ETHIKA INSURANCE BROKING PVT. LTD. - The CEO Story (2022)

By:- Indranil Roy

Employees have always been the cornerstone for every company. No matter how developed technology, inventive practices or business model a leader might instil, it is impossible to curate progress without an ecosystem of holistic employees. Employee benefits, such as insurances play an integral part in nurturing this ecosystem. Insurance policies that cover employees’ medical treatment, disabilities, etc. assure their integrity, with the Company. The insurance sector, however, is very volatile for being built upon trust and integrity. As such, people seek Insurance brokers, who can transcend satisfaction and create an everlasting experience.

Insurance is the only segment, that represents the customer. For an employee-focused organisation, it creates an ineffable work culture, nurturing both – the individual, and the company. Ethika Insurance Broking is a modern-age firm having tailored B2B and B2C products. While its repertoire resides on keeping employees – of the clients happy, it also provides property insurance, project insurance, business liability insurance, personal health insurance, personal accident policy, Office Package Insurance and Marine Insurance. Ethika is heavily backed, by innovations and an adroit workforce, whose collaborative efforts makes Ethika a specialist in employee benefits.

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BRINGING HAPPINESS IN EVERY SOLUTION
The foundation of Ethika stands upon addressing workplace happiness. Surveys indicate that only 6%, of the entire workforce, in an employee-focused company understand and claim benefits provided to them. The majority live in ambiguity and have no assumption that employee benefits exist. Even in 6%, no more than 2% to 3% use it unless emergencies and the rest go to surgeries and maternity aspects. On the other hand, insurance premium rates are rising high, impacting a variety of facets of the HR budget; this makes insuring employees’ parents – a big challenge. Another concern is that employees often feel disheartened on not receiving the entire claim and focus on deductions due to policy conditions.

Ethika is one-stop-shop for addressing all these impediments. Combining innovation and intelligence, they have developed a highly innovative employee engagement tool within their Mediclaim Insurance that offers end-to-end insurance benefits to clients. In simple words, Ethika works beyond claim management and ensure employees are aware and happy with the benefits. The employee benefits products include Group Health Insurance, Group Personal Accident Insurance, Group Term Life Insurance, Gratuity Insurance, Group Insurance scheme in Lieu of EDLI and Workmen Compensation Policy. Another of its spectacular feature includes coaching corporates (clients) on Science behind Workplace Happiness. Ethika mentors its clients on strategic, operational, and risk management goals, working in their best interest.

LED BY A STELLAR MENTOR
“In order to build a rewarding employee experience, you need to understand what matters to your people” – Julie Bevacqua, Rise CRO.

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The phrase synchronizes with the vision of Susheel Agarwal – the man, who anchored Ethika to glory. The 38-year-old leader is an Insurance broker and a Happiness Coach, who believes – nurturing employees’ happiness drives a company’s growth. Susheel has gauged over a decade of tenure serving big names such as Greaves Cotton, Eicher Engines and more. At the age of 33, he relieved himself from his corporate career to explore new ideas. During his stint, he identified the need for creating a better life for employees and directed his years of experience towards this. Finally, after a year of hardship and dedication, in 2015, he shaped his dream and brought Ethika into the limelight.

However, Ethika is one-of-a-kind in its own way. Susheel’s focus on employee upliftment helped him create a work culture where everyone works as a CEO. This innovative framework has upscaled Ethika’s profit margins way above the others. Susheel’s vision took his growth much higher than he anticipated. In 2017, he was invited, by one of his clients ‘Tupperware India’ to share his valuable ways of creating contended business. And to his fortune, his thoughts and ideas were acknowledged, which boosted his motivation on this, thus helping him contrive Ethika Work-Life in 2017. Under this foundation, Susheel initiated the Employee Happiness Program and conducted dozens of seminars on creating a happy work culture, earning massive respect from HR leaders. “More than 150 Hr leaders have benefitted from these workshops”, Susheel asserts proudly.

As of now both of his ventures are on autopilot, thanks to user-friendly technologies. This gives him ample time to explore new ideas. Every Saturday, he conducts a 3-hour webinar, where he guides HR leaders and helps them implant innovative strategies in their organization. Through his webinars, Susheel aims to inspire more than 1000 leaders and spread his knowledge across boundaries.

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STAYING AHEAD WITH A VIRTUE
Innovations and trends have created an invasive focus on business growth, raising the bar of competition and, at the same time, neglecting employee engagement. In this distress, Ethika forges its road by bringing joy for employees. It translates its focus into action and helps every organisation that is passionate about their employees. Ethika maintains an end-to-end relation with clients, which makes them friends and well-wishers. Clients’ suggestions and feedbacks are taken in accord for product development. The holistic approach has grown Ethika’s client base from 0 to 250, in a short history of 4 years and counting. Its service has a 5-star rating from the client’s end – a testimonial of Ethika’s ethical growth. When asked Susheel about Ethika’s outstanding journey, he commented, “We believe Happiness is contagious. Happy employees of Ethika are spreading their happiness to clients’ employees which is resulting in high satisfaction levels of our customers”.

Satisfying clients is also their marketing strategy. Clients express their gratitude for everything Ethika did to avail insurance (on the Facebook page), for themselves or their loved ones. Clients also send warm feedbacks on how Ethika’s services, have reduced hospitalization and improved happiness and health of their employees. Ethika makes its clients ‘sales ambassadors’, and their satisfactory rate helps in propagating services across regions.

EMPLOYEE BENEFITS MANAGEMENT TOOL – THE CROWNING JEWEL
Ethika is a tech-savvy firm and majority of its operations, are automated. A prime example of their tech-accommodation is the ‘Employee Benefits Management Tool’, that helps clients manage all the insurance benefits from their desktop. Employees can see all the benefits provided and enrol for optional employee-funded policies. It can be easily integrated, with HR intranet or payroll software. Ethika proudly asserts itself as the prime, for onboarding an automated insurance benefits tools in the industry. The one-of-a-kind platform is widely appreciated and helped Ethika accelerate growth amid a disruptive segment.

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A PROFOUND WORK CULTURE
Charity begins at home! Ethika’s ability to create wholesome employees is driven on its in-built values and work culture. When asked about the diverse work culture in Indian Inc., Susheel stated, Research states only 20% of employees are happy at their workplace, a place where they spend 60% of their productive life”. Susheel, as mentioned above, has ensured a one-of-kind work culture, where everyone is their own boss. With the contribution of a seasoned leadership team, he steers clear of hassles and constantly endeavours to attract like-minded individuals – trains them and evolves them into happy employees. The lucrative ethos forms a durable culture and curates progress in individual performances.

IMPROVING PENETRATION AND DENSITY
Despite the immense opportunities in the Insurance arena, India ranks 15 among the nations in Insurance Income. Low penetration and density are the reason, and such things require immediate and meticulous attention. For this, Ethika has launched the Point of Sale (POS) – A catalysing opportunity that offers people to be their boss. The programme focuses on the Govt. Of India’s recently launched distribution system, of basic insurance policies – to increase penetration. The program offers a Point of Sales Person (POSP) – an opportunity to sell more than 50+ Insurance company products. A salesperson can choose from a variety of Insurance company and products and select the most suitable for a client. The products can include two-wheeler to four-wheeler policies, Health insurance, Personal accident policies, Travel insurance, Home Insurance and more. Any person, with authenticated documents (Aadhar Card, PAN Card), Class 10-12 mark sheet, bank account and a passport size photo – can apply for this glorifying opportunity.

LANDMARKS ALONG THE ROAD
In the last 5 years, Ethika has put several landmarks in the Insurance arena. It has successfully closed 2500+ claims and marshalled an expanding client base. The Company is constantly resolving pain points of the Insurance arena while contributing to organisational growth. With several years of experience and knowledge, Ethika is currently devising research-based products that can assure more happy workplaces; hence, optimizing their ultimate goal.

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ENLIGHTENING THOUGHTS OF THE LEADER
“When we take care of our employees’ happiness they take care of our clients’ happiness, resulting in better business output.”

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