Over the past 30 years, as part of his emerging market private equity responsibilities and as a member of an extended international family, Martin Diaz Plata (Global Head of Private Equity) has often marked birthdays during business or holiday travel — typically subdued occasions spent in airports and hotels. In 2023, however, time spent in Mumbai with Probus* stood out as a clear exception.
(*Probus Insurance Broker Private Limited is a portfolio company of the InsuResilience Investment Fund (“IIF”). This fund has been closed for investments. Information for illustrative purposes only.)
Celebrated alongside Probus Insurance Broker Private Limited’s management team, the occasion was marked by genuine warmth and camaraderie. The company’s Founder and Director, Rakesh Goyal, and Head of Strategy, Manish Jeloka, delivered speeches that — while perhaps overstating achievements — reflected the core of Probus’s distinctive culture: one that values each individual and remains open to outside perspectives. Beyond the celebration, every aspect of the visit was organised seamlessly, underscoring the team’s commitment to excellence.
What left a lasting impression was the engagement of the Probus team. Team members asked thoughtful questions and demonstrated a clear eagerness to learn. This enthusiasm and openness to new ideas indicates a forward-thinking approach that has greatly contributed to the company’s progress.
In the midst of a digital transformation, Probus has more than doubled intermediated premiums over the past three years, now surpassing USD 200 million in annual premiums for the fiscal year ending this March (based on data as of November 2025).
As a broker offering a comprehensive range of life and non-life insurance products, Probus focuses on increasing insurance penetration through innovative marketing and distribution models. The company currently distributes products via a network of over 55,000 POSPs (“Point of Sale Persons”) across more than 120 cities, utilising its digital platform.
When IIF invested in 2022, the ambition was clear: to expand distribution of property insurance products (home and business insurance) to clients in rural and smaller cities, while strengthening its digital marketing and technology platforms to support adoption.
IIF’s Technical Assistance facility was deployed soon after the investment, with the goals to:
(i) support the growth of Probus’s agent network while maintaining quality;
(ii) strengthen the company’s claims proposition to policyholders; and
(iii) review and improve Probus’s digital platform.
These objectives were ambitious, but well aligned with a capable and responsive team.
On the climate insurance front, a target was set to reach one million beneficiaries by 2025. In markets where insurance penetration remains low and climate risks are rising, this represents not simply a growth milestone, but meaningful progress toward strengthening resilience for vulnerable communities.
Case study: Probus
Transformational growth while increasing profitability and delivering impact
Probus operates in a competitive Indian insurance market comprising more than 400 insurance brokers. Since IIF’s investment, Probus has delivered revenue growth of over 30% CAGR and this momentum has continued in the year-to-date (“YTD”) period ending November 2025, with revenues again increasing by over 30%. This growth was supported by significant expansion in both non-life and life segments, including motor, life, SME, health and crop and livestock insurance.
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30% CAGR (revenue growth) since 2022
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30% YTD increase in revenues
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90% of pin codes across India with sales recorded
More than 85% of their policies are sold in Tier 2+ towns and villages in India, with sales recorded in more than 90% of pin codes across India. The majority of customers are new to insurance, reflecting Probus’s focus on extending access and building resilience among low- and middle-income households.
Importantly, this growth has not come at the expense of profitability. Net commission margins have maintained an annual growth rate of over 30% since 2022, with a 40% YTD increase this fiscal year, driven by cost discipline while still delivering competitive pricing, and a strong value proposition for clients.
Technical assistance project: Execution beyond recommendations
Probus’s transformation received decisive support from the IIF Grant Facility, funded by KfW, via a technical assistance project, delivered in partnership with Praxis Consultants. The initiative integrated advanced technology to enhance efficiency and the customer experience. Key improvements included refining the POSP onboarding process and optimising website performance. As an illustration, processing times for launching new products were reduced from several days to 45 minutes. In addition, Probus succeeded in expanding the POSP network for home and business insurance. A key factor in the project’s success was Probus’s internal ownership, supported by skilled employees and consistent, accurate reporting, leading to effective execution and follow-through.
Financial and Impact success: Reaching 1 million beneficiaries
Probus has accelerated the distribution of crop and livestock insurance, including products subsidised by the Indian government. Its primary clientele are first-time insurance purchasers – predominantly farmers – and those switching from other brokers. This steady growth has culminated in Probus crossing the 1 million beneficiary milestone in September 2025.
- 1 million beneficiaries milestone reached
- 100’000 beneficiaries reached through crop & livestock insurance
- 56’000 beneficiaries reached through shop & home property insurance products
Over the last twelve months, Probus has reached more than 56,000 beneficiaries through shop and home property insurance products, approximately 100,000 beneficiaries through crop and livestock insurance, and close to 1 million beneficiaries through two-wheeler and commercial vehicle insurance. Together, these solutions play a crucial role in supporting vulnerable segments of society in rural and urban areas, helping them build resilience against climate-related risks and narrowing the protection gap.
In summary, the visit to Probus in 2023 represented more than a personal milestone. It highlighted a company combining financial performance with a culture grounded in accountability, people and execution – aligned with our shared objective to broaden access to climate insurance in developing markets.
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