JK Bima: A trusted Insurance Broking Firm ensuring best value for its client
Ever since the insurance broking space came into existence, its scope has expanded to provide diverse value-added services. The Indian insurance broking space aims to span- structure and placement of insurance coverage along with claims management, risk management, employee-benefit solutions, business continuity planning, and much more. Insurance brokers are professional advisers who do not work for insurers but are legally mandated to work on behalf of the insuring public and their corporate clients.
This domain is an extensive market with many big players rendering broking services. Most of these broking companies target the urban market and are associated with the B2B environment. This caused the rural population to lag behind in this sphere.
Inception story
With the motive to acknowledge the needs of the rural population and bring a change in the current situation in the Indian Insurance Broking Space, JK Bima was established in 2003 under the auspices of renowned 135 years old JK Group.
JK Bima has successfully carved a niche for itself since then. This Broking Firm has helped many companies and has emerged as a flag-bearer in this sector due to its exclusive functioning philosophies of trust and transparency coupled with unmatched technical expertise supported by extensive use of technology.
JK Bima has shown exemplary determination to make a positive impact on the lives of those who have been left out or ignored deliberately by other peers.
With the vision to get included amongst the most innovative companies in India committed to excellence, the growth graph of the JK Bima group is escalating rapidly.
Late Lala Lakshmipat Singhania, a visionary and Key Architect of JK Organisation was the Managing Director of National Insurance Company Limited until its nationalisation in 1971.
Following the footsteps of the promoter family with it’s historical interest in the insurance space and possessing a vision of financial sector liberalization, JK Risk Manager & Insurance Brokers Ltd was incorporated in 2002 and licensed by the Regulator in 2003. It is a business unit aiming to take forward the legacy of the century-old JK Group of ensuring customer satisfaction.
“We believe that insurance must be a beneficial product that should be bought from a trusted broker who is always ready to seek the best value for their client without trying to escalate their personal revenue. A broker must always assist the client in purchasing the right cover at the right price and assist in the recovery of claims efficiently and advise the client based on years of acquired experience and intimate knowledge of the insurance sector nationally and globally”.
We have the motive to play the role of such a broker only in this journey of our valued clients whether they be a humble farmer or a large corporate organisation” says Orindam Sen, the CEO of the Company.
Differentiating factor
When many big players in the industry are in cut-throat competition with each other to establish their hegemony in the business to business space, JK Bima has stood out of the crowd due to its explicit approach and unique philosophy.
Recalling the time of the initial stages of the Company, Mr. Orindam Sen says, “We commenced our journey in the rural insurance broking sphere back in 2007. Our promoters emphasized our entry into the space of rural distribution. It was a different area to indulge in as insurance is usually done in B2B format only. Initially, we started with the introduction of a product for the rural sector called a weather-based insurance scheme that is a weather-related product and we solicited for a company called the Agricultural Insurance Company. It was the
very first time in our country when someone intervened with a product like this.
We as Insurance brokers are aiming to make a difference by acknowledging the needs of people from the marginalised and backward section of the economy. Our primary vision is this only and we have been successful enough to make a difference in this respect.”
JK Bima has capably expanded its horizons owing to its employee-centric approach which has made them capable of catering to four ecosystems involving B2B market, the rural distribution space, retail vertical using technology to converge on the urban client base and last but not the least, the international reinsurance market with a focus on South Asia and the Indian Ocean Rim countries. Employee contentment is of utmost importance to the Company as due to their experienced and motivated employees only the group has been able to grow in leaps and bounds, meeting the expectations of their precious clients.
JK Bima ensures end-to-end insurance brokering services by getting an insight into the necessities of their clients by constant market study. These studies allow their adept teams to formulate risk and insurance management strategies for their clients starting with a PRR or Portfolio Review Report based on
which the clients can choose the best option as per the offerings and later, they do product analysis to make sure that the policy wordings are correct. Finally, when the insurance has been arranged, the Company renders all the essential services to its clients from the commencement of the insurance policy till completion of claims payments.
Achievements and accolades
The growth trajectory of JK Bima has been escalating in the past few years as they have reached out and insured more than 50 lakh farmers in over 14 states throughout the country. While considering the business to business space( B2B), the Company has ensured an ever-increasing clientele comprising 420 plus organisation serviced by them. On the employee benefit side, they manage insurance for over three lakh lives as on date. In the reinsurance space, they have maintained their presence in various other countries including Bhutan, Bangladesh, Myanmar, and developing the East African market for reinsurance placements.
Astounding Mission
The Company shares its vision of being a customer-obsessed company to serve them 24*7 without any hesitation. They have put in place a motivated and dedicated team to perform in the relevant field with excellence along with delivering enhanced value to all the stakeholders. The broking company is scaling new heights with their exclusive work culture that gives priority to employees and client contentment. As per the
CEO, they have envisaged a plan to achieve a 100 Crore revenue growth within the near future. They are focused to enhance their presence in all geographies in the Indian subcontinent & IOR and explore all verticals in Insurance Broking.
