Family Raksha stands as a prominent insurance web aggregator renowned for its extensive array of tailored insurance solutions aimed at protecting customers’ families. Rooted in principles of excellence, transparency, and unwavering customer focus, the company earned a reputation as a trusted entity within the insurance industry. Family Raksha is not just an insurance provider but is a steadfast companion to families that can rely on through life’s unpredictable moments. Recognizing the profound emotional ties and familial bonds, the company prioritizes delivering products that ensure peace of mind and financial security.
In an exclusive interview with The Interview World, Rajan Kohli, Co-founder, and Raj Shankar Tiwari, Founder of Family Raksha, delve into their distinctive offerings. Furthermore, they emphasize their proactive measures against unethical practices, detail strategies to enhance claim settlement efficiency, and articulate their robust business model and ambitious future outlook. Their insights also underscore Family Raksha’s commitment to ethical standards, customer satisfaction, and innovative service delivery, positioning the company as a beacon of reliability in the insurance landscape.
Q: Could you elaborate on how Family Raksha distinguishes its offerings from other insurance aggregators in the market?
A: At our core, we operate not merely as an insurance company, but as a dedicated aggregator with a clear mission: to eradicate the pervasive lack of transparency within this industry. Our vision is robust—we aim to eliminate mis-selling and over-selling practices that undermine consumer trust. To achieve this, we are also introducing a range of new products and innovative calculators on our website. These tools empower customers to calculate their precise requirements with accuracy and ease. Nevertheless, this customer-centric approach distinguishes us from other insurance aggregators, ensuring every interaction is marked by transparency, reliability, and customer empowerment.
Q: How is your organization leveraging specific technologies or methodologies to mitigate unethical practices within the insurance industry?
A: Our dedicated team of data scientists is currently deploying advanced calculators aimed at curbing over-selling within the insurance sector. This initiative is complemented by our innovative customer service strategy, which enhances overall operational effectiveness and client satisfaction, reinforcing our market leadership in responsible business practices.
Q: What strategies does your organization employ to tackle the issue of lower claim settlements by insurance companies?
A: At our firm, ensuring smooth claim settlements is paramount. We achieve this by conducting rigorous due diligence on every policy we source. Before a customer finalizes a policy, we engage in comprehensive pre-underwriting to assess its suitability. This meticulous approach distinguishes us—we go beyond mere sales to ensure that each policy not only meets our clients’ specific needs but also adheres strictly to regulatory requirements.
Our commitment extends to guaranteeing accurate information sourcing, minimizing any potential hurdles during the claim settlement process. By adhering to these high standards, we safeguard our clients’ interests and uphold our reputation as a trusted advisor in the insurance industry. Our proactive measures ensure that our clients experience seamless transactions and receive the full benefits they deserve from their insurance coverage.
Q: What is the total number of customers your company has acquired up to this point?
A: Since launching in February 2024, our operations are rapidly expanding with a new and growing customer database. Thousands of customers apply for insurance policies daily, underscoring our dynamic growth. Our dedicated team of financial advisors engages directly with customers, providing expert guidance to ensure they select the most suitable insurance policies.
Q: Can you elaborate on the core elements of your business model and how it is designed to ensure long-term sustainability?
A: Our operational strategy in insurance centers on sustainability and efficiency. Leveraging digital marketing and SEO, we acquire customers online with minimal acquisition costs, emphasizing quality over quantity in policy sales. Unlike traditional models, we do not charge customers directly; instead, our revenue model hinges on earning substantial commissions, which are notably generous within the Indian insurance landscape.
Our commitment to business sustainability is evident in our meticulous approach to customer acquisition and policy issuance. By conducting thorough pre-underwriting assessments, we ensure that each policy meets the specific needs of our clients, enhancing the likelihood of successful claims fulfillment during uncertain times. This rigorous process results in a remarkably high policy issuance rate, exceeding industry standards by surpassing 90%. Our deliberate focus on sustainable practices not only ensures customer satisfaction and loyalty but also reinforces our position as a leader in responsible insurance practices within the market.
Q: Looking ahead five to ten years, how do you envision the evolution and growth trajectory of your company?
A: Over the next five to ten years, our vision is to solidify our position as a premier insurance provider, earning unequivocal trust from our clientele. We are dedicated to cultivating enduring relationships with our customers, transforming them into enthusiastic brand advocates. Simultaneously, we will focus on expanding into new geographical markets, augmenting our client base, and optimizing our financial performance across revenue and profitability metrics. This strategic approach will propel us towards sustained growth and prominence in the insurance industry.
