The growing number of vehicles on the road, was driving the demand for roadside assistance services. As the vehicle ownership rates continued to rise, so did the need for assistance in case of breakdowns, flat tires, accidents, and other roadside emergencies. But what people are looking at? Trust, Transparency, Peace of mind and somebody who can take away the worries about towing your car in case of a sudden breakdown. AegisCovenant, a one stop solution for all your roadside assistance can help you get back on the road with unexpected problems. Financial World in conversation with Sonendra Verma, Founder, AegisCovenant shared how they made Roadside assistance easy.

• What service does your company provide?

We are a B2B2C company facilitating transactions between customers and dealerships for two-wheelers across India. While currently focused on two-wheelers, we are expanding to include private cars, commercial vehicles, and Miscellaneous D. Our services also encompass Roadside Assistance benefits alongside insurance. Additionally, we are soon launching a BPO to enhance customer retention efforts.

• Tell us what was the thought process to give high price gift to employees.

Our decision to provide high-value gifts to our team members stems from a deep appreciation for their hard work and dedication. We believe in recognizing and rewarding excellence, and these gifts serve as tangible expressions of our gratitude. It’s more than just a transaction; it’s an investment in our team’s well-being and motivation. By going the extra mile with substantial gifts, we aim to create a positive and motivating work culture and a sense of shared success or equity. Ultimately, it’s about acknowledging the integral role our team members play in the success of our company and ensuring they feel valued and appreciated.

• In the time of layoff how this move will help your organization.

During times of layoffs, this move serves several crucial purposes for our organization. Firstly, it demonstrates our commitment to our team members, even in challenging times. Providing high-value gifts is a compassionate gesture that acknowledges their contributions and helps maintain a positive relationship.

Secondly, this initiative contributes to preserving the morale and motivation of the remaining team members. In the face of uncertainty, such gestures can boost team’s morale, foster a sense of unity, and mitigate the impact of stress and anxiety.

Additionally, it sends a powerful message about our organizational values. By prioritizing the well-being of our employees during tough times, we showcase our commitment to maintaining a supportive and caring workplace culture. This, in turn, can enhance the organization’s reputation, making it an employer of choice even in challenging circumstances. In summary, while the move may incur initial costs, the long-term benefits include sustained employee engagement, enhanced organizational reputation, and a resilient workforce ready to face challenges together.

• How has the industry you are in changed in recent years and how has your company adapted to these changes?

In recent years, the insurance management industry in India shifted towards digitalization and personalized services. To adapt, we embraced technology, offering user-friendly online platforms and personalized products. Our focus on quick, data-driven solutions and proactive customer support keeps us aligned with evolving customer needs, ensuring we remain competitive in this dynamic industry.

• How do you manage risk in your business, and what steps do you take to mitigate it?

Managing risk is integral to our business strategy. We conduct thorough risk assessments, identifying potential challenges and uncertainties. Diversification is a key element, spreading risks across different areas of the business. Additionally, we invest in robust insurance coverage to mitigate unforeseen events for ourselves. Proactive monitoring of market trends and staying agile in our approach enables us to adapt swiftly to changing circumstances. Regular reviews of risk management policies, coupled with open communication within the team, contribute to a comprehensive and effective risk mitigation strategy.

• Share your views on current business plan for 2024

In 2024, our business plan is more than a strategy; it’s a compass guiding us toward innovation, growth, and impact. We’re not just chasing success; we’re pioneering solutions that redefine industry standards. Our focus is on agility, sustainability, and customer-centricity. As we navigate the evolving landscape, our plan is a testament to our commitment to excellence, adaptability, and creating value that transcends expectations. Together, we’re not just planning for the future; we’re shaping it.