Handling an insurance portfolio is not an easy job, it requires great professionalism, technical competencies, skills, and experience, which together are a rare combination. However, clients can now utilize these combinations through Amaze Insurance Brokers Private Limited, which in return provides amazing benefits in terms of coverage, savings in premium, timely renewals of policies, and expeditious & judicious settlement of claims.
Amaze Insurance Brokers Private Limited is an insurance broker licensed by the Insurance Regulatory & Development Authority of India. As an insurance broker, Amaze employs professionals with proven professional skills and technical competencies from the field of insurance and insurance broking with years of experience in managing insurance portfolios of clients starting from SMEs to big organizations.
The firm designs the most suitable insurance program (MSIP) for the clients duly meeting all their insurance requirements. It also makes a thorough analysis and evaluation of existing insurance covers and recommends definite solutions to fill up the lacunae, if any, in coverage. Additionally, Amaze Insurance Brokers sends recommendations to clients on ensuring proper and adequate coverage of assets, operations and liability areas.
The Skilful Leader
K. Muralidhara Reddy is the Managing Director and Principal Officer of Amaze Insurance Brokers Private Limited. k.Reddy is a professional with more than 3 decades of experience in managing various insurance portfolios starting from SMEs to big companies bringing in customer satisfaction. K. Reddy has a rich experience working in the insurance field as an MD and principal officer since January 2003. He is a team builder in multiple areas of operations including underwritings, claims, marketing, IT, client retentions, and finance.
Skilful in maintaining a cordial relationship with insurers, other organizations, and clients, K. Reddy is well known for a very high-level competency in underwritings and claims of all departments. Additionally, he possesses special skills in designing and implementing various rural insurance schemes by devising suitable procedures and involving software platforms.
The Differentiator
Amaze Insurance Brokers offers its Insurance Portfolio Management Services to various corporate, small, and medium-sized organizations for their entire portfolio. Until there’s a reasonable ground to consider, the firm stays away from where clients appoint multiple insurance brokers. The insurance broker firm handles all insurance requirements of its clients and delivers the best for them. The firm is very experienced in handling the insurance portfolio of clients from every sector and insurance covers of all types.
- Project Insurances: EAR/CAR//CPM/Marine Cum EAR (MCE)/Global WC etc. Operational Covers -IAR/ Fire &Special Perils Policy/Marine/MBD/ BPP/EEI/Money Insurance – Cash in Transit & safe/ Employee Crime (Fidelity Guarantee), Jewellers all risks insurance.
- Business Interruption Covers: Advance Loss of Profits (ALOP), Marine Delay in Start-Up (Marine DSU), Weather Insurance, Fire Loss of Profits (FLOP), Machinery Loss of Profits (MLOP).
- Liability Insurances: CGL/ Public Liability (Act)/E&O/D&O/Professional Indemnity/Product Liability/Clinical Trials/WC/ Cyber Liability Insurance etc.
- Employee Benefits: Group Health (GMC) /Group PA (GPA) /Group Term (GTLI) /Group Gratuity/ Superannuation/ Leave Encashment/Group Overseas Travel (GTI) etc.
- Other Insurances: Vehicle Insurance for company’s and employees’ vehicles/top-up health/unnamed PA/Special Contingency/Export and Domestic Credit Insurance/Rural Insurance and other insurances.
Currently, Amaze Insurance Brokers handles sectors like; IT &ITES, Pharma, Hospitality, Power Sector (windmills, solar, biomass, gas, thermal, hydro), Bio-Tech and Clinical Research Organizations, Manufacturing, Service, Various Government Departments, SMEs, Rural Insurance covers, etc.
The firm is also one of the first insurance brokers in the industry, which successfully designed, developed, and implemented a unique software platform in 2016 for implementation of sheep insurance. Amaze Insurance Brokers prefers to subscribe to various national and international journals. With well-trained employees, who have completed their Brokers’ Training and passed various examinations as stipulated by IRDA, the firm is solving its clients’ insurance-related problems since its inception.
An Industry on the Rise
Introduced in 2002, with the first batch of licenses issued in 2003, two decades are nearly completed for the concept of insurance broking in India. ‘Broking’ is still considered taboo in India, creating many hurdles for the companies. During the first few years, even the government bodies and big corporate houses were not inclined to avail the service of an insurance broker. However, since then, the industry has come a long way, and many of the clients have started to engage, the services of insurance brokers.
Though Mr. Reddy believes, still a majority of clients have not been able to realize the full potential of professional services from an insurance broker, and they still consider insurance brokers as a quote getters. Insurance brokers are also expected to educate clients and deliver value in their services. Internationally, clients chose one insurance broker for the entire portfolio or policy-wise. Eventually, the selected insurance broker will manage the portfolio by extending his/her risk management services and dealing with various insurers to arrange the proper cover and expeditious settlement of claims.
Interestingly, many Indian clients appoint multiple insurance brokers to get a quote from the insurance companies. However, this process does no good for the clients, as they often miss out on the loyalty from the insurance broker, who might limit his/her services only to obtain the quotes. Here IRDA has given orders to the insurers, that they have to provide the same quote when multiple insurance brokers approach them for a quote under the same risk/policy. This step was taken to enable the client to select the right insurance broker and avail of his/her services. A client should understand the benefits of the services of an insurance broker and should appoint them only after the due selection process.
As the MD of Amaze Insurance Brokers, Mr. Reddy says, “Insurance Brokers have garnered as high as 55% of total business underwritten by insurers in India, which is a great achievement for this concept introduced by IRDA. This growth would continue and may touch 70-75% over next five years.”
The services of an insurance broker to a retail client are the need of the hour. K. Reddy feels the areas of claims need to be the focal point for all the insurance brokers and IRDA to create and build the much necessary trust factor among the policyholders and common man.
Mission and Vision
Amaze Insurance Brokers aspires to;
- Being an ethical, principled, and value base organization set a new benchmark in the industry
- Cater to the needs of all sections of the society
- Bring in customer delight by adhering to the TATs in underwriting and claims settlement
- Deploy appropriate Risk Management practices across the clients’ portfolios
As an insurance broker, Amaze’s vision is to establish and emerge as one of the most preferred insurance brokers in the country. The firm provides innovative solutions and ensures complete client satisfaction. It also aspires to combine excellence, quality, and timely service delivery with the utmost professionalism in risk management, premium management, risk coverage, and insurance portfolio management services to all its customers. K. Reddy believes sustainability will be a key factor when it comes to earning a great reputation for great ethics and trusted services to all of the clients.
Picture of the Future
In order to keep up with the competition, Amaze Insurance Brokers have entered into the world of online sales of insurance products. The website offering online sales, is in its final stages and will be launched commercially in May 2022. The online portal has been named Bimastreet, and it has its uniqueness when it comes to claims service to the customers, which is a big differentiator in the crowded market.
Bimastreet meets the unique need of retail clients. The firm would also love to have its digital solutions for SMEs and Corporates with all the required features, which will be its next big project.
Additionally, the firm is also coming up with an onsite insurance audit for its clients. Thus enabling them to evaluate the portfolio being handled by Amaze Brokers to make improvements.