Over the last few years, most insurance carriers have demonstrated remarkable flexibility and resilience in overcoming various obstacles, especially the impact of the pandemic and the economic fallout from the Russia-Ukraine conflict. Several growth drivers can boost the insurance industry, including a young working demographic, a rise in nuclear family structures, a sustained increase in household savings, awareness about financial products, a growing digital economy, and various government schemes to increase mass insurance coverage. In recent years the industry has been experiencing fierce competition among its peers, which has led to new and innovative products within the industry. Flexible coverage options, micro-insurance, and peer-to-peer Insurance will become viable options in the long run. Reinsurers will provide risk capital directly to digital brands, and regulatory frameworks will accommodate shorter value chains.

With a brilliant academic record and rich experience working in the insurance industry leading two largest multinational brokers in UAE, Rameeta Sethi founded and is serving as Managing Director at Indemnity Insurance Brokers leading the company towards higher skies. Indemnity Insurance Brokers is a reliable knowledge based composite insurance broker that consistently delivers efficient and bespoke solutions to manage client risks.

A commerce graduate with MBA in finance and Associate from Chartered Insurance Institute, Rameeta Sethi is an experienced insurance professional with a demonstrated history of 30-plus years working in the UAE insurance industry. She is a hands-on leader specializing in Negotiation, Analytical Skills, Risk Management, Property ,Casualty, Medical Insurance, and other specialized solutions.

Rameeta Sethi engages in an exclusive interaction with the Women Entrepreneur Magazine, here’s the highlights.

What are some essential features of your expertise as a leader in Insurance?

As a corporate insurance specialist, my primary expertise is advising large or midsize corporates to transfer their risk by curating the right product for them based on their risk appetite. Core of our industry is human capital and my strength is recognizing and grooming talent for their future endeavors. The other thing in which I excel is crisis management; when most people panic and prolapse, I do exceptionally well.

Please introduce us to Indemnity Insurance Brokers. Tell us about the underlying idea behind the venture and some of its most unique features.

Indemnity Insurance Brokers is the premier risk management and insurance solution provider, enabling all stakeholders to optimize their return on investment. Our mission is to assure Individuals and businesses that their risks are well secured or insured with the best-ofclass risk carriers at the most optimum cost. My aim in starting up Indemnity Insurance Brokers was to build a local business of experienced individuals with international exposure, to deliver a sustainable and profitable model by striking the right balance between all key stakeholders and taking a proactive approach working with clients and counterparties to not only embrace the challenges faced but to lead in innovation. The main idea is to balance four pillars of an insurance broking organization; insurer, shareholder, client, and employees. I wanted to create a consultative approach brokerage based on analytics and risk management, delivering innovative solutions to help our clients make informed decisions and to be their trusted knowledge-based risk partners of choice, consistently delivering efficient and bespoke solutions.

"Even if you are being pushed back, don't give up and prove yourself"

Enumerate the various challenges you face in your current role. What steps do you take to overcome the roadblocks that you face?

The compliance aspect is becoming crucial, and training and creating the mindset for every employee at the grassroots level could be challenging. I have developed processes and internal controls by virtue of which we minimize mistakes. We have different layers of controls-internal checks by team leaders, outsourced internal controllership, and external auditor, to keep everything in check. The biggest challenge is recognizing and rectifying any mistake as soon as it happens, as we can't carry risk; we help others transfer it. Whenever a mistake is made, raising your hand and getting others on board to resolve it quickly is the right way. We always try to inculcate such discipline in every person through continuous training and good orientation when they join us.

What are your responsibilities as the Managing Director of Indemnity Insurance Brokers? What are your primary focus areas in your current role?

My job is to take on new initiatives and lines of business and look for any backward or forward integration for the company. I also keep an eye on governance and compliance because people in line functions tend to get carried away. And lastly, to ensure that the organization is making money so that we can create more jobs for other people and help everybody in general.

How do you foresee the insurance landscape evolving in the GCC region going ahead? Which industry trends will be the most impactful in the near future?

Automation and artificial intelligence are two major industry disruptors however they have eased a broker's life. The transactional approach towards the business is gradually decreasing, and consultancy approach is becoming driver for broking. Individual and SME Insurance products will become more commoditized and prominent corporate players like Amazon will eventually pick up these portal driven products. The role of the brokers can decrease in terms of selling these products, but brokers will thrive as consultants to corporate businesses to understand their unique challenges and carve out bespoke solutions.

Rameeta Sethi, Managing Director, Indemnity Insurance Brokers

Strong Insurance Professional recognized as International Chartered Insurance Professional in 2011, Rameeta is a role model who has given back to the industry by introducing and grooming amazing talent. She always strives to be the best version of herself by upholding integrity and values.