Why employee well-being is important in corporate culture, explains Susheel Agarwal

New Delhi : The corporate culture in the Indian industries has been evolving to prioritize employee happiness and engagement, especially within HR activities. By focusing on the Employee-Wellbeing area, companies like Ethika Insurance Pvt Ltd are revolutionizing in the areas that prioritizes employee happiness, ultimately leading to higher retention rates, improved productivity, and a positive organizational reputation. The shift toward a people-centric approach reflects a broader trend in the corporate world, emphasizing that happy employees are key to a successful business.

Ethika Insurance's HR to CEO event focuses on bridging the gap between human resources and executive leadership. It aims to empower HR professionals, emphasizing their critical role in driving organizational success. By fostering collaboration between HR and leadership, the event promotes a holistic approach to corporate culture and employee satisfaction.

Susheel Agarwal, Founder of Ethika Insurance Pvt Ltd excerpts in one-on-one interaction with the Hans India journalist and shares his brief thoughts:

1. Ethika focuses on providing simplified insurance solutions. What gap did you see in the market that led to this approach?

Answer - Defining the “fine lines” clearly for our customers and making every effort to ensure their safety is what makes Ethika stand out from the crowd. We often find that many organizations struggle with understanding the nuances of policies and feel overwhelmed by jargon and complex procedures. Ethika’s goal is to provide clarity, transparency, and personalized solutions that meet the specific needs of businesses and employees, ultimately making the process smoother and more efficient for customers, HRs, and stakeholders involved.

I take pride in saying that Ethika provides 24/7 claims assistance to each of our customers. We are just a call away for our clients, who can reach out to us anytime in case of an emergency, and we ensure they receive assistance immediately. We have garnered around two thousand organic reviews and a 5-star rating from our clients. All of these reviews are written by the clients themselves after their claims have been processed.

I find this the most satisfying part of Ethika’s business operations — having zero negative reviews on independent public platforms like Google. We have also developed something called “Employee Wellness Policies,” which cover not only physical illness but also employee well-being and happiness.

2. Can you share the inspiration behind your journey from HR to CEO event? What motivated this transition?

Answer - I have always found myself as the inspiration behind hosting the HR to CEO event as it stems from my own journey, where I recognized the potential for HR professionals to transition into more strategic leadership roles. HRs lead the organization, its culture and they are primarily people who take the initiatives for employee welfare. I always found that wellness isn’t about the physical and social wellness but the mental wellness as well and HRs know this now more than ever. So, the HR to CEO event is more about making “Happy workplaces which aims towards holistic wellness of the employees”.

HR leaders possess the unique ability to influence organizational culture and drive change. However, many lack the resources and guidance to make this shift. This event aims to provide HR professionals with the knowledge, confidence, and skillset to take on larger leadership responsibilities, ultimately shaping them into impactful CEOs and business leaders.

3. What innovative strategies has Ethika implemented to make corporate insurance policies more employee-centric?

Typically, Ethika Insurance Broking implements strategies to make corporate insurance policies more employee-centric by offering customizable health plans, wellness programs, mental health support, and simplified claim processes. We also leverage technology for seamless communication and provide extensive consultation to tailor policies based on employee needs. If you can access the website, checking their offerings section might provide more detailed, specific innovations. We have created our own Benefits platform which is accessible by the HR heads to maintain their employees health policies. Apart from that, we keep on hosting “Friday Musing” sessions which are free to attend and provide an interactive platform to the attendees to discuss various physical and mental health topics and issues with an expert, moderating the session.

4. Can you talk about a key challenge you faced when scaling Ethika and how you overcame it?

Answer - We are in the phase of scaling and so far we have been doing good. For now we are present in the cities of Delhi, Hyderabad, Bangalore, Mumbai, Pune and we plan to open our new offices in Ahmedabad, Noida, Indore and Kolkata. So far it's been a challenging but exciting journey. While the sailing has been smoother oflate, we did face a lot of challenges in our earlier days - money used to be tight. There were times when we had to borrow to acquire necessary licenses.

One incident that still remains etched in my memory is when I sought help from a venture capitalist, and not only did he decline to invest in our business, but he also advised me to abandon the business idea altogether. Despite such setbacks, I believed in my vision. I sold my house and other assets to fund the company.

Today, eight years later, Ethika has grown tremendously, serving over 500 corporate clients. We have not only established ourselves as a strong player in the Employee Benefits vertical, but are proud to service insurance business management needs, pan India.This journey wasn’t easy, but it taught me invaluable lessons about perseverance and belief in one’s vision, even when the odds are stacked against you.

5. How do you ensure your team stays aligned with Ethika's mission to demystify and simplify insurance for businesses?

At Ethika, we ensure our team stays aligned with our mission to demystify and simplify insurance through a deeply ingrained commitment to ethics and service. Our hiring process emphasizes selecting individuals who genuinely believe in serving policyholders fairly. "Ethika" stands for ethics, which drives our business principles. I personally engage with the entire team regularly, celebrating achievements, discussing setbacks, and planning solutions. These moments keep everyone grounded and focused on serving our policyholders with transparency and sincerity, making sure we break down the complexities of insurance for them. Our entire team is adept at deconstructing the fine prints of insurance policies for our customers. We thus make our policyholders smart. And of course we render 100% support at the time of claims, redemption or escalations.

6. What advice would you give to HR professionals aspiring to move into leadership roles attending the HR to CEO Workshop?

Answer- For HR professionals aspiring for leadership roles, my advice is to develop strategic thinking and business acumen beyond HR. The "HR to CEO" event emphasizes the importance of creating an inclusive, motivation-driven workplace. This becomes all the more important because Gen Z as a workforce prioritizes happiness and purpose over just salary. Leaders must work on strategies that foster engagement and adaptability. By understanding what drives employee satisfaction, you can shape a thriving culture. Focus on empathy, collaboration, and building relationships that align with both organizational goals and employee well-being. Focus on getting the direction that you are moving in, right - do not micro manage.

7. What's next for Ethika Insurance? Are there any upcoming innovations or expansions that you're particularly excited about?

Answer - At Ethika Insurance, we’re constantly exploring new ways to enhance our services and better meet the evolving needs of businesses. One of the most exciting upcoming innovations is our plan to further simplify the insurance process through technology, making it more accessible and user-friendly for policyholders. We're also looking to expand our wellness-focused offerings, ensuring that companies can support employee well-being alongside traditional insurance coverage. As we continue to grow, we remain committed to our mission of serving with ethics and transparency while scaling our reach to new markets and sectors.We are at a very exciting inflection point - I firmly believe that not only will we achieve IRDAI's mission of Insurance for All by 2047, but we might in fact, get there earlier.