Abhishek Agarwal, Managing Director, Ajay Agrawal, Founder & Chairman,Ambrish Agarwal JT, Managing Director, EF Insurance Broking

Today, India's insurance penetration stands at around four percent of GDP and is well below the global average; revealing significant growth potential. Here, factors such as limited awareness, inadequate reach, complex products, and high costs have contributed greatly to this low penetration. However, the landscape is evolving gradually. Favorable demographic shifts, a strong economy and increased awareness post- COVID-19 are driving demand for comprehensive coverages, further boosting the sector.

Furthermore, the Insurance Regulatory and Development Authority of India’s ‘Insurance for All’ mission aims to make insurance accessible and affordable for every household, thereby enhancing the domestic market and attracting global players. However, individuals often face challenges navigating complex insurance products, deciphering intricate policy details, while ensuring they have adequate coverage. Mis-selling is another significant concern, leaving clients distressed and financially vulnerable.

Understanding this, EF Insurance Broking comes to the fore, to address these aforementioned issues by prioritizing transparency and conducting thorough risk assessments before offering insurance solutions. With this, it ensures that clients receive coverage tailored to their specific needs. Furthermore, with exceptional after-sales services, the company’s commitment extends beyond the sale itself. This includes seamless claims assistance, regular policy reviews, and updates on the latest available options. Currently, EF Insurance Broking serves both retail and corporate clients, offering a comprehensive range of insurance solutions including life, health, motor, property, liability, cyber, commercial, and business insurance, all under one roof.

Now, if we speak of the company's parent company, it is a part of Eastern Financiers, founded in 1967. Eastern Financiers is one of the pioneers in the distribution of financial products in Eastern India. Over the course of 50 years, we have evolved to become one of the country's major investment consultants, managing assets worth more than INR.5500+ crores and serving over 2.50+ lakh investors through a network of 22 branches and over 4500+ associates.

“With a 95 percent client retention rate, a highly regarded benchmark in the insurance industry, we emphasize integrity and quality in every interaction. Our goal is to simplify the insurance process, making it easier for clients to understand their options and appreciate the value of the coverage they select,” states Sidharth Mehra, CEO & Principal Officer at EF Insurance Broking.

“Our client engagement process starts with an in-depth needs assessment, leading to the creation of customized insurance solutions. We then clearly explain policy options, assist with the application process, and offer continuous support to ensure clients are well-covered as their needs change,” he adds.

Ensuring Utmost Client Satisfaction

Since its establishment back in 2006, EF Insurance Broking fosters strong client relationships through consistent communication, proactive risk reassessment at renewals, and comprehensive claims support, including the evaluation of surveyor's reports. Its team, with over 100 years of combined experience, comprises seasoned professionals from both private and public sector insurance companies, providing expert service and tailored solutions. This commitment to excellence ensures high client satisfaction and fuels the company’s growth and success.

Also, the teams receive regular training to stay abreast with market trends and policy benefits, ensuring that clients receive accurate and comprehensive coverage. With low employee turnover, EF Insurance Broking maintains a strong client loyalty, as clients consistently interact with the same personnel over years.

“We are actively appointing POSPs to expand into tier 2 and tier 3 cities, tapping into the significant opportunities in these regions. Our mission is to provide tailored insurance solutions for our clients’ security, and our vision is to be the most trusted insurance broker, known for outstanding service and client satisfaction”, highlights Sidharth. Furthermore, EF Insurance Broking is part of Eastern Financiers, a company established in 1967 and now one of India’s largest distributors of financial products.

Staying Abreast of Changing Market Dynamics

EF Insurance Broking is upgrading its digital platforms to enhance service delivery and client interaction. By leveraging the extensive client base of its parent company, Eastern Financiers Ltd, it aims to offer a comprehensive suite of financial products - including mutual funds, fixed deposits, share trading, bonds, and insurance. This integrated approach is designed to provide a seamless and convenient experience, efficiently meeting its clients' financial needs. “Additionally, government initiatives like tax incentives and regulatory reforms will support our growth, allowing us to contribute to the IRDAI's 20- year vision for the sector”, concludes Sidharth.