Whether it’s your assets, financial stability, or medical emergencies, insurance acts as a backup plan and helps us from financial burdens during a crisis. Driven by various factors, such as the growing middle-class population and public awareness, enhanced private sector engagement, innovative & diverse range of products, and many more, the Indian Insurance sector, over the years, has been experiencing massive growth. The growth of the insurance sector in the country has paved the way for various intermediary channels, such as brokers, agents, bancassurance, retailers, and more.
Whether placing a risk or settling a claim, brokers safeguard customers’ interests when interacting with
insurers and are the only intermediary channel to represent the customer, not the insurer. Today, Broking accounts for a third of all business premiums for general insurers. Started in 2016, Odin Insurance Broking Services (Odin) is one of the leading broking house catering to the General & Life Insurance needs of its clients across sectors in the corporate domain by providing risk evaluation, risk management, insurance broking, insurance portfolio handling, and claims advisory services.
A Client-focused Approach for Optimal Risk Coverage
While a vast majority of brokers are focused on merely procuring the lowest quote for an insurance cover, Odin offers comprehensive risk management for a client while ensuring the client’s business objectives are met at an optimized cost. Further, the firm offers a one-window, end-to-end client engagement, making the process of risk management seamless and hassle-free. While suggesting insurance products to its clients, instead of following a one-size-fits-all policy, Odin has adopted a client-focused and consultative approach to achieve optimal risk coverage.
The domain expertise gained by Odin’s team through successful service rendered to a comprehensive and
diverse set of industrial segments over the years, allows it to be much more than just an insurance intermediary that hawks standard wares. “We help clients make critical business decisions confidently, enabling them to focus on growth and performance, while we take care of their risk requirements and claims management. Our team of domain experts, backed with experience and strong relationships with insurers, are focused on providing value to clients and being a partner in their success
story”, adds Nirmal Jaisingh, CEO of Odin.
Efficient Integration of Technology
What makes Odin stand out from the rest of its peers in the market is its usage of various cutting-edge
technologies available in the market. As part of marine insurance, the firm provides GPS tracking, enabling its clients to accurately track the movement and location of their goods in transit in real-time at all times. Along with detailed Electrical and Safety Audits, the firm also offers advanced and scientific methods, such as Thermography, which allows it to pinpoint precise areas where risks may lurk, not only in the client’s premises but also in their processes
Odin Assure, the Employee Benefits Portal of the firm, provides a seamless employee insurance management experience to its clients and their employees. Apart from accessing employee insurance analytics, checking CD balances, and reviewing Claims MIS, the portal also provides a single window for HR teams to manage employees and policies. Through the portal as well as the mobile application, employees of Odin’s clients can easily access insurance policy details, manage dependents, view terms, raise claims, review claims status, download relevant forms, and access the network of cashless hospitals. Further, the Whatsapp chatbot feature enables quick responses to some FAQs posed by employees, leading to speedy query resolution. The firm also offers a host of wellness services, such as online
doctor consultations, discounted medicines, webinars, health talks, and many more.
Accomplishments & Future Roadmap
Starting its operation in 2016, Odin has come a long way in terms of client base, overall growth, and geographical expansion without any affiliations or global tie-ups. The firm received its broking license from the Insurance and Regulatory Development Authority of India (IRDAI) before starting its operation. Initially, Odin worked on consolidating its business in Mumbai. Last year, the firm expanded its operations to Delhi and Bangalore. Coming to the future roadmap, Odin is working on scaling up significantly and is looking at launching operations in emerging markets across the country. Soon, the firm will be rolling out initiatives, such as setting up sector-specific Industry Practice Groups, offering Lines-of-Business focused Consultancy Services, or developing Techenabled single-window solutions for its clients. Nirmal Jaisingh, CEO, says, “We firmly believe our employees are our biggest strength and investment, and every employee is given ample opportunities to grow in knowledge and skill so as to be ready for newer challenges and for the next rung at Odin”