N.R. Narayana Murthy promoted Anviti Insurance Brokers launched its composite insurance broking services in India.The broking firm has been set up by Catamaran, a proprietary investment firm of Murthy and Sudha Murty. Murthy has also stakes in Coverfox, a e-insurance broking company and Acko General Insurance, a nonlife company which promises to focus on digital platform to do insurance business..
“The exact holdings of Narayan Murthy in Coverfox and Acko General Insurance are not known publicly,’’ said sources.
Anviti Insurance Brokers had earlier tied up with one of the large insurance brokers in the world, Aon in Feb 2016, but had to put an end to the partnership immediately with regulatory objections. Aon earlier had ended its 12 year tie-up with another insurance broker Global Insurance in 2015.
`We will be dealing with with all global insurance brokers including Aon to meet our client's requirement'' said sources at Anviti.
Anviti had received a four year composite insurance brokers license from the insurance regulator IRDAI in Oct 2017.Anviti was launched in Mumbai, in the presence of its mentor Murthy last week.'
Speaking on the Indian insurance industry today, Murthy said : “Insurance has not yet penetrated in a major way in India, both at the corporate and personal levels. As India develops, more corporations would need to be covered by insurance. Hence, insurance companies have tremendous unexplored value.”
Murthy also stressed on the importance of culture over strategy, saying, “Strategy is everything you do to create sustainable difference in a highly competitive market to make better margins. The environment in which you execute this strategy is called culture.”
Anviti aspires to earn enduring respect by delivering sophisticated, differentiated, and technology-led insurance broking solutions in the commercial insurance broking market. Anviti will operate in the organisational risk management sphere andwill help formulatestrategies and services to measure, manage, mitigate and transfer risks, said a press release by the company on Wenesday. .