The Company was formed on 18th August 1999 as Expert Healthcare Management Services Limited extending insurance consultancy services. Visionary Founder-CMD, Shri V Sudhakar has incorporated the Company with ‘Insurance Broking’ as one of the main objects at that time itself i.e. even before formation of IRDA (Insurance Regulatory Development Authority).
In 2002, the name “Expert Healthcare Management Services Limited” was changed to “Excellent Insurance Broking Services Limited” at the time of application to IRDA for grant of licence as Insurance Broker well before such name changes was made mandatory by IRDA on 21/05/2007.
Excellent Insurance Broking Services Limited (EIBSL) was Licensed by IRDAI as Direct Broker (Life & General) in the First Batch of licenses issued in January, 2003. Since then EIBSL has made steady progress. We have upgraded our license as Composite Broker in July 2013 after 10 years of service as Direct Insurance Broker.
EIBSL has always functioned with 100% compliance to IRDAI Regulations and hold blemish less record in the matter of compliances to IRDAI Regulations, Income Tax Act, Companies Act, Service Tax etc.
We have built a portfolio of large, medium and small enterprises. We have also built retail business in respect of Motor, Mediclaim, Overseas Travel and PA. We also hold good record of persistency under Life Insurance Policies because of our need-based selling process which prevents mis-selling.
On Reinsurance Broking, our strengths are mentioned briefly as under:
(i) Committed and qualified manpower in place. We have 50 + employees including professionals experienced in insurance industry with qualifications such as ACII (London), FIII (Fellow Insurance Institute of India), AIII (Associate Insurance Institute of India), MBAs, Chartered Accountant (for Technical Accounting to handle reinsurance monies), Risk Inspection Engineers, IT & Software Engineers etc.
(ii) We have software in place to take care of our fiduciary responsibilities especially in handling client monies / recoveries / remittances with proper accounting in strict compliance with IRDA Regulations which gives the required confidence to insureds.
We invest on effective software management systems by upgrading ourselves to market standards catering to the needs of the Insuring public.
Our Registered Office and Corporate Office is situated in own premises on Road No. 2, Banjara Hills, Hyderabad. We have a branch in Bangalore.
All our Quote Requests are accompanied by Risk Inspection Reports conducted by qualified and experienced Risk Engineers for total understanding of the Risk.
We are pioneers in the field of Cattle insurance under the Schemes of Government of Telangana and Government of Andhra Pradesh (Telangana and Andhra Pradesh are States in India), serving nearly 600,000 farmers, deploying technology to deliver services to rural areas.
EIBSL has also been conferred with “Skoch Order-of-Merit” Award during the 45th Skoch Summit held at Hyderabad in September 2016, having been adjudged amongst the “Top 100 Projects in India” for “Customer Service”.
Additionally EIBSL has also been conferred with “Skoch Order-of-Merit” Award during the 45th Skoch Summit held at Hyderabad in September 2016, having been adjudged amongst the “Top 100 Projects in India” for “Cattle Insurance Management System”.