Lockton plans to double its international business in four years, with a focus on India. The company acquired Arihant Insurance Brokers and appointed Sandeep Dadia as CEO for Lockton India. The firm will emphasize motor and health insurance, offering tailored solutions and aims for an expanded workforce by 2026.
Lockton, the leading privately held insurance broker worldwide, has ambitious growth targets focusing on international expansion. The firm aims to double its business outside the United States by 2027, prioritizing its recently launched operations in India. CEO Chris Brown indicates that Lockton achieved a global growth rate of approximately 14 percent last year and plans to continue this trend in their current markets while exploring new opportunities, especially in Asia.
In a strategic move to penetrate the Indian insurance market, Lockton has acquired Arihant Insurance Brokers. Sandeep Dadia has been appointed as the CEO and country head for Lockton India, bringing valuable experience from his previous role at Aditya Birla Insurance Broker. “Our strategy is purely organic. Arihant is more of a strategic initiative to gain entry into the country,” said Mr. Dadia, emphasizing that while their acquisition appears modest, it serves as an important entry point into India’s broking sector.
Lockton India will concentrate its efforts on the motor and health insurance sectors, as well as offering tailored commercial lines that cater to specific market demands. Mr. Dadia mentioned, “We are going the motor way, for sure. The plan is to cross-sell motor insurance with retail health. But it is not going to be the solution available in the market. We are going to create niche solutions.”
With technology serving as a bridge to drive growth within the motor segment, Lockton also plans to introduce a comprehensive range of commercial insurance lines encompassing property, casualty, and employee benefits. The firm anticipates expanding its workforce to 200 employees across its seven Indian locations by late 2026. Mr. Dadia underscored the significance of aligning their services with the economic growth trajectory, stating that commercial lines would be a primary focus for their initiatives.
Lockton’s strategy to expand internationally is indicative of broader trends in the insurance sector, where firms are increasingly looking beyond domestic markets for growth opportunities. With its recent undertaking in India, Lockton aims to capitalize on one of the fastest-growing insurance markets globally. The acquisition of Arihant Insurance Brokers is a strategic decision to establish a foothold in the Indian market, allowing Lockton to offer specialized solutions and leverage local expertise for better service delivery in this burgeoning economy.
In conclusion, Lockton is poised for significant growth in international markets, particularly through its recent expansion into India. By focusing on organic growth and strategic acquisitions, the firm aims to double its business outside the United States over the next four years. With a dedicated approach to developing niche solutions in motor and health insurance, accompanied by comprehensive commercial lines, Lockton is setting the stage for robust market presence and connectivity within the growing Indian insurance landscape.
Original Source: www.business-standard.com
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