Amaze Insurance Brokers : Promising Comprehensive Insurance Solutions With Unmatched Service Excellence
The Indian insurance industry has undergone a significant transformation, evolving from a monopolistic market to a highly competitive and optimally penetrated one. In 1972, the nationalization of 109 private insurance companies led to the formation of four general insurance companies and one life insurance company, which dominated the market. However, the lack of competition led to complacency in service delivery. The Malhotra Committee’s report in 1996-97 initiated discussions on privatization, despite resistance from public sector entities. The establishment of the IRDA in 1999 marked a turning point, paving the way for privatization. Today, India has around 30 non-life, 28 life, and five health insurance companies, significantly improving penetration levels from 0.5-1 percent to 3-3.5 percent.
Government initiatives have been instrumental in expanding insurance coverage across India. Prime Minister Modi’s flagship programs, such as Ayushman Bharat and Pradhan Mantri Fasal Bima Yojana, have significantly boosted the sector. Ayushman Bharat, the world’s largest government funded healthcare program, provides five lakh rupees in health coverage per family annually, benefiting millions of low-income households. Fasal Bima Yojana offers farmers comprehensive crop insurance against natural calamities. Under the leadership of the IRDAI Chairman, the insurance sector has seen a renewed focus on increasing penetration and inclusivity. The IRDAI has set an ambitious target to insure the entire population by 2047. Initiatives like ‘Bima Vahak’ aim to deploy insurance agents at the village level, ensuring that even the most remote areas have access to insurance services. Additionally, Digitization and AI-driven solutions further enhance accessibility and efficiency, laying the ground work for a robust insurance ecosystem in India.
However, the insurance industry faces significant challenges, particularly in addressing the impact of natural catastrophes. India lacks comprehensive coverage despite frequent disasters like the floods in Kerala. The absence of state-wise catastrophe insurance programs leaves affected families vulnerable, struggling to rebuild their lives and homes. Effective risk management and mitigation planning are crucial, as governments alone cannot fully compensate for the extensive losses caused by natural calamities. Comprehensive catastrophe insurance is essential for safeguarding lives, properties, and livelihoods.
To this end, Amaze Insurance Brokers has been at the forefront of addressing modern client needs in the insurance sector through innovative approaches and advanced technology. Since 2016, the company has pioneered an end-to-end software platform for affordable livestock insurance in Telangana, significantly reducing premiums for the Tirumala Tirupati Devasthanams (TTD) and saving around Rs.70 lakhs annually. They have also developed a self-funded health scheme for TTD employees and provided strategic advice to the Andhra Pradesh Government on the Arogyashree health insurance scheme.
The company offers comprehensive insurance solutions across various industries, including power, pharmaceuticals, and hospitality, ensuring substantial premium savings and optimal coverage. Amaze Insurance Brokers has embraced digital transformation by launching an online retail insurance platform ‘bimstreet’ in 2019, which is live now. This platform features products of twelve major non-life insurers and eight life insurers. The platform provides personalized insurance reports and free claim assistance nationwide, addressing common concerns about claim settlement and insurance adequacy. With branches in Andhra Pradesh and Chennai and plans to expand to Mumbai and Bangalore, Amaze Insurance Brokers continues to innovate and provide valuable, efficient services in the evolving insurance landscape.
“We suggested a scheme where premiums are incorporated into property taxes, ensuring that coverage is extended to property, lives, livestock, and crops in the event of a catastrophe. Insurance companies would directly handle claims, providing much-needed support to survivors. Implementing a targeted, statewide risk mitigation program with mandatory premium collection is essential. While our Prime Minister has taken significant steps, cooperation from state governments is crucial, as they play a vital role in integrating premiums into property taxes to manage post-disaster situations effectively”, emphasizes Dr. K. Muralidhara Reddy, Managing Director & Principal Officer.
Dr. K. Muralidhara Reddy boasts a distinguished 35-year career in the insurance industry. His journey began with The New India Assurance Co. Ltd, where he honed his expertise in various insurance schemes. Transitioning to insurance broking in 2002, Dr. Reddy co-founded Excellent Insurance Broking Services Ltd, securing one of the first licenses from the IRDAI. His accolades include Insurance Broker of the Year 2024 and Best Customer Service Insurance Provider 2024, among others. With a PG Diploma in Digital Business from Columbia Business School and broad sectoral experience, he offers comprehensive insurance solutions and continues to drive innovation and excellence in the industry through Amaze Insurance Brokers Pvt Ltd.
In-house Expertise
In the insurance industry, maintaining robust relationships is essential due to the need for client trust and managing complex processes. Amaze Insurance Brokers excels in this area through a team with over 140 years of combined experience, each member contributing exceptional expertise. K. Aruna Devi, the Founder, Director & Vice Chairman, has led the company with innovation and excellence, earning recognition such as the Women Entrepreneur India Award in 2022. Dr. K. Muralidhara Reddy, Managing Director & Principal Officer, brings 35 years of pioneering experience in insurance broking, delivering tailored solutions across diverse sectors.
Dr. Vishnu Vardhan Reddy, Director, combines his medical and strategic expertise to enhance healthcare solutions, while Prasad Balijepalli (BRK Prasad), Dy Managing Director, offers 40 years of industry leadership and innovation. K.V. Bhaskar Rao, COO, leverages his 38-year background in underwriting and claims settlement to drive organizational success. D. V. Krishna Reddy, General Manager (Life), and Ch. V. Satya Kumar, Branch Head, further reinforce the team with their extensive experience in life insurance and risk management. This diverse and skilled team ensures that Amaze Insurance Brokers delivers exceptional service and maintains strong client relationships, fostering continued business growth.
From Inception to Industry Leader
Since its inception in 2016, the company has made significant strides, beginning with a notable breakthrough in sheep insurance. This achievement was bolstered by the development and successful implementation of a comprehensive livestock insurance software application, which earned a Skoch Award in 2016. Over the years, the company has garnered several prestigious awards for exceptional customer service and industry impact, including being named among the Top 10 Insurance Brokers in India for 2024, Best Customer Service Insurance Provider, and Insurance Broker of the Year 2024. Other accolades include the Award for High Reputation 2022 by Standard Chartered Rating GmbH, recognition as one of the 10 Fastest Growing Companies in 2022, and the Telangana Best Employer Brand Award 2018.
The company has grown from its humble beginnings to its current status over an eight-year period, demonstrating impressive progress and achievement. It maintains rigorous compliance with all regulatory requirements, including IRDA, GST, professional tax, and income tax, ensuring it remains fully compliant and timely in all statutory obligations.
Looking ahead, the company aims to excel in the retail market through their online insurance platform ‘bimstreet’ by providing reasonably priced insurance policies and ensuring rapid claim settlements. The goal is to establish a reputation as a swift claim service provider that delivers prompt and dedicated service to retail policyholders. Additionally, the company plans to enhance its corporate marketing strategies through digital channels, shifting away from traditional physical visits. By offering a range of value-added services online, the company seeks to attract and retain corporate clients. This two-pronged approach, expanding both retail and corporate segments forms the core of the company’s strategic vision for future growth.
List of Awards:
•Top 10 Insurance brokers in India - 2024
•Best Customer Service Insurance Provider
•Insurance Broker of The Year 2024
•CEO with Highest Quality Orientation.
•Award for High Reputation 2022 by Standard Chartered Rating GmbH Germany
•The10 fastest-growing companies in 2022
•10 Most Promising Insurance Broking Company Providers 2021
•Best of 5InsuranceAdvisors 2021
•Insurance Broker of the Year 2018
•SKOCH Award 2016
•Telangana Best Employer Brand Award2018 11. India 500Quality Leaders 2020
Government initiatives have been instrumental in expanding insurance coverage across India. Prime Minister Modi’s flagship programs, such as Ayushman Bharat and Pradhan Mantri Fasal Bima Yojana, have significantly boosted the sector. Ayushman Bharat, the world’s largest government funded healthcare program, provides five lakh rupees in health coverage per family annually, benefiting millions of low-income households. Fasal Bima Yojana offers farmers comprehensive crop insurance against natural calamities. Under the leadership of the IRDAI Chairman, the insurance sector has seen a renewed focus on increasing penetration and inclusivity. The IRDAI has set an ambitious target to insure the entire population by 2047. Initiatives like ‘Bima Vahak’ aim to deploy insurance agents at the village level, ensuring that even the most remote areas have access to insurance services. Additionally, Digitization and AI-driven solutions further enhance accessibility and efficiency, laying the ground work for a robust insurance ecosystem in India.
However, the insurance industry faces significant challenges, particularly in addressing the impact of natural catastrophes. India lacks comprehensive coverage despite frequent disasters like the floods in Kerala. The absence of state-wise catastrophe insurance programs leaves affected families vulnerable, struggling to rebuild their lives and homes. Effective risk management and mitigation planning are crucial, as governments alone cannot fully compensate for the extensive losses caused by natural calamities. Comprehensive catastrophe insurance is essential for safeguarding lives, properties, and livelihoods.
Amaze Insurance Brokers Has Been At The Forefront Of Addressing Modern Client Needs In The Insurance Sector Through Innovative Approaches And Advanced Technology
To this end, Amaze Insurance Brokers has been at the forefront of addressing modern client needs in the insurance sector through innovative approaches and advanced technology. Since 2016, the company has pioneered an end-to-end software platform for affordable livestock insurance in Telangana, significantly reducing premiums for the Tirumala Tirupati Devasthanams (TTD) and saving around Rs.70 lakhs annually. They have also developed a self-funded health scheme for TTD employees and provided strategic advice to the Andhra Pradesh Government on the Arogyashree health insurance scheme.
The company offers comprehensive insurance solutions across various industries, including power, pharmaceuticals, and hospitality, ensuring substantial premium savings and optimal coverage. Amaze Insurance Brokers has embraced digital transformation by launching an online retail insurance platform ‘bimstreet’ in 2019, which is live now. This platform features products of twelve major non-life insurers and eight life insurers. The platform provides personalized insurance reports and free claim assistance nationwide, addressing common concerns about claim settlement and insurance adequacy. With branches in Andhra Pradesh and Chennai and plans to expand to Mumbai and Bangalore, Amaze Insurance Brokers continues to innovate and provide valuable, efficient services in the evolving insurance landscape.
“We suggested a scheme where premiums are incorporated into property taxes, ensuring that coverage is extended to property, lives, livestock, and crops in the event of a catastrophe. Insurance companies would directly handle claims, providing much-needed support to survivors. Implementing a targeted, statewide risk mitigation program with mandatory premium collection is essential. While our Prime Minister has taken significant steps, cooperation from state governments is crucial, as they play a vital role in integrating premiums into property taxes to manage post-disaster situations effectively”, emphasizes Dr. K. Muralidhara Reddy, Managing Director & Principal Officer.
Dr. K. Muralidhara Reddy boasts a distinguished 35-year career in the insurance industry. His journey began with The New India Assurance Co. Ltd, where he honed his expertise in various insurance schemes. Transitioning to insurance broking in 2002, Dr. Reddy co-founded Excellent Insurance Broking Services Ltd, securing one of the first licenses from the IRDAI. His accolades include Insurance Broker of the Year 2024 and Best Customer Service Insurance Provider 2024, among others. With a PG Diploma in Digital Business from Columbia Business School and broad sectoral experience, he offers comprehensive insurance solutions and continues to drive innovation and excellence in the industry through Amaze Insurance Brokers Pvt Ltd.
In-house Expertise
In the insurance industry, maintaining robust relationships is essential due to the need for client trust and managing complex processes. Amaze Insurance Brokers excels in this area through a team with over 140 years of combined experience, each member contributing exceptional expertise. K. Aruna Devi, the Founder, Director & Vice Chairman, has led the company with innovation and excellence, earning recognition such as the Women Entrepreneur India Award in 2022. Dr. K. Muralidhara Reddy, Managing Director & Principal Officer, brings 35 years of pioneering experience in insurance broking, delivering tailored solutions across diverse sectors.
Dr. Vishnu Vardhan Reddy, Director, combines his medical and strategic expertise to enhance healthcare solutions, while Prasad Balijepalli (BRK Prasad), Dy Managing Director, offers 40 years of industry leadership and innovation. K.V. Bhaskar Rao, COO, leverages his 38-year background in underwriting and claims settlement to drive organizational success. D. V. Krishna Reddy, General Manager (Life), and Ch. V. Satya Kumar, Branch Head, further reinforce the team with their extensive experience in life insurance and risk management. This diverse and skilled team ensures that Amaze Insurance Brokers delivers exceptional service and maintains strong client relationships, fostering continued business growth.
From Inception to Industry Leader
Since its inception in 2016, the company has made significant strides, beginning with a notable breakthrough in sheep insurance. This achievement was bolstered by the development and successful implementation of a comprehensive livestock insurance software application, which earned a Skoch Award in 2016. Over the years, the company has garnered several prestigious awards for exceptional customer service and industry impact, including being named among the Top 10 Insurance Brokers in India for 2024, Best Customer Service Insurance Provider, and Insurance Broker of the Year 2024. Other accolades include the Award for High Reputation 2022 by Standard Chartered Rating GmbH, recognition as one of the 10 Fastest Growing Companies in 2022, and the Telangana Best Employer Brand Award 2018.
The company has grown from its humble beginnings to its current status over an eight-year period, demonstrating impressive progress and achievement. It maintains rigorous compliance with all regulatory requirements, including IRDA, GST, professional tax, and income tax, ensuring it remains fully compliant and timely in all statutory obligations.
Looking ahead, the company aims to excel in the retail market through their online insurance platform ‘bimstreet’ by providing reasonably priced insurance policies and ensuring rapid claim settlements. The goal is to establish a reputation as a swift claim service provider that delivers prompt and dedicated service to retail policyholders. Additionally, the company plans to enhance its corporate marketing strategies through digital channels, shifting away from traditional physical visits. By offering a range of value-added services online, the company seeks to attract and retain corporate clients. This two-pronged approach, expanding both retail and corporate segments forms the core of the company’s strategic vision for future growth.
List of Awards:
•Top 10 Insurance brokers in India - 2024
•Best Customer Service Insurance Provider
•Insurance Broker of The Year 2024
•CEO with Highest Quality Orientation.
•Award for High Reputation 2022 by Standard Chartered Rating GmbH Germany
•The10 fastest-growing companies in 2022
•10 Most Promising Insurance Broking Company Providers 2021
•Best of 5InsuranceAdvisors 2021
•Insurance Broker of the Year 2018
•SKOCH Award 2016
•Telangana Best Employer Brand Award2018 11. India 500Quality Leaders 2020
