Edward Purmalis: Welcome everybody to episode one of Business Transformation with F B S P L Insurance Edition. My name is Edward Parmas and I'm gonna be your host. Introducing your ongoing and further host, Mr. Kb. How are you doing today, sir? Hey, Edward. I'm fantastic. How are you? Great, great, great, great. So today's episode is all about introducing the world to kb, introducing people to the podcast and to the wonderful company that is FBS P, and all the things that they do. So to kind of backtrack here, what was your career path that led you to fbspl
Kuldeep Bhatnagar(KB): Oh, uh, good one. So I have to trail back to the [00:01:00] memories now. Uh, so yeah, I, I think I started my career very early on when, you know, I was still studying and, uh, doing my graduation and outsourcing war. And I believe it still is the only industry that is, you know, welcoming Freshers wide arms. And, uh, so it was an obvious choice for me. So I started my job back then, and I became part of the industry. I was getting international exposure, which was great back then, you know, uh, back in two thousands, early two thousands, and I was helping individuals. I was, I was helping businesses, and I, I loved what I was doing. and, uh, I, I got associated with, uh, fusion or FBSPL back in 2007. It has been a great journey so far. Uh, here at Fbspl. I, I love the culture we have as a company. I mean, you have an idea, you share it, you implement it, and you take it ahead and, and that's empowering. That, that's [00:02:00] very satisfactory as an employee. It gives you a feeling of accomplishment. You know, when you see your ideas turning into reality.
Edward Purmalis: Very nice. 16 years at the company. That is definitely a milestone. Something that you don't see a lot of nowadays with people job hopping all over the place and uh, hey, I'm in exactly the same boat, uh, I. Also straight out of high school. Started working for outsourced companies out of here in my little part of Europe, uh, working on different American projects. Uh, so, uh, yeah, sim similar backgrounds right there, . So, uh, you, you joined us, like you joined them within a couple first couple of years of Fbspl being founded.
Kuldeep Bhatnagar(KB): Uh, yes. So it was 2006, uh, when the company wa founded. I, I joined, uh, in 2006. Then, as I said, I was, you know, studying, uh, I took a break for my studies. I, I joined back in 2000 and. Eight [00:03:00] again, because I was into my master's that time. I was doing my Master's of Business Administration and during the examination I left the job because I needed some time to study as well. Uh, but yes, then I, I came back in 2010 and since then I'm continuously working with them.
Edward Purmalis: Very nice. So how large was the team when you joined in 2007. And how big is it?
Kuldeep Bhatnagar(KB): So that time I still remember it was a small room and, uh, we were a team of about five or 10 members at most. Uh, uh, uh, I, I'm still connected with all of them.
Uh, I know some of them are still working with me. So that was back then and today we stand up, you know, with a team of about, uh, 600 members plus, minus ten.
Edward Purmalis: Very, very, very nice. Uh, and going back to that time in 2006, 2007, what was kind of the reason why F B S P L was founded? Who were you trying to [00:04:00] help and what was the business idea that got this all off the ground?
Kuldeep Bhatnagar(KB): Right. So, uh, the owner of F P S P L and the managing director, Mr. Madhukar Dubey, he is an IT enthusiast and back in early two thousands, the opportunities in the domestic region were so few. So he had this vision to be the biggest employer in the area, so providing a portion to the bright talent in the community. And the idea was also to help other businesses with a opportunity to grow.
Affordable rates and hence FBSPL came into existence and, uh, up to its name, you know, the fusion. We are fusion of, uh, different ethnicities, different backgrounds, and different skill sets. So that's how it all begin in here we are today.
Edward Purmalis: Awesome. So from a 10 person office to over 600 strong, now you're at a spot [00:05:00] where you are starting a podcast, serving the insurance industry, making sure that their business operations are being properly done, allowing them to scale.So why should the insurance professional of 2023 tune into this podcast?
Kuldeep Bhatnagar(KB): Well, good one. So insurance is one of the biggest industries worldwide, and it's growing every day. Uh, yet there are so few resources are labeled, uh, for the industry experience to gain knowledge and insights. So this is a step towards creating a place where we are not only helping our clients, but building a knowledge pool and a resource for everyone in the in the industry. This is also for insurance businesses that would like to learn about transformation, optimizing processes, cost reduction, technology, insurance, and improving customer services. Uh, you know, so those who will be benefited a lot.
Edward Purmalis: Very nice. And when you look at the [00:06:00] kind of insurance business as it operates today, where do you see some flaws? What are companies doing wrong? Where are they dropping the ball in their business operations as it relates to the insurance sector?
Kuldeep Bhatnagar(KB): So some of it has to do with the legacy systems, uh, they still have to follow. So there are legacy systems, uh, there are repetitive mundane processes. Uh, very few in the industry are exploring innovative ways to transform.
and efficient adoption of technology is too low within the insurance domain, uh, which leads to poor data management. Uh, uh, one example, let's say inefficient claims processing. So insurance companies may struggle with slow and complex claims processing, leading to a long wait times and frustration for policy holders and, you know, All related, outdated, outdated systems and processes, lack of cost control, inadequate training and development for employees.
So this all leads to demotivation among the [00:07:00] members of the, the, the industry. It makes their jobs harder and at the same time, their clients are not happy to. So I think these are few of the top challenges insurance industry is looking into right now.
Edward Purmalis: So there's not. Technological transformation going on, right? It's a bit of a stagnation, and I can, I can relate to that. I've moved between, you know, jobs before I went from, you know, selling for a enterprise level travel agency to working in a small recruiting company, and I went from a, you know, in-house built like robust CRM. To a legacy database where, you know, it was, it, it, it automatically just kills your productivity and especially now that like the job market is becoming so flush with all this amazing talent coming out of the tech sector, uh, with all the layoffs, uh, you know, especially for revenue teams like salespeople are very likely to go try something new like selling insurance. And I believe that without those technological implica, with, without those technological advancements, it's gonna be very hard to. [00:08:00] You know, these SaaS superstars stay in an environment where they have to do all this manual work.
Kuldeep Bhatnagar(KB): Exactly. So this, this, this has becoming a problem, and as you rightly said, you know, the hiring is becoming a challenge because the, the new generation, they're so technologically advanced, they don't want to do this paperwork over and over and again.
And that becomes a problem for the companies where we, they still have to maintain the regards that data. It should always be updated for compliance reasons, for record basis, and for what not. I, I give an example. There is a client, you know, they, they are a team of about 2000 members. They have a tool in place, but they're not utilizing it properly.
So when, when the. The, the adoption of technology is not there. The customer and the company, they're going to suffer a lot. So they reached out to us. They wanted help to, you know, optimize the use of their tools. Uh, they have in place. We help them [00:09:00] out. It's working fantastic right now. But yes, uh, this is, uh, uh, one of the biggest challenge, uh, that the industry is looking.
Edward Purmalis: And what about like, the kind of software model that goes into insurance? Like have there been a lot of technological advancements in that, uh, in that sphere? Is there a lot of like, you know, kind of cutthroat to, you know, technology software coming out for the insurance sector? And is it just that companies aren't, uh, getting to it or is it that there's also a stagnation in the kind of creation and uh, uh, development process of new tech for, uh, that's specifically for insurance as a whole?
Kuldeep Bhatnagar(KB): So I would say the advancement is there, but it's not, you know, uh, at the same basis as it's happening in other domains. Uh, but yes, it's, it's there. It has started, but you know, the ones who are early adopters will be the winners ultimately, and the ones who are not adopting the technology. or thinking about the transformation about [00:10:00] their processes and how to merge technology in their processes. They would be, you know, have a difficult time in, in, in longer run. Uh, but yes, technology's coming in. I, I give you an example. There is, there is a client of ours he has built, uh, An AI based platform that helps you in hope inspection. So what you, you know, earlier there were inspectors going to, to the house doing the inspection, and then there was lots of cycle that was followed after that.
But with the, this technology, you just have to point your phone, you know, towards your house and, and, and it gives you automatic . Inspection report. So you know, as I said, technology is coming in, but it's slow and the early adopters will get the most benefit.
Edward Purmalis: I'm gonna throw a curve ball at you here. So, uh, if you have to look at, let's just say some software companies that are currently serving insurance that you would recommend, what would you say is, let's just [00:11:00] say legacy software versus something newer.
Can you name, can you give us some names? Like, for example, you know, I don't know, Salesforce to HubSpot or, you know, what, what you would recommend that, uh, your listeners would look into as potentially their next upgrade.
Kuldeep Bhatnagar(KB): So I would say, you know, uh, so I, I, I talk about, uh, let's say agency level first because, uh, they, otherwise, the bigger giants in the industry, they have their own proprietary tools in place.
But let's talk about the agency level. So, I won't say there is new technology that can be, you know, phenomenal in years to come. But yes, there are already tools that are, you know, being modified every day. Uh, and the agencies are using them as well, but not to their optimal level. So, for example, there is called Applied Epic, which is an agency management system.
There is hawksoft. AMS 360, there is QQ Catalyst. So these are few widely used agency management [00:12:00] systems. Uh, however, again, you know, not every agency is utilizing them as efficiently as they should be.
Edward Purmalis: Oh, okay. So it's not about buying new tech, it's about making the tech that you already have work and making it, uh, integrating it better into your everyday process.newer.
Okay. Uh, looks like I learned something new. . Uh, alright. So when, when it comes to this podcast, like, who, who is the persona? Who is the who, who is the individual at, uh, at, at an insurance company that should really tune in? Listen, who would get the most value out of what's to come with this, uh, season of the show?
Kuldeep Bhatnagar(KB): Oh, uh, I think everyone in the industry, the businesses and the professionals involved in the industry, right? From a producer to an account manager to a customer support representative. Nope. Uh, the underwriters, I think it, it, it's meant for everyone who are in the, in the industry and working, you know, uh, towards client facing things on the [00:13:00] paperwork, because as I said, you know, there are not, not many resources out there where they can go to for, for the enhancement of their knowledge and, and, and to see what's, what's out there.
What, what's latest out there when they seek help, they usually go to a consultant. Which, which, which? Always a paid option. So we wanted to make sure that there, there is something for everyone and if they have, you know, they have some questions, they need some knowledge, they need some insight. They have a place where they can go to.
Edward Purmalis: All right, so everybody, insurance in insurance should look out and start listening. And for those who start listening, what kind of content can they expect? Is it gonna be just interviews? Is it gonna be more like, uh, fireside chats? What can people expect from this podcast?
Kuldeep Bhatnagar(KB): Um, I'm glad you asked this. So, uh, you know, we are early on in this one. We are still, uh, you know, Uh, uh, modifying it. But, uh, you know, so far what we haven't [00:14:00] planned is like ideas to optimize the operational processes, how to bring innovation in the business, optimum use of technology, resources to cost. Again, because cost is, is one of the biggest challenge. For the industry, uh, then there will be thought provoking insights on industry trends and challenges, experts analysis on risk, and how they can be managed while in fact, case studies showcasing innovative solutions in best practices.
Interviews, as you rightly said, so interviews with industry leaders and influencers, discussions on technology and digital transformation in insurance, uh, tips and advice for risk management and underwriting. Regulatory updates and its impact on the industry and maybe stories on evolving customer needs and expectations.
Edward Purmalis: So there is truly a lot to cover. Amazing. Awesome. Well, thank you for tuning in everybody. This is the first and last time you're hearing from me. As of next episode, KB’s [00:15:00] running the show. KB give us some thoughts as we exit out of the episode.
Kuldeep Bhatnagar(KB): Absolutely. So I, I'm totally excited and I look forward to it. This is something new for me. Uh, but, uh, I, I believe that we are going to gain a lot, me as an individual and you as an audience. So keep tuning into and, and I promise we'll come up with lots of fun and knowledgeable content in time to come.
Edward Purmalis: And don't forget to give a five star review on Apple Podcasts. , thank you for joining everybody, and until next one.
Navigating the Insurance Landscape: Changing Dynamics in the Industry
