Ideal Insurance Acquires Insurance Biz of Emkay Insurance Brokers for ₹1.7 Crore

Kolkata headquartered Ideal Insurance Brokers Pvt Ltd, one of the leading insurance broking firms in India, today announced that it is acquiring the insurance broking business of Emkay Insurance Broking Pvt Ltd, a a wholly owned subsidiary of Global Financial Services Ltd (EGFSL), at an amount of Rs 1.71 crore. They have also got the In-principal approval from IRDA for the same.

Subject to receipt of final approval from IRDA, in an call cash deal, Ideal Insurance will take over the entire current team and existing Insurance business of Emkay Insurance Brokers Limited, a wholly owned subsidiary of Emkay Global Financial Services.

Rahul Agarwal CEO, Ideal Insurance ,commented on the announcement: "Ideal is looking to expand quickly and capitalize on the growth in the Industry. It will be an important acquisition of Insurance broking business with respect to our strategy of building one of the largest and respected broking firm of India. They have a great team and some notable clients that will enable us to future strengthen our footprint in West . We are looking at more acquisitions across India. We look forward to the continued support of Mr Krishna Kumar Karwa and Mr Prakash Kacholia the MD’s of Emkay Global in our endeavours".

On this occasion Mr Prakash Kacholia, Director ,Emkay Insurance Broking Limited, said- Ideal Insurance Brokers , backed by Mr Rahul Agarwal is comprehensive insurance broking company with a clear vision and approach. The entire team of Ideal is capable, focused and highly driven and hence was a strong contender and an easy choice for our insurance vertical.

Ideal Insurance Brokers Pvt Ltd is an Insurance Management company providing Insurance Based Risk Solutions to both – Individuals and Corporate. Having an “Insurance Broking” license, they can deal with every insurance company and offer entire range of insurance products - Heath, life, Fire, marine, infrastructure, credit, etc. The company is headquartered in Kolkata with a presence in major Metropolitan cities like Mumbai, Pune, Bangalore, Hyderabad, Delhi, Surat and Raipur.

Global Financial Services Ltd (EGFSL), of which Emkay Insurance Broking Limited (EIBL) was a wholly owned subsidiary, was founded in 1995 with a clear goal of offering sound, researched backed financial advice, Emkay Global Financial Service Ltd is a leader in the financial services space , activity creating wealth for nearly 2 decades. Key services offerings including Investment Banking, Institutional Equities and Portfolio Management Services and Private Wealth Management. EIBL the wholly owned subsidiary of EGFSL was established in the year 2007 to carry on mainly the business of insurance broking.

Ideal Insurance Brokers Launches Online Insurance Platform 121policy.com, Gets Funding from Xelpmoc

Kolkata headquartered Ideal Insurance Brokers Pvt Ltd, a leading Insurance Broking firm with pan-India presence launched its online platform 121policy.com. The online platform will consult on Health Insurance to begin with and gradually add motor, life and other products. They see a huge gap in the Health Insurance market in terms of right advice and claims settlements and aims to bridge the gap between the insurer and the consumer, by providing them expert advice and innovative products like family health insurance, maternity cover, senior citizen health coverage, diabetic cover, corporate health insurance, overseas health insurance, top up covers and many more.

Ideal Insurance a 100 cr turnover company has created a strong presence since it started 11 years ago and today they specialize in products like Fleet Insurance, Credit Insurance, Engineering Insurance and recently launched Startup Insurance. They have been consistently growing at an average rate of more than 30% over the last 10 years. Their plan is to become one of the top 5 Brokers of India by 2020. To achieve its target the company has been aggressively investing in manpower and infrastructure to expand rapidly.

Ideal Insurance recently raised an undisclosed amount from Xelpmoc, a technology incubator promoted by former JustDial CTO Sandipan Chattopadhyay at a valuation of Rs.100 Cr. Speaking on this partnership, Ideal Insurance- COO, Mr Rahul Mohata said- “We are very pleased to have Xelpmoc on board, they have been of tremendous help in terms of strategizing, and planning the company's next stages of growth. When we planned 121policy.com we were looking for a partner who is an expert in technology, which is not our forte. That’s when we connected with Xelpmoc and it led to a strong strategic relationship”.

Commenting on the investment Mr Sandipan Chattopadhyay, Co-Founder Xelpmoc, said “Ideal Insurance is fundamentally a very strong organization with a great team and I am very excited to fund the growth plans of the company in a sector that is witnessing a huge growth momentum."

The company sees a massive growth potential for health insurance in India and is targeting plans to sell at least 1,000 health policies a month consistently, and expects it to go 10,000 policies a month over the next 3 years.

Mr. Mohata further stated “Health Insurance is the space where we want to create our niche. There is a huge requirement and demand for health insurance. We are a very strong player offline, our claim settlement is fantastic and we want to capitalize our offline experience and expertise online as well”.