to identify at-risk populations, allowing for early
intervention. Artificial intelligence chatbots are becoming
virtual health coaches, offering guidance and support 24/7.
Telehealth is dismantling geographical barriers, bringing
specialized care directly to patients. These healthcare
heroes aren't just embracing technology; they're actively
shaping its integration into the healthcare system.
Fighting for Transparency and Affordability: The
Patient's Champions
For patients, navigating the complexities of health
insurance plans can be a daunting task. These leaders are
fighting for transparency, demanding clear and concise
explanations of benefits and pricing. They are the voice for
patients, advocating for policies that make health insurance
more affordable and accessible.
How they are doing it?
Innovation at the Forefront: Influential leaders in health
insurance are championing innovation as a key driver of
transformation. By embracing emerging technologies such
as artificial intelligence, data analytics, and telemedicine,
they are revolutionizing the way healthcare services are
delivered and managed. These leaders understand the
importance of staying ahead of the curve and are investing
in innovative solutions to enhance the customer experience,
improve operational efficiency, and drive better health
outcomes.
Promoting Access and Affordability: Access to quality
healthcare remains a pressing issue globally. Health
insurance leaders are playing a pivotal role in addressing
this challenge by promoting access and affordability.
Through initiatives such as expanding coverage options,
offering tailored insurance plans, and advocating for policy
reforms, they are working tirelessly to ensure that
individuals and families have access to the care they need,
when they need it, without financial barriers.
Advocating for Health Equity: Disparities in healthcare
access and outcomes persist across different populations
and communities. Influential leaders in health insurance are
actively working to address these disparities and promote
health equity. By implementing targeted interventions,
partnering with community organizations, and advocating
for social determinants of health, they are striving to
eliminate barriers to care and improve health outcomes for
all individuals, regardless of their background or
socioeconomic status.
Driving Value-Based Care: The shift towards value-based
care is transforming the healthcare landscape, and health
insurance leaders are leading the charge. By promoting
value-based payment models, incentivizing quality over
quantity, and fostering collaboration among stakeholders,
they are driving a paradigm shift towards a more patient-
centered and value-driven healthcare system. This approach
not only improves patient outcomes but also reduces costs
and enhances overall healthcare value.
Empowering Consumers: Empowering consumers with
information and resources is key to improving healthcare
outcomes. Health insurance leaders are leveraging
technology and data to empower consumers with
personalized health insights, decision support tools, and
educational resources. By fostering greater transparency,
engagement, and empowerment, they are helping
individuals take charge of their health and make informed
healthcare decisions.
Collaboration: Building a Future for All
The future of health insurance isn't a solo act. These
healthcare heroes recognize the power of collaboration.
They are fostering partnerships between insurers, healthcare
providers, and technology companies. Imagine a future
where these entities work seamlessly together, creating a
more integrated and efficient healthcare system. This
collaborative spirit holds the key to creating a sustainable
future where health insurance becomes a true facilitator of
well-being for all.
The heroes of this story aren't just changing health
insurance; they're changing the way we approach healthcare
itself. They are building a future where technology
empowers patients, prevention is prioritized, and access to
quality care is a right, not a privilege. These healthcare
heroes are the architects of a new era, where health
insurance transcends coverage to become the cornerstone of
a healthier, happier tomorrow.

Rajesh Sharrma,
Founder and CEO
Anand Rathi Insurance
Brokers Ltd (ARIBL
An Indigenous Exemplar in BFSI
At ARIBL, customer-centricity
is at the core of what we
do, backed up by service
excellence, and providing
end-to-end solutions.
,,
,
,
Anand Rathi

n expert insurance broking firm thoroughly
Aunderstands its client’s business and risk
management philosophy. It mitigates the risk by
highlighting astute market knowledge and providing
accurate insights about the best financial services, including
insurance covers.
It also aids customers throughout the servicing to the
claiming stage. Thus, the perfect insurance broking
company not only intermediates, solicit and negotiates on
behalf of its client, but it fights for its customers’ rights.
Anand Rathi Insurance Brokers Ltd (ARIBL) has been
doing it since its inception in 2003. It is a part of the Anand
Rathi Group, a leading financial services company with a
pan-India presence.
ARIBL is one of India's major indigenous insurance brokers
focusing on large corporate clients, especially in the BFSI
space. In the recently concluded World BFSI Congress,
ARIBL received the following awards:
• Specialist Broker of the Year
• Broker Service New Category – Sarathi
• Commercial Recruiter of the Year
Rajesh Sharrma, CEO and Principal Officer of ARIBL,
states, “We have a strong team of insurance professionals
working across the country, including major metros in
India.
We provide customized insurance advisory across all
services and industrial sectors like Manufacturing,
Infrastructure and Banking on the entire gamut of
insurance products.
Our products include the standard property and
engineering insurances, bundled products such as banker’s
blanket bonds, crime insurance, error and omission covers,
marine covers, employee benefit plans, liability policies
such as directors and officers liability, product liability,
commercial general liability, etc.”
A Leader to reckon with
Recently, Rajesh also won the ‘CEO of the Year by Global
HR Excellence’ award. He has over 25 years of rich
experience. He worked with Mahindra Group for 20+ years,
of which 17+ years were at Mahindra Insurance Brokers
Ltd (MIBL). In 2003, he moved as a part of the founding
team to MIBL, where he worked for 17 years before joining
ARIBL.
During his long career, Rajesh was heading all the verticals,
including corporate sales, retail, and reinsurance. His last
assignment was as the Principal Officer of the firm, looking
after the P&L of the company.
After the opening of the insurance sector, the IRDAI issued
regulations for insurance brokers in the year 2002, thus also
paving the way for direct insurance brokers to enter the
market.
Rajesh adds, “We felt that the insurance sector presented a
great opportunity in a dynamic growth environment.”
The broking sector, especially the direct side, threw up
interesting challenges like risk management and high-
quality intermediation were at a nascent stage in those
years. In those years, the insurance sector primarily
operated in a straight-jacketed environment with offerings
only from the PSUs.
However, the entry of direct brokers and the private sector
insurers presented opportunities to reach out to customers
with better insurance solutions and service excellence.
Exciting Challenges
Before 2003, insurance companies directly dealt with
corporate clients and their offerings were limited to
standardized terms and coverages.
Rajesh states, “When we entered into the insurance broking
business, we realized that insurance awareness was low
and market penetration was around 0.56% in non-Life and
about 2% overall.
The retail sector, especially for life insurance and health
insurance, appeared attractive, and we expanded our
network in this direction.
However, after a couple of years, we re-examined our
strategy, entered more aggressively into corporate sales,
and gradually developed niche expertise and dominance in
offering bespoke insurance solutions in the BFSI space.”
For example, some of the improved insurance policies in
the liability and employee benefits segment have been
adapted across multiple organizations.
However, like any other business environment, new
challenges keep emerging. In the current scenario, an
extremely competitive environment, dynamic technology
landscape and managing client expectations in a highly
price-sensitive market continue to provide exciting

Excelling the Benchmarks
According to Rajesh, there are many USPs that make
ARIBL stand out as a trusted insurance broking company.
These USPs are, “At ARIBL, customer-centricity is at the
core of what we do, backed up by service excellence and
end-to-end solutions.
We have a 50+ strong claims team with rich domain
experience in claims management.
We systematically engage with our clients throughout the
year as per pre-agreed programs, which, inter alia, include
regular knowledge exchange, webinars, and bulletins to
keep our clients updated.
We also provide flexible technology solutions through our
portal and apps developed by our in-house development
team.”
Subjugating the Pandemic
Generally speaking, the pandemic years were somewhat
tough to acquire new clients, whereas renewals were
managed more easily. However, Rajesh says, “We at Anand
Rathi Insurance Brokers Ltd. (ARIBL) acquired significant
new clients with our innovative sales and marketing
approach and proactive offerings.
We created more virtual touchpoints through webinars and
proactively reached out to them to help them manage their
business through the pandemic without any interruptions.”
At ARIBL, the multiple challenges posed by the Covid-19
crisis were effectively managed by taking the following
steps:
• Effective communication: Customer and employee
engagement were really ARIBLs top priority.
Consistent and effective communication and interaction
have been vital in strengthening the company and its
culture. Regular online group meetings with its clients
and webinars were held.
For employees, training sessions, Conferences and
Townhall were organised on a monthly basis to encourage
transparency and a bottom-up communication strategy.

• Mental and physical well-being: Rajesh adds, “We
went the extra mile for our clients and employees
during these testing times and assisted in hospital
admissions, supply of critical equipment and
procurement of drugs, etc.”
Lockdown showed that social distancing and isolation made
employees more sedentary and dependent on digital
devices.
Thus, Rajesh states, “We introduced workshops that helped
employees deal with stressful situations.”
• Performance efficiency: Established a cross-functional
team to coordinate the activities of different business
units and monitor and provide necessary information to
the leadership. Developed an effective management
decision-making process under various scenarios
analysed the priority of ARIBL’s projects to focus the
team’s efforts on the most essential and critical tasks
and allow more flexibility with low-priority tasks.
• Digital adaptation: The COVID-19 crisis has
accelerated the digitisation of customer interaction by
several years. It was also the time to reset, pivot and
think big to transform ARIBLs business operations to
match new digital expectations.
Rajesh adds, “Customer experience and support, regulatory
compliance, process management and quality control are a
few aspects where we have built firm foundations on the
digital front.”
• Safety culture: shared perceptions of the importance
of safety and confidence in the efficacy of preventive
measures effectively created a safe work environment.
It demanded that employees strictly follow safety
standards to not only ensure their own safety but that of
others as well.
A Leader to reckon with
As an established industry leader, Rajesh’s advice to the
budding entrepreneurs and enthusiasts aspiring to venture
into the insurance broking industry is well thought out, “As
insurance brokers, we are the representatives of our
customers and always have their best interests.”
So, one must have a strong relationship with the Insurance
Company for seamless claim settlement. A well-networked
entrepreneur can go a long way in the insurance broking
business.
This industry is ever-growing, and one must be on their toes
with the latest news and trends in the business to stay ahead
of their competition.
Ideally, one must have a strong understanding of how
insurance products work to find the policies that best suit
their clients’ needs at a reasonable price.
Syncre-Tech Chariot of Future Synergy
Regarding his envisioning ARIBLs future stronghold,
Rajesh says, “Broadly speaking, we envision further
strengthening our organization by holding our sway in the
BFSI sector by offering innovative insurance products and
services and expanding our presence in the infrastructure
and manufacturing sectors.
As business paradigms shift, we have consciously adopted a
synergistic and syncretic approach within the organization
to improve the performance of our different verticals.”
This has helped ARIBL to achieve a better outcome of the
interdependent initiatives.
Rajesh adds, “To leverage the growing awareness and need
for life and health insurance, we launched a complete
seamless, paperless, assisted point of sale (PoS) business
model and branded it as Sarathi.”
API integration of the portal with ten insurance companies
for 16 products was completed in six months (the shortest
possible time) for personal lines of insurance products. This
portal is live and has already touched thousands of lives in a
short period.
Rajesh terms ARIBLs tech-adoptions efforts as innovative.
He says, “We have implemented robotic process automation
(RPA) and optical character recognition (OCR) for key
operational processes resulting in better efficiency, speed
and accuracy.”
Finally, Rajesh concludes faithfully, “We strongly believe in
our 250+ strong and growing team of young achievers, who
drive the agenda of our customer-centric philosophy
enshrined in our motto – persistent investment in acquiring
expertise, regular skill development of members and
acquisition of the latest and modern tools required for
“forging forward fearlessly” as our logo suggests.”

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