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Riskbirbal: Revolutionizing Insurance with Tech Integration and Customer-Centric Solutions

In an exclusive interview with Riskbirbal’s visionary founder, Mr. Naqvi, we delve into the strategic approach behind the innovative insurance brokerage firm’s name, its groundbreaking achievements, and its commitment to integrating technology while prioritizing customer-centric solutions. Learn how Riskbirbal is reshaping the insurance landscape with a blend of tradition, technology, and unwavering dedication to client satisfaction.

Mr. Naqvi, starting with the name – Riskbirbal, is quite an unusual choice for an insurance broking and risk management firm. Could this be seen as a strategic initiative aimed at instilling confidence in your customers?

The name “Riskbirbal” reflects a deliberate strategy geared at developing trust and confidence with our clients. To further strengthen the purpose of the Riskbirbal insurance broker brand, we look beyond Birbal’s wisdom in allocating speedy resolutions by presenting an idea of how the company functions as a provider of reliable and novel risk management solutions and demystifying insurance policies to provide an easy understanding and proper coverage as per the need of the customers who are treated as king by Riskbirbal.

By linking our brand to the heritage of Birbal, we purport to embody a brand of elegance, skill, and honor. While we covet technological advancements to keep us ahead, we also maintain certain principles of quality service and integrity that are evergreen.

In addition, I, having worked in the insurance sector for a long time now, have learned the key to success, which lies in gaining the trust of your clients and also in putting confidence in them. This name, “Riskbirbal,” would represent us as sole and distinguishes us from our competitors, which has the connotation that we are dedicated people striving to provide prompt and effective solutions to the complicated issues related to risk management and insurance policies.

In summary, we strive towards the vision of achieving proficiency by encompassing the goals of providing robust, error-free decision-making and ensuring operational efficiency while delivering impeccable customer service. Riskbirbal Insurance Brokers is steadily becoming a renowned name in risk governance as it moves forward under my leadership, but most importantly, the collective team effort. As time passes, we will reinforce other organizations in the industry by setting new standards and bringing more innovation.

As a relatively new entrant in the insurance broking and risk management sector, Riskbirbal obtained its IRDAI broking license as recently as May 2023. Despite this, it proudly positions itself as the inaugural broker in India to provide online quotes for all types of insurance policies. What are your thoughts on this achievement?

While we are still newcomers, I believe we are quite brave in taking risks by pursuing new ideas and establishing new standards in the sphere of our industry. It vividly attests to our pioneering core principle of seamlessly blending ground-breaking technology and exemplary kindness and helps to make risk aversion and adjustment simple. We have these quality attributes at our centre of operations: efficiency, transparency, and client satisfaction. Our progressive integration of technology, transparent communication, and risk-oriented risk management solutions, as well as anticipated risks and proactive response to the client’s concerns, is meant to surpass our client’s expectations at every point.

Nonetheless, it is equally considerable yet plausible for us through the immediate future. We want to have the most approved technology-driven risk management and insuring in the world family, helping people to embrace, evolve, and succeed by veering into new risk-mitigated zones. We firmly believe that the insurance industry is a difficult but very competitive market. This is why we put innovation and staying ahead of the curve at the centre of our strategies. We are also interested in adapting to the constantly changing environment and putting every client as a priority. With these, we will certainly be able to shape our place in the insurance industry and contribute to its development.

In other words, given the essential role that brokerage plays in both our country and the global market, this accomplishment is an attribute that we wear with pride. At the same time, we are passionate and enthusiastic about the future, where our fast-paced journey will only be getting better as we redefine the insurance landscape and set new standards of service excellence.

With close to two decades of industry experience and a focus on integrating technology, it’s not hard to assume that you were the driving force behind Riskbirbal’s utilization of AI and IoT-based technology.

Can you talk us through your journey and explain how this helps the organization and your clients?

In the course of my lengthy experience, I saw that it is exactly happening like that in modern real life: technology drives the increase in efficiency, facilitates the taking of smart decisions, and, in the end – situations when clients enjoy higher value than ever before. Adapting to AI simulations as well as IoT-based technology is, in fact, possible for Riskbirbal to achieve the goals of these innovations.

Additionally, artificial intelligence and the Internet of Things allow us to react promptly and actively to risks beforehand in real time. For instance, the sensors of IoT can aggregate different types of data from a client’s operations and business processes, such as equipment performance or environmental conditions. They dispose of these eventualities by using AI algorithms to analyze the data, which helps identify these risks early enough before they escalate into costly situations. Therefore, the clients are less exposed to risk and may experience fewer disruptions to their operations.

AI and IoT technology-based solutions also provide an opportunity to improve the transparency and trustworthiness of our operations. Clients can be sure that the risk assessment and strategies they receive as advice are based on knowledge gleaned from data-driven insights and using advanced analytical models that are more objective as opposed to relying on subjective or personal opinions. We emphasize transparency to fortify client relationships and galvanize brand confidence through it.

Generally, AI and IoT use technology, which are avenues that Riskbirbal can leverage to end up as a chief company in the insurance and risk management field, in that we can curate practically based solutions that suit the dynamic demands of our clients. Increasing value and sustaining our client’s security is our primary goal. We do this by effectively using technology for efficiency, transparency, and proactive risk management. With these tools at our disposal, we cater to our client’s needs in an environment that is ever increasingly volatile.

However, in addition to the previous query, does the integration of technology mean that human interaction is sidelined in the process, and can it still ensure transparency for its customers and provide tailor-made solutions?

Albeit the implementation of innovations such as Artificial Intelligence and the Internet of Things are at the core of the processes and perfect efficiency, still, these do not exclude the human touch during the insurance and risk management process. Riskbirbal is the amalgam of the benefits that both technology and human intelligence have. Riskbirbal understands that they complement each other in good ways.

The complexity and the delicacy of our operations require human presence; therefore, our personnel comes in handy when it comes to grasping the nature of the customers. Although AI algorithms may be able to examine data and then provide insights, experts interpret, contextualize, and finally transform these insights into tangible recommendations and discuss the role of AI in business decisions. We are a team of knowledgeable and experienced experts; we are familiar with the industry’s characteristics; by using this knowledge and experience, we provide clients with solutions that are aimed at their determined needs.

In addition, personal relationships, based on trust and transparency, are characteristic of our relationship with a client. Technology might automate some processes, but it’s the human response that creates the right communication and makes sure people feel empathy and get help when they have any issues. One of our main pillars is always to serve our clients as transparently as possible. That’s why we keep explaining even the most complex insurance concepts in an accessible manner, use non-technical language to explain policy terms, and always keep our clients informed about the process.

In fact, the incorporation of technology throughout Riskbirbal is aimed not at the substitution of human communication but the increased sophistication in it. By leveraging technology to automate routine tasks, analyze data more efficiently, and identify trends and patterns, we free up our human experts to focus on what they do best: establishing ties with customers, recognizing their needs, and delivering matching services. It is this approach that enables us to be transparent and get satisfied clients with tailor-made solutions that provide selective services to all of its clients.

From a customer standpoint, how customer-centric are Riskbirbal’s offerings and its processes and post-transaction support?

From a customer’s point of view, Riskbirbal would not only be oriented to the customers in creating the offerings, processes, and post-transaction support but also be a customer-centric company. Here’s how:

Tailored Solutions: When Strategy Robert takes into consideration that each client has its own needs, objectives, and expectations. Consequently, we plan to give specially made for specific client needs. Safety and protection at work, education, health, and home can be adapted to the requirements of our customers and their own desires.

Transparent Communication: Transparency is not only a key but also a cornerstone of ours. We are very clear about this – we always do our best to listen to our clients, their feedback, concerns, and desired results at every point of their journey with us. Among other things, we make sure to clarify the intricacies of policy terms and coverage options, as well as provide regular status updates on their claims. Additionally, clients are provided with regular updates that end up making the decisions they make much more informed and empowered.

Accessibility and Responsiveness: Riskbirbal, our firm, goes above and beyond to be accessible to our clients and swiftly attend to them. Our team is always there to help and answer your questions in case of an issue and provide the necessary assistance and instruction whenever necessary. Whether on the phone, via email, live chat, or via social media channels, we aim to be prompt and efficient in communication in order to have quick and supportive responses to our clients all the time that they are with us.

Post-Transaction Support: Customer satisfaction will not end with the closing of every transaction but will be part of our DNA in every new journey. Our post-transaction support is designed strongly to meet the client’s needs even after the policy is issued or the claim is settled. Be it the constant policy management, the arrival of the renewal date, or additional inquiries, our customer support personnel is readily on hand to extend a helping hand or answer questions.

Continuous Improvement: Riskbirbal constantly adapts its offerings, processes, and strategies based on customer feedback, industry trends, and insights provided by the market. It happens to be a constant practice on our part to implement what our customers provide us with by way of their feedback so that we can keep improving at things where our clients think we may be lacking considering this customer-centric strategy, which gave us the possibility to upgrade further and make our services to be more responsive to the client’s changing needs and expectations.
With emphasis on customized solutions, transparency, accessibility, and continuous improvement, we aim to meet and provide the best customer experience that supports and builds trust, satisfaction, and long-term relationships between our clients and us.

And finally, what other services does Riskbirbal offer to its customers? Could you please elaborate on it?

Riskbirbal brings in more services that our customers desire as add-ons. These services are professionally built to bear in mind our main services and thus improve the overall customer journey while at the same time providing solutions to any requirements or problems that our clients will have. Another major benefit of our service package is the sophisticated risk assessment and consultations undertaken by our dedicated risk consultants consisting of experts in the field of risk, who, in a comprehensive approach, conduct assessments, identify risks, furnish feasible solutions, and also customize risk management strategies as per client’s specific risk profiles.

In addition to this, we guide our clients in a step-by-step manner through all the claims administration procedures, and we ensure that they get timely and meticulous settlements without issue. Our claims management team, which is essentially committed, is available from a report of a claim to assistance in documentation and negotiation with insurers. As a part of our portfolio, Riskbirbal offers comprehensive employee benefits solutions that can assist various companies in attracting the right talent and retaining and supporting employees. These answers may be provided in the form of medical insurance, pension plans, disability insurance, way of life insurance, and other welfare or employee benefits designed to address these needs of the organization.

Furthermore, Riskbirbal assists companies in managing complicated regulatory requirements and ensuring compliance with the laws and regulations regulating their sector. Our team helps clients understand their legal requirements, establish compliance programs, and comply with regulatory standards. We also provide instructional courses, training programs, and informative resources to help clients improve their knowledge of risk management principles, insurance products, and industry best practices.

Overall, Riskbirbal is dedicated to delivering comprehensive support and solutions to fulfill our clients’ diversified demands beyond typical insurance broking. We want to be a trusted partner in assisting our clients in protecting their assets, mitigating risks, and achieving their business goals by offering a variety of extra services and expertise.

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Amala Sree Murali
Amala Sree Murali
Features writer at Business Review Live and a certified content writer from IIM Skills. She completed her post-graduation in Business Administration with a Bachelor's degree in Computer Science.