Episode 1 - INNOVATION AT FBSPL: Keeping Clients and the Team Happy with Shekhar Dhabhai

Kuldeep “KB” Bhatnagar: [00:01] Ladies and gentlemen, prepare to be amazed as we welcome our guests for today's episode. This remarkable individual has been with. FBS bill for over decade and has rise through the ranks to become the head of operations leading a team of 500 members. His leadership skills have earned him the admiration of both his team members and clients who value his expertise, dedication, and unwavering commitment to excellence. But that's not all. Our guests is also devoted father of twin girls, and when he's not leading his team to success, he can't be found indulging in his guilty pleasure of binge. His favorite shows on Netflix When he travels, he prefers serene and peaceful locations. But don't let that fool you. He's no monk. He knows. He knows how to let loose and party with the bestest of them. In fact, he's the life of the party And the last one standing on the dance floor. Ladies and gentlemen, I'm your host KB on the podcast called Business Transformation with FBSPL. Insurance Edition, and it is an honor to have such an accomplish and charismatic individual. On our podcast, our guests will share with us his inspiring journey of hard work, perseverance, and leadership, as well as his insights into how FBSPL brings the transformation to the businesses that it works with. So sit back, relax, and prepare to be inspired. Shekhar, I welcome you on the, this episode of the podcast. How are you?

Shekhar Dhabhai: [01:35] Thanks. Thanks KB. And this was really a nice introduction I, someone had, could have given to me, so thank, thank you so much. I'm doing fantastic. How are you doing today?

Kuldeep “KB” Bhatnagar: [01:44] I'm doing great and, and I, I'm so excited about this episode of the podcast. Uh, this is our first episode in a way and, uh, I'm so pleased that you know someone who is my friend who has been working with me since a long time is my guest of the show tonight. So I'm, I'm I, I'm sure we are going to have lots of fun. Perfect. So let's start it, you know, for our audience. Uh, can you describe your role and responsibilities with FBSPL?

Shekhar Dhabhai: [02:14] Sure. So, uh, like in FBSPL right now I'm working as an assistant general manager operations. So I'm responsible for the day-to-day operations of the company, including the delivery of the services to the clients, ensuring all the processes are running smoothly and efficiently, uh, developing and implementing the process, improvements, managing and mentoring team members. To ensure that they are meeting the performance targets, developing their skills, knowledge, and delivering high quality services to the client. Yeah. And of course ensuring the quality control also. So I'm overall, like I'm responsible for managing and improving the operations, business operations to deliver high quality services to the client and drive the growth of the company.

Kuldeep “KB” Bhatnagar: [02:58] And mind you, everyone, he might not be speaking high of himself, but he's doing a phenomenal job. And I'm personally observing his performance, you know, from last decade. And, uh, I have seen him taking up shape as a professional. Uh, he is today and he's admired, as I said earlier. A like by his team members and both client. So, uh, yeah, you have been doing a great job. Thanks for being part of the journey so far. Uh, cool. So before fbs p l, what was the most unexpected career you have had?

Shekhar Dhabhai: [03:33] Wow. That's a, that's a nice question. So, like, before joining at V S P, um, I worked in s GFC bank as a senior account executive, and that was back in 2008 or nine. Uh, I wouldn't say unexpected because after like completing my master's degree in business administration and that too in the finance as a, as a major, uh, I got my first opportunity to, which I ha I could not deny. However, like after working for a year, I realized that it's not a cup of my tea because my interest was more into the computers and at the time, uh, the, IT and the bpo, um, services in India began to accelerate rapidly. Right. So I decided to switch.

Kuldeep “KB” Bhatnagar: [04:18] So that was about 2008, right? Yes. Fantastic. You know, I have, Kind of similar thing. So after my short stint with the, the business process management, um, you know, while my studies, I also joined, you know, after my master's, a banking, uh, corporation, and I was, uh, a team lead in, uh, a corporate card or to be really specific patrol car division and to amusement. The petrol card machines were not even installed in the petrol stations that time. And I was trying to sell that and I was like, where am I? What am I doing with my life? And I was like, let's go back to business process management and business process outsourcing. And I'm loving it so far. Fantastic.

Shekhar Dhabhai: [05:05] Absolutely. Absolutely. And, and to add to this, uh, one more thing, um, like I respect my first job. The reason behind this is because that was my first job and, and that took into a bank. So that was a. So I was more inclined now on, I learned things, how to work in a corporate, corporate and this helps me a lot now.

Kuldeep “KB” Bhatnagar: [05:24] Fantastic. Cool. So if you had to describe yourself in just three words, what would they be? Three words.

Shekhar Dhabhai: [05:36] So if I talk professionally, I am experienced, accomplished, and innovative. However, if I talk personally, I am amiable, of course, fun learning and spiritual.

Kuldeep “KB” Bhatnagar: [05:51] And let me tell you, everyone he amiable but what, when it takes, when it requires, he can be one of the biggest driver as well, so don't let that fool you, . Alright. Uh, and uh, still talking about the fun side of things. Uh, what are the first three apps or mobile applications that you open on your phone in the morning?

Shekhar Dhabhai: [06:13] Yeah, usually I, um, I, when I, when I wake up, I, I jump on first on my cell phone to see what's happening. But after certain, uh, some of the, the guidance from, from our owner, um, some other sir, he told that the first thing, you don't have to check the mobile when you wake up. So now I'm following this practice. I do not see my phone in the morning when I wake up. I'll, however, like after two to three hours, I usually check Microsoft. , WhatsApp and Instagram, of course.

Kuldeep “KB” Bhatnagar: [06:46] Wow. Cool. And what's your favorite hobby or pastime outside of your work? Of course.

Shekhar Dhabhai: [06:54] Oh, so as you, as you already mentioned, like I love to watch Netflix web series is, um, I, I'm a binge watcher usually when I am alone during, uh, during, during the weekends and especially during the night hours. So I love to watch Netflix or I go to the places where I find peace. Peace of mind. Right. And uh, when I, when I'm with my family, then I spend most of her time with my daughters. Both are nine years old now.

Kuldeep “KB” Bhatnagar: [07:18] Wow. Wow. So, which was Cel last web series, did you watch?

Shekhar Dhabhai: [07:24] So right now I'm watching Father and I'm, I'm on the fifth season.

Kuldeep “KB” Bhatnagar: [07:29] Oh, wow. You, you really are a binge watcher. . Okay. Uh, so hypothetically, just imagine if you could have dinner with any historical figure. Mm-hmm. , who would it be and why?

Shekhar Dhabhai: [07:44] I would love to answer this question because my role model is if you, if you remember, he's one of the most successful Indian cricket captains in the history of Indian cricket. Right. So having dinner with would be an opportunity for me. To learn about his leadership style, like, um, his approach to building and leading successful teams. His calmness under pressure and his ability to motivate the inspire his teammates could provide valuable insight into his leadership style and how to build a winning team culture.

Kuldeep “KB” Bhatnagar: [08:19] Wow. That sounds fantastic. Even I would like to join that . Alright, la Lao, let's discuss something, uh, about business as we are talking about business transformation with F P S P. So what are some key trends driving business transformation in the insurance industry today? Mm-hmm. . And how is f p SPL positioning itself to take advantage of these?

Shekhar Dhabhai: [08:45] Sure. So like the, the top three trends, what we have observed or I have personally observed in the US industry industry is, sorry. First is it's the digitalization and automation, which is. Now evolving. So with the, like with qualification of digital technologies and rise in the automation, insurers are now leveraging tools and platforms to streamline their operations. They improve efficiency and enhance their customer experience. So for example, like, um, if I talk about digital technologies, they are being used to automate underwriting, claims processing, and customer service also, uh, while also enabling insurance to offer new products and services. Second trend, uh, which is evolving, is like data and analytics, and the third is customer centricity. So companies are now increasingly focusing on improving the customer experience by tailoring their products and services to meet the needs of the preferences of the in individual customers. So overall, these trends are driving, uh, Significant transformation in the US industry, uh, with insurers like seeking to innovate and adapt, uh, the competition or the competitive market to meet the evolving needs of their customers. We are like investing a lot in learning and development of the new technology and insurance. Agencies software so that we can provide the best service at a competitive cost. So our team are now proficient in operating most of the agency management systems such as like Applied Epic, S 360, HawkSoft, easy Links, insured Mind Agency blog, their end number, and many more. Right? So we are also like fine tuning our team to assist uh, US insurance agencies. Process improvements through their artificial intelligence and applying lean methodology lodges to their existing and, uh, their traditional insurance processes.

Kuldeep “KB” Bhatnagar: [10:42] Wow. Lean Sounds lean, but still heavy, you know, , . Cool. Uh, and what role does innovation play in the indu in the insurance industry? How do you foster a culture of innovation within, uh, F P S P R? Because you said, you know, the, the technology and the changes or the use of AI and all that stuff. Yes. So there's lots of innovation everywhere. And I'm sure there must be some sort of innovation within the insurance industry as well. So how do you make sure that you have a culture adapting and continuously innovating things, processes within your, uh, you know, organization and teams?

Shekhar Dhabhai: [11:24] Sure. So like, um, innovation is really critical to the success of any industry, not especially for insurance, for any industry, innovation is really critical, and with the rise of new technologies, changing customer expectations and evolving market dynamics, uh, insurers must continually innovate to remain competitive and meet the needs of their customers. At Fusion Business Solutions, like what we do is like we foster a culture of innovation by encouraging our team. To explore new ideas and push the boundaries of what is possible in business process management and, and ai of course. So we provide them with the resources, support, and freedom they need to pursue innovative research projects that have the potential to transform the industry.

Kuldeep “KB” Bhatnagar: [12:09] Wow. And this last aspect, you added the, the freedom of thoughts. Yes. That's very important. And I, being part of the FBS P can double on that because I know, you know, we, you do not have that liberty, uh, within the corporate world, not everywhere. But yes, at FBSPL you, you have that freedom where you have an idea, you are suggesting that you are making sure that it's getting implemented and you are being part of something new and something innovative that's going to happen or change or transform the ways everyone is working. So that's, that's, you know, that's very liberating and, and something great. Uh, and, and I feel proud to be part of such an organization. Absolutely. And I'm sure you absolutely feel the same.

Shekhar Dhabhai: [12:53] Yes. And this is an an unnecessity now it is required if we'll not free, our team members to think out of the box, they will be bound to a certain limit only.

Kuldeep “KB” Bhatnagar: [13:04] Right. So we have talked about transformation and innovation in. You know, I, I give you an example. Well, I, I am for one, uh, uh, you know, being part of the sales and marketing team, I love technology and how it can simplify my work processes in my outreach programs. So I keep on looking for new technology and I keep on suggesting it to my teams. But then I realized I'm, I'm sharing new things and new technologies, you know, too frequently, and my team members. Feel that the consistency is not there. Mm-hmm. . So how do you balance the need for innovation and transformation? What's the need to maintain stability and consistency for your customers?

Shekhar Dhabhai: [13:49] Well, I was expecting that question . Absolutely. So like in in infusion and and infusion business solutions, what we usually do is like we believe in innovation and stability, of course, and not mutually exclusive. So we work with our clients in the interest industry to provide innovative solutions that meet their needs while maintaining stability and consistency in the of their processes. So by fostering a culture of innovation, we aim to help our clients explore new opportunities while we take care of. And prioritize their needs and expectations.

Kuldeep “KB” Bhatnagar: [14:21] Okay. Okay, cool. And how do you encourage continuous learning and growth among your employees? And what role does leadership play in this process? Yes.

Shekhar Dhabhai: [14:31] So we offer like, um, training and development programs that provide our employees with the skills and knowledge they need to success in their roles and advance their careers. Right? We encourage our employees to pursue new. Opportunities that share their knowledge and expertise with others. We offer opportunities for career growth and advancements. That includes mentorship, coaching, leadership development programs and et cetera. And we also support, um, employee-led initiatives. So example like such as a research project and community. So that helps our employees build new skills and develop leadership capabilities.

Kuldeep “KB” Bhatnagar: [15:12] Alright, so you talked about a couple of things that you as an organization are doing for the team members. How do you measure the impact of your training and development programs? Mm-hmm and what kind of mattresses do you use to assist their effectiveness?

Shekhar Dhabhai: [15:27] So we have our systems in place already. We regularly survey, um, employees who participate in our training relevant programs to gather feedbacks on the program's content. Delivery and effectiveness. We use their feedback to make improvements and, um, iterate on our programs. Right? We measure learning outcomes such as like knowledge gain or skill develop to assess the impact of the programs on employee growth and development. We also, um, measure the business impact on our programs, such as like changes in productivity of employee retention rates to understand the broader impact of our programs. In our, in our, in our organization, we track participations and completion rates of, uh, to understand how engaged employee are in our programs and to identify areas where you need to improve engagement. And of course the ROI is there. So we also measure the return of investment of our programs by comparing the cost of the program to the business impact it generates.

Kuldeep “KB” Bhatnagar: [16:24] Right. I, I always, uh, remember this one line from our managing director, Mr. Maduka dupe, that, uh, no matter if a person is leaving an organization, but when he leaves, he should be a better person. He should be more skill, and he should be readily employable and, and. I have seen that happening. You know, uh, the organizations jump on the employees getting out of FBSPL if they, if they are joining somewhere else. So I can relate to that. Uh, cool. Now we have talked about business transformation. We have talked a bit about the training side of things. Now a very important aspect of the. The business, the clients. So how do you define a happy client? Because I know the happiness is one of the, uh, values that F B S P believes in. And then there's another value that's called clients first. And then, uh, the tagline, keeping you first. So how do you define a hippie client and how do you measure the client happiness?

Shekhar Dhabhai: [17:28] Yes.So the, the, the global definition of a happy client, we define like a happy client as one who is satisfied with the, with the quality of the service that feels that their needs are being met and a positive experience working with us. So happy clients are more likely to continue working with us, recommend our services to others, and provide positive, positive feedbacks. And how we measure is, Of course the first one is the net promoter score, which is a widely used metrics that used right, that, um, the clients are recommending our products and services to others. So we survey clients after they have worked with us, gather the feedback on their experience, and calculate our nps. Second, um, method is through customer satisfaction, uh, satisfaction surveys. Uh, and then that is through, through Clutch we are currently using. So we also, um, regularly conduct customer surveys, uh, surveys to gather feedback on the quantity and the quality of service we provided. And then the client retention rate is one of the aspects.

Kuldeep “KB” Bhatnagar: [18:29] Amazing. And, uh, just to add to it, because I'm part of the marketing and sales side of things. So, uh, to date, uh, the biggest source of getting new clients is still referrals from the existing client and which speaks volumes about the delivery. that you as an operation team are delivering to your clients. And that gives us an idea that yes, our clients are happy. So thank you so much for that. You're making our lives easier. Uh, you know, uh, otherwise sales is a tough job and tough place to be. Mm-hmm. . All right. Uh, let's, uh, towards. To end, uh, take things on the fund side again. Uh, you know, we talked about who would you like to dine if you have to, just imagination. So we are talking about the Insurance Edition, the business transformation and insurance, and to add a little funding limit to it, if you could ensure any historical event, what would it be and why?

Shekhar Dhabhai: [19:30] Historical event. Yeah. Okay. All right. So let me think a bit. So if it, if that was possible, um, I suggest to ensure the, the que. That occurred in 1919 in the city of Amrit, in Pja. Right. Um, that resulted in deaths of hundred of people and engineering many more. So the insurance policy could have covered a range of risks such as like medical expenses, property image, and loss of life among others.

Kuldeep “KB” Bhatnagar: [20:00] Very nice, sir. And, uh, my last request, mm-hmm. A brief message for our listeners, please.

Shekhar Dhabhai: [20:10] Absolutely. So I hope, like, uh, you liked what you heard today, and, uh, whether you are an insurance customer, company, or agency, I request you to stay up to date on insurance trends, industry trends, and make, uh, informed decisions about your insurance needs. If you like to know more about our services, also feel free to visit our website, fusionfirst.com, or email us at support@fusionfirst.com

Kuldeep “KB” Bhatnagar: [20:35] Fantastic. Thanks for the last beat. It'll be very helpful for the marketing team. So thank you so much to be part of our, uh, episode today. Uh, I know you have a busy schedule, but, uh, I'm sure, uh, I have had fun, so I I, I, I feel that you might have enjoyed it too. And, uh, thank you everyone for listening to us Keep, keep on, you know, keep on listening to our upcoming episodes and I promise there would be lot more fun episodes, lot more informational episodes, and our idea is to make sure that you have lots and lots of content that is relevant to your industry, to our. That's insurance. Thank you so much everyone. You have a good one. Take care. Bye-bye.