emember the financial crisis that hit the global corporate sector in the year 2008? Or the Tsunami that ravaged Indian shores in the year 2004? Both these were unexpected, but these calamities stirred the whole Indian market; the other hard-hit areas and after effects included both the entrepreneurs and employees. Countless owners of SMEs and employees who were underinsured, or carried no insurance at all, for natural disasters and financial risks were left in a lurch. Many of these owners were either unaware that their companies were not covered by insurance, a number of owners were shocked to learn - when their insurance claims were denied - that they were not covered for the damages they reported even when they thought they had bought the right policies.
Today, running any business comes with risks, from the day a business starts, it is exposed to several risks. So it's important for entrepreneurs to protect both business and their employees, making it important to have the right insurance in place. Apart from protecting a business, an entrepreneur should make sure that employees (their valuable assets) are secured as well. However, offering health care insurance to their employees in order to remain competitive with other businesses comes in propriety for most of the organizations. With this, comes a plethora of issues and questions to consider: Insurance type, coverage amount, premium policies and of course, which insurance company offers the best products for a particular business.
Altering Health Insurance Sector
Ten years ago, when Arvind Laddha founded Vantage Insurance Brokers Pvt. Ltd, he was foreseeing these future needs of the Indian market. This entrepreneur, with his 17 years of experience in the financial and insurance market sector ventured in the space to handhold / partner organizations in managing their Employee Benefit Insurance portfolio. “Clients needed support both in terms of design as well as implementation of the insurance plans and we had the capability to offer these services. Therefore, we decided to focus on this space early and take a leadership position.” Says Arvind Laddha, CEO, Vantage Insurance Brokers. Incorporated, in the year 2004, Vantage Insurance Brokers not only managesto vanquish these concerns, but also ventures into the insurance sector. Today, the firm which is a part of Vantage Group of Companies, insures over a million lives under various health insurance programs and assists over 500 firms.
Over the years, the company has developed a deep understanding of the health insurance market and offers clients an end to end solution that delivers value for the investment they are making in their insurance programs. Vantage Insurance Brokers came into limelight, in the early days when the corporate and insurers were not relying on brokers and were unaware of the value they can bring to the table., his firm focused on building partnership with both clients as well as insurers.
“We did this by helping clients resolve their current as well as legacy issues and with insurers by managing the administration of the policy better, so that our clients saw improved service standards,” remembers Arvind. Today, this firm is more that just an insurance broking firm; clients choose to depend on Vantage with a faith that the firm has cultivated over the years.
Rendering Reliable Services
Being an absolute blend of Risk consulting & Insurance broking, Vantage brings in solutions that are out of the box. Unlike others, the organization views Risk Management as a comprehensive effort to recognize the areas of concern and take adequate measures to deal the same through a felicitous process. Consulting, Administrative Support, Price Optimization and Employee Engagement; Vantage’s services are largely built around these four.
Over the years, Vantage has developed a deep understanding of the health insurance market and offers clients an end to end solution that delivers value for the investment they are making in their insurance programs
Helping clients design insurance plans with an appropriate balance between their financial budget and aspiration, the firm brings to the table the latest trends and best practices in the industry through their consulting services. Expounding about the services, Arvind proudly says, “Our Administrative Support ensures that our clients and their employees get year-round support with a view to realizing the full value of the benefits of the insurance policy. Energy, innovation and deep subject matter expertise fuel our focus on solving client’s problems and achieving real results.” Apart from these, through Employee Engagement the firm walks along with the client employees.
Being a pioneer in the industry, Vantage is the only Indian broker that has a health and benefits consulting company. Apart from that, with a team of 200 associates which is acknowledged as one of the most knowledgeable and customer friendly, the firm manages to retain 90 percent of its clients. However, this market leader offers the best in class technology support to the clients, acting as an engagement platform offering customized health tips.
Since its inception Vantage has seen a steady growth; over the past five years, while the industry has grown at a rate of 15% CAGR, the firm steped ahead of the pack by achieving about 20% CAGR growth rate. The firm is poised to achieve much more in the health insurance industry by venturing into the core of Employee Benefits Insurance space. Further, Vantage is planning to build capabilities to offer global solutions to clients, to manage their insurance programs out of Indian boundary. Growing with the tech savvy generation, the firm does not forget to embrace it; with the recently launched mobile app, the firm took one step closer to its clients and their employees. “We are focused on leveraging technology to deliver better administrative and servicing capabilities to our clients and through our consulting services, we will continue to offer clients an integrated approach to insured as well as uninsured benefits,” says Arvind, as he concludes.