The COVID-19 pandemic has led to a heightened awareness towards the importance of having insurance coverage in uncertain times, resulting in an increased demand for insurance products. Risk management has become a top priority, and new insurance products like pandemic insurance are being developed to cover potential pandemics like COVID-19. Dr. Divneet Kaur, a prominent leader in the insurance industry, recognized these market potentials and considers that the pandemic has driven the insurance industry to innovate and grow in response to changing market conditions.

Dr. Divneet Kaur is an accomplished professional and the Managing Director of Safeway Insurance TPA, a company that has become an industry leader. Dr. Divneet established the business from zero and has since developed ties with more than 9000 hospitals in India. As a result of Dr. Divneet's efforts, Safeway Insurance TPA is now recognized as a market leader, and the company's service has become the gold standard.

Below is an excerpt of Dr. Divneet Kaur’s exclusive interaction with Women Entrepreneur magazine.

What are some important features of your expertise as a business leader?

As someone who grew up with their father's favorite quote, 'There is no substitute for hard work', I strongly believe that hard work is the key to success in any industry, especially male-dominated ones. To succeed, I think it's crucial to have technical expertise in our field, as this lays the foundation for accountability and success. Additionally, effective team management involves listening to and supporting team members, generating positive solutions to challenges, and relying on common sense and teamwork to solve issues. Trusting our instincts and being self-aware are also critical, as is keeping an eye on competitors and implementing our ideas in a practical and effective manner. Finally, integrity and sincerity should always be at the core of our actions and decisions.

Introduce us to Safeway Insurance TPA. Tell us about the various responsibilities you shoulder as the company’s MD.

The journey of Safeway Insurance TPA began from a room in solitude reaching the level of a professionally managed company in a commercial establishment with ever-growing manpower, infrastructure, and business expansion in all geographical areas on a PAN India basis. As a company, it holds 500 employees across 18 PAN India branches catering to the health insurance requirement of individuals & corporates. The company has touched new heights and can be seen as an example of the 'Rags to Riches' story. The stringent efforts of around two decades have made Safeway a brand not to be missed in the insurance industry. With each passing day, I see myself evolving with my passionate venture as promoter & director of the company. Sheer Will with Divine Blessing has acted as an Integral force in this success story.

The success of Safeway TPA is attributed to our robust technology, dedicated team & strong finances. My mission is to carry on with the same zeal till the light is within & I am able to fulfill my corporate & social responsibilities.

"To succeed, i think it’s crucial to have technical expertise in our field, as this lays the foundation for accountability & success"

Throw some light on the most critical business challenges you encounter as a business leader in the insurance space. How do you overcome these roadblocks?

In the service industry, we face many challenges, especially in meeting the demands of our customers. One of the biggest challenges is keeping up with changing customer behavior, which includes providing mobile apps and bot support. Staying up-to-date with technology is essential in meeting these demands. Fraud control is another significant challenge due to the processing of claims and the risk of employee misconduct. Also, maintaining data confidentiality is critical due to our work with various insurance companies. To overcome these challenges, we need to adapt and change dynamically, staying ahead with the help of experience, process, and technology. We must also keep our team motivated and balance growth with quality to prevent compromising the quality of our services. By addressing these challenges, we can continue to provide quality services to our clients while meeting their changing needs.

Tell us about some of the key milestones you have achieved throughout your professional journey.

When Safeway Insurance TPA started, it was like a small fish in a pool of crocodiles. We started with a small company, taking money from relatives and parents. And today, we have grown to 500 employees, with 200 doctors and 18 PAN India branches, more than 9000 hospitals on panel, serving a premium of 1000 Crore this year. We have served around 10 crore people, which is a significant milestone. Corporate social responsibilities have also been achieved by servicing people below the poverty line, and cottage industries (weaving & handicraft, and more) through various State & Central government health insurance schemes during the pandemic time also. These achievements inspire us to strive towards even greater success in the future.

Dr. Divneet Kaur, Md, Safeway Insurance TPA

Dr. Divneet Kaur is an accomplished professional and a leader in the insurance industry. She is the Managing Director of Safeway Insurance TPA, which has established itself as a leading player in the insurance sector under her leadership. Dr. Divneet Kaur has completed her MBBS degree from Deccan College of Medical Sciences. She has done her diploma in health insurance and Associate in Insurance from the Indian Institute of Insurance (III). She has also excelled in executive management at IIM Bangalore.