Nishant Avalani, Founder & Preeti Avalani, Cofounder, Avalani Solutions

The Indian insurance market has seen remarkable evolution. The country’s demographic dividend, characterized by a youthful and growing population and rising domestic demand, has created a fertile ground for industry growth. The political stability of the past decade has further contributed to a favorable business environment. Despite these positive factors, the sector faces challenges, particularly in creating awareness about specialty insurance products. Many businesses, especially SMEs, are more familiar with basic insurance products like health, motor, fire, marine and travel insurance but need to understand the benefits and necessities of specialty coverages. This gap is where Avalani Solutions excels, employing a multifaceted approach to educate and engage potential clients.

Avalani Solutions, founded in 2009, has established itself as a significant player in the specialty insurance sector, mainly focusing on the needs of SMEs and commercial enterprises. With roots deeply entrenched in the Saurashtra region of Gujarat, the company has consistently demonstrated a commitment to addressing the unique challenges faced by industrial and commercial clients. This commitment is evident in their growth trajectory, having achieved a 21-22 percent annual increase over the past 15 years.

The company has adopted a hands-on strategy to address the awareness gap. It places a strong emphasis on personal engagement, recognizing that face-to-face interactions are vital for building trust and understanding. “Our team personally visits clients to create awareness about these specialty products,” says Nishant Avalani, Founder. “We also conduct seminars jointly with the industry association to create awareness about all these products and how advantageous these insurance products are for them," he adds.

These efforts are complemented by exploring digital channels to extend its reach and create buzz about these products. The company’s team of seven professionals brings a wealth of experience, ensuring that clients receive personalized attention and timely responses to their needs. The team is trained and experienced in managing insurance claims across all product types, ensuring clients receive expert support and efficient service throughout their insurance journey.

The company places a strong emphasis on pricing and transparency. In a price-sensitive market like India, where customers are highly conscious of costs, it aims to set itself apart through competitive pricing strategies. However, pricing is just one aspect of its approach. Avalani Solutions works diligently to clarify misconceptions about the scope and benefits of insurance products and aspects. It addresses this by striving for transparency in all its interactions. The team communicates the warranties, exclusions, and limitations of its insurance products to ensure that clients understand what is covered and what is not. In addition, the company is committed to avoiding overcommitments. “In the insurance industry, where exaggerated promises can lead to dissatisfaction, our focus is on providing realistic and accurate information about the benefits and limitations of its products”, says Preeti Avalani, Co-founder at Avalani Solutions.

Avalani Solutions maintains a core focus on commercial insurance products, serving the diverse needs of industrial clients. While the company specializes in providing comprehensive insurance solutions for the commercial sector, it also addresses the individual insurance requirements of its clients, including vehicle insurance, health insurance, group health insurance, and term plans. It is particularly well-regarded for its specialization in casualty insurance and marine insurance. Avalani Solutions’ significant presence in the market is further highlighted by its extensive experience in handling product liability insurance, product recall insurance, Trade Credit Insurance, and contaminated product insurance.

New Insurance Products for SMEs

In the current insurance market, a variety of comprehensive products are available for the SME segment. As new insurance products emerge, Avalani Solutions actively promotes these innovations within the SME sector. The company’s focus, however, is mainly on expanding its liability insurance offerings. While SMEs commonly secure insurance for their assets, such as machinery and buildings, liability insurance often remains underutilized.

The company recognizes a significant opportunity in addressing this gap. For instance, in the engineering sector—especially notable in regions like Rajkot— substantial growth has been driven by initiatives like Make in India and a shift towards the China Plus One strategy. Despite these advancements, the liability associated with these products often lacks adequate coverage once they enter the market. The company provides tailored liability insurance solutions, addressing an area with substantial growth potential and underscoring its commitment to meeting the evolving needs of the industry.

“Avalani Solutions is focused on expanding its geographical reach while continuing to serve the SME sector. We plan to explore new markets and establish a physical presence in additional regions, further strengthening its position in the industry”, highlights Preeti. In addition, the company is actively seeking the right synergies in the ever-changing market landscape, particularly by collaborating with IT organizations that wish to develop platforms for specialty insurance solutions tailored to SMEs. The company’s commitment to the SME segment is evident in its efforts to promote liability insurance products, which are often overlooked but essential for businesses to manage their risks effectively.

Avalani Solutions stands out in the specialty insurance market through its dedicated approach to client education and transparent communication. By addressing the awareness gap in specialty insurance and leveraging both personal and digital strategies, the company effectively meets the evolving needs of its clients. With a clear focus on growth and a commitment to bridging the gap between client perceptions and actual offerings, it is well-positioned to continue its upward trajectory and contribute significantly to the insurance industry.