Mr. Rakesh Goyal – Director, Probus Insurance Broker Pvt. Ltd, an Insurtech Broking Company

Rakesh Goyal – Director - Probus Insurance Broker

Mr. Rakesh Goyal – Director, Probus Insurance Broker Pvt. Ltd, an Insurtech Broking Company

At Sugermint, our aim is to bring to our entrepreneurs and startups community some of the inspiring and motivational stories from the entrepreneurial ecosystem.

As part of this endeavour, we invited yet another entrepreneur Mr. Rakesh Goyal – Director, Probus Insurance Broker Pvt. Ltd, an Insurtech Broking Company for an exclusive interview with us.

Who is Mr. Rakesh Goyal?

Rakesh Goyal, Director of Probus Insurance Broker Private Limited, first arrived in Mumbai about 22 years ago. He hails from Hinduan, which is a small town in Rajasthan (about 150 km from Jaipur).

He moved to Mumbai after working for a couple of companies in Delhi and Mumbai before starting Probus. In 2011, he established Probus Insurance Broker Private Limited. Mr. Rakesh Goyal comes from a humble middle-class family.

His father used to own a textile shop in his hometown, and his mother is a homemaker. He completed his Higher Secondary Education at a government school and later graduated from Rajasthan University with a degree in Mathematics and Science.

Furthermore, in 1995, he completed his MBA from the Jagan Institute of Management Studies in Delhi and started working as a Financial Analyst at a Forex trading firm in Delhi.

Since he came from a business background, he was always keen on doing some sort of business which would help people and at the same time provide a solution that could solve an issue of the mass. This is why, after working for 11 years, he decided to quit his job and start an insurance firm.

Mr Rakesh Goyal (Director of Probus Insurance Broker Private Limited), has been an active reader since he was a child.

His passion to explore new things and thoroughly examine everything led him to discover the reality of the insurance market.

It hit him really hard when he actually realised that the real benefits were hidden from the people and they were only advocated for the plans by the agent which could retrieve them a heavy commission.

As a result, his primary goal was to create an insurance company that focuses on customer-centric transparency and offers the necessary assistance from end to end.

This became the starting point for Probus. Probus is a partner employed company that aims to provide exceptional service to its partners and clients.

What service(s) or product(s) do you offer?

Rakesh Goyal: The customer services offered by the company are comparable to those provided by other major players such as FMCG companies.

Probus has revolutionized over the decades with cutting-edge technology and new operations in order to serve its partners and customers in a more enhanced way.

Probus also empowers its employees to provide the best service possible and serve the customers in an improved manner.

The company offer a complete solution for all insurance needs and insurance plans from the leading insurer in the country.

Lower premium rates, personalized plans, a quick and easy digitized process, and so on are some of our main strengths, in addition to assisting POSPs and creating more employment opportunities.

Explain how the company evolved from a traditional insurance brokerage to a well-known tech-enabled platform?

Rakesh Goyal: Our key areas have been the incorporation of new & innovative technologies along with the inclusion of Artificial Intelligence (AI) and the advancement of process-oriented ideology.

Our hit strategies have been our coherent and consistent approach along with unified technology, working towards developing the required skill sets and generating a detailed data strategic plan for the processes.

Moreover, our advanced technology environment has assisted us in transitioning from a traditional insurance brokerage to a well tech-enabled platform, enabling us to take the high-tech path with the wellspring of technical novelty.

What have been some of your failures, and what have you learned from them. Who has been your greatest inspiration?

Rakesh Goyal: One of the major challenges that the company faced was the gradual transition from the traditional business model to the digital route.

The entire journey of digital transformation implicated a long list of processes such as setting up the needed technology system, incorporating the necessary tools or software, providing appropriate training to the various stakeholders by using this tools/software, obtaining the appropriate resource or other updated aspect, and so on, and it was quite a daunting process at the time.

Another major challenge was to handle renewal processes seamlessly – from underwriting to onboarding to policyholder services, sending renewal notices, handling claim processes, providing required support to partners & customers, and so on.

Even so, the company was able to deploy new efficiencies, thanks to the optimal execution of a Robotic Process Automation (RPA) system and the adaption of the new change both by internal and external stakeholders involved in the process.

Will the expected increase in term insurance premiums have an effect on Probus Insurance business?

Rakesh Goyal: The premiums for term policies are expected to rise by 25 to 40 percent as insurance companies have tightened their underwriting standards in the aftermath of the Covid-19 pandemic.  

While the pandemic was the key reason to elevate the awareness and demand for life insurance products (particularly term life insurance), insurers also paid out large claims.

The increased premiums might create some tension for people opting for such plans on a fixed budget and might look for options with comparatively lower premiums.

What was your mission at the outset? What’s your company’s goals? How many employees in your organization?

Rakesh Goyal: Our mission is to provide high-quality services and policies to our clients via a unique technology-based online and offline hybrid sales model, as well as through dedicated on-ground PoSP across the country, who are supported and serviced by regional teams.

Through our highly efficient online platform, we allow the team and PoSP to easily access all details through a single login, ensuring a smooth solicitation process.

Both the mobile application and the online portal can be used not only to solicit business but also for pre- and post-sales inquiries.

A well-balanced AI & Human resources also guarantee a superior customer experience. Our primary goal is to have a presence across the country, covering all cities and rural areas in the existing Pin Codes.

This way, we will be able to serve people across the country in the best possible way. We also hope to remain profitable without depleting capital by simply investing, and also making wise usage of our investment through optimum planning and strategy.

Probus Insurance Broker Private Limited is one of India’s leading technology-enabled insurance agents.

With a presence in all Indian states and union territories and a presence in over 400 cities, the company offers insurance products from India’s top insurance companies and has an employee count of more than 400.

Probus operates through a network of over 25,000 Point of Sale Personnel (PoSPs) and focuses on Tier 2 and Tier cities.

Probus Insurance Broker optimizes a customer’s journey through an effective amalgamation of digital experience and a human touch at each stage, with 15+ Regional Offices and a workforce, spread across PAN India

How do you build a successful customer base?

Rakesh Goyal: Relevant research, proper stats and data and an understanding of the customer’s true need are the key components.

Most people will come to you looking for “the cheapest insurance options,” which many of them do not require.

Sometimes having low policy coverage does not go well with every individual’s needs. Knowing what their requirements are and providing the customer with insurance or a product they genuinely need will make them trust you and even recommend you to others.

Having said that, by providing not only the finest insurance plan for our customers but also a safe haven for all of our insured’s family/dependents.

We make sure to provide the best insurance plans for all families, as well as to be a huge help in any crisis for our customers and support them at each and every stage of preventative care.

We want to do more than just make money or generate revenue from them and we make sure they are aware that they are more than just clients for us. 

If you had one piece of advice to someone just starting out, what would it be?

Rakesh Goyal: Enhancing current products, i.e., expanding the product bag, fortifying the distribution platform (digital distribution), and increasing operational efficiency should be the primary focus of anyone who is just starting out.

Since innovation is crucial in today’s world, it is highly recommended to believe in developing an insurance portfolio for all users, such as existing ones, and bringing them all under one roof.

This will ultimately automate customer responses and save time spent trying to search for policies. We are aware that consumer needs are constantly changing, so we must stay ahead by anticipating future necessities.

As a result, innovation should be an important tool to stay relevant to evolving needs so as to add value to a customer’s entire experience.

What is the difference between purchasing health insurance online and offline? If that is the case, why are there discounts on online term insurance plans?

Rakesh Goyal: Purchasing any kind of insurance plans online could save you some extra bucks since there is no involvement of agents which means no commission cost taken from your pocket.

Essentially, the online portal helps you to save on the agent’s commission and pass the savings on to you in the form of lower premium prices.


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