Page 56 - MASALA Magazine Vol.15 Issue 4 | April - May 2024

requirements are met, and they find a
product that is a suitable fit for them. We
often tailor-make policies when required,
so that the client’s exact needs are met and
satisfied. All in all, by prioritising these key
qualities and behaviours, we are able to
differentiate ourselves and provide value to
our clients, which in turn has allowed us to
achieve longterm success in our industry,
and maintain longstanding relationships
with our clients and business partners. We
believe that every single client, whether they
have a single policy or multiple policies with
us, adds value to our business and holds the
same importance in our portfolio.

Could you provide insight into how
Narula Insurance Brokers leverages
technology and innovation to enhance
the insurance brokerage experience,
and create value-added, competitive
advantages, for your clients?

With today’s technological advancements,
our business has essentially changed from
relying on hard copies of paperwork, to
being mainly online. What used to take a
few days to complete is now done within
a matter of minutes, which is very helpful
for us as a team, and is also consumer
centric. However, at the same time, there
are now so many online platforms that
offer ‘cheap’ premiums for motor or other
types of insurance, and the difference is
Your father had a significant reputation In what ways does Narula Insurance Broker that the personalised touch is lacking. In
in the insurance industry. Could differentiate itself from other insurance turn, the clients don’t renew those policies,
you share some insights into his brokers in Thailand, particularly in terms as it is counterintuitive for them to buy a
contributions and how his legacy has of the breadth of services offered and the generic product that doesn’t suit their needs
influenced your approach to the business? level of personalised attention provided especially due to the lack of personalised

My father was very well known in all to clients? service and expertise during the time of
claims.
Indian communities, as he was a very jovial In my view, the key to a successful brokerage
and social individual. His intent was not is all in your service, which correlates to Claim processing and accessibility to our
primarily to find business, but he was a your deep knowledge of the product. All team is what differentiates us from the
dear friend to many and was always present brokerages essentially sell the same product generic insurance online sales channels.
and helpful in social gatherings. This was so the key to being unique lies in your Although in this technologically-driven
a big stepping stone for his business as he personal touch, i.e. your service. Till date, environment, we have maintaned a good
had built good long-term relations based I still manage and collaborate with all the prsence online for marketing, most often,
on genuine friendship. As you may note, teams in my office, although we have staff it is still through organic methods such
the key to insurance is trust and honesty, that can handle them. The difference is that as referrals and networking events where
therefore being well known in society was the clients get our personal opinion and new business is secured. We don’t find
a great advantage for our business. With approach, and I make myself accessible to it necessarily ideal to robotise the entire
his gentle nature and outgoing personality, them, which is why I believe they choose process, as in my opinion the key to
he grew his business steadily and eventually Narula Insurance Broker. insurance is service based, which is heavily
acquired many milestones such as appearing based on human interaction. So, whilst
in the Insurance Hall of Fame and Hall of The core values of the company have technological advancements have sped up
Honour, being part of the Million Dollar remained the same since my father’s time, the work process in terms of administration
Round Table (MDRT) trade association, and they are continually practiced by myself and operations, we don’t think it is the main
being voted ‘Top Man’ in his field and and my daughters, who are leading the avenue in which to excel in this trade.
winning the Top of the World Contest, company today. Because of these timeless
and many more! He is even featured in an values, we remain relevant. Although we With over 50 years of experience, how
insurance textbook today as a case study of are constantly educating ourselves and has Narula Insurance Broker adapted
a successful insurance broker. I would say our teams on new industry trends and to changes in the insurance landscape,
he was a man ahead of his time! His legacy regulations, we pride ourselves most on particularly in terms of regulatory

grew organically, as he was one of the most our integrity and business ethics, providing requirements and market dynamics?
hard-working individuals I’ve known. honest services to all. We aim to understand It is imperative for us to keep up to date
what the client’s needs are, so the client’s

56 | MASALA MAGAZINE APR-MAY 2024